Updated FAQ about the Depot Square Project To submit further questions please go to: www.bristolrising.com/submit To learn more about the project you may attend an informational session to be held on March 24th, 2015 at 6:30PM at the Bristol Historical Society.

1. DEPOT SQUARE
GUIDE TO BUILDING
BUILDING A BETTER BRISTOL

2. What is CHAMP?
Competitive Housing Assistance for Multifamily Properties
Through the Competitive Housing Assistance for Multifamily Properties
(CHAMP) initiative DECD (Department of Economic and Community
Development) provides gap funding to owners of existing developments and
developers of proposed new developments to increase the supply of safe,
decent and affordable housing in Connecticut.

3. What is Workforce Housing?
The term "workforce" is meant to connote
those who are gainfully employed, and are
seeking attainable housing.
In Bristol a large portion of the population
are considered as part of the workforce.
Workforce housing is commonly targeted
at "essential workers" in a community i.e.
police officers, firemen, teachers, nurses,
medical personnel, factory workers, and
more.

4. Why CHAMP Funding?
CHAMP funding is low interest gap financing.
We are close to
reaching the funding
needed to construct
Building B and it's
associated piazza!
The CHAMP funding will help bridge the gap in
financing and will significantly reduce the
assistance needed from the city of Bristol.

5. What does CHAMP funding mean for the
Depot Square Development?
This gap financing is a key piece
to beginning the downtown
revitalization Bristol deserves.
The CHAMP funding will provide
up to $5 Million to help bridge the
gap in financing.
It means that Building B
(residential and retail) along with
the associated piazza will be
within reach.

6. What's the plan for Building B?
Building BThe current Building B proposal consists
of approximately 150 residential units,
4,000 sf of amentities, 16,000 sf of
ground retail, a Public Piazza and the
associated access road(s) and parking
facilities.
To Submit a Letter of Interest for Living in Depot Square please go to:
http://bristolrising.com/resieloi/
Elevator building, modern style units,
In-apartment washer/dryers, fitness
center, community/events room, public
piazza, associated retail right at your
door and more!
Amenities:

7. Who can live in Building B?
Research shows that the average American spends 30% of their gross
annual income on rent.
Given this information, if a one bedroom unit is listed at approximately $1000/month or
$12,000/year, then in order to afford a one bedroom unit the occupant(s) would have to
make a minimum of $40,000 a year, as 30% of $40,000 is $12,000.

8. What will the rents be for Building B?
If the Depot Square Development secures CHAMP financing for Building B, the funding
source calls for the amount* of workforce housing units to be priced at or below the
following figures for a Studio, One, and Two Bedroom Unit:
CHAMP UNIT RENT CEILINGS:
• Studio - $1,124
• One Bedroom - $1,409
• Two Bedroom - $1,755
The rent ceilings allowed by CHAMP are all higher than what Renaissance is projecting.
RENAISSANCE'S ESTIMATED RENTS :
• Studio - $750 - $950
• One Bedroom - $1,000 - $1,200
• Two Bedroom - $1,400 - $1,600
*% of units designated workforce by CHAMP dependant upon the final cost of constructing Building B
*Salary totals based on estimated total income needs for associated unit

9. Letters of Interest (LOI)
Currently, we are seeking Letters of Interest from those interested in living in
one of the exciting new residential options, the first of which will be Building B.
LOI's are non-binding Letters of Interest that cost you nothing, and it automatically places you
on the list for new living spaces! There is no obligation, and if your interest or situation changes
you needn't worry! But at the very least you are first in line for what will be the nicest living
spaces in all of Bristol!
Be kept up to speed on unit availability and options
every step of the way
Priority consideration when apartments become
available and right of first refusal
Sign a letter with friends and you could arrange to
live in the same building, floor, or across the hall!
Your interest allows Renaissance Downtowns to
accelerate the project timeframe
There is no commitment for signing up.
Benefits of Signing an LOI
To Submit a Letter of Interest for Living in Depot Square please go to:
http://bristolrising.com/resieloi/

10. Connecticut Income Overview
A few local
professions that
would be eligible
for workforce
housing through
CHAMP are
entry- level
broadcast media
employees,
hospital
workers,the
teacher, factory
workers, municipal
workers,
administrative
assistants, retail
managers, fitness
trainers and more.

11. By CHAMP calculating the AMI on a regional basis, the number factors in the average
household incomes of surrounding towns like Farmington, Avon, and Southington, who
actually raise the AMI used by the program in comparison to Bristol's AMI. 120% of the
regional AMI means that the applicants earning up to $72,000 in income would be
considered for "workforce housing" under this program.
While applicants can make more than Bristol's AMI of $58,000, this program is still
considered "workforce housing" as it helps assist those who make below the average
income of the region.
AMIs & CHAMP
With the CHAMP initiative applicants can make up to 120% of the regional AMI.

12. Income Distribution in Bristol
Source: city-data.com ; http://www.city-data.com/income/income-Bristol-Connecticut.html
According to
demographic reports,
40% of Bristol's
earners make
between $30-75k,
24% make $75-200k
and those earning
<$10k-30k make up
the last 23%. This
means that at least
40% of Bristol's
earners qualify for
workforce housing,
and 64% would be
able to afford the
rents for Building B.

13. Unpacking the Language
Average Median Income (AMI)
Median income is the amount that divides the income distribution into two
equal groups, half having income above that amount, and half having income
below that amount. Mean income (average) is the amount obtained by dividing
the total aggregate income of a group by the number of units in that group.
Competitive Housing Assistance for Multifamily Properties (CHAMP)
Through the Competitive Housing Assistance for Multifamily Properties
(CHAMP) initiative DECD (Department of Economic and Community
Development) provides gap funding to owners of existing developments and
developers of proposed new developments to increase the supply of safe,
decent and affordable housing in Connecticut.
Gap Financing
Gap Financing is a term that generally refers to the amount of money needed to
fund the ongoing operations or future development of a business or project
that is not currently provided by cash, equity or debt.