Kokomo Housing Authority
In November 2016, the Kokomo Housing Authority (KHA) began the process to seek experienced Rental Assistance Demonstration (RAD) developers for their RAD conversion. Advantix Development Corporation was selected a few months later to consult with the Housing Authority. KHA is currently composed of 551 public housing residential apartments and homes. In addition, KHA administers approximately 700 housing choice vouchers. The properties range from 1 to 4 bedroom units and provide housing for low income, senior, and disabled individuals.
Advantix Development is the developer consultant for the project and will assist KHA in all phases of planning and development required for the revitalization of the selected properties. Advantix will successfully assist KHA in developing a comprehensive study for long-range strategic planning goals for the next 1-5 years, 5-10 years and beyond for all public housing property. Currently, Advantix and KHA are in the pre-conversion stages of RAD and have received CHAP awards from IHCDA.
KHA intends to begin the implementation of public housing conversion to low-income owner-occupied or homeownership program participants within their single family scattered site property grouping.
KHA’s vision for revitalization is to create an attractive, multifaceted community strategically combining former public housing, Project Based Section 8, multi-family and mixed-income programs for people of all economic strata, races and cultures. The Revitalization Plan, developed in conjunction with KHA, will be a comprehensive master plan for the community that will address the needs and goals of public housing residents and the local community. Towards this end, it contains a mix of on-site housing replacement units, low-income housing tax credit units, and possibly market rate units.
Advantix Consulting Responsibilities
- In conjunction with KHA, develop a comprehensive master plan for the community including site layout, unit mix/configuration, amenities, and other physical design aspects.
- Assists with linkages between the development and the surrounding neighborhoods.
- Coordinate pre-development activities including environmental and geotechnical testing, architectural and engineering work, analysis of the condition of existing utilities at the site, site analysis, rezoning (if necessary), market analysis, land acquisition opportunities, and financial feasibility.
- Assist in HUD’s Rental Assistant Demonstration (RAD) applications and/or the Special Applications Center (SAC) Section 18 Demolition/Disposition (Inventory Removal) application.
- Prepare financial applications including; Low Income Housing Tax Credit application to IHCDA, Federal Home Loan Bank, and other applications as determined necessary by KHA and/or the Developer Consultant.
- Assist in training and employment opportunities to Section 3 individuals.
- Help encourage participation by MBE, WBE, and Section 3 firms throughout each project.
- Assist in developing a construction strategy and a development implementation schedule.
- Work with the KHA to develop detailed project budget or operating proformas showing at a15-year projections. The budget will be expanded and updated throughout the process.
- Assist KHA in compiling data for regular monthly reports of the progress of development efforts, including work completed, associated costs, schedule, and budgetary requirements.
- Work with KHA and the legal team to create an ownership structure for the development which shall name KHA, or its non-profit affiliate, as owner.
- Assist KHA in negotiating favorable operating and financing guarantees to the equity investor and other lending institutions.
- Assist in marketing and lease-up efforts.
- Assist in Community and Supportive Service efforts.
- Assist with resident relocation timeframe and efforts.
- Oversee asset management functions as required through lease-up conversion to permanent financing.
- Assist in selection of new sites.