Bedford Terrace Site Monitoring ReportMarch 17, 2008
The Honorable Mary Clare Higgins
Mayor, City of Northampton
City Hail
210 Main Street
Northampton, MA 01060
Ruth Constantine, Vice President
for Finance and Administration
Smith College
Northampton, MA 01063
O'CONNELL DEVELOPMENT GROUP INC.
480 Hampden Street, P.O. Box 867, Holyoke, MA 01041 -0867
413 -534 -0243 FAX 413-538-6179
Dear Mayor Higgins and Ms. Constantine:
Sincerely,
741,3 et
Joanne M. Beauregard
Controller
enclosure
Attached please find the first annual report of tenant income levels and rents for the
Bedford Terrace and State Street apartments. This report was prepared by a third party
as required the Restrictive Covenant for Affordable Housing signed by the City and
Smith College.
As this is our first report, I anticipate that you may have questions about the information
or comments about the format. Please feel free to call me on my direct line, 540 -1317,
to discuss any concerns. We are very pleased to be part of this effort to create a new
type of affordable housing in Northampton.
3 DEVELOPMENT 31 FINANCE PROJECT MANAGEMENT ENERGY /ENVIRONMENTAL
Prepared for:
Smith College and
The City of Northampton
On behalf of:
Ms. Joanne M. Beauregard, Controller
O'Connell Development Group
480 Hampden Street
Holyoke, MA 01040
Prepared by:
FinePoint Associates, LLC
Elaine K Nickerson
PO Box 1242, Westford, MA 01886
617 543 -2204, eknick @aol.com
February 2008
fn
Associates F LLC
Bedford Terrace
Northampton Massachusetts
Household Annual Income
and
Rent Determination
File Review
16
1
14
13
12
11
I 10
co
CO
CD
0
.A
w
N
80%
60%
60%
60%
60%
60%
60%
60%
60%
60%
60%
60%
60%
60%
income
target
3095
1 4935
5
2959
8505
4015
6288
1769
9573
258
1283
7684
2606
4632
Tn•ID
N
a o O
cn
m
Bdrm Size
Market
Market
$57,350.00
$34,440.00
$30,120.00
$30,120.00
$30,120.00
$30,120.00
$30,120.00_I
$30,120.00
$34,440.00
$34,440.00
$30,120.00
$30,120.00
$30,120.00
li $34,440.00
Income Limit
1 $29,189.00
$18,574.00
$30,000.00
$20,800.00
$20,782.00
$26,000.00
I $19,240.00
$33,867.00
$34,332.0(
$27,992.00
$0.00
$22,500.00
$33,000.00
Household
Annual Gross
Income
$1,281
$807
$807
$807
$807
$807
$807
$807
$967
$807
$807
$753
$807
$807
Rent Limit
$1,200.00
$750.00
$750.00
$750.00
$775.00
$750.00
$700.00
$775.00
00'006$
$775.00
$775.00
00
$775.00
I
$750.00
Tenant Rent
$80.00
$28.00
$28.00
$28.00
$28.00
$28.00
$28.00
$28.00
$47.00
$28.00
$28.00
$22.00
$28.00
$28.00
Utility
Allowance
$1,280
$778
$778
$778
$803
$778
$728
$803
$947
$803
$803
$722
$803
$778
Total Actual
Rent (rent
plus utility
allowance)
8/1/2007
3/15/2007
7/1/2007
6/1/2007
5/1/2007
5/15/2007
7/1/2007
6/1/2007
3/1/2007
5/1/2007
4/1/2007
4/18/2007
5/1/2007
5/1/2007
Date of
Move -In
0
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v
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0
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0
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Elaine Nickerson/ Fine Point Associates, LLC
Number ofAffordable Units for 80 AMI:
(1) unit reguires further income documentation to determine eligibilty
Income Target- In accordance with the governing documents, units are targeted to specific households. 14 units are to be occupied households with annual gross income at or below 60% Area
Median Family Income (AMFI). 10 units are to be occupied by households wiht income at or below 80% of AMFI. 2 units are to be market units with no restrictions.
Maximum Household Income Limit HUD 2007 income limits, per DHCD. Income limits are dependant on household size, and therefore are determined at occupancy.
21 Vacant
22 Vacant
23 Vacant
24 Vacant
25 Vacant
26 Vacant
I 20
I 19
I 18
17
income
Relocated HH from Belmont Arnold- not subj to income eligibilty
Relocated HH from Belmont Arnold- not subj to income eligibilty
Relocated HH from Belmont Arnold -;,not subj to income eligibilty
Relocated HH from Belmont Arnold- not subj to income eligibilty
0-
O
a
Cn
N
fD
2
N
N
Household
Annual Gross
Utility
Total Actual
Rent (rent
plus utility
Date of
Move -In