CPA 2017 Report - Sergeant House Expansion - VCDCProgress Report: 2017 CPA for Sergeant House Expansion Project
Work Completed to Date / Timeline:
The Sergeant House Expansion project advanced well over the past period. Valley Community
Development has site control, zoning approval, and has raised funds from all necessary sources with the
exception of DHCD sources. DHCD funding is pending. Highlights of activities include:
Major Site Plan Permit Approval (40-R) August 2017
Mass Historical Commission approval August 2017
(Finding of “No Adverse Effect”)
Federal Home Loan Bank Grant $500K Awarded December 2017
One Stop Application Submitted to DHCD for November 30, 2017
Supportive Housing Funds & project-based subsidies
Plans advanced to 50% Construction Drawings February 6, 2018
(construction cost estimate updated)
CPA Funds Spent to Date:
None of the $50,000 in committed 2017 CPA funds have been expended on this project yet. (See
expense report attached.) We anticipate that these 2017 CPA funds, along with the subsequent
$300,000 in 2018 CPA funds awarded for this project, will be expended at construction closing (see
projected timeline below). Because the City also awarded CDBG funds for this project and those funds
will be expended prior to CPA funds, the City Solicitor is now working on the draft Affordable Housing
Restriction for this property.
Timeline & Narrative for Remaining Work:
Assuming all requested funds are awarded, the project schedule will be:
Submit One Stop Application to DHCD for February 15, 2018
Low Income Tax Credits and soft debt
DHCD Awards July - August 2018
Complete architectural plans, select contractor December 2018
Construction Closing June 2019
Temporary Relocation of Current Tenants May 2019 – March 2020
Construction Period (approx. 9 months) July 2019 – March 2020
Marketing and Tenant Lottery September 2019 – March 2020
Lease Up Units / Tenants Occupy Building April – June 2020
Sustained Occupancy July 2020
Progress Report Submitted by: Laura Baker, Real Estate Project Manager, Valley Community
Development Corporation
Date Submitted: February 12, 2018
106 - Hampshire Inn - Valley CDC 08/01/20
#3100932-593238-17
Date Description Deposit Expenditure
6/26/17 Initial Balance $50,000.00
Balance $50,000.00