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Ridgeview Manor

Johnstown Apartments, Ltd.
 813 West Coshocton Street Johnstown, OH 43031-9587
 35 Units, New Construction, Elderly
Asset Manager Staff : Todd Development Staff : Jack

Bedroom Mix
21 Two-Bedroom Units

LEADS and LDC Housing Corporation II are constructing a 35 unit multi-family community for elderly residents in Johnstown, Licking County, Ohio. The development is located southeast of the center of downtown Johnstown. The project consists of 7 buildings containing 22 two-bedroom apartments and 13 three-bedroom apartments. This development is a mixed-income development, with 60% of the units affordable to elderly residents earning less than 41% of area median income. The balance of the units are available to elderly residents earning less than 100% of area median income. Of the two-bedroom units, 21 have a net rent of $420 and one will have a net rent of $440. 10 three-bedroom units will have net rents of $500, and three will have net rents of $480.

Development Team
LEADS Management Company
Johnstown Housing Partners, Inc. General Partner
LDC Housing Corporation II General Partner
LEADS Sponsor
LEADS Developer
L.W. Associates, Inc. Developer
L.W. Associates, Inc. Builder/Contractor
GBQ Partners LLP Accountant
Bellefontaine Housing Partners I, Inc. Sponsor
Kelley & Associates Architect

OEF Equity Fund Sources
OEF IX $1,323,606.00

Total Equity Sources: $1,323,606.00

Non-Equity Fund Sources
Fifth Third
Ohio Department of Development $600,000.00
Accrued HOME Construction Interest $38,380.00

Total Non-Equity Sources: $1,578,380.00

Total Sources: $2,901,986.00

Financing Uses
Land Cost $270,000.00
Building Acquisition $0.00
Site Work $310,380.00
Hard Construction Costs $1,737,632.00
Soft Construction Costs $326,315.00
Development Fee $98,000.00
Construction Loan Interest $63,514.00
Reserves $0.00
Bridge Loan Interest $96,145.00
Total Uses: $2,901,986.00

Funds: OEF II

The page was last modified on October 2, 2001