CCOPH Conversion Guide is based on the normal HUD 213 Market Rate housing program; but, is also consistent with the requirements of most Banks and/or other Financing Facilities.
- 1. Description of the apartments, at a minimum, by bedroom size, how many of each size, present rent, description of equipment included in each (range, refrigerator, dishwasher, disposal, air conditioner, cable connection, etc.)
- 2. Utilities, included in rent or individually metered; storage rooms if any, community facilities if any.
- 3. If available, net SF of typical apartments and total SF for the entire complex.
- 4. Exterior info: total size of land in sf or acres; number of parking spaces, number of any carports and/or garages.
- 5. Copy of a site plan or property survey if available, copy of unit and floor plans if available, Some photographs of buildings, all this can be mailed.
- 6. Current financials. It would help if we had financials for two prior years as well. Also. description of current status of mortgage financing if any.
- 7. A statement of current ownership, when the property was built.
- 8. Current condition. Also, what you consider would be a reasonable price for selling the property "as is". If there are any vacancies - how long vacant; and, if in rentable condition. If you have a Capital Needs Assessment (CNA) that would be very helpful.
New Haven Mayor Toni Harp and Bridgeport Mayor Joseph Ganim (above) celebrate co-ops with Jim and Barbara Dancy, CCOPH/TCI.
When we have those items, we should be able to draft the financial part of an Application for review. If and when that analysis makes sense to you and is acceptable, we will try to locate (identify) a co-op friendly bank or other financial institution that may be interested in Community Development.
We need at least a letter from a proposed lender showing interest in providing the anticipated "market rate multi-family mortgage" that (we) expect to secure Insurance and appropriate Guarantees.
CCOPH/TCI can/will provide drafts or samples of basic co-op documents including an Information Bulletin (which will be based on an FHA Model Form) that can be used to explain to all parties, including existing tenants how the co-op conversion would function.
The price for this service will be based on the size of the proposed project; and, how much of the Membership Organization and, or Management Supervision you might wish CCH/TCI to undertake.
