Crest Manor Investment Effort

Project Summary

Initial Project Timeline: Crest Manor Investment Effort

March 31, 2014 – Community Meeting, Willow Hill Elementary School

April 2014 – MCHA issues Request for Proposal seeking a Development Partner

May 2014 – Proposals received and reviewed by the MCHA

June 2014 – MCHA scheduled to select a Development Partner

Summer/Fall 2014 – Conduct multiple community meetings

Frequently Asked Questions: Crest Manor Investment Effort

The answer is twofold: a) if the current tenants remain income qualified and b) if they are a resident in good standing at a future date, (to be determined) then they will have the right to move into the new homes.

There are a variety of funding sources, but one of the primary sources of construction financing likely includes the federal Low Income Housing Tax Credit. Based on industry standards, an effort of this scale would likely include a budget of approximately $12 million dollars.

Yes, the new homes will be rental and the future tenants must be income qualified to live there. The income qualifications will change slightly, but will not the vast majority of the current residents. A resident now may qualify for housing at the Manor if their income does not exceed 80% of Area Median Income (AMI). Under the conditions of some of the funding for the new homes, that limit would be at 60% of AMI. Again, the vast majority of the current residents at the Crest Manor fall within that standard and the MCHA will attempt to make accommodations for any households that may not.