The MeadowlandsMadison, Wisconsin
Building Better Lives Through Better Communities
The Meadowlands
Sprecher Neighborhood Plan
The Meadowlands GDP
PUD:GDP/SIP
216 Multi‐Family (4 buildings)7 Townhomes
2‐4 story buildings
KCG – ExperiencePrincipal’s Collective Experience• $2B - Sr. & Multifamily Development (Market Rate/Student/LIHTC/US Military)
• 35+ States
• 60+ Years
Since KCG Started in 2015• 8 Properties Developed – 1,124 units; $248MM TDC
• (4) Properties Stabilized/Operational – 397 units; $85MM TDC• Winder, GA - 130 unit new construction• Buffalo, NY – 147 unit historic adaptive re-use + 4,400sf retail• Fond du Lac, WI – 48 unit historic adaptive re-use + 4,000sf commercial/retail• Lago Vista, TX – 72 unit new construction
• (4) Properties Under Construction - 727 Units; $163MM TDC• Leander, TX – 228 unit new construction• Sheboygan, WI – 118 unit historic adaptive re-use + 8,700sf commercial/retail• Utica, NY – 149 unit historic adaptive re-use + 9,000sf retail• Austin, TX – 232 unit new construction
Wisconsin Projects – Exchange @ 104
• Location: 1st & Main Street downtown Fond du Lac, WI
• Type: Historic adaptive re-use
• Units: 48-units (Family) • 4,400 SF Retail• Veteran Preference
Wisconsin Projects – Badger State Lofts• Location: Downtown Sheboygan,
WI
First major investment in FreshTechInnovation District
• Type: Historic adaptive re-use
• Units: 118-units of Family• 8,700 SF Commercial/Retail
Housing Tax Credits 101
Housing Tax Credit Basics – Income Limits
LIHTC PROGRAM REQUIREMENT
FAMILY’S MONTHLY HOUSING COSTS CANNOT EXCEED 30% OF THEIR
INCOME
$$$ HOUSING COST (RENT + UTILITIES) < 30% OF MONTHLY INCOME
IRS/ HUD SETS INCOME LIMITS
MADISON AREA MEDIAN INCOME (“AMI”): Madison, WI ‐ AMI: $100,400 (2019)
60% AMI: $60,240
Housing Tax Credit – Rents
Bedrooms Income Limits (2019) Max Housing Cost
1 $45,210 $1,130
2 $54,240 $1,356
3 $62,670 $1,566
Housing Tax Credit Basics – Utilities
* Utility Allowances: The estimated cost of all utilities that the Tenant is responsible for paying for **Source: Dane County Housing Authority Utility Allowances (2019)
UTILITY ALLOWANCES:1 BR 2BR 3BR$79 $103 $127
PROPERTY (LOCATION) SPECIFIC -MAXIMUM ALLOWABLE RENTS:
60% AMI
1 BR: $1,130 - $79 = $1,0512 BR: $1,356 - $103 = $1,2533 BR: $1,566 - $127 = $1,439
Housing Tax Credit - Recap
IRS/HUD sets INCOME LIMITS
Max Housing Cost is derived from INCOME
LIMITS
UTILITY ALLOWANCES are set by the
housing authority
RENT + UTILITY ALLOWANCE = MAX HOUSING
COST
60% AMI (4.5 ppl) MAX HOUSING COST UA 3 BR RENT
$62,670 $1,566 $127 = HOUSING COST – UA$1,439
LIHTC vs. Market Rate
BedroomCount Salary
MaxHousing
Cost
1 $45,210 $1,130
2 $54,240 $1,356
3 $62,670 $1,566
Bedroom Count
Avg. Housing
CostSalary
1 $1,254 $50,160
2 $1,536 $61,453
3 $1,827 $73,080
Bedroom Count
Salary %Difference
Housing $ Difference
1 10% $124
2 12% $180
3 14% $261
LIHTC Avg. Market Rate Comparison
Current Jobs Within Income Range
Dane County Jobs
• Airport Operator• Firefighter• Police Officer• Social Worker• Nurse
Top 5 Madison Employers
• University of Wisconsin• Epic Systems Corp• American Family
Insurance• Sub‐ Zero• WPS Health Insurance
www.Indeed.com
• Property Manager• Clerk• Entry Level Interior
Designer• Building Estimator• Administrative Assistant
4.5 Person Household $62,670 / Annually $30/ Hour
3 Bedroom Apt.
Tenant Selection CriteriaTENANT SELECTION CRITERIA
• Landlord Reference Considerations• Credit/Criminal Screening• Income• Occupancy Standard
*All adult applicants must pass resident selection criteria based on landlord references, credit report and criminal background check, including State and Federal sex offender registries, and household income. If any of the household members do not pass, the entire household will be denied. If denied, any applicant would be eligible for reconsideration 60 days from original denial date.
LEASE PROVISIONS
• Security Deposits/Annual Re‐Certifications (Income)• Obligations of Tenant
• Abide by rules and regulations of the community• To keep the premises in accordance with all police, sanitary, and other regulations imposed by any governmental authority. No laws, status, or
ordinances will be violated on the premises. Not to possess, use or sell any illegal substances anywhere on the premises or on any property area associated with the Apartments.
• To dispose of all garbage, rubbish and other waste from Apartment in a sanitary manner and in containers provided for such disposal, and in accordance with any state and local recycling laws
• Breach of Lease• Tenant agrees to be liable for all acts of negligence or breaches of this Lease by Tenant and Tenant’s guest and invitees. • 5‐days to vacate after breach notice
Design/Property FeaturesProperty Design
• Scale• 5 FTE – 2 property management, 2 maintenance, 1 leasing agent + budgeting for on‐site service coordinator
• Parking • 1:1 underground parking available + ~0.75:1 ratio of surface parking
• Safety/Security• Secured access and security cameras are standard across KCG’s portfolio• Cameras can be used as a tool to allow the enforcement of lease provisions if necessary
• Trash• Internal trash chutes within each building, leading to dumpster in 1st floor trash room• Dumpsters will be rolled out morning of trash pick‐up.
• Landscaping • Intentionally designed to be compatible with the surrounding neighborhood
Thank You