Goldfinch Grove, LLC
The proposed Goldfinch Grove, LLC project will consist of the new construction of six duplex townhomes, for a total of 12 affordable units for households at or below 60% AMI. Four units will be 4-bedroom (1,399 sq. ft.), six units will be 3-bedroom (1,338 sq. ft.) and 2 units will be 2-bedroom (1,064 sq. ft.). Excel Development 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 acres of land that is currently optioned by the City of Hull. Project activities will include the acquisition of land. The proposed site is currently zoned residential, which allows for the development. Water, sanitary sewer and electric have been installed by the City.
Two 3-BR units limited to up to 40% AMI will rent for $575 per month, four 3-BR units with rents limited to up to 60% AMI will rent for $685 per month. The four 4-BR units will be limited up to 60% AMI and will rent for $670-750. The two 2-BR units will be limited up to 60% AMI and will rent for $485-545. Tenants will pay for electricity and owner will pay for water, sewer and garbage removal.
Goldfinch Grove, LLC will be available to all income qualified households. The development will also be designed and marketed to accommodate families needing accessibility features.
The units will be one level, with zero entry design, patio, and attached double car garage. Exterior features will include cement board siding, shutters, landscaping, patio and bike racks. Amenities, such as a washer and dryer, dishwasher, refrigerator, stove, and microwave will be included in each unit. In addition, all units will meet the 2012 International Energy Conservation Code and be Energy Star certified.
Construction would begin in August 2015, with an estimated completion date of May 2016; lease-up would start in April 2016 with 100% occupancy scheduled for December 2016.
The anticipated total project cost for the Prairie Heights is approximately $2.5 million. The funding for the project will include: tax credit equity; State HOME funds, owner equity and a donation of land from the city of Hull.