1. Housing the Missing Middle
NCSHA Annual Conference
September 26, 2016

2. Source: ConservativePapers.com

3. Source: NPR/George Konig/Keystone Features/Getty Images

5. Source: Jantoo Cartoons/Baloo

6. Source: Uni2biz.org

7. Stuy-Town/Peter Cooper Village

8. Mayor de Blasio’s housing plan, Housing New York, commits to create and preserve 200,000 affordable housing units over 10 years.
22% of these units are intended to serve middle and moderate income households
Mixed-income model is more economically feasible than 100 percent middle-income developments
Low income units generate tax credit equity and tax-exempt bond financing; in turn, middle income rents cross subsidize lower income tiers
HDC and HPD have developed 2 programs targeted middle income populations: Mix and Match and Mixed-Middle (M2)

9. Mix and Match Program
50% units affordable to households earning up to 60% AMI
50% units affordable to households earning up to 165% AMI
HDC First Mortgage (tax-exempt bonds)
HDC Subordinate Loan
Subordinate Loan from NYC Department of Housing Preservation and Development

10. Mix and Match Program
Usage of both private activity volume cap and recycled bonds
Volume cap bonds meet the 50% test on the low-income component of the overall project
Balance of the first mortgage funded with recycled bonds
Credit enhancement during construction and long-term

11. Mix and Match Program- Tremont Renaissance
4215 Park Avenue, Bronx NY
256 Units
126 Middle Income Units
129 Low Income Units
Permanent Sources
HDC First Mortgage
$32,720,000
HDC Second Mortgage
$16,530,000
HPD Third Mortgage
$18,950,000
HPD Fourth - Reso A
$2,000,000
Deferred Construction Interest
$3,766,908
Tax Credit Equity
$20,739,790
Developer Equity
$7,640,486
Seller's Note
$6,900,000
Deferred Developer's Fee
$8,500,000
TOTAL SOURCES
$117,747,184
Uses
Acquisition Cost
$6,900,000
Construction Cost
$76,547,770
Soft Costs & Reserves
$24,299,414
Developer's Fee
$10,000,000
TOTAL USES
$117,747,184

12. Mixed-Middle Income (M2) Program
20% units affordable to households earning up to 50% AMI
30% units affordable to households earning 80% - 100% AMI
50% units affordable to households earning 130% - 165% AMI
HDC First Mortgage (tax-exempt bonds)
HDC Subordinate Loan
Subordinate Loan from NYC Department of Housing Preservation and Development

13. Mixed-Middle Income (M2) Program
Usage of both private activity volume cap and recycled bonds
Volume cap bonds meet the 50% test on the low-income component of the overall project
Balance of the first mortgage funded with recycled bonds
Credit enhancement during construction and long-term

14. Mixed-Middle Income (M2) Program- Jamaica 148th Street
th Avenue, Queens, NY
380 Units
284 Middle Income Units
95 Low Income Units
Permanent Sources
HDC First Mortgage
$65,630,000
HDC 2nd Mortgage
$30,400,000
HPD 3rd Mortgage
Developer Equity
$8,675,267
LIHTC Equity
$13,962,600
Deferred Interest
$2,225,280
Deferred Developer Fee
$8,000,000
TOTAL SOURCES
$159,293,147
Uses
Acquisition Cost
$17,357,000
Construction Cost
$103,635,000
Soft Cost
$24,301,147
Developer's Fee
$14,000,000
TOTAL USES
$159,293,147

15. Questions & Answers Please visit our website: www.nychdc.com Contact:
Anthony Richardson
Senior Vice President for Development
Phone: (212) 15