To: Community Leaders From: Terry Foegler, President/Campus Partners Hal Keller, President, Ohio Capital Corporation for Housing Re: Broad Street Management Portfolio Restructuring Plan Date: November 19, 2001 We are writing this letter to inform you that Campus Partners and the Ohio Capital Corporation for Housing (OCCH) are in the process of structuring a long-term partnership for redevelopment of the Broad Street Management, Inc., portfolio of over 1,300 affordable housing units. In the course of completing its proposed restructuring plan for the Broad Street portfolio, Campus Partners made numerous representations to community stakeholders, not the least of which was its commitment to solicit meaningful community participation in the ownership, management and long-term disposition of this critical housing asset. The lead participation of Ohio Capital Corporation for Housing in the implementation of the plan provides important testimony to our determination to fulfill that commitment. OCCH is nationally recognized for its success in forging strategic partnerships with community-based organizations engaged in the construction and preservation of affordable housing and in the revitalization of urban communities. While this partnership is in the formative stage and involves a significant amount of due diligence by both parties, Campus Partners and OCCH feel it is imperative to engage a variety of community actors in dialogue in order to pave the way for a successful joint venture. The recapitalization of this housing stock represents a unique and historic opportunity to impact not only the lives of current and future residents of the over 1,300 units involved, but to have a significant impact on a number of neighborhoods through a coordinated plan of affordable housing preservation, selective demolition, deconcentration and redevelopment of new affordable and market-rate housing. Without involving current and potential future partners at this early stage, our collective efforts will be hampered. The partnership contemplated by Campus Partners and OCCH is based upon the extensive planning undertaken by Campus Partners in the preparation of the Mark-to-Market restructuring plan submitted to HUD. Please contact Campus Partners for a copy of this plan if you are not familiar with its contents. The guiding principles of this plan are: · Preservation of the existing affordable housing · Significant investment in the physical plant of the portfolio · Minimizing/avoiding displacement of existing residents · Access to an array of social services to current and future residents · Deconcentration of a portion of the assisted stock with replacement units developed as part of this plan OCCH applauds these principles and sees its role as taking the lead in implementing the strategies developed to date. OCCH, along with Campus Partners, would execute the financial, physical, management and social service components of this revitalization effort. In doing this, OCCH would plan to: · involve and create opportunities for the extensive network of investment and development partners OCCH has developed over the last decade, and; · minimize, to the maximum extent practicable, a drain on the scarce resources available for other critical local affordable housing initiatives. Community input and cooperation are critical. When Campus Partners and OCCH complete their due diligence, we will convene an expanded Broad Street Advisory Panel to share progress to date and to seek advice on the next steps in implementing the proposed restructuring plan. We look forward to hearing your observations and ideas, and we hope we will have your support as we move ahead. In the meantime, please feel free to contact Hal Keller at 614-224-8446 or Terry Foegler at 614-294-7300. MORE: Fact Sheet on the Broad Street affordable housing portfolio |
