Understanding Housing Development Costs: Components and Examples of Affordable Housing Development
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1 Understanding Housing Development : Components and Examples of Affordable Housing Development A presentation by RI Housing Erin Reedy, Director of Development
2 Four Main Components Determine a Developer s Housing Prices Land acquisition Hard costs Construction of unit Infrastructure Soft costs Profit or developer s fee 2
3 Ways a Municipality Affects a Developer s Zoning & Development regulations, e.g., density, lot size, type of structures allowed Fees (permit, impact, others) Building permit caps Time to approve (carrying costs) 3
4 Our Examples 3 housing developments as both marketrate and affordable Construction & subsidy amounts are drawn from specific developments that we have helped to finance Other amounts are derived from recent lots sales data and certain assumptions regarding infrastructure and other costs EVERY SITUATION WILL BE DIFFERENT 4
5 Example 1 and 1a-c Single Family subdivision 60-acre parcel in A-2 (80,000sf) zone no public water or sewer 26 units permitted with current zoning (20% land usage for infrastructure) will be building 1,800sf Cape homes 5
6 Example 1: Single Family development in A-2 zone 1. Land Acquisition $ 1,800, $30,000/acre 26 units allowed $68,871 per unit land cost 2. Hard costs $ 3,900, planned units $ 1,040,000 infrastructure, avg cost $40K/unit 3. Soft costs $ of hard costs 4. Gross profit $ of total costs Total costs $ 8,977,200 divide by 26 allowed units Market sale price per unit $ 345,277 6
7 Example 1a: SF development in A-2 zone, with an overall 30% density increase 1. Land Acquisition $ 1,800, $30,000/acre 34 units allowed $52,972 per unit land cost 2. Hard costs $ 5,100, planned units $ 1,200,000 infrastructure, avg cost $35,500/unit 3. Soft costs $ of hard costs 4. Gross profit $ of total costs Total costs $ 10,854,000 divide by 34 allowed units Market sale price per unit $ 319,235 7
8 Example 1b: SF development in A-2 zone, with 30% density bonus for 8 affordable units Total costs $ 10,854,000 Affordable sale price/unit $ 157,000 x8 density units Total costs minus affordable $ 9,598,000 divide by 26 mkt units Market sale price per unit $ 369,154 8
9 Example 1c: SF development in A-2 zone, with 54% density bonus for 20% affordable units 1. Land Acquisition $ 1,800, $30,000/acre 40 units allowed $45,000 per unit land cost 2. Hard costs $ 6,000, planned units $ 1,320,000 infrastructure, avg cost $33,000/unit 3. Soft costs $ of hard costs 4. Gross profit $ of total costs Total costs $ 12,261,600 $ 11,005,600 Cost after 8 affordable units Divide by 32 market units Market sale price per unit $ 343,925 Affordable sale price per unit $157,000 9
10 Example 2 and 2a-c Single Family subdivision 5.2-acre parcel in R-1 (25,000sf) zone on public water or sewer 7 units permitted with current zoning (20% land usage for infrastructure) will be building 1,800sf Cape homes 10
11 Example 2: Single Family development in R-1 zone 1. Land Acquisition $ 338, $65,000/acre 7 units allowed $46,301 per unit land cost 2. Hard costs $ 1,050,000 7 planned units $ 146,000 infrastructure, avg cost $20K/unit 3. Soft costs $ of hard costs 4. Gross profit $ of total costs Total costs $ 2,056,080 divide by 7 allowed units Market sale price per unit $ 293,726 11
12 Example 2a: SF development in R-1 zone, with an overall 25% density increase 1. Land Acquisition $ 338, $65,000/acre 9 units allowed $37,556 per unit land cost 2. Hard costs $ 1,350,000 9 planned units $ 160,000 infrastructure, avg cost $17,800/unit 3. Soft costs $ of hard costs 4. Gross profit $ of total costs Total costs $ 2,489,400 divide by 9 allowed units Market sale price per unit $ 276,600 12
13 Example 2b: SF development in R-1 zone, with 25% density bonus for 2 affordable units 1. Land Acquisition $ 338, $65,000/acre 9 units allowed $37,556 per unit land cost 2. Hard costs $ 1,350,000 9 planned units $ 160,000 infrastructure, avg cost $17,800/unit 3. Soft costs $ of hard costs 4. Gross profit $ of total costs Total costs $ 2,489,400 $ 2,175,400 Cost after 2 affordable units Divide by 7 market units Market sale price per unit $ 310,771 Affordable sale price per unit $157,000 13
14 Example 2c: SF development in R-1 zone, with 57% density bonus and 20% affordable units 1. Land Acquisition $ 338, $65,000/acre 11 units allowed $30,727 per unit land cost 2. Hard costs $ 1,650, planned units $ 180,000 infrastructure, avg cost $16,360/unit 3. Soft costs $ of hard costs 4. Gross profit $ of total costs Total costs $ 2,931,000 $ 2,617,000 Cost after 2 affordable units Divide by 9 market units Market sale price per unit $ 290,778 Affordable sale price per unit $157,000 13A
15 Example 3 Rental development 5.14-acre parcel on public water or sewer 32 units being allowed 14
16 Example 3: Rental development costs 1. Land Acquisition $ 397, units approved 5.14ac, 6 units/acre $12,425 per unit land cost 2. Hard costs $ 2,952,400 avg unit cost $92, Soft costs $ of hard costs add l legal, other costs 4. Developer fee $ 300,000 Set fee for nonprofit Total costs $ 4,208,952 15
17 Example 3a: Rental development Financed as Market Rate Rentals 1. Equity $ 841,790 20% 2. Financing $ 3,367,162 $24, Annual revenue needed $ debt service 4. Monthly unit expenses $ 160,000 tax, insurance, replacement reserve 5. Annual per unit of development $ 515,781 divide by 12 mos/32 units Avg monthly market rent $1,343 16
18 Example 3b: Rental development Financed as Affordable Rentals 1. Equity = Subsidies Received $2,262,246 Low Income Housing Tax Credit $707,000 Targeted Loan $380,000 HOME program $120,000 Neighborhood Opportunities Program (NOP) $10,828 Grant 2. Financing $ 728,671 $5, Annual revenue needed $ debt service 4. Monthly unit expenses $ 160,000 tax, insurance, replacement reserve 5. Annual per unit of development $ 236,992 divide by 12 mos/32 units Avg monthly affordable rent $617 17
19 Summary Chart Home Price by Density $400,000 Home Prices $350,000 $300,000 $250,000 $345,277 $319,235 $293,726 $276,600 $200,000 80,000 61,497 25,000 20,134 Lot sizes (sf) 18
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