2102 Illinois Governor's Conference on Affordable Housing Foreclosure Prevention Programs April 16, 2012

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1 2102 Illinois Governor's Conference on Affordable Housing Foreclosure Prevention Programs April 16, 2012

2 The 18 month Robo Signing Settlement was announced on February 8 and finalized on April 5, 2012 The settlement involves the nation's largest mortgage servicers: Bank of America, JP Morgan Chase, Wells Fargo, GMAC/Ally and Citi Government Sponsored Enterprises GSE s are not part of the settlement For More information visit:

3 New Relief for Struggling Homeowners Banks will allocate 17 Billion to borrowers wanting to keep their homes 60% of the 17 Billion must be allocated for Principal Reduction 5.2 Billion must be used for other assistance like forbearance programs, waiving deficiencies, funding for remediation of blighted properties

4 Refinancing Of Underwater Mortgages For eligible borrowers not behind on payments the 5 banks will offer refinancing May include principal reduction for loans in excess of 100% and interest rates over 5.25% The refinance must reduce the monthly payment by at least $100.00

5 New Servicing Standards Create a single point of contact for borrowers seeking information about their loans and adequate staff to handle calls. Set procedures and timelines for reviewing loan modification applications, and give homeowners the right to appeal denials. Restrict banks from foreclosing while the homeowner is being considered for a loan modification.

6 New Servicing Standards Stop past foreclosure abuses, such as Robo-signing, improper documentation and lost paperwork through new mortgage servicing standards Restrict banks from foreclosing while the homeowner is being considered for a loan modification Make foreclosure a last resort, requiring servicers to evaluate homeowners for other loan mitigation options first

7 For Illinois Residents 1 Billion in relief for homeowners through modification, refinance, principal forgiveness, deficiency forgiveness, relocation assistance, forbearance and other related programs Dollars for assisting legal and housing related not-for-profit entities offering direct assistance to homeowners and renters dealing with foreclosure

8 The Independent Foreclosure Review US Treasury and OCC investigated and found 26 servicers in violation of foreclosure procedures The program allows for any homeowner involved in a judicial foreclosure between January 2009 through December 31, 2010 Call (888) or visit for more information :

9 Countrywide Fair Housing Act Settlement 2011 Attorney General Madigan and the U.S. Department of Justice reached a settlement of $335 million with Countrywide, now owned by Bank of America in allegations of discrimination against minority borrowers by putting them into higher-cost loans than similarly credit-situated white borrowers The settlement will provide restitution to harmed Illinois borrowers and is the largest settlement of a fair lending lawsuit ever obtained.

10 To date the Illinois Attorney General's office has filed over 50 lawsuits against companies violating the Illinois Mortgage Lending Act Nearly 300 companies are in some stage of investigation in our office The Mortgage Assistance Relief Services Rule became Federal Law in early 2011 making it illegal to require advance payment for loan modification. It has been a law in Illinois since 2008

11 MAKING HOME AFFORDABLE Making Home Affordable has been extended through December 31, 2013 Take advantage NOW!

12 Use a HUD Certified Counseling Agency Ask plenty of questions and don t accept any plan that is unaffordable or requires the exchange of money with a 3 rd party Set up automatic payments for mortgage Pay exactly what you are asked to pay in the modification Call the Attorney General s office if you have issues or questions about any company, firm or agency

13 Call the Illinois Attorney General's Homeowner Help Line (866) Visit our website:

14 What enhancements to the MHA Programs are being announced? In an effort to continue to stimulate the current recovery efforts and enable more struggling homeowners to take advantage of the Making Home Affordable Program (MHA), the Obama Administration, Departments of the Treasury and Housing & Urban Development are extending by one year the deadline of the program to December 31, 2013, and expanding the eligibility criteria for the Home Affordable Modification Program (HAMP) to be able to offer assistance to more homeowners and strengthen hard-hit communities. Why is the Home Affordable Modification Program being expanded? Although some cities across the country are showing signs of recovery, the broader housing market remains fragile. In considering these changes, we ve listened carefully to homeowners, renters, housing counselors, mortgage servicers, and others for enhancements that can make a difference in a housing crisis that has continued to evolve. Extending and expanding the program now will allow us to help more struggling homeowners with mortgage assistance. When will the expanded program be available? Detailed information will be available for mortgage servicers in early February Homeowners will be able to apply under the expanded Program at the earliest, June However, homeowners who are currently struggling with their mortgage payments are strongly urged to reach out now to housing counselors and servicers to discuss their options. Don t delay a variety of existing programs are available today that provide real help. How will mortgage assistance under the expanded program work? Homeowners will be evaluated for mortgage assistance using both the current and expanded criteria and be offered a modification or other foreclosure prevention solution based on the results of their evaluation. How will this expanded program be different from the program available today? The expansion of the program means that more homeowners who are struggling to make their mortgage payments may be eligible to modify their loans to a payment that is affordable now and into the future. Under the expanded criteria, help may be available for: Homeowners who do not meet the 31 percent debt-to-income (DTI) requirement for a traditional HAMP modification; Homeowners who currently have tenants and those who do not currently occupy their home, but intend to rent the property; Homeowners who didn t successfully complete a HAMP trial period or; Homeowners who fell out of a permanent HAMP modification due to missed payments. Where can I find more information about MHA? Struggling homeowners can visit and explore the available programs and learn more about MHA. Our website will provide on-going information and updates as they become available. Homeowners who are struggling with their monthly mortgage payments are encouraged to take action immediately by calling the Homeowner s HOPE Hotline at HOPE (4673) and speaking to a HUD-approved housing counselor who can help them work through their options. Making Home Affordable, last updated March 15, 2012

15 FLS Group, LLC Certified Public Accountants April 16, 2012

16 What are tax credits? How did credits originate? Allocation agencies Deal structure Why LIHTC developments? Sample timeline What are the types of credit deals? Credit calculation eligible basis, applicable fraction, qualified basis, applicable percentage Rent restricted units and the rent calculation Avoiding recapture and compliance monitoring Special considerations: acq/rehab, carryover, tax exempt bond deals 2

17 In general, the low-income housing tax credit ( LIHTC ) is a credit against regular tax liability for investments in affordable housing properties acquired, constructed or rehabilitated after The credit is available annually over a 10 year period beginning g with the tax year in which the project is placed in service or, at the owner's election, the next tax year, and is based on the qualified basis of the low-income buildings. Deduction Credit Income Less: Deductions (20)_ - Taxable Income Tax at 30% Less: Credits - (20) Net Tax Due

18 Profit motivated individuals/companies run a better business. Created from IRC Section 42 in the 1986 Tax Reform Act - became a permanent credit in Indirect federal subsidy to finance the construction and rehabilitation ti of affordable housing. 4

19 The federal government delegates power to each state agency to determine the methodology hdl of allocating credits in their hi state. At least 10% of a state's credit authority must be allocated to projects involving a qualified non-profit organization. Each state agency has a qualified allocation plan (QAP). The QAP lists the procedures, rules and regulations for the state. The state agency is awarding federal credits. 5

20 Developers apply to the state agency for the tax credits. Applications i can be found on the particular state website. Credits are awarded to projects based on a point system or via a lottery. Tax credit fees charged by state agency application fee, reservation fee, allocation fee, and compliance monitoring fee. 6

21 Deal Structure Investor is Limited Partner General Partner Equity Tax Credits Limited Partnership or LLC Property 7

22 Social benefit of creating affordable housing. Lucrative developer fees. Vertical integration - develop, construct, manage. Free money from syndicator = l d b f j less debt for project. 8

23 Scout for land Apply for tax credits Purchase land, carryover application and allocation Construction loan closing COO s Qualified tenant occupancy 1/1/10 4/1/10 10/1/10 11/1/10 12/1/10 6/1/12 12/31/12 Market Study, Appraisal, Arch and Eng plans, Phase 1 environmental Receive tax credit reservation Due diligence by equity and underwriting by lender Construction draws Cost Certification Credits shown on tax return and flow to K 1 9

24 New construction - 9% or 4% depending on financing. Rehabilitation - 9% or 4% depending on financing. Acquisition credits - 4% only. 9% credit (70% PV using the average annual federal mid-term and long-term rates, compounded annually) - the rates fluctuate each month. Currently the 9% credit is 7.44% (January 2012). 4% credit (30% PV using the average annual federal mid-term and long-term rates, compounded annually) - the rates fluctuate each month. Currently the 4% credit is 3.19% (January 2012). 10

25 Tax-exempt bonds or other federally subsidized financing always uses 4% credits. The credit rate is also known as the applicable percentage. The credit rate for new construction for each building corresponds to the rate for the month the building was placed in service date unless the rate was locked. Rate lock occurs at bond closing for 4% deals. The rate lock letter is sent to the state agency by bond counsel. It needs to be signed by the fifth day following the month the bonds closed. The credit rate lock is independent from the interest rate on the bonds. Rate lock for a 9% deal occurs at carryover. The election to lock the credit rate (applicable percentage) is irrevocable. 11

26 Costs excluded from eligible basis: Land Permanent loan fees Tax credit fees Syndication costs Organization costs Commercial/income producing space (garages, carports, WD) Reserves Eligible basis boost if a project is located in a qualified census tract (QCT) or difficult to develop area (DDA), then the eligible basis is multiplied times 130%. Eligible basis is determined at the end of the first year of the credit period. 12

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