Financing & Building Affordable Housing: A How To Session for Local Developers New to the Game 10.19.16.

Slides:

Advertisements

Similar presentations

Welcome to... Companion PowerPoint Presentation for the Introduction to Housing textbook.

Advertisements

Presented May 8, Rental Production Program Competitive 9% credits Capital subsidy Special Needs Program Small scale Grant commitments Flexible Preservation.

On Housing in New York City presentation made to the Latino Leadership Institute Carlos Vargas-Ramos, PhD February

Resource Horizon for Affordable Housing Preservation Arizona Affordable Preservation Summit February 25, 2011 Jim Beachler JMB Preservation Advisors

Housing Credits What is a Housing Credit? Volume cap ($1.75 per capita per year, currently $29,248,010) Program requirements –Income and rent restrictions.

Supportive Resident Services: Challenges and Rewards Texas Housing Conference July 28-30, 2014 Hilton Hotel Austin, TX.

GOVERNOR’S HOUSING CONFERENCE 2013 Creative Financing Sources/Structures to Produce Affordable Housing.

Innovative Financing Approaches. Restoration Gardens.

Nebraska Investment Finance Authority © 2007 Tax Credit Basics.

American Society for Public Administration Utah Chapter November 4, 2011.

HOME INVESTMENT PARTNERSHIPS PROGRAM 24 CFR Part 92.

Affordable Housing Changing Policy Focus Need for Affordable Housing From Supply to Demand Side From Federal to State & Local Governments Dominant Policy.

The City of New York Office of the Comptroller Economically Targeted Investments Kathy Martino June 10, 2008.

The Source for Housing Solutions Using Tax Credits to Create Supportive Housing Holly Denniston-Chase Loan Officer.

Affordable Housing Preservation Summit An Overview of Financing and Servicing Options. Wells Fargo Bank Reine Yazbeck.

How to Finance Affordable Housing with Low Income Housing Tax Credits July 10, 2007.

Finance for Rental Housing Steve Bevington Managing Director Community Housing Limited Group, Australia.

Tapping Into Other Funding Sources A Presentation for NCDA’s 2013 Winter Conference Washington, DC January 30 – February 1, 2013.

Update on IHDA Programs Jennifer Novak Chan RRHA of Illinois Annual Conference Office of Housing Coordination Services May 14, 2013, East Peoria.

Housing Department Northwest Manors II City Council through Economic Development and Technology Committee James Wong Senior Project Manager July 20, 2015.

The Dollars Side of the CAF Equation Alliance for Housing Solutions (AHS) 2012 Leckey Forum November 9, 2012 Presented By: Kathleen McSweeney.

OFN / CFED Briefing Dan Betancourt, President and CEO Community First Fund Lancaster, Pennsylvania February 22,

Gap Financing Tools for Affordable Housing A presentation to the Virginia Housing Coalition Housing Credit Conference September 5, 2013 VHC Sept

Utah Housing Corporation Low-Income Housing Tax Credit Program Presentation By W. Robin Kemker LIHTC Technical Specialist Utah Housing Corporation.

Working with HFAs Structured Financing Programs Andrew Baldwin Corporation for Supportive Housing July 17,

Community Stabilization in the Wake of the Foreclosure Crisis Ali Solis, Vice President, Public Policy & Industry Relations Enterprise Community Partners.

NCSHA – Preservation Strategies. Homes for America (HFA)  Is a regional nonprofit working in 4 mid-Atlantic States  Create and preserve housing enhanced.

SERC 2014 Judy Vandyke, CEO/Managing Partner, BGC Holly Knight, Vice President of Development, BGC

Secretary Kenneth C. Holt Maryland Department of Housing and Community Development C o v er I m a g e S a m pl e: If u s e d a c o v er i m a g s h o ul.

Energy Efficiency Financing October 15, About Virginia Community Capital  Founded in 2006, then Governor Mark Warner privatized $15M state loan.

Using Bifurcated Structures to Finance 80/20 or Mixed Income Housing NCSHA Conference – September 28, 2015.

ADRCs & Housing ADRC National Meeting Washington, DC July 13, 2007 Jim McCall Officer, Housing Relations Alaska Housing Finance Corporation Senior Housing.

WACOSS Conference May 2016 The Future of Our Work - New Ways, New Models Presenter: Garry Ellender, CEO.

The State of Ohio is an Equal Opportunity Employer and Provider of ADA Services Using CDBG and HOME for Housing March 14, 2016 COSCDA Program Managers’

Community Development Block Grant Program The Community Development Block Grant (CDBG) Entitlement Program provides annual grants on a formula basis to.

What is LIHTC? A housing subsidy program for low-income rental housing Created within Section 42 of the Internal Revenue Code A federal income tax credit.

Imagine a World without HUD: A look at Alternative Financing Options Presented by Gates Dunaway and Amy Schectman LeadingAge Annual Meeting Nashville,

Multifamily Programs Overview SHNNY June 2, 2016.

TOD University (2013) Housing 202: Building New Affordable Homes.

HPD SHNNY Conference Housing New York Five-borough, Ten- Year Plan A comprehensive plan to build and preserve 200,000 affordable units over the.

The Benefits of Tax Credits and How They Work July 6, 2016 Midwest Lenders LIHTC Workshop.

Affordable Housing What is affordable housing?.

Compliance Challenges in the RAD Portfolio June 22, 2017

Ways in Which RD can Partner to Fund Sustainable Housing Projects

Housing Authority of Jackson County

Moving Forward on First Nations Housing & Infrastructure Reform in BC

Oklahoma Housing Finance Agency

PRESENTATION TO THE PORTFOLIO COMMITTEE ON HOUSING

Housing the Missing Middle

Project Showcase: Seward Towers

Financing Solutions for the Illinois Housing Market

Affordability and Quality of Life on the Peninsula: Affordable Housing

Bifurcated Structures for Mixed-Income Financing

Affordable Housing Strategies

Multifamily Partnership Opportunities Annual Conference of the

Using LIHTCs to Preserve Rural Affordable Housing

LIHTC Basics: Affordable Housing 101

The Development Team Texas Rural Rental Housing Preservation Academy Session #4 June 6 – Start w/ brief overview of Greystone – who we are and what.

FINANCING CANADA’S AFFORDABLE HOUSING NEEDS

Serving the Missing Middle TALHFA Educational Conference Fort Worth, Texas Thursday, October 26, 2017 Presented by Avis F. Chaisson Acting Assistant Director,

the power of tax credits

Oakland Housing Authority MTW Conference May 2, 2018

Getting the Most Out of Alternative Financing Sources

Affordable Housing Developers Survey

Department of Local Affairs Division of Housing

Affordable Housing in East King County

COMMUNITIES A PARTNER TO 2020 Levy Request County Board Workshop

Example of Public Private Partnership

Rural Housing Resources: Public-Private Partnerships (P3s) for Housing

Presentation transcript:

Financing & Building Affordable Housing: A How To Session for Local Developers New to the Game 10.19.16

Why Develop Affordable Housing? Do well by doing good Just do good Diversify your portfolio vs. market-rate Build assets – for profits and non-profits Build relationships with banks, investors, city government Learn many new acronyms

Who Are The Players (Partners)? City Agencies: NYC Department of Housing Preservation and Development (HPD), NYC Housing Development Corporation (HDC) State Agencies: NYS Homes and Community Renewal (HCR), NYS Office of Mental Health (OMH) Federal Government: HUD Lenders: Community Development Groups at Banks LIHTC Syndicators/Investors General Contractors Lawyers

What Do We Do? Jonathan Beuttler, NYC HPD Matt Bissonette, Citi Community Capital Thomas Yu, Asian Americans For Equality Frank Dubinsky, Monadnock Development

The Challenge Financing a Building that is worth less than the cost to build. 100 units of low-income housing Total Cost: $36.5 million Net Operating Income: $530,000 PROJECT SOURCES First Mortgage 6,320,000 Subsidy Loan 12,000,000 Low-Income Housing Tax Credits 16,450,000 Deferred Developer Fee 1,730,000 Total 36,500,000

Available Financing Sources Affordable developments require subsidies to fill the “gap”. Subsidies can include: Tax Exempt Bonds – HDC or HFA Low-Income Housing Tax Credits (LIHTC) – Private Sector Low-Interest Rate Loans – HPD, HDC and HCR Grants – NYSERDA, Banks Rental Assistance – Section 8 Tax Abatements – 420C, Article XI Below-Market Land Cost – RFPs!

HPD Financing Programs HPD has a number of financing programs that you should know well: Extremely Low and Low-Income Affordability (ELLA) Mixed Income Program (Mix & Match) Mixed-Middle-Income (M2) Neighborhood Construction Program (NCP) New Infill Homeownership Opportunities Program (NIHOP) Supportive Housing Loan Program (SHLP) Senior Affordable Rental Apartments (SARA)

What Is Important To Your Partners? Agencies: Track Record and Fitting In the Programs! Banks: Trust, Balance Sheet and Loan Guarantees LIHTC Investors: Trust, Tax Credit Guarantees and Schedule Community: Serving Their Priorities and Transparency

Don’t Have It All? Nobody Does. What if you lack one of the items on the previous page? PARTNER! Non-Profit and For-Profit For-Profit and For-Profit What can you bring to the partnership? Mission and non-profit status Community Relationships Balance Sheet/Guarantees Management/Compliance Hard Work Construction Expertise