CSI Awarded Nearly $18 Million for Two New Co-ops
By Cheryl Ross & Diane Smith
Most of the co-ops in CSI’s portfolio were constructed using the Section 202 program from the US Department of Housing and Urban Development. In the past few years, there has been a significant reduction in the federal HUD budget that has resulted in a lower number of new Section 202 units being built nationwide. As a result, funding for new Section 202 awards has become extremely competitive. Fiscal Year 2010 and 2011 funding was combined this past year and applications for new developments were due this past June.
The CSI development team put together three excellent applications in Maryland, Massachusetts and Michigan. Last month, we were notified that our projects in Maryland and Michigan were awarded. Our Massachusetts development team created an extremely strong application, but unfortunately was not funded.
The Maryland development is a second phase in Baltimore City’s Arlington area. It sits in a beautiful wooded area and is within walking distance of shopping and public transportation. Not unlike Arlington Estates, the wooded area is a refuge for wildlife such as fox, deer, squirrel and many species of birds. The amount of the HUD Capital Advance is $6,999,400. This building will have 56 one-bedroom apartments and 1 two-bedroom apartment for the ERP. We are designing the building to meet the neighborhood characteristics. This building will be a LEED Silver building which means it will be extremely efficient and meet all the “green” requirements. This will be the first LEED-certified building in the CSI portfolio.
CSI was awarded $10,795,500 for the construction of 77 units in the City of Pontiac, about 30 miles north of Detroit. The nearly 4-acre wooded site is adjacent to two full-service shopping centers; we plan on constructing a walking path for the members to safely walk from their new home to the shopping centers. The site is part of a larger wooded area and we are planning a building that will complement the surrounding area and will allow members wonderful views of the beautiful surrounding woods. Additionally, we are developing a site plan that will create a very safe and secure community for all members. CSI partnered with the Area Agency on Aging to place a service coordinator in the building once opened. We are planning additional office and meeting space for a service coordinator and future health initiatives for all members.
Both projects will break ground later in 2012 with an estimated construction completion of approximately 12 months. 2013 should see the addition of 2 more co-ops into the CSI family!
CSI is proud to be recognized with the Communities of Quality Corporate Partner designation. The designation was created specifically to honor management companies that successfully maintain a significant portion of their properties to the high standards of the COQ National Recognition program Learn more