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HomeMy WebLinkAboutBlock by Block Timeline & NarrativeTimeline for CFC Block by Block Project Year 1 Goal: Rehabilitate 12-24 units avg 18 in year 1 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 Sep-25 Oct-25 Total Units Cumulative Submitt NHCE,NHC,COW applications NHCE NHC/COW COW NHC 0 Grant Award s& Funding Agreements 0 Assess & Develop Scope of Work for Rehab Construction 1 4 4 4 4 4 3 24 24 Prioritize Houses for Rehab Construction 0 Create Bid Packet for Rehab Construction 2 3 3 3 3 3 1 18 18 Award Bid to Qualified Contractor(s) 2 3 3 3 3 3 1 18 18 Create Project Construction Timeline 0 Apply for Building Permits as needed 0 Construction (# units stated and ongoing) 1 1 1 1 1 1 2 2 2 2 2 2 18 18 Inspection & Payment Draws 0 Coordination w/ Caseworkers for relocation 0 Construction Completed 1 1 2 2 2 2 2 2 2 2 18 18 Completed Project available homeownership or rental 2 2 2 2 2 2 2 2 2 18 18 Timeline for CFC Block by Block Project Year 2 Goal: Rehabilitate 12-24 units avg 18 in year 2 Nov-25 Dec-25 Jan-26 Feb-26 Mar-26 Apr-26 May-26 Jun-26 Jul-26 Aug-26 Sep-26 Oct-26 Nov-26 Dec-26 Jan-27 Feb-27 Total Units Submitt NHC & COW application Block by Block Project COW NHC 0 Grant Award & Funding Agreement 0 Assess & Develop Scope of Work for Rehab Construction 2 2 2 2 2 2 2 2 2 2 2 2 24 48 Prioritize Houses for Rehab Construction 0 Create Bid Packet for Rehab Construction 2 2 2 2 2 2 2 2 2 2 2 22 40 Award Bid to Qualified Contractor(s) 1 1 1 1 2 2 2 2 2 2 2 2 2 22 40 Create Project Construction Timeline 0 Apply for Building Permits as needed 0 Construction (# units stated and ongoing) 1 1 2 2 2 2 2 1 1 2 2 1 1 1 21 39 Inspection & Payment Draws 0 Coordination w/ Caseworkers for relocation 0 Construction Completed 1 1 1 1 2 2 2 2 2 1 1 1 17 35 Completed Project available homeownership or rental 1 1 1 1 2 2 2 2 2 1 2 17 35 Timeline for CFC Block by Block Project Year 3 Goal: Rehabilitate 37 units in year 3 Mar-27 Apr-27 May-27 Jun-27 Jul-27 Aug-27 Sep-27 Oct-27 Nov-27 Dec-27 Jan-28 Feb-28 Mar-28 Apr-28 May-28 Jun-28 Total Units End of FY27 COW/NHC Awards 0 End of Year 3 NHCE Award 0 Assess & Develop Scope of Work for Rehab Construction 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 30 78 Prioritize Houses for Rehab Construction 0 Create Bid Packet for Rehab Construction 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 32 72 Award Bid to Qualified Contractor(s) 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 32 72 Create Project Construction Timeline 0 Apply for Building Permits as needed 0 Construction (# units stated and ongoing) 2 2 2 2 3 3 3 3 1 2 2 2 2 2 2 33 72 Inspection & Payment Draws 0 Coordination w/ Caseworkers for relocation 0 Construction Completed 2 2 2 3 3 2 2 2 2 2 2 2 3 3 3 2 37 72 Completed Project available homeownership or rental 2 2 2 2 2 3 2 2 2 2 2 3 3 3 3 2 37 72 0 Strategy rehabilitate most severe repairs in Year 1 & 2 Revolve funds from sales to complete additional units in Year 3 and beyond 3. About Your Community* CFC works across NC, but our housing efforts are focused in our own backyard, here in New Hanover County and Wilmington. As the 2022 Bowen report made clear, the issue of housing cost burden is most pronounced for renters [1], who tend to have lower incomes than owner-occupants [2], in both the city and the county. It also estimated that the rental housing gap is largest for households at or below 30% AMI, but the shortage is growing most for households at 61- 80% and 81- 120% AMI [1]. Low to moderate income households are not only faced with the challenges of shrinking supply. Within the city, census tracts in the north and south sides of the city have the highest percentage of both low-to-moderate income households [3] and of severe housing problems, which is reflective of quality and/or affordability [4]. While s ome tracts in the county had as few as an estimated 8.5% of people experiencing severe housing problems in 2019, others on the north- and south-sides had a prevalence as high as 30.3% and 29.3% respectively. While data on our specific resident population is currently limited, this synthesis of secondary data indicates that we primarily serve an economically disadvantaged population given that 80% of our homes are in the Northside or Southside. Existing and prospective future tenants are our primary stakeholders. We engage residents through contracted property management and intend to deepen tenant relations with the addition of case management. Dedicated case management staff will create a pathway to collect data to monitor proposed KPIs, listen to our constituency, provide community resource referrals, and better understand opportunities to improve our programs and interventions. Though case management will be a new internal operation, CFC is already embedded in the local housing landscape, attuned to both the assets and needs of the community. We provide rental housing to clients of Good Shepherd Center (GSC), Family Promise, A Safe Place, Trillium, and Global Connections. In partnership with GSC and Norco Management, CFC recently reopened Driftwood to house chronically homeless individuals referred by the Cape Fear Continuum of Care. We are a partner – again with Norco – in the development of Estrella Landing, an 84-unit LIHTC project slated to serve households at or below 60% AMI. Going into our fifth year of property ownership, we have first-hand knowledge of and experience with needed repairs to the portfolio. This experience led us to add construction expertise through a project management contract with Paul Stavovy, a licensed general contractor at the Cape Fear Community Land Trust (CFCLT). We have also worked to transfer properties to LINC, CF Habitat for Humanity, and the CFCLT for ownership and rental. Finally, the proposed project-based rental subsidy serves to expand existing relationships with local housing funders, given that about 30% of our residents receive a tenant-based subsidy through Trillium or WHA. 1 Cape Fear Collective Block by Block: Major Housing Rehabilitation Project Application to the New Hanover County WHSP Background Cape Fear Collective (CFC) mobilizes Community Reinvestment Act (CRA) funds to address the most pressing community needs for the public good. To that end, CFC raised $18m in CRA funds l from financial institutions in the Wilmington area. These funds were used for the acquisition of 114 scattered- site residential rental units. Most of the houses are in Wilmington’s Northside and Southside neighborhoods, traditionally home to African American households. These areas are experiencing gentrification and displacement of lower-to-moderate-income households. Thus, the 114 properties were at risk of being lost as Naturally Occurring Affordable Housing (NOAH). CFC has partnered with many area nonprofits to use the properties as affordable rental or homeowner housing. Partners include LINC, CF Habitat for Humanity, Vigilant Hope, Good Shepherd Center, and private developers providing affordable rental housing. As of the writing of this application, CFC has 83 rental properties – about 63% of which are occupied – in addition to 15 units of Permanent Supportive Housing at our multi-family site, Driftwood. After decades of ownership by negligent landlords who failed to invest in routine maintenance and upkeep, all the properties are in serious disrepair. Since acquiring the properties, CFC has invested over $1,000,000 in major improvements such as new roofs, HVACs, electrical, and structural repairs, etc. Even with this significant capital outlay, more costly rehab work is needed to preserve this housing for the future. An investment of public funds will allow CFC to leverage the $18m private funds already invested to ensure these homes are no longer a blight in the community and remain affordable to low-to-moderate income households. Preserving NOAH is a proven affordable housing strategy to safeguard existing affordable housing at a lower cost per unit than building new housing. Given the shortage of affordable housing, the city cannot afford to lose these houses. The 2020 Cape Fear Inclusive Economy Report identifies housing, along with health, transportation, and childcare, as social determinants of economic prosperity. The report goes on to demonstrate the lack of equitable opportunity for minorities and other marginalized residents in the greater Cape Fear region to participate in the growing regional economy. North Carolina Housing Coalition’s 2024 Housing Need in New Hanover County reports that 54% of renters are cost-burdened. These reports and the Bowen Housing Assessment conclude that housing is beyond the reach of low-to-middle-income households due to inventory shortages and high cost relative to income. Market Demand Demand for affordable housing can be demonstrated by a number of metrics, but one gets to the heart of the issue: the percent of households experiencing housing cost burden (paying 30% or more of their income on housing). 2 The percentage of cost-burdened households has been on the rise in the U.S. since 2017. Across all of New Hanover County, 34.6% of households are considered cost-burdened, but In Census Tract 102 - the location of Phase 1 of the “Block by Block” housing rehabilitation project - 61.6% of households pay 30% or more of their monthly income towards housing costs. This hardship is a combination of low household income and rising housing costs. Over half of the population in this census tract make an annual income that is at or below 200% of the Federal Poverty Line (FPL). The Housing Price Index in this Census tract more than doubled from 2012 to 2022, jumping from $288,970 to $617,890. This steep increase will most likely price out existing residents: the median household income is $39,984 and a single adult with one child would need an annual income of $56,231 to be self-sufficient in New Hanover County, according to the University of Washington’s Self- Sufficiency Standard. To put it into further context, gross rent as a percentage of income has been steadily on the rise since 2012. In fact, residents in Census Tract 102 pay a higher share of their total income towards rent than 97% of all tracts in the state of North Carolina. This is especially substantial when taking into consideration that 55% of all houses located in the neighborhood are rentals. The median rent in 2022 was $1,185 monthly, placing the area in the 39th percentile in the state. Homeownership is also unobtainable for a majority of residents. Homes in this neighborhood are valued at the 81st percentile across the entire state, while the median household income is below the 5th percentile. 3 Sources: Cost Burdened Households: U.S. Census Bureau; 2010-2022 American Community Survey 5-Year Estimates, Table DP04. https://data.census.gov/ HPI: Federal Housing Finance Agency; House Price Index (FHFA HPI). :https://www.fhfa.gov/DataTools/Downloads/Pages/House- Price-Index.aspx Median Household Income U.S. Census Bureau; 2010-2022 American Community Survey 5-Year Estimates, Table B19013. :https://data.census.gov/ Project Description CFC will use $837,237 in NHC funds for the major rehabilitation of a single-family rental housing portfolio. Eight housing units have been identified for phase 1 of the project. Four of the eight are vacant. To the extent possible, future phases of the project will be planned around geographic proximity to positively impact the neighborhood. As additional units are rehabilitated in the future, the next phases will include a mix of occupied and vacant units; to reduce disruption to family life as well as relocation costs, nearby vacant units in suitable condition or newly rehabilitated units will be used to relocate households as able. Once complete, the project will result in improved appearance, function, and life span of the houses as well as contribute to neighborhood character and aesthetics. In addition to improving the physical assets, it is well documented that living in safe, decent, quality housing improves the residents' physical and mental health and ability to function in school and work. The City’s Healthy Homes program demonstrates a commitment to improving housing conditions and resident and community well-being. CFC is partnering with Cape Fear Community Land Trust (CFCLT) on the project to bring additional staff capacity and to ensure the project is successfully managed. Partnering with CFCLT allows CFC to collaborate and take advantage of staff expertise that both organizations bring to this formidable endeavor. Paul Stavovy, CFCLT Executive Director, is a licensed General Contractor (GC) with direct experience in residential construction including house rehabilitation. Paul will serve as the Construction Project Manager for the project. In addition to private sector projects Paul also has experience with City-funded projects. Suzanne Rogers, CFC Director of Housing, has experience in project management and housing rehabilitation as well as public funding grants administration. The scale of this project requires a competent Construction Project Manager with the capacity to manage multiple houses under renovation at the same time. Additionally, because the project selects houses for repair in the same geographic area it allows for economies of scale in material purchase and labor efficiency. Unlike new construction, rehabilitation of older housing stock brings unique challenges; many issues may not be readily apparent at the initial assessment and are, therefore, not included in the scope of work. A fifteen percent contingency is built into the budget to allow for these unknown needs. Additionally, with 4 an 83-unit portfolio, it is not feasible to scope each specific unit in the project before applying for funding. Estimates for the average costs of rehabilitation are based on historical findings from a certified housing inspector and the experience with the portfolio to date. Some of the houses will require a more extensive and costly rehabilitation than others. Overall, this portfolio needs major rehabilitation that addresses every element of the house. The estimated budget reflects a comprehensive scope of work. Rehabilitation will include a comprehensive assessment of each property to develop a scope of work. Project specifications align with the HUD’s Housing Quality Standards (now NSPIRE). Specifications include quality materials to ensure low maintenance, and long-lasting repairs that add to the useful life of the housing structure and property. The primary objective of the project is to improve the functionality and efficiency of the houses, while retaining the character and unique design elements of the houses. To that end, design details related to exterior porches, roof lines, gables, exterior siding materials, and window design will be maintained, as able. Paint colors for exterior and interior walls and trim will be chosen to complement the age and design of the house as well as reflect current preferences. Interiors will be addressed to achieve safety and function with updates to kitchens and bathrooms to provide adequate counter space and storage. The rehabilitation will attempt to create open spaces and maximize storage to the extent possible within the original footprint and layout of the house. After successful completion of the rehabilitation, the houses will remain affordable, either for rental or homeownership. No residents currently renting CFC properties will be at risk of homelessness due to ownership transfer. Existing CFC tenants will not be displaced or made homeless because of the “Block by Block” initiative; CFC plans to offer permanent relocation within the portfolio, as able, and provide housing navigation to other housing options as needed. Sustainability As the AS IS operating budget clearly demonstrates, CFC’s portfolio of scattered site rental properties does not generate enough rental revenue to cover the operating expenses. The rents for these properties have not increased since our acquisition, except at units where tenants use Housing Choice Vouchers (approximately 15% of units). The rationale for keeping the rent stable is two-fold: 1) the substandard condition of the properties does not warrant increased rent, and 2) raising the rents will put our already low-income tenants at a greater risk of financial hardship and inability to afford rent. CFC board and executive management recognize the current model is not sustainable without strategic intervention. Our strategy to achieve sustainability is two-pronged: support tenants’ well-being with case management and improve the properties through rehabilitation. Together, these approaches are positioned to increase rental revenue and stabilize cash flow. CFC has, outside of this application, solicited funds for and budgeted to add two full-time case workers to the CFC housing team. These case workers will engage with tenants to develop individualized plans to address a variety of tenant needs. These plans will include collaboration with existing resources for health and mental health, food insecurity, job skills, and employment, and in some instances, rehousing 5 tenants to more suitable housing choices, such as Low-Income Housing Tax Credit developments or public housing. One outcome of the aforementioned strategies will be quality housing stock that justifies a higher rent. The attached AS IS proforma demonstrates the current rent revenue and operating loss. That said, the rents will be set at the HOME High Rent rate which is affordable to households with incomes at 65% area median income (AMI), and the properties will only be available to households with incomes at or below 80% AMI. Scattered-site single-family units are more suitable for renters at a 60%-80% income level due to the expectation that tenants provide lawn care and perform or inform the landlord of the need for some routine maintenance. This is typically not required in multi-family properties such as Low Income Housing Tax Credit (LIHTC) projects. Additionally, LIHTC projects offer rental units for households with incomes at or below 60% AMI with the benefit of landscaping and common spaces for service delivery, such as computer access. Some existing tenants may struggle to afford higher rents, and even face hardship at their current rates; as referenced, case managers will support tenants in navigating their housing options. With this shift in the target tenant population and when a tenant relocates, the now-vacant unit will contribute to the housing supply where there is a shortage, as indicated in the Bowen Report, which shows significant demand at the 60-80% AMI threshold. Our two-pronged strategy addresses financial sustainability by increasing revenue and reducing CFC’s operating costs, especially repair expenses. Currently, CFC’s administrative and direct staff costs are attributable to the time and expertise needed to manage all the complexities associated with owning substandard properties such as ongoing major repair issues, code and nuisance violations, uninhabitable vacancies, excessive tenant complaints, etc. Additionally, staff time is required to develop and implement the “Block by Block” initiative. Upon initial acquisition of the portfolio, CFC focused on triage to address imminent health and safety issues as well as tenant management deficiencies. CFC is now ready to move on to permanent solutions. Understanding that longer-term sustainability requires both quality housing stock and sufficient cash flow, CFC is exploring several prospective outcomes. Selling these properties to non-profit and human service agencies requires a funding source for acquisition. Perhaps that source will be through the New Hanover Community Endowment, Community Reinvestment Act funds, CFC financing, local government funds, traditional financing, or other yet-to-be-determined resources. As capital is available CFC will continue to work with mission-aligned partners to sell houses for use as rental or homeownership. A Memorandum of Understanding between CFC and CFCLT indicates CFC’s intent to sell a significant portion of the portfolio to the CFCLT to be held in the land trust model. This partnership ensures the housing stock and the City’s investment will continue as affordable housing for the next 75 years. The properties to be transferred will be selected by mutual agreement of CFCL T and CFC to provide affordable homeownership opportunities through the shared equity model offered by CFCLT. Other organizations may acquire CFC properties to provide affordable rental housing. In some instances, the rental property may be targeted to special populations such as survivors of domestic violence, formerly incarcerated persons, or substance abuse disorder recovery housing. In any case, when 6 CFC has or will sell properties, the buyer must commit to keeping the properties as affordable housing. Any proceeds from the sell of CFC properties will be reinvested back into the organization to continue its mission and purpose. Once the properties are rehabilitated and operating costs reduced, CFC may also retain a portion of the portfolio as affordable rental housing. This option ensures that these NOAH properties continue to benefit the community. Clearly, sustainability is a longer-term strategy than was originally envisioned by the CFC. That said, given the time, these properties will continue to be affordable housing. The first step is to address the property deterioration and restore the structural integrity and functionality of the housing units. Sources: New Hanover County/City of Wilmington Bowen Report 2022 Update Public Benefit vs Return on Investment Cape Fear Collective is building new funding structures to consolidate CRA funds and public funds into affordable housing. Business as usual will not meet the current housing gap and has led to our current challenges. We require new tools for creating and preserving affordable housing. The CRA investment used to acquire the housing portfolio prioritized community benefits over financial return. While the investment structure allows for a financial return, that only occurs if the project generates net income. It is a preferred return. After several years of managing the portfolio, it is evident that the condition of the properties (and revenues) will not allow for a sufficient financial return to repay CRA funds with a preferred return. Alternatively, there is a financially quantifiable social and public benefit to the private and public funders. As described above, the public benefit of the CRA and Public Sector funding is measured by the value of the social, economic, and environmental outcomes. Cape Fear Collective measures these returns by identifying quantifiable sources of social benefit. We are calculating sources of social impact as an alternative return: 7 Public Benefit Value sources: Activity Value per Home Explanation Beneficiary (who benefits from the social impact) Retaining units as affordable $1,200 - $4,800 savings per year Direct savings from reduced price increases on rent Resident Preventing homelessne ss (source) $16,500 per person in ED visit cost reduction per year A 30% decrease in ED visits was seen while providing unhoused population with safe, stable homes Residents, Hospitals, and Insurance (Medicaid/Medicare) Improving Blight (source) $12 - $85 per year 0.9% - 9% increase in adjacent home value at a rate of $0.45 per $100 assessed value County and City Life Expectancy 0.5 - 0.8 additional years of life on average per person Analysis based on internal proprietary study of life expectancy and cost-burdened households across NC Resident Economic Stimulus $84 - $336 per year Additional sales tax revenue from tenant’s additional income, which was previously locked in housing payments County and State Economic Mobility (source) $8,000 - $14,000 on average Additional income made for children growing up in safe affordable housing Residents’ Children 8 Acqusition PriceCFCPropertiesYear1 BlockbyBlock As of 2024-07-29 Account Name Purchase Price 1003 Chestnut Street $182,596.05 1005 Chestnut Street $118,744.23 1014 S 7th Street $163,520.62 1306 Church Street $192,764.95 1308 Church Street $117,819.09 1315 Church Street $168,541.68 203 N 11th Street $104,427.51 215 N 11th Street $129,421.95 Subtotal Sum $1,177,836.08 Count 8 1006 S 4th Street $184,806.85 1008 S 4th Street $0.00 1112 Queen Street $178,198.04 209 S 13th Street $154,807.05 4159 Abbington Terrace $126,943.60 416 McRae Street $166,229.97 720 S 10th Street $183,975.17 814 S 8th Street $219,013.13 Subtotal Sum $1,213,973.81 Count 8 108 S 13th Street Unit A (AH)$208,562.04 108 S 13th Street Unit B (AH)$0.00 1111 S 6th Street $177,936.23 1205 Orange Street $110,922.34 212 S 15th Street $169,190.21 609 Swann Street $182,866.40 717 Wooster Street $176,485.95 803 S 7th Street $85,644.97 Subtotal Sum $1,111,608.14 Count 8 Total Sum $3,503,418.03 Count 24 Copyright © 2000-2024 salesforce.com, inc. All rights reserved. NH County NH Community Endowment Properties Identified For City of ILM Estimate of Rennovation Cost as basis for Development Budget RENO CATEGORY LOW EXPECTED COMPLETE MEAN EXPLANATION OF METHODS/ASSUMPTIONS: Roof 600$ 4,000$ 12,500$ 5,700$ From small repair to full shingle roof replacement. Expected repair/porch roof/etc. Boxing/Overhang 200$ 800$ 2,400$ 1,133$ From cosmetic repair to full soffit/fascia replacement. Expected sectional repair Chimney 400$ 700$ 1,800$ 967$ From repairs to full chimney removal. Expected above roof removal and repair Gutters/Downspout -$ -$ 1,400$ 467$ Most do not have gutter/downspout. Complete would be adding on 2 sides Exterior Siding 800$ 3,200$ 14,000$ 6,000$ From pressure wash and minor repair to full replacement. Expected repairs and spot replacement Front Porch 400$ 1,200$ 2,800$ 1,467$ From minor repair to redecking. Expected repairs to floor, handrail, and columns Rear Porch 100$ 1,200$ 5,000$ 2,100$ From minor repair to full back deck. Expected stoop repair and handrail Underpinning/Found 300$ 1,200$ 12,000$ 4,500$ From minor inspection to major repairs. Expected some shoring up and girder work Structure/Framing 300$ 1,800$ 4,000$ 2,033$ From minor alterations to more substantial reconfiguration. Expected in between Windows 600$ 1,400$ 8,000$ 3,333$ From minor repairs to all new windows. Expected wood window repair an one or two new Storm Windows -$ -$ 1,600$ 533$ None expected to adding Exterior Doors 200$ 1,200$ 1,200$ 867$ From new locksets to replacing both doors. Expected dual replacement Storm Doors -$ -$ 600$ 200$ None expected to adding Insulation 100$ 1,200$ 1,800$ 1,033$ From minor addition to full attic and some walls. Expected in between Attic Access -$ -$ 600$ 200$ None expected to adding Exterior Paint 200$ 1,200$ 3,500$ 1,633$ From touch-ups to full repaint. Middle expected Mechanical 200$ 2,200$ 12,000$ 4,800$ From simple maintenance to new system. Expected repairs to ducts/grills/thermostat Electrical 400$ 1,800$ 12,500$ 4,900$ From minor updates to full rewire. Repairs and updates expected Plumbing 600$ 2,200$ 8,000$ 3,600$ From minor updates to full replumb. Expected updates to bath/kitchen Pest Treatment 100$ 600$ 1,200$ 633$ From termite treatment to extermination/bond. Expected bond and treatment Drywall 400$ 1,300$ 6,000$ 2,567$ From minor touchups to major wall covering install. Expected patching and some alteration Framing 100$ 800$ 4,800$ 1,900$ From minor to major reconfig. Expected more minor alterations Flooring 400$ 4,500$ 6,500$ 3,800$ From spot patching to full home refloor. Expected repair, refinishing, and KB replacement Interior Doors 600$ 800$ 2,200$ 1,200$ From minor repairs to all new doors. Expected repair and minor replacement Closets -$ 600$ 1,600$ 733$ From no work to adding closets. Expected minor addition/alteration Interior painting 500$ 1,800$ 3,500$ 1,933$ From minor touchups to full interior repaint. Expected by room basis and touchups Cabinets 600$ 6,000$ 9,000$ 5,200$ From minor replacement to full KB Replacement. Expected replacement of KB on budget Appliances 1,200$ 3,500$ 5,000$ 3,233$ From a couple of kitchen appliances to full set incl WD. Expected kitchen suite Landsccaping 500$ 2,500$ 5,000$ 2,667$ From trimming existing vegitation, to removal and replacement or addition of shrubbery & grass 15% Contingency 1,395$ 6,780$ 21,825$ 10,000$ For unforseen items TOTALS:11,195$ 54,480$ 172,325$ 79,333$ Prepared by: Paul J Stavovy Executive Director, Cape Fear Community Land Trust, Inc. May 2nd 2024