SALINA RAD HOMES
Key Dates
Closing date: Dec 28, 2022
Estimated Construction Completion date: Jan 2025
Rendering
Salina Housing Authority
DETAILS:
Salina, KS
Number of Units: 118
Total Development Cost: $23,723,148
Development Type: Rehab
Development Partner: Housing Authority of the City of Salina
Project Type: Family Construction
Period Jobs: 280
Long-term Jobs Created/Maintained: 8
SOURCES:
1st Mortgage: $4,990,000
Seller Note: $8,100,000
Deferred Dev Fee: $537,620
Equity: $8,761,663
PHA Non-Federal Funds: $450,000
Public Housing Op. Reserves: $90,515
Public Housing Cap Funds: $793,350
Total Sources: $23,723,148
PROJECT NARRATIVE:
Constructed in 1952 through 1997, Salina RAD Homes sits on approximately 20.52 acres. Salina RAD Homes is a 118 scattered site project located at various addresses throughout the city of Salina. It is comprised of single-family homes, duplexes, row-houses and quadraplexes. This is a RAD/Section 18 blend consisting of 24 RAD units and 94 PBV units. There are 10 one-bedroom, 56 two-bedroom, and 52 three-bedroom units.
Amenities & Upgrades may include:
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Kitchen & Bathroom Renovations
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New HVAC Systems
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New Windows & Flooring
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All new Appliances
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New Energy Efficient building upgrades
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Interior/Exterior paint
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Upgraded landscaping, sidewalks and signage
PROJECT PARTNERS
Developer
Knight Development
PHA
Housing Authority of the City of Salina
Architect
Perez
Contractor
Snyder Construction Group
Management
Royal American Management
Financial Partners
Cedar Rapids Bank & Trust
RedStone Equity Partners
Kansas Housing Resources Corporation
Kansas Development Finance Authority
UNIT COUNTS & RENTAL RATES (118 Total)
Vanguard Homes
1 BR — 6 Units — $489
1 BR — 4 Units — $501
2 BR – 13 Units — $629
2 BR — 43 Units — $839
3 BR — 51 Units — $1030
3 BR — 1 Unit — $847
