Clinton Housing Development Company (CHDC)
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500 West 42nd St. (West Wing)

Distribution Demographics
Studios 30 Existing Tenants 8
SRO Suites 35 Formerly Homeless 19
One Bedrooms 1 Formerly Homeless/Mentally-Ill 19
Two Bedrooms 2 Community Referrals 19
Total 67 Management 2
*2 commercial spaces not included

Total

67

Development Costs Finance
Acquisition - Supportive Housing Loan Program 7,115,217
Soft Costs 2,738,187 Macklowe/34th Street Fund 1,370,285
Construction 6,599,000 LIHTC 1,932,164
Capital Reserves 1,056,000 Total 10,417,666
Total

10,393,187

Construction Cost per Unit: 98,493
Total Development cost per unit: 155,122

Annual Expense Annual Income
Operating 474,406 Rental Income 337,976
Debt Service - Commercial Income 33,760
Total 474,406 Interest Income 8,152
Operating Subsidy 117,000
Net Revenue

496,888

Surplus/Deficit 22,482
Operating Coverage 105%
Debt Service Operating Coverage -
Operating Coverage w/Debt 105%