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Rental Production Department Overview July 29, 2014.

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Presentation on theme: "Rental Production Department Overview July 29, 2014."— Presentation transcript:

1 Rental Production Department Overview July 29, 2014

2 Program Funding Opportunities 9% Competitive Low Income Housing Tax Credits (LIHTC) 4% Non-Competitive LIHTC HOME Initiative Utilizing 4% Tax Credits CDBG Initiative for Targeted Areas Risk Share Program 2

3 2015 LIHTC Funding Round 3

4 Tentative Timeline October 8, 2014 Presentation of DRAFT QAP to Board of Directors October 10, 2014Statewide Publication of Draft QAP/Hearing Notice November 4, 2014Official Public Hearing – location LHC December 10, 2014Board adopts Final QAP January 19, 2014Deadline for submitting written QAP questions January 22, 2014Posting of FAQ and Application Workshop March 2, 2015Preliminary Submittal of Project Site Information March 16, 2015Application Deadline April 8, 2015Presentation of Preliminary Ranking and Scores June 10, 2015Approval of Final Ranking 4

5 2015 LIHTC Funding Round Changes in the following areas: Online Application One application for various funding sources Emphasis on preservation of existing housing Incentives for leveraging funds Cost control measures QAP tailored to meet specific housing needs 5

6 4% Non-Competitive LIHTC 6

7 Program Information: The 4% LIHTC is available year-round to projects that are able to utilize the 4% LIHTC with Multifamily Revenue Bonds (MRB). Applicants are required to meet the standards established in the current year’s QAP. 7

8 4% Non-Competitive LIHTC Program Information (continued): The application process is approximately 45 days. Program Contact Person: Louis Russell Executive Management Officer 8

9 HOME Initiative Utilizing 4% Tax Credits 9

10 Funding Information: LHC will be making available HOME funds to be used in conjunction with 4% LIHTC under Section 42 of the IRS code. Participating projects must apply for and receive approval of Tax Exempt Bonds and an allocation of 4% LIHTC. 10

11 HOME Initiative Utilizing 4% Tax Credits Tentative Timeline August 2014 Presentation of Draft Initiative to Board of Directors August 2014Posting of Notice of Availability of Funds October 2014Application Deadline November 2014Approval by Board of awarded projects November 2014Issuance of award letters and HOME commitments 11

12 HOME Initiative Utilizing 4% Tax Credits Funding Priorities: Ability to leverage requested funds with local governmental funding or support Readiness to Proceed Projects currently on the 2014 Waiting List 12

13 HOME Initiative Utilizing 4% Tax Credits Funding Priorities (continued): Material Participation by a Community Housing Development Organization (CHDO) Preservation Project as defined by the Department of Housing and Urban Development (HUD) 13

14 CDBG Funds Availability 14

15 CDBG Funds Availability Funding Priorities: LHC will make available CDBG funds in conjunction with 4% Credits and Bond Allocation. 15

16 Risk Share Pilot Program

17 Purpose: To foster the production and preservation of affordable multifamily housing; and To provide FHA Risk-Sharing Loans to qualified projects that are applying for Non-Competitive Low Income Housing Tax Credits. Under the Risk Sharing Program, LHC and HUD share full insurance risk for the project’s permanent financing. 17

18 Risk Share Pilot Program Program Requirements: Insured projects must meet minimum project set- asides by assisting households with incomes at or below 60% of the AMI. Compliance with LHC’s underwriting requirements and the FHA Risk-Sharing Underwriting and Development Policies contained in HUD Handbook No. 4590.01 Rev-1 is required. 18

19 Risk Share Pilot Program Eligible Projects: The Risk Share Program is available to the following projects: o Certain Existing Residential Rental Developments o Substantial Rehabilitation o Single Room Occupancy Projects o Elderly Projects o Board and Care/Assisted Living Facilities 19

20 Risk Share Pilot Program Program Information: LHC is finalizing the guidelines to the Risk Share Program. Detailed program information is available on the LHC website through The initial step in applying for a Risk Sharing Loan is meeting with LHC staff. 20

21 Contact Information Brenda Evans Program Administrator 225.763.8852 Marjorianna Willman Deputy Administrator 225.763.8686 21

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