Skip to main content

Potential Project Example

Project Name: Sample

Ada Ridge Court
The Legends at North Ponds
The Legends at Whitney

Project Manager


Project Location

Anywhere, USA



Brief Description

Development site includes 23 AC of vacant land.

The plan for new construction is to be developed but will include a mix of townhomes / multi multi-unit buildings.

We anticipate developing 240 market market-rate / 60-70 mod-income senior and are collaborating with the seller on a purchase / sale.

Alignment with Mission

The project will create affordable housing in a desirable area and will expand our footprint in this market.

Acquisition Plan and Terms

  • Acquisition Price: $1M
  • Sale Price to Develop Per Unit: +/- $10k
  • Deposits and Other Payments: $10k
  • Due Diligence, Financing and Other Contingency Periods: 12-month due diligence upon execution of agreement, 12-month extension available for up to $15k
  • Predevelopment – Design & Approvals: $325k

H.T.C. Financing Plan

Greenleaf will be the sponsor of a 4% application for LIHTCs and subordinate financing from HFA. The project will also seek a PILOT agreement with the local IDA or jurisdiction.

Timing – H.T.C.

  • Application: Summer 2022
  • Potential Award: Winter 2022
  • Construction Closing: Winter 2022
  • Permanent Conversion: Winter 2024

Predevelopment Cash Needs

Up to $900k for land acquisition + $325k, which includes $25k in deposits for site control and approximately $300k for predevelopment expenses, which totals $1,225,000.


Construction completion guarantee and tax credit delivery guarantee.

Revenue and Profit Potential Potential

  • Developer Fee: Presuming 100 units, anticipate a $2 -3 million paid developer fee
  • Construction Contract: Presuming 60-70 units, anticipate a $15 million construction contract

Market Rate

  • Land Sale: $2.4M – 10,000/unit, so net $1.7M
  • Approval: Fall 2022
  • 3-Story walkups with garages and clubhouse
  • Project Total: $58M, 2 Phases

How Investor Gets Return

Interest on money borrowed for land & approvals

H.T.C. Developers Fee % Portion

Land Value % Increase For Approved Project Site

Designed and developed by