Wyvernwood // Resident Retention Plan Outline September 2013 Background Info: -‐ 256 buildings (153 residential buildings, 98 garage structures, and five non-‐ residential buildings. 1,187 dwelling units and ancillary structures for parking, laundry, and other related uses. -‐ The proportion of family households (91 percent) was higher than in the Subregion as a whole (64 percent), as is the proportion of family households with children (67 percent versus 34 percent). -‐ Average household size was nearly twice (5.18 persons per household) the Subregion average (2.83). This may be due, in part, to the number of household members (referred to herein as “other residents”) who are not listed on the lease agreement for the applicable apartment. -‐ Median household income was about three-‐quarters of the Subregion median ($28,405 versus $33,928), and median family income was about 60 percent of the Subregion median ($24,148 versus $36,357). -‐ Consistent with the project site’s high average households size, 49 percent of the units were severely overcrowded by census definition (i.e., 1.5 or more persons per room), compared to 18 percent in the Subregion -‐ All units current subject to Rent Stabilization Ordinance (RSO) Current Issues: -‐ Only 3 streets in 68-‐acre site. Most buildings no drive-‐up access, making it difficult to reach by police and fire in emergency -‐ Does not meet Americans with Disabilities Act energy and fire codes -‐ Parking not adequate for current residents Wyvernwood New Development: -‐ Developer offering up to $18,300 per unit as a relocation package. -‐ Not all units eligible for $18,300. Relocation amount based on contingencies (ie: # of seniors, children, etc.) -‐ Only ~660 units of new development will be under affordable housing prices -‐ No new development will be RSO protected -‐ 1 year written notice given to vacate property. Need to choose within 11 months to choose between Option 1 and Option 2. If one isn’t chosen, tenant is choosing Option 1. -‐ “Tenant” in plan only considered ‘tenant’ if name is recorded on lease and any subtenant of tenant must be approved in writing by owner to be considered. -‐ ‘Tenant’ is all persons living in one unit. One unit = one tenant. $18,300 relocation package must be distributed amongst all persons in one unit. -‐ Market rate to purchase new proposed condominiums will be $400,000. Given down payment on housing purchases are generally 20%, the down payment on purchasing can be around $80,000 -‐ Qualifications for Rent in new condominiums. -‐ A Tenant cannot have been convicted of a felony crime involving violence, drugs or sex within the preceding ten (10) years, or any felony crime within the preceding five (5) years.
Resident Retention Plan Option 1 Accept relocation payment and vacate premise within one (1) year of termination notice.
Option 2 Locate into a Temporary Replacement Unit until construction on resident’s current property ends. Owner will provide $750 for moving costs (which will later be deducted from the Relocation Payment if the tenant chooses to buy a new property or vacate premise before moving into temporary unit.) Option 2A – Relocate off-‐site before moving into a Temporary Replacement Unit. Receive Relocation Payment minus the $750 that was reserved for moving costs.
Option 2B – Relocate off-‐site after moving into temporary unit. Receive only 50% of Relocation Payment.
Option 2C – Use relocation payment to purchase new condominium. At any time of this process, tenant can choose to choose Option 2B.
Option 2D – Rent new apartment at market rate or at affordable housing rates if qualified. If tenant is not moved out of the Temporary Replacement Unit and into the new apart within 60 days of notice of availability, tenant automatically chooses Option 2B.
Timeline -‐ 1 year termination notice. Must decide between Option 1 and Option 2. -‐ If decision is not made between Option 1 and Option 2 within 30 days of termination, then tenant is automatically choosing Option 1 -‐ 60 days within notice of purchase availability to decide if tenant wants to purchase new condo. -‐ 60 days within notice of availability for a new apartment to move in. If tenant fails to move out of Temporary Replacement Unit and into the new apart within that time frame, tenant automatically is choosing Option 2B. 