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

Narrative
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
	$0.00

Total Equity Sources:

$1,323,606.00

Non-Equity Fund Sources

Fifth Third     (FHLB-AHP)	$940,000.00
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