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Narrative of Property:
See Affordable Housing Application for details.
Acreage: 30.2
# Units: 427
# Buildings: 86
Year Built: 2013
Seller: John Hancock Life Insurance Co
Capital Improvement Reserves:
See Project Proforma. The project is funded with an initial capital reserve of $2.4 million. Of this
amount $1.9 million is allocated for specific up‐front improvements identified in the Property Condition
Report (“PCR”) and by OHG. These include exterior painting for all buildings, resurfacing of pool decks
and some sitework improvements. An additional $500,000 is unallocated reserve which is available for
any unforeseen items. Additionally, the ongoing budget includes $800/unit/year in capital reserve
deposits ($341,600/year). This number was established based on the projection in the PCR to cover
ongoing requirements to keep the asset in a Class A condition