Page 126 - New Allen Alliance Digital Book

STELLAR PROJECT 9: New Haven Kady Cove Affordable Senior Housing Project

Project Assumptions/Notes Uses Total
Construction Hard Costs $5,610,000
Low Income Housing Tax Credit
Development 50 Senior Duplex Hard Cost Contingency $448,800
units with community building. General Requirements $336,600
Contractor Overhead $112,200
$7.5 million LIHTC Equity Funding
Contractor Profit $336,600
$1.1 million Mortgage Construction Sub-Total $6,844,200
Acquisition Fees $250,000
$200,000 Deferred Developer Fee Architect and Engineering $126,250
Environmental Study $15,000
Inspections, testing, permits, connection fees etc. $69,500
Legal and Accounting $78,000
Construction Loan Fees $25,500
Title, Recording and Taxes $15,124
Builder’s Risk Insurance $21,000
Construction Interest $197,778
IHCDA LIHTC Fees $59,875
Appraisal $7,500
Market Study $5,000
Soil Borings $7,500
Developer Fee $865,000
Syndication Fees $55,000
Lease-Up Reserve $59,400
Operating Reserve $93,607
Soft Cost Contingency $25,000
Non-Construction Sub-Total $1,976,034

TOTAL PROJECT COSTS $8,820,234

126

EARR PLAN.indd 126 11/13/18 10:49 AM