LIHTC Conference September 5, 2013 Shea Hollifield Department of Housing and Community Development.

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Presentation transcript:

LIHTC Conference September 5, 2013 Shea Hollifield Department of Housing and Community Development

 Only ask for what is needed to fill the REAL gap  Do not low ball your request - $343,129  Do not inflate costs with unnecessary extras  Do not replace other funding sources  Participate in the risk – developer’s fee etc.  Match project objectives to funder’s objectives

 Virginia Housing Trust Fund – competitive loans  HOME Investment Partnership funds – HUD funds for nonentitlement areas

 It takes a village to pass a Trust Fund $7 million in 2012 General Assembly $1 million in 2013 General Assembly $8 million Virginia Housing Trust Fund At least 80% to loans Up to 20% for grants

 Loans for affordable rental housing and homeownership  Alignment with state housing policies, leveraging, long-term affordability, sustainability  Rate and terms determined through underwriting process

 26 foreclosure counseling grants made in conjunction with VHDA’s housing counseling grant process  5 foreclosure rehabilitation grant applications approved – Trust Stabilization Program (TSP)  29 competitive loan applications pending  58 homeless reduction applications pending announcement

 Funds allocated only for FY 2014  Future allocations dependent upon funding from the General Assembly

 Federal funds from HUD for a range of affordable housing uses  Virginia’s state HOME program: -Affordable and Special Needs Housing -Down payment assistance -Indoor plumbing and rehabilitation – homeowner rehabilitation

 Competitive quarterly application process  Typically used as gap financing  Structured as interest-only loans at 3% for 15 to 20 years. Principal due at end of affordability period. Can enter into an extended compliance period for principal forgiveness at end of term

 Funds decreasing  Increasingly competitive application process  Priority given to: -Projects in nonentitlement areas -Community Housing Development Organization(CHDO) projects -Exceeding 504 requirement -Green building approaches

Shea Hollifield Department of Housing Community Development