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PREISS-STEELE PLACE

PREISS-STEELE PLACE. Preiss-Steele Place 500 Pickwick Trail Durham, NC 27704. - 102 Units -. Partners : Durham Housing Authority (DHA) Development Ventures, Inc. (DVI) City of Durham HUD & FNMA Enterprise Social Investment Corp. (ESIC) Community Investment Corp. of NC (CICNC)

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PREISS-STEELE PLACE

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  1. PREISS-STEELE PLACE Preiss-Steele Place 500 Pickwick Trail Durham, NC 27704 - 102 Units - Partners: Durham Housing Authority (DHA) Development Ventures, Inc. (DVI) City of Durham HUD & FNMA Enterprise Social Investment Corp. (ESIC) Community Investment Corp. of NC (CICNC) NC Housing Finance Agency (NCHFA)

  2. BACKGROUND Jack Preiss and DVI want to develop assisted independent living for low-income residents City of Durham provides development infrastructure: capacity bldg grant, taxable bond funds, land purchase, 2nd mortgage, & 50% of const loan NCHFA: tax credit allocation & catalyst for dev loan CICNC: 1st mortgage & bridge loan ESIC: tax credit syndication, TA, special limited partner PREISS-STEELE PLACE DURHAM, NC

  3. PROCESS DURHAM LEADERS AT WORK Powerful people, organizations, and institutions - under creative leadership - can make something positive happen for poor people Muddling through partnership process can effectuate a very complex development strategy if all the players are familiar with one another Jack Preiss, Duke Professor, Chairman of Durham HA, and key player in DVI, was the creative leadership PREISS-STEELE PLACE DURHAM, NC

  4. PROCESS (Continued) $76,000 per unit PREISS-STEELE PLACE DURHAM, NC

  5. PROCESS (Continued) PREISS-STEELE PLACE DURHAM, NC

  6. DESIGN / STAFFING Design: New three story apartment building Units and hallway wheelchair accessible Lounges Color-coded floors Staffing: Manager Assistant Manager Volunteer Receptionist Custodian PREISS-STEELE PLACE DURHAM, NC

  7. MANAGEMENT / MARKETING Management: Supervised by Durham HA Deputy Director of Operations Audited annually by North Carolina Housing Finance Agency, ESIC, CICNC, and City of Durham Marketing: Initially there was no marketing, now there is some outreach in elderly publications PREISS-STEELE PLACE DURHAM, NC

  8. CHALLENGES/FAILURES/LESSONS LEARNED • Challenge - Create a fluid and transparent development process • Challenge addressed by section 8 and project development fund set aside • Key Failure - Capital attraction to provide residents: • Additional staff • Storage space • Accessible transportation • More security • Key Lesson Learned – Need powerful and committed staff under driven leadership, to do anything decent for the poor PREISS-STEELE PLACE DURHAM, NC

  9. ACCOMPLISHMENTS/SUCCESSES/HIGHLIGHTS • Friends of Jack Preiss was created by Jack Preiss to address vital resident needs not met by local government • There is a waiting list notwithstanding that a soft rental market enables landlords to offer luxury apartments to section 8 holders • DVI and the Durham community have organized local skills to address the issue of Assisted Living for low-income elderly PREISS-STEELE PLACE DURHAM, NC

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