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Preserve at Hanover Park

Project Impacts

Back to Project Details: Preserve at Hanover Park

Note: At the time of this report, SDS is in the process of collecting additional data from the project sponsor, development team consultants, local government officials, community stakeholders, and others to assess the full scope of the project’s impacts in the context of the surrounding community. The projected impacts below are based on the ASREF CRA Analysis. For more information on Impact Report methodology, please see section 1.3.

Impact on
LMI Individuals
& Communities

The Preserve at Hanover Park will maintain affordability of units at 115% of the Area Median Income (AMI) for 40 years post-close as part of a Land Use Restriction Agreement (LURA). Furthermore, an estimated 11% of the units will be rented by tenants making less than 80% of the AMI. Preserving these 280 units at 115% AMI through 2064 will guarantee middle-market housing options for low to moderate-income individuals in a market that is severely rent burdened.

Economic
Development
Impacts

The Preserve at Hanover Park will implement several environmentally sustainable practices in both construction and make of the units. All units will be fit with EnergyStar appliances. Kitchens and bathrooms have been designed to be close to the central breezeway to minimize the length of drain/waste/vent and water lines. Electrical meter rooms are placed at each end of the buildings, reducing the amount of wire that is used to service the units, Significantly less wood waste than Summit’s comparable custom build projects. Most materials will be sourced from the southeast to reduce fuel required for transportation.

Environmental 

Impacts

The Preserve at Hanover Park will implement several environmentally sustainable practices in both construction and make of the units. All units will be fit with EnergyStar appliances. Kitchens and bathrooms have been designed to be close to the central breezeway to minimize the length of drain/waste/vent and water lines. Electrical meter rooms are placed at each end of the buildings, reducing the amount of wire that is used to service the units, Significantly less wood waste than Summit’s comparable custom build projects. Most materials will be sourced from the southeast to reduce fuel required for transportation.