presentation to the cincinnati multi-family consortium

7/29/2019 Presentation to the Cincinnati Multi-Family Consortium

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TCB Cincinnati Portfolio

OVERVIEW

TCB Investments in Cincinnati

Photos of Cincinnati Multifamily Portfolio

Neighborhood Strategies & Possible Dispositionso Avondale

o Walnut Hills

o Over-the-Rhine

o Outliers

Avondale Choice Update

Next Steps

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TCB CINCINNATI PORTFOLIO

The FNMA portfolio has given TCB a major presence in Cincinnati:

- Own 1304 units in West End, OTR, Avondale, Walnut Hills & other

- Committed or won $50M of outside money for Cincinnatineighborhoods in the past year- $14.2M NSP2 loan for acquisition and capital repair needs- $29.5M Choice Neighborhoods Implementation Grant award- $ 6.0M new equity in City West

- Selected Lead agent of Cincinnati Multifamily Consortium acting

to preserve major affordable assets, due to capacity, mission andresources 618 units acquired in 2012

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TCB PORTFOLIO IN CINCINNATI

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Somerset

Maple

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Alameda

Poinciana

Crescent Ct

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Jan

Chapel Square

Lexington

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Saints Rest

King Towers

Woodside

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Walnut Hills Estates


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TYPICAL UNIT CONDITIONS

Rampant evidence of mold, mildew and deterioration due to water infiltration


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Walls and ceilings with temporary patches, plastic sheeting or just open holes


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Significant evidence of resident distress

o Nonexistent housekeeping

o Addiction/substance abuse

o Little or no furniture or supplieso Numerous children at home during

school hours

o Illegal activity


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TCB PORTFOLIO IN CINCINNATI

Five self-contained sub-portfolios:

Neighborhood # units Purchase price Capital needs

Avondale 213 $3.7M $0.5M

Walnut Hills 133 $2.3M $0.8M

Over-the-Rhine 112 $1.9M $0.2M

Outliers 160 $2.7M $0.5M

West End 686 n/a n/a

Total 1304 $10.6M $2.0M

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PORTFOLIO-WIDE STRATEGY: Guiding Principles

TCB long-term interests for ownership and management

Preserve HAPs within each neighborhood (minimal externaltransfers or net reductions in HAP)

Balanced development (assisted vs. unassisted) Pay back NSP2 acquisition/capital repair costs to extent

possible

Replacement housing produced immediately where currentconditions indicate the most need

Support redevelopment pipeline that achieves momentum ineach neighborhood

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PORTFOLIO-WIDE STRATEGY: Neighborhood Plans and Depositions

AVONDALE

o Rehab 5 FNMA buildings and new MF acquisitions (200 units)

o Acquire Commodore, Ambassador, 610-615 Maple (all vacant)

o New construction Forest/Burnet area 118 units 318 totalo Sell Hale/Shiloh with HAP

WALNUT HILLS

o Significant property distress in existing buildings

o Assemble land where feasibleo Combination of rehab and new construction of replacement units

and construction of unassisted units 155 / 215 total

o Hold or Sell Scattered Sites (Boone/Buena Vista/Woodburn) with HAP

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PORTFOLIO-WIDE STRATEGY: Neighborhood Plans and Depositions

OVER-THE-RHINE

o Sell Senate/lower Jan ; retain certain HAP contracts for TCB use,disburse remaining to OTRCH and Model as part of RelocationPlan

o Acquire OTRCH vacant building next door to Vine/McMicken

o Moderate rehab of TCB holdings and acquisitions 100 total

OUTLIERS

o Sell all outliers in 2013

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PORTFOLIO-WIDE STRATEGY: TCB Redevelopment Pipeline

NEIGHBORHOOD 2013 2014 2015-16

AvondalePh IA: Reading

101 units(41 S8, 60 unassisted)

Ph II: Town Center &

Forest/Burnet

118 units(all unassisted)

Ph IB: Reading

99 units(all S8)

Walnut HillsPh I: Walnut Hills

75 units(55 S8, 20 unassisted)

Ph II: Walnut Hills

80 units(55 S.8, 25 unassisted)

[optional]

Ph III: Walnut Hills

60 units

Over-the-RhinePh I: OTR

100 units(all assisted)

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AVONDALETRANSFORMATIONPLAN

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AVONDALE PROPOSED OVERSIGHT STRUCTURE

Avondale Oversight Committee

Chaired by Avondale Community Council Board Member

Urban League

Lead Provider

(People)

The Community BuildersChoice Grant Lead Applicant

(Housing, Neighborhood, Overall Coordination)

Avondale CDC

Outreach Coordinator

(Community and ServiceProviders)

Cincinnati PublicSchools

Lead Provider

(Education)

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City of Cincinnati

Avondale Community Council

Avondale Comprehensive Development Corporation

LISCGreater Cincinnati and Northern Kentucky

Urban League of Greater CincinnatiCincinnati Public Schools

Center for Closing the Health Gap

Gabriel's Place

Avondale Coalition of ChurchesUptown Consortium

Cincinnati Children's Hospital and Medical Center

AVONDALE CHOICE NEIGHBORHOODS PARTNERS


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AVONDALE CHOICE:SITE PLAN & PHASING MAP

Acquisition

FNMA

Phase IB 81 unitsPhase IA 119 units

Phase II 118 units

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NEXT STEPS: Spring 2013 Work Plan

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TASK TCB FUNCTION

Immediate Life Safety Capital RepairsDEVELOPMENT

PROPERTY MANAGEMENT

Resident & Building SurveysPROPERTY MANAGEMENT

COMMUNITY LIFE

Refine development plans DEVELOPMENT

Finalize dispositions REGION/DEVELOPMENT

Launch ChoiceREGION/DEVELOPMENT

COMMUNITY LIFE


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TCB STAFF

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MW REGION/DEVELOPMENT

Terri Hamilton BrownMIDWEST REGIONAL DIRECTOR

[email protected]

Jeff BeamSENIOR PROJECT MANAGER

[email protected]

Lou MitschVP, SENIOR PROJECT MANAGER

[email protected]

PROPERTY MANAGEMENT

Darnell JacksonREGIONAL DIRECTOR OF OPERATIONS

[email protected]

Kathy StromREGIONAL DIRECTOR OF [email protected]

COMMUNITY LIFE

Talmira HillSVP COMMUNITY LIFE

[email protected]

Debra LoveRESIDENT SERVICES COORDINATOR

[email protected]

Bridgette WallacePROGRAM [email protected]

Gladys MedderSENIOR PROGRAM MANAGER

[email protected]

STAY INFORMED

Strengthening Cincinnati Neighborhoods Together website & blog

http://strengthencincinnati.com
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presentation to the cincinnati multi-family consortium

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