The Willow Ridge development will consist of the new construction of 3 apartment buildings for a total of 42 affordable units. Four units will be 1-bedroom (1064 sq. ft.), eighteen units will be 2-bedroom (1,399 sq. ft.), eighteen units will be 3-bedroom (1,399 sq. ft.) and two units will be 4-bedroom (1,375 sq. ft.). Manhattan Area Housing Partnership, Inc. will be the Managing Member (0.01% ownership interest) and an experienced Syndicator will be the Investor Member (99.99% ownership interest).
The proposed site is comprised of approximately 3.39 acres of undeveloped land that is currently owned by the Stone Pointe Land Company. The proposed site is located adjacent to and south of the Scenic Point Apartments, which is on Stone Crest Court in Manhattan, Kansas. Project activities will also include the acquisition of land and infrastructure development of water, storm sewer, sanitary sewer, and paving.
Exterior features will include partial brick, landscaping and lawn sprinklers. Amenities, such as a washer and dryer, dishwasher, garbage disposals, refrigerator and stove will be included in each unit. Outdoor amenities will include picnic tables, playground equipment and a bike rack. All units will meet the 2009 International Energy Conservation Code and several Green Standards.
Willow Ridge will be available to all income qualified households. The development will be designed and marketed to accommodate family households.
The 1-bedroom rents will be approximately $330-$510 per month, 2-bedroom rents will be approximately $395-$590 per month, 3-bedroom rents will be approximately $440-$680 per month and 4-bedroom rents will be approximately $625-$750 per month. All 42 units will be restricted to households with incomes up to 60% of the AMI.
The preliminary anticipated total project cost for Willow Ridge will be approximately $6,970,126. The funding for the project is comprised of: General Partner Equity, Tax Credit Equity and HOME Funds. We will apply to KHRC in February for the LIHTC (low income housing tax credit) funds and HOME funds and start construction in the fall of 2015 with the project finishing construction in August of 2016.