bickley manor tax credit apartment information1

7/29/2019 Bickley Manor Tax Credit Apartment Information1

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Memo3/13/13

From: Milford Park Board of Directors

To: All Milford Park Members

RE: Bickley Manor Tax Credit Apartment Application

It has been brought to the attention of the Board that a new development project has been submitted to the South

Carolina State Housing Finance & Development Authority (SCSHFDA) last Friday March 8th. We have done some

research and have included a significant amount of information related to this project including as many of the key

facts we could quickly gather for your use below. It is important to the Board that we distribute information that is

considered factual and related directly to this project. We have been receiving emails and phone calls over the past

few days, many of which are from residents who are partially informed with minimal facts that can be

substantiated. Our board decided not to release any information until we had been able to confirm some of the

rumors and provide as many facts as possible.

Here is what we know for now the project:

The site is located directly across Bickley Rd from Ballentine Elementary School see imagebelow


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A proposal has already been submitted on March 8 th to SCSHFDA as a tax credit apartment complexincluding 55-56 apartments in 2 story buildings which will be developed on 3+ acres being veryvisible from Bickley Rd.

Planned for family households that can meet the income restrictions that will be placed on all of theunits. Income restrictions are a mix of units at 50% and 60% of Adjusted Median Income (AMI).

Targeted Tenants will all be required to be low income and 14 of the units will be rented to tenantswho meet the 50% AMI requirement and 41 of the units will be rented to tenants who meet the 60%AMI requirement.

No specific exclusions are stated to restrict the acceptance of Section 8 Vouchers Rents are proposed from $465-$735 per month which are significantly below market when

compared to Ballentine Crossing and Marina Bay which are two other new market rate conventional

apartment complexes being built in this area

Planned completion by 12/31/2014 Lease-up period to 93% occupancy within 6-8 months of construction completion State funded tax credit program would fund the project to subsidize 36.12% of the rents needed to

make the project viable

Based on surrounding areas referenced by the market study 36.3% of households in this area have anearned annual income of $60,000-$124,999 vs. the identified Target Tenant annual income of$19,060-$38,200.

As of March 6th, our representatives from the Senate John Courson (President Pro Tempore) and theHouseNathan Ballentine have both issues letters of non-support to South Carolina State HousingFinance & Development Authority (SCSHFDA) (see attached). Richland County Councilman Bill

Malinowski has also met with the developer and has verbally shared his own refusal to support this

project in representing his constituents.

As of March 13th no applications have been made on this project to the Richland County PlanningCommission or to the Planning Department.

Several people have asked me directly, So what can I do about this?

1. You can review all of the information in this email and the attachments and then get online and continue tofamiliarize yourself on this process and the award of the tax credits.

2. MOST IMPORTANTLY you can write a letter or email to Laura Nicholson and the ExecutiveDirector Valerie Williams at the South Carolina State Housing Finance & Development Authority. I have

personally spoken to her and she noted that every email, fax, letter, petition will be printed and put in the

file for this project and will be weighed in when evaluating the project. Ms. Nicholsons contact

information:

Ms. Laura Nicholson

South Carolina State Housing Finance & Development AuthorityAttn: Housing Department

300-C Outlet Pointe Boulevard

Columbia, SC 29210

803-896-9190

[email protected]
mailto:[email protected]:[email protected]:[email protected]


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Comparable projects used in the market study submitted with tax credit application:

Comparable Projects Focused On In Market Study

Tax Credit UnitMix

Project NameFinancing

TypeUnits

Misc.Restrictions

50%&

60%AMI

Section 8Vouchers

Location Notes1br

Rent/Month

2brRent/

Month

3brRent/

Month

4brRent/

Month

CountryWalk

Conventional200

Units

Section 8Vouchers

NotPermitted

N/A N/A

408 Foxfire Dr.Near Harbison

toward PineyGrove Rd.

Built 1982$599-609

$699-799

$859-869

CreeksidePlace

Conventional104

Units

Section 8

Vouchers

Not

Permitted

N/A N/A801 CinquapinRd. - Near

Harbison

Built 1986$560 $640 $700

Lakes atHarbison

Conventional124

Units

Section 8

Vouchers

NotPermitted

N/A N/A100 FairforestRd. - Near

Harbison

Built 1978 -Renovation

2013$640 $680 $850

HarbisonGardens(Columbiana Ridge I &

II)

Tax Credit180

Units

No

Restrictions60% 40%

401

Columbiana Dr.- Near Harbison

Built 1995 -

Renovation2013

$675 $730 $770

PalmettoPointe

Tax Credit180

Units

No

Restrictions70% 30%

1220 Meredith

Dr. - Near

Harbison

Built 1997$585-655

$760-710

WescottPlace

Tax Credit48Units

Elderly

Resident

Restriction

100% 0%

5601 Wescott

Rd. - Off Bush

River Rd.

New 2013$325 $400


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Other Comparable Projects In Market StudyActually Located Near Ballentine

BallentineCrossing

Conventional315

UnitsNo Restrictions

N/

AN/A

114 Ballentine

Crossing LnBy The Plex

Under

Construction 2013

$772 $950 $1108

Marina Bay Conventional216

UnitsNo Restrictions

N/

AN/A

1600 Marina

Rd. - Lake

Murray Marina

Under

Constructio

n 2014

$1170-$1150

$1355-$1635 $1435

The goal of this information is to keep you informed and if this information concerns you in any way, you need to

be part of the process and voice you concerns or choose not to. As we hear any other news, we will share it with

you.

Since we are trying to get this information out to so many of our residents quickly, please forward this to any

residents who you may hear did not receive it. If they want to be added to our email mailing list, have them email

[email protected] Sandra [email protected] we will add them to our distribution list.

Respectfully,

Doug Putlock

President - Milford Park HOA
mailto:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]

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