Update Property - SIR CHARLES HOUSING

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Property Description:: Sir Charles is a Housing and Urban Development “project based” 34 unit subsidized apartment building that was originally developed in 1987 as an elderly and disabled property. Over the ensuing decades the population shifted away from the elderly to a disabled population. By the late 2000s, the vast majority of the residents received services from Lewis & Clark Behavioral Health Services, Inc. (LCBHS). Over those same decades the facility had deteriorated. It was considered to be a fire hazard by the City fire marshal. The building was not sprinkled, it was a maze of hallways with limited exits and the emergency lighting was not kept in working order. The apartment building was also failing financially. There was some concern that the property - located on the main downtown business street - would become blighted. The development (or more accurately, redevelopment) of the Sir Charles was complex. The total development costs were 3.7 million dollars. The financing was multifaceted and ever changing. Thankfully, forty investors donated their financial and other interest (e.g. Housing Assistance Payment contract) in the original, 1987 development. Their donation allowed everything that followed. Approved for tax credits in 2009 shortly before the tax credit market collapsed, LCBHS was able to trade the 2009 tax credits for 2010 tax credits allowing the project to qualify for the tax credit exchange program (TCEP). The TCEP provided the bulk of the financing. Other funds included SD Housing Development Authority HOME and Preservation Fund Loans and a small conventional loan. The rehabilitation itself was done in phases, a third of the building at a time. Residents were moved out to a local motel and then moved back in at the beginning and end of each phase. The rehabilitation was completed in June of 2011. The Sir Charles apartment building is a historic structure. The structure includes the Charles Gurney Hotel and the Dakota Territorial Capital. Jack McCall was tried in the building that is part of this historic landmark. It is on the National Register of Historic Places. Rehabilitation restored and preserved the building’s exterior in cooperation with local historic preservation groups. The Sir Charles is a three story structure with 34 apartments and a lower level that was converted into office space. The apartments are all single bedroom with kitchen, dining room and single bathroom. Each apartment has a slightly different footprint and they range from 500 to 800 square feet. There is a community room and additional office space on the first floor. The LCBHS IMPACT program operates out of the office space. Sir Charles provides housing for individuals who qualify based on income for housing assistance. Preference is given to individuals who are disabled. There is on site management and maintenance staff. Direct supports to assist individuals maintain activities of daily living are made available as needed.
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