Combining Tax Exempt, Short-Term Bonds with Taxable GNMA Sale and 4% LIHTCs for Affordable Apartment Financings

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "Combining Tax Exempt, Short-Term Bonds with Taxable GNMA Sale and 4% LIHTCs for Affordable Apartment Financings"

Transcription

1 SWAC Southwest LIHTC Workshop Dallas, TX September 22, 2015 Combining Tax Exempt, Short-Term Bonds with Taxable GNMA Sale and 4% LIHTCs for Affordable Apartment Financings Kent Neumann, Esq. Partner Eichner Norris & Neumann PLLC th Street, NW, 7 th Floor Washington, DC Priya Jayachandran Senior Policy Advisor Office of Multifamily Housing Programs, HUD 451 7th St SW, Room 6106 Washington, DC

2 COMBINING LONG TERM TAXABLE LOANS WITH SHORT-TERM TAX-EXEMPT BONDS AND 4% LIHTC Taxable FHA/GNMA Market continues to deliver historically low pricing: FHA/GNMA 223(f) w/ taxable GNMA sale currently provide ~4.0% all-in borrowing rate with no negative arbitrage and 35 year term & amortization. FHA/GNMA 221(d) w/ taxable GNMA sales currently provide ~4.5% all-in borrowing rate with no negative arbitrage and 40 year term & amortizations. Traditional Long-Term Tax Exempt Bond Financing: VS Year Tax-Exempt Bond Coupon is ~ 5.00% or higher. After 3 rd party/credit fees and are added, all-in borrowing rates are ~6.00% or higher. New Construction/Sub Rehab Bond Financings also require a significant amount of Negative Arbitrage (~5-10% of Loan Amount) Advantages of Taxable Execution: ~ % lower permanent borrowing rate: resulting in additional loan proceeds on a debt service constrained loan and/or increased ongoing project cashflow. New Construction/Sub Rehab deals: dramatic reduction in negative arbitrage deposits 2

3 Long Term Rate Comparison: 30-Year MMD (Tax Exempt) Versus 10-Year Constant Maturity Treasury (Taxable) ~400 bps ~100 bps 3

4 TAXABLE FHA/GNMA TRANSACTION Traditional Taxable FHA/GNMA execution: GNMA Proceeds (as reimbursement for draw funding) 6 GNMA Purchaser 5 Sale of GNMAs Borrower 1 2 Cash Paper / Securities Funding Request Draw Funding FHA Lender 3 4 Funding Request GNMAs (amt equal to funding request) GNMA 4

5 4% Low Income Housing Tax Credit: The 50% Test With todays low taxable loan rates, why not just borrow funds in the taxable market? Reason: Taxable execution reflected on prior slide does not qualify for 4% LIHTCs. Under Section 42 of the Tax Code, in order to qualify for the full value of the 4% Low Income Housing Tax Credits, at least 50% of aggregate basis of the building and land must be financed with tax exempt bond proceeds. Benefits of 4% Tax Credits: Provides a significant (~30% or higher) additional source of funds for affordable housing transactions. 5

6 The Low Income Housing Tax Credit Program A housing subsidy program for rental housing created in 1986 under Section 42 of the Internal Revenue Code Accounts for approximately 90% of all affordable rental housing in the United States Each state receives an amount of tax credits annually to allocate to affordable housing projects Generally administered by each state s housing finance agency 6

7 How Do Housing Tax Credits Work? Investors earn dollar-for-dollar credits against their federal tax liability (see next slide) and also get tax benefits from losses Generally, tax credits are received over the first 10 years of operation Some tax credits are recaptured by the IRS if the project does not comply for 15 years after placed in service 7

8 Tax Credits vs. Tax Deductions No Tax Credit/ No Deduction Deduction Tax Credit Net Income from 1,000,000 1,000,000 1,000,000 Operations Taxable Deductions none (300,000) none Taxable Income 1,000, ,000 1,000,000 Tax Liability: Tax at 40% tax rate $400, , ,000 Low-Income Housing Tax Credits none none (300,000) Net Tax Liability $400,000 $280,000 $100,000 8

9 Unit Restrictions Occupancy Restricted - Who can live there? At least 40% of the units must be set aside for families earning below 60% of Area Median Income (AMI) based published HUD data (adjusted for family size). 20/50 election also available. Rent Restricted How much can tenants pay? Rents and utilities limited to 30% of threshold income Allowable rent based on size of unit 9

10 Types of Low Income Housing Tax Credits: 9% New Construction/ Rehab Credit - Provides ~70% of financing subsidy for a Project. Very competitive (extremely limited annual supply) scored based on states qualified allocation plan (QAP) Can t use tax-exempt bonds 10

11 Types of Low Income Housing Tax Credits: 4% New Construction/ Rehab Credit - Provides ~30% of financing subsidy for a Project. Allocated on a non-competitive basis (not limited) Must be used with tax-exempt bonds No separate allocation of 4% credits needed (as-of-right allocation with private activity bond allocation) Bond amount must exceed 50% of aggregate basis (50% test) Bonds must remain outstanding at least until the Project is placed in service (i.e. construction completion) 11

12 LONG TERM TAX EXEMPT BONDS Traditional FHA/GNMA Tax Exempt Bond Execution: 1 42 Yr Bonds Bond Purchaser 2 Bond Proceeds Trustee 8 7 Sale of GNMAs Bond Proceeds (as reimbursement for draw funding) Borrower 3 4 Cash Paper / Securities Funding Request Draw Funding FHA Lender 5 6 Funding Request GNMAs (amt equal to funding request) GNMA Problems: High Mortgage Rate and large Negative Arbitrage deposit 12

13 COMBINED TAXABLE GNMA SALE WITH TAX EXEMPT BONDS AND 4% LIHTC Bond Purchaser 42 Yr Bonds Bond Proceeds Bond Proceeds Account Trustee Escrow Account GNMA Purchaser Sale of GNMAs Sale of GNMAs Borrower Funding Request Draw Funding FHA Lender Funding Request GNMAs (amt equal to funding request) GNMA 13

14 COMBINED TAXABLE GNMA SALE WITH TAX EXEMPT BONDS AND 4% LIHTC 1 2 Yr Bonds Trustee 10 Bond Payoff (after Project is placed in service) Bond Purchaser Bond Proceeds 2 Bond Proceeds Account Escrow Account GNMA Proceeds 8 (as reimbursement for draw funding) GNMA Purchaser 9 Bond Proceeds (as reimbursement for draw funding) 7 Sale of GNMAs Borrower 3 4 Funding Request Draw Funding FHA Lender 5 6 Funding Request GNMAs (amt equal to funding request) GNMA Benefits: Qualifies for 4% LIHTC; Low Mortgage Rate and nominal Neg Arb deposit 14

15 COMPARISON OF 221d4 FHA/GNMA TRANSACTIONS Traditional Long-Term Tax-Exempt GNMA Backed Bonds Short-Term Cash- Collateralized Bonds with Taxable GNMA Sale FHA Loan Amount: $8,000,000 $9,000,000 FHA Loan Term/Tax-Exempt Bond Term: 40/40 Years 40/2 Years Mortgage Loan Interest Rate Bonds 5.00% GNMA 3.75% 3 rd Party Fees 0.35% 3 rd Party Fees N/A Servicing + GNMA Fee 0.25% Servicing + GNMA Fee 0.25% Total ML Rate 5.60% Total ML Rate 4.00% Result 1.60% ML Rate Savings (~13% additional loan proceeds on debt service constrained loan) Estimated Negative Arbitrage Savings for New Construction / Substantial Rehabilitation Transactions: Negative Arbitrage (Deposit): 4.65% x 8,000,000 x 2 years $800,000 (10.00% of ML) 0.75% x $7,000,000 (1) x 2 years $105,000 (1.17% of ML) Negative Arbitrage (Actual): $400,000 (5.00% of ML) $52,500 (0.58% of ML) (1) $7 million sized on 50% test ($13 million total costs) 15

16 EXAMPLE SOURCES AND USES Traditional Long-Term Tax-Exempt GNMA Backed Bonds Sources Short-Term Cash-Collateralized Bonds with Taxable GNMA Sale Sources FHA Loan Funds $9.0 M Bond Proceeds/FHA Loan $8.0 M Bond Proceeds (1) (1) 7.0 M 4% Tax Credit Equity 3.5 M 4% Tax Credit Equity 3.5 M Deferred Developer Fee 0.5 M Deferred Developer Fee 0.0 M Subordinate Financing 1.0 M Subordinate Financing 0.5 M Total Sources 13.0 M Total Sources 20.0 M Uses Uses Redemption of of Bonds $7.0 M Acquisition $8.0 M Acquisition 8.0 M Rehabilitation 3.0 M Rehabilitation 3.0 M Developer Fee 1.0 M Developer Fee 1.0 M Financing Costs + Soft Costs + Reserves 1.0 M Financing Costs + Soft Costs + Reserves Total Uses 13.0 M Total Uses 20.0 M 1.0 M (1) $7 million sized on 50% test ($13 million total costs) 16

17 Net Results Borrower: basis points of savings in permanent borrowing rate, resulting in a lower cost of capital over the life of the loan Increased Loan Proceeds and/or Increased Cash Flow RESULTS OF STRUCTURE Full syndication value of 4% LIHTC equity on affordable units achieved For New Construction or Substantial Rehab Transactions, Negative Arbitrage deposit is significantly reduced Net Results IRS: Often results in fewer Tax Exempt Bond proceeds needed to fund Qualified Project Costs $1.0 million less in example compared to the traditional long-term tax exempt bond issue No arbitrage artifice or device - all Tax Exempt Bond Proceeds (and replacement proceeds) invested at far below tax exempt bond yield No over issuance of bonds or overburdening of market only Tax Exempt Bonds to meet 50% test, and outstanding 2 years versus 35+ years 17

18 Other Related Questions/Issues Bond Amount > Taxable Loan Amount: Other sources of funds (i.e. Equity, Subordinate loan, etc.) needed to cover the differential. Timing of funding is crucial Additional Rating Agency requirements on publically offered transactions Bridging Equity: Limited collateral available for bridge financing Seller Tax-Back can sometimes be used to help with timing of funds Publically Offered vs. Privately Placed: Timing; Cost; Issuer requirements Potential tax implications if Bond Purchaser is related to the Borrower (see program investment regulations) Bond Interest &Third Party (Bond Related) Fees Typically escrowed at closing with Trustee for full term of Bonds Possible limitation on Issuer Fees due to short maturity and Loan Yield limitations 18

19 CONCLUSION All major law firms we have worked with have issued or agreed to issue unqualified approving opinions on deals using this type of cash collateralized structure for numerous tax exempt multi-family housing bond issues Documents and rating agency criteria are well developed This structure has become a very popular way to finance affordable housing projects around the country Unlikely that market conditions will change in next months to favor traditional long-term tax exempt bond structure KENT S. NEUMANN, ESQ. (202) EICHNER NORRIS & NEUMANN PLLC th Street, N.W., 7 th Floor Washington, D.C

Combining Tax Exempt, Short-Term Bonds with Taxable GNMA Sale for Affordable Apartment Financings

Combining Tax Exempt, Short-Term Bonds with Taxable GNMA Sale for Affordable Apartment Financings Combining Tax Exempt, Short-Term Bonds with Taxable GNMA Sale for Affordable Apartment Financings March 15, 2013 Presented by: R. WADE NORRIS, ESQ. wnorris@ennbonds.com (202) 973-0100 EICHNER NORRIS &

More information

Recent and Projected and Affordable Housing Share Multifamily Rental Housing Starts

Recent and Projected and Affordable Housing Share Multifamily Rental Housing Starts Western Mortgage Advisory Council (WMAC) Annual Western Lender s Conference April 15-17, 2015 The Curtis Hotel Denver, Colorado Recent and Projected and Affordable Housing Share Multifamily Rental Housing

More information

Recent Developments on Short-Term Cash-Backed Tax-Exempt Bonds and Fannie Mae Tax-Exempt Monthly MBS Pass-Through Bonds

Recent Developments on Short-Term Cash-Backed Tax-Exempt Bonds and Fannie Mae Tax-Exempt Monthly MBS Pass-Through Bonds * Copyright by R. Wade Norris, Esq. May 16, 2016 All rights reserved. This document may not be reproduced without the prior written permission of the author. Recent Developments on Short-Term Cash-Backed

More information

Affordable Housing: LIHTC Accounting Overview. July 30, 2014

Affordable Housing: LIHTC Accounting Overview. July 30, 2014 Affordable Housing: LIHTC Accounting Overview July 30, 2014 Tax Credits 101 TOPIC Welcome and Overview Project Proforma Roles, Motivations and Responsibilities of Developer and Investor 10% Test 50% Test

More information

Tax Exempt Bond Financing For Affordable Housing Projects

Tax Exempt Bond Financing For Affordable Housing Projects Tax Exempt Bond Financing For Affordable Housing Projects April 9, 2015 Sujyot S. Patel Partner Dinsmore & Shohl LLP (513) 639-9256 Sujyot.patel@dinsmore.com Lewis Diaz Partner Dinsmore & Shohl LLP (513)

More information

LOW-INCOME HOUSING TAX CREDIT PROGRAM OVERVIEW

LOW-INCOME HOUSING TAX CREDIT PROGRAM OVERVIEW LOW-INCOME HOUSING TAX CREDIT PROGRAM OVERVIEW September 2015 TAX CREDIT OVERVIEW The credit is a 10-year tax incentive to encourage the development of residential rental housing at or below 60% of area

More information

Housing Tax Credit Essentials

Housing Tax Credit Essentials Housing Tax Credit Essentials 1 Background Part of 1986 Tax Reform to encourage the construction and rehabilitation of low-income rental housing Contained in Section 42 of the tax code Emphasis on private

More information

Tax-Exempt Housing Bond Basics

Tax-Exempt Housing Bond Basics Tax-Exempt Housing Bond Basics This handout contains excerpts from the LIHTC Basics workshop presented by Novogradac & Company LLP. Contact Wayne Michael at wayne.michael@novoco.com, or 415.356.8073 for

More information

20 Lafayette LLC (A Limited Liability Company) Balance Sheet December 31, 2015

20 Lafayette LLC (A Limited Liability Company) Balance Sheet December 31, 2015 Balance Sheet Contents Page(s) Independent Auditors Report... 1 Financial Statement Balance Sheet... 2 Notes to Balance Sheet... 3 7 Independent Auditors Report To the Members of 20 Lafayette LLC We have

More information

Year 15: Transition Strategies for Expiring LIHTC Properties

Year 15: Transition Strategies for Expiring LIHTC Properties Year 15: Transition Strategies for Expiring LIHTC Properties April 25, 2013 Enterprise Live Online Event Presenters: Laura Turner, Sr. Disposition Manager, Asset Management Sean Barnes, Sr. Disposition

More information

FINANCIAL STATEMENTS AND INDEPENDENT AUDITORS REPORT FORE SILVER CREEK LIMITED PARTNERSHIP DECEMBER 31, 2011

FINANCIAL STATEMENTS AND INDEPENDENT AUDITORS REPORT FORE SILVER CREEK LIMITED PARTNERSHIP DECEMBER 31, 2011 FINANCIAL STATEMENTS AND INDEPENDENT AUDITORS REPORT FORE SILVER CREEK LIMITED PARTNERSHIP DECEMBER 31, 2011 TABLE OF CONTENTS PAGE INDEPENDENT AUDITORS REPORT 3 FINANCIAL STATEMENTS BALANCE SHEET 4 STATEMENT

More information

STATE OF NEW YORK MORTGAGE AGENCY MORTGAGE INSURANCE FUND NEW YORK STATE HOUSING FINANCE AGENCY NYHOMES CONSTRUCTION LOAN FINANCING PROGRAM

STATE OF NEW YORK MORTGAGE AGENCY MORTGAGE INSURANCE FUND NEW YORK STATE HOUSING FINANCE AGENCY NYHOMES CONSTRUCTION LOAN FINANCING PROGRAM STATE OF NEW YORK MORTGAGE AGENCY MORTGAGE INSURANCE FUND NEW YORK STATE HOUSING FINANCE AGENCY NYHOMES CONSTRUCTION LOAN FINANCING PROGRAM NYHOMES CONSTRUCTION LOAN FINANCING PROGRAM The State of New

More information

FHA INSURED LOANS ~ Multifamily Accelerated Processing (MAP) NEW CONSTRUCTION or SUBSTANTIAL REHABILITATION Of RENTAL APARTMENTS

FHA INSURED LOANS ~ Multifamily Accelerated Processing (MAP) NEW CONSTRUCTION or SUBSTANTIAL REHABILITATION Of RENTAL APARTMENTS FHA INSURED LOANS ~ Multifamily Accelerated Processing (MAP) NEW CONSTRUCTION or SUBSTANTIAL REHABILITATION Of RENTAL APARTMENTS Section 221(d) Family Apartments, all Areas Section 220 Family Apartments,

More information

THE OXBRIDGE FHA FACILITY FHA TERM SHEETS

THE OXBRIDGE FHA FACILITY FHA TERM SHEETS THE OXBRIDGE FHA FACILITY FHA TERM SHEETS Set forth below are the various types of FHA Loans for which the Oxbridge FHA Facility will provide GAP funding (i.e. funding of borrower equity requirement) to

More information

PASS-THROUGH SHORT-TERM BOND PROGRAM. (Debt Financing Under Section 44c of the Authority's Act)

PASS-THROUGH SHORT-TERM BOND PROGRAM. (Debt Financing Under Section 44c of the Authority's Act) PASS-THROUGH SHORT-TERM BOND PROGRAM (Debt Financing Under Section 44c of the Authority's Act) The Authority s Act permits the Michigan State Housing Development Authority (the Authority ) to participate

More information

BASIC AFFORDABLE HOUSING FINANCE USING LOW-INCOME HOUSING TAX CREDITS. Presentation for Housing Works Conference November 13, 2015

BASIC AFFORDABLE HOUSING FINANCE USING LOW-INCOME HOUSING TAX CREDITS. Presentation for Housing Works Conference November 13, 2015 BASIC AFFORDABLE HOUSING FINANCE USING LOW-INCOME HOUSING TAX CREDITS Presentation for Housing Works Conference November 13, 2015 1 Overview Private Finance Paradigm: The Affordable Housing Development

More information

HOUSING FINANCE AND LOW-INCOME HOUSING TAX CREDITS. September 2012 With gratitude to Kathleen Foster

HOUSING FINANCE AND LOW-INCOME HOUSING TAX CREDITS. September 2012 With gratitude to Kathleen Foster BASIC AFFORDABLE HOUSING FINANCE AND LOW-INCOME HOUSING TAX CREDITS September 2012 With gratitude to Kathleen Foster Public Housing Finance Today Conventional Public Housing Finance: Capital and operating

More information

NEW YORK STATE HOMES AND COMMUNITY RENEWAL S MITCHELL-LAMA REHABILITATION AND PRESERVATION PROGRAM

NEW YORK STATE HOMES AND COMMUNITY RENEWAL S MITCHELL-LAMA REHABILITATION AND PRESERVATION PROGRAM NEW YORK STATE HOMES AND COMMUNITY RENEWAL S MITCHELL-LAMA REHABILITATION AND PRESERVATION PROGRAM PROGRAM GOALS To offer flexible low cost financing to allow statefinanced Mitchell Lama rental properties

More information

THE FEDERAL LOW-INCOME HOUSING TAX CREDIT AND HISTORIC REHABILITATION TAX CREDIT

THE FEDERAL LOW-INCOME HOUSING TAX CREDIT AND HISTORIC REHABILITATION TAX CREDIT THE FEDERAL LOW-INCOME HOUSING TAX CREDIT AND HISTORIC REHABILITATION TAX CREDIT This outline provides an overview of the federal low-income housing tax credit and historic rehabilitation tax credit. I.

More information

Room 206 AB Tuesday, October 8 2:15-3:30pm T9: Get Shorty!

Room 206 AB Tuesday, October 8 2:15-3:30pm T9: Get Shorty! Room 206 AB Tuesday, October 8 2:15-3:30pm T9: Get Shorty! Housing Washington October 8, 2013 How Short Term Bonds with FHA Financing Can Enhance your Bottom Line Mark Dean Managing Director Citi Mark.W.Dean@citi.com

More information

LENDING GUIDELINES AND TERM SHEETS FOR:

LENDING GUIDELINES AND TERM SHEETS FOR: LENDING GUIDELINES AND TERM SHEETS FOR: THE OHIO AFFORDABLE HOUSING LOAN FUND THE OHIO PRESERVATION LOAN FUND THE OCFC PERMANENT LOAN PRODUCT For information, please contact:, 614.224.8446 (p) 614.224.8452

More information

With interest rates at or near historical lows, it s

With interest rates at or near historical lows, it s Oak Grove Capital originated a Fannie Mae loan for Whistler s Grove in Naples, Florida Photo courtesy of Oak Grove Capital. Prime Time Low Rates, Variety of Debt Products Are Available to Affordable Housing

More information

RAD Workshop For Pittsburgh Community Reinvestment Group Conference. Tuesday, May 21, 2013

RAD Workshop For Pittsburgh Community Reinvestment Group Conference. Tuesday, May 21, 2013 RAD Workshop For Pittsburgh Community Reinvestment Group Conference Tuesday, May 21, 2013 RAD WORKSHOP What is RAD? HUD demonstration program that combines public housing operating and capital subsidy

More information

HUD INSURED LOANS for ACQUISITION or REFINANCE of EXISTING OCCUPIED RENTAL APARTMENTS Section 223(f) and 202/223(f)

HUD INSURED LOANS for ACQUISITION or REFINANCE of EXISTING OCCUPIED RENTAL APARTMENTS Section 223(f) and 202/223(f) HUD INSURED LOANS for ACQUISITION or REFINANCE of EXISTING OCCUPIED RENTAL APARTMENTS Section 223(f) and 202/223(f) ~ Multifamily Accelerated Processing ~ PROGRAM FEATURES Fixed-rate, level pay Non-recourse

More information

NlXONPEABODYaP. Suite 900 401 9th Street, N.W. Washington, D.C. 20004-2128 (202) 585-8000 Fax: (202)585-8080

NlXONPEABODYaP. Suite 900 401 9th Street, N.W. Washington, D.C. 20004-2128 (202) 585-8000 Fax: (202)585-8080 NlXONPEABODYaP A T T O R N E Y S AT LAW Suite 900 401 9th Street, N.W. Washington, D.C. 20004-2128 (202) 585-8000 Fax: (202)585-8080 THE LOW-INCOME HOUSING TAX CREDIT PROGRAM By: Richard S. Goldstein,

More information

July 29, 2009 MORTGAGEE LETTER 2009-24 TO: ALL FHA-APPROVED MULTIFAMILY MORTGAGEES. SUBJECT: Housing Tax Credit Coordination Act of 2008

July 29, 2009 MORTGAGEE LETTER 2009-24 TO: ALL FHA-APPROVED MULTIFAMILY MORTGAGEES. SUBJECT: Housing Tax Credit Coordination Act of 2008 July 29, 2009 MORTGAGEE LETTER 2009-24 TO: ALL FHA-APPROVED MULTIFAMILY MORTGAGEES SUBJECT: Housing Tax Credit Coordination Act of 2008 On July 30, 2008, the Housing and Economic Development Recovery Act

More information

Welcome! Presented by: Don Bernards, Partner Baker Tilly Brian Coate, Vice President Lancaster Pollard Ryan Miles, Vice President Lancaster Pollard

Welcome! Presented by: Don Bernards, Partner Baker Tilly Brian Coate, Vice President Lancaster Pollard Ryan Miles, Vice President Lancaster Pollard Welcome! HUD 202 refinancing: i Preserving multifamily il properties Presented by: Don Bernards, Partner Baker Tilly Brian Coate, Vice President Lancaster Pollard Ryan Miles, Vice President Lancaster Pollard

More information

Connecticut Housing Finance Authority

Connecticut Housing Finance Authority Connecticut Housing Finance Authority Low-Income Housing Tax Credit Guidelines 2015 Revised as of July 31, 2015 Table of Contents PREFACE... 2 I. BACKGROUND - LOW-INCOME HOUSING TAX CREDITS... 2 II. Pre-Application

More information

Asset Management Outcomes Logic Model Outcomes Asset Management Outcomes Indicators Activities Timing Frequency Who is Accountable Financial Management Process Roles Other Relevant Persons Mission/Housing

More information

TAX-EXEMPT BOND REQUIREMENTS. Hawkins 556468.2. Delafield & Wood LLP

TAX-EXEMPT BOND REQUIREMENTS. Hawkins 556468.2. Delafield & Wood LLP TAX-EXEMPT BOND REQUIREMENTS Hawkins Delafield & Wood LLP 556468.2 Internal Revenue Code it s the framework for US Treasury to raise $$ tension between raising $$ and steering social policy ex. of social

More information

FHA 242 Loan Insurance: Background & General Characteristics

FHA 242 Loan Insurance: Background & General Characteristics FHA 242 Loan Insurance: Background & General Characteristics FHA Insurance Programs (Numbers reference sections of National Housing Act) FHA 242: for acute care hospitals with > 50% acute care days FHA

More information

NEW YORK STATE HOMES AND COMMUNITY RENEWAL S 80/20 HOUSING PROGRAM

NEW YORK STATE HOMES AND COMMUNITY RENEWAL S 80/20 HOUSING PROGRAM NEW YORK STATE HOMES AND COMMUNITY RENEWAL S 80/20 HOUSING PROGRAM ELIGIBILE PROJECTS New construction of multifamily rental housing properties. Generally, HFA expects that applications for project loans

More information

NALHFA Conference Federal Financing Bank-HUD Risk Sharing Program Financing. May 1, 2015

NALHFA Conference Federal Financing Bank-HUD Risk Sharing Program Financing. May 1, 2015 NALHFA Conference Federal Financing Bank-HUD Risk Sharing Program Financing May 1, 2015 Risk Sharing Program Overview Background: Section 542 of the Housing and Community Development Act of 1992 established

More information

Lesson 4: Tools for Preservation of FHA-Insured Properties

Lesson 4: Tools for Preservation of FHA-Insured Properties Lesson 4: Tools for Preservation of FHA-Insured Properties 1 Lesson 4: Objectives 2 Analyze the risks and benefits of recapitalization associated with the Section 236 Decoupling process. Explore the benefits

More information

Arkansas Development Finance Authority, a Component Unit of the State of Arkansas

Arkansas Development Finance Authority, a Component Unit of the State of Arkansas Arkansas Development Finance Authority, a Component Unit of the State of Arkansas Combined Financial Statements and Additional Information for the Year Ended June 30, 2000, and Independent Auditors Report

More information

2013 North Carolina Affordable Housing Conference Raleigh Convention Center Raleigh, NC. September 10 11, 2013

2013 North Carolina Affordable Housing Conference Raleigh Convention Center Raleigh, NC. September 10 11, 2013 x 10 years Section 42 Tax Liability Investor Low Income Housing Tax Credit DEBT DEBT Partnership LLC S-Corp Equity Bonds Tax Liability Developer/ Owner Total Project Costs Total Project Costs Equity Participation

More information

FHA TAX CREDIT PILOT LOAN COMMITTEE (PLC) GUIDE As Of February 2014

FHA TAX CREDIT PILOT LOAN COMMITTEE (PLC) GUIDE As Of February 2014 FHA TAX CREDIT PILOT LOAN COMMITTEE (PLC) GUIDE As Of February 2014 I. Background This document provides an overview of the responsibilities, procedures, composition and authority of the Tax Credit Pilot

More information

PURCHASING REAL ESTATE IN A SELF DIRECTED IRA OR QUALIFIED PENSION PLAN. By Maurice M. Glazer, CEO GLAZER FINANCIAL NETWORK

PURCHASING REAL ESTATE IN A SELF DIRECTED IRA OR QUALIFIED PENSION PLAN. By Maurice M. Glazer, CEO GLAZER FINANCIAL NETWORK PURCHASING REAL ESTATE IN A SELF DIRECTED IRA OR QUALIFIED PENSION PLAN By Maurice M. Glazer, CEO GLAZER FINANCIAL NETWORK In today s market or lack of market, most baby boomers have most of their retirement

More information

Recent Developments on FHA Insured Affordable Loans

Recent Developments on FHA Insured Affordable Loans Recent Developments on FHA Insured Affordable Loans Presented by: Dr. Ronald Lehr, KeyBanc Capital Markets, Inc. May 16-17, 2016 Ritz Carlton Marina del Rey, CA Recent Changes to FHA Multifamily Insurance

More information

AN OVERLOOKED OPTION FOR FINANCING MULTI-FAMILY AFFORDABLE HOUSING:

AN OVERLOOKED OPTION FOR FINANCING MULTI-FAMILY AFFORDABLE HOUSING: AN OVERLOOKED OPTION FOR FINANCING MULTI-FAMILY AFFORDABLE HOUSING: OBTAINING TAX-EXEMPT HOUSING BONDS FROM A LOCAL REDEVELOPMENT AND HOUSING AUTHORITY AND 4% LOW-INCOME HOUSING TAX CREDITS FROM VHDA by

More information

Washington State Housing Finance Commission. Nonprofit Guide to Complying with Tax Laws After the Bond Issue

Washington State Housing Finance Commission. Nonprofit Guide to Complying with Tax Laws After the Bond Issue Washington State Housing Finance Commission Nonprofit Guide to Complying with Tax Laws After the Bond Issue After your bond issue is complete, there are some important Internal Revenue Service ( IRS )

More information

202 Refinancing Alterna0ves. Aileen Gribbin, Forsyth Street Advisors agribbin@forsythstreet.com 212-697- 1640

202 Refinancing Alterna0ves. Aileen Gribbin, Forsyth Street Advisors agribbin@forsythstreet.com 212-697- 1640 202 Refinancing Alterna0ves Aileen Gribbin, Forsyth Street Advisors agribbin@forsythstreet.com 212-697- 1640 202 Refinancing Products Overview Option: 221(d)(4) FHA-insured Tax-Exempt Bonds with 4% LIHTC

More information

EXPLANATORY NOTES TO SCHEDULE 10-B: ESTIMATED DEVELOPMENT COSTS AND CAPITAL REQUIREMENTS.

EXPLANATORY NOTES TO SCHEDULE 10-B: ESTIMATED DEVELOPMENT COSTS AND CAPITAL REQUIREMENTS. EXPLANATORY NOTES TO SCHEDULE 10-B: ESTIMATED DEVELOPMENT COSTS AND CAPITAL REQUIREMENTS. 1. SOURCES OF FUNDS DURING CONSTRUCTION List all funding sources to be used during the construction of the project

More information

Debt financing of many different types for affordable. Thriving Times Debt Financing Plentiful at Low Rates, but Possible Impacts on the Horizon

Debt financing of many different types for affordable. Thriving Times Debt Financing Plentiful at Low Rates, but Possible Impacts on the Horizon Thriving Times Debt Financing Plentiful at Low Rates, but Possible Impacts on the Horizon Debt financing of many different types for affordable multifamily rental housing properties will continue to be

More information

FHA Sections 220, 221 (d)(4) & 221 (d)(3)

FHA Sections 220, 221 (d)(4) & 221 (d)(3) FHA Sections 220, 221 (d)(4) & 221 (d)(3) FHA-Insured Financing for the New Construction or Substantial Rehabilitation Of Multifamily Rental Housing FHA Section 220 provides mortgage insurance for housing

More information

Tax Credits 101 CHPC. California Housing Partnership Corporation Zorica Stancevic Program Manager

Tax Credits 101 CHPC. California Housing Partnership Corporation Zorica Stancevic Program Manager California Housing Partnership Corporation Zorica Stancevic Program Manager CHPC Mission CHPC assists nonprofit and government housing agencies to create, acquire and preserve housing affordable to lower

More information

A BRIEF DESCRIPTION OF LOW-INCOME HOUSING TAX CREDITS. Joseph P. McCarthy

A BRIEF DESCRIPTION OF LOW-INCOME HOUSING TAX CREDITS. Joseph P. McCarthy A BRIEF DESCRIPTION OF LOW-INCOME HOUSING TAX CREDITS Joseph P. McCarthy The Low-Income Housing Tax Credit is a federal income tax credit that is available each year for ten years and results in a dollar-for-dollar

More information

RETHINKING RISK AVERSION

RETHINKING RISK AVERSION RETHINKING RISK AVERSION Modern Asset/Liability Management Terry Hull, The University of Texas System Amy Kweskin, Washington University Alex Wright, JPMorgan Diana Hoadley, JPMorgan Established vs. Emerging

More information

FUNDING SOURCES WITH POTENTIAL APPLICABILITY TO AFFORDABLE HOUSING AT HUNTING TOWERS

FUNDING SOURCES WITH POTENTIAL APPLICABILITY TO AFFORDABLE HOUSING AT HUNTING TOWERS FUNDING SOURCES WITH POTENTIAL APPLICABILITY TO AFFORDABLE HOUSING AT HUNTING TOWERS REHABILITATION There are a variety of funding sources that can be used for the rehabilitation (with or without acquisition)

More information

HUD Update. Novogradac & Company Affordable Housing Preservation: Challenges and Opportunities

HUD Update. Novogradac & Company Affordable Housing Preservation: Challenges and Opportunities HUD Update Novogradac & Company Affordable Housing Preservation: Challenges and Opportunities Ritz Carlton South Beach Miami, FL January 12-13, 2012 Monica H. Sussman, Esq. Nixon Peabody LLP 401 9th Street,

More information

DCA s Affordable Rental Housing Program

DCA s Affordable Rental Housing Program DCA s Affordable Rental Housing Program Presented by: David Bartlett Office of Affordable Housing Program Objective Create and preserve quality,affordable rental housing where it s most needed Augusta

More information

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

2102 Illinois Governor's Conference on Affordable Housing Foreclosure Prevention Programs April 16, 2012 2102 Illinois Governor's Conference on Affordable Housing Foreclosure Prevention Programs April 16, 2012 The 18 month Robo Signing Settlement was announced on February 8 and finalized on April 5, 2012

More information

Community Investments Vol. 15, Issue 2 Ginnie Mae Project Loans Maintain Affordability

Community Investments Vol. 15, Issue 2 Ginnie Mae Project Loans Maintain Affordability Community Investments Vol. 15, Issue 2 Ginnie Mae Project Loans Maintain Affordability August 2003 Introduction Multifamily mortgage-backed securities issued by Ginnie Mae offer investors the opportunity

More information

Tools for Affordable Housing Preservation. A Case Study of Bellefield Dwellings Pittsburgh. PCRG Conference 5.22.13

Tools for Affordable Housing Preservation. A Case Study of Bellefield Dwellings Pittsburgh. PCRG Conference 5.22.13 Tools for Affordable Housing Preservation A Case Study of Bellefield Dwellings Pittsburgh PCRG Conference 5.22.13 Panelists Ray Baum- Pepper Hamilton Holly Glauser- PHFA Peter Kaplan- PNC Bank Lara Washington-

More information

Housing Cooperatives. An Accessible and Lasting Tool for Home Ownership. Northcountry Cooperative Development Fund

Housing Cooperatives. An Accessible and Lasting Tool for Home Ownership. Northcountry Cooperative Development Fund Housing Cooperatives An Accessible and Lasting Tool for Home Ownership Northcountry Cooperative Development Fund Did you know. that in the United States, more than 1.5 million families of all income levels

More information

Bond Basics. Presented by: Special Products Team Asset Management Department Multifamily Division, Freddie Mac. July 2009. 1 Bond Training Part 1

Bond Basics. Presented by: Special Products Team Asset Management Department Multifamily Division, Freddie Mac. July 2009. 1 Bond Training Part 1 Bond Basics Presented by: Special Products Team Asset Management Department Multifamily Division, Freddie Mac July 2009 1 Bond Training Part 1 What is a Bond? Debt Security purchased by investors known

More information

U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT WASHINGTON, DC 20410-8000

U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT WASHINGTON, DC 20410-8000 U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT WASHINGTON, DC 20410-8000 ASSISTANT SECRETARY FOR HOUSING- FEDERAL HOUSING COMMISSIONER Special Attention of Notice H 2011-36 All Multifamily Hub Directors

More information

Debt Management Policy

Debt Management Policy Debt Management Policy Introduction One of the keys to sound financial management is the development of a debt policy. This need is recognized by bond rating agencies, and development of a debt policy

More information

COMMUNICATING THE IMPACT OF COST BASIS LEGISLATION

COMMUNICATING THE IMPACT OF COST BASIS LEGISLATION COMMUNICATING THE IMPACT OF COST BASIS LEGISLATION Financial Advisors and Tax Professionals are encouraged to collaborate, educate, and help clients plan for the upcoming tax year. BONDS The IRS has divided

More information

New Markets Tax Credits for Developers Presented by Tim Favaro, Esq. and Steven Weiss, Esq. Cannon Heyman & Weiss, LLP

New Markets Tax Credits for Developers Presented by Tim Favaro, Esq. and Steven Weiss, Esq. Cannon Heyman & Weiss, LLP New Markets Tax Credits for Developers Presented by Tim Favaro, Esq. and Steven Weiss, Esq. Cannon Heyman & Weiss, LLP I. Background a. Codified in Section 45D of the Internal Revenue Code, the New Markets

More information

U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT WASHINGTON, DC 20410-8000 ASSISTANT SECRETARY FOR HOUSING- FEDERAL HOUSING COMMISSIONER

U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT WASHINGTON, DC 20410-8000 ASSISTANT SECRETARY FOR HOUSING- FEDERAL HOUSING COMMISSIONER U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT WASHINGTON, DC 20410-8000 ASSISTANT SECRETARY FOR HOUSING- FEDERAL HOUSING COMMISSIONER Special Attention of All Multifamily Hub Directors Notice H 2011-05

More information

Multi-family Affordable. Becky Christoffersen, Midwest Housing Development Fund, Inc.

Multi-family Affordable. Becky Christoffersen, Midwest Housing Development Fund, Inc. Multi-family Affordable Housing Capital Solutions Becky Christoffersen, Midwest Housing Development Fund, Inc. Midwest Housing Development Fund, Inc. CDFI since 2000 Revolving loan fund Affordable Housing

More information

FHA INSURED LOANS ~ Multifamily Accelerated Processing (MAP)

FHA INSURED LOANS ~ Multifamily Accelerated Processing (MAP) FHA INSURED LOANS ~ Multifamily Accelerated Processing (MAP) STREAMLINED REFINANCE Of EXISTING OCCUPIED RENTAL APARTMENTS with EXISTING FHA INSURED LOAN Section 223(a)(7) Family & Elderly Family Apartments

More information

Low Income Housing Tax Credit Program

Low Income Housing Tax Credit Program Low Income Housing Tax Credit Program By Ed Gramlich, Director of Regulatory Affairs, National Low Income Housing Coalition Administering Agency: Internal Revenue Service (IRS) of the Department of the

More information

EQUIVENTURE. Insured Loan Program. Multifamily. Capital,LLC. 90% Loan-to-Cost. 40 Year amortization. 40 Year Term (no balloon) No maximum loan amount

EQUIVENTURE. Insured Loan Program. Multifamily. Capital,LLC. 90% Loan-to-Cost. 40 Year amortization. 40 Year Term (no balloon) No maximum loan amount New Construction / Substantial Rehabilitation Multifamily 90% Loan-to-Cost 40 Year amortization 40 Year Term (no balloon) spreads over the Ten Year Treasury yield. Developer s Fee of 10% of cost allowed

More information

APPENDIX IV-10 FORM HUD 1731 - PROSPECTUS GINNIE MAE I MORTGAGE-BACKED SECURITIES (CONSTRUCTION AND PERMANENT LOAN SECURITIES)

APPENDIX IV-10 FORM HUD 1731 - PROSPECTUS GINNIE MAE I MORTGAGE-BACKED SECURITIES (CONSTRUCTION AND PERMANENT LOAN SECURITIES) GINNIE MAE 5500.3, REV. 1 APPENDIX IV-10 FORM HUD 1731 - PROSPECTUS GINNIE MAE I MORTGAGE-BACKED SECURITIES (CONSTRUCTION AND PERMANENT LOAN SECURITIES) Applicability: Purpose: Prepared by: Prepared in:

More information

administered by the Office of Healthcare Programs.

administered by the Office of Healthcare Programs. U.S. DEPART M E NT O F H O USING A ND URB AN DE V E L OPM E NT WASHINGTON, DC 20410-8000 ASSISTANT SECRETARY FOR HOUSING- FEDERAL HOUSING COMMISSIONER December 29, 2011 MORTGAGEE LETTER 2011-40 TO: All

More information

EHDOC Robert Sharp Towers II Limited Partnership (A Florida Limited Partnership) Financial Report October 31, 2014

EHDOC Robert Sharp Towers II Limited Partnership (A Florida Limited Partnership) Financial Report October 31, 2014 EHDOC Robert Sharp Towers II Limited Partnership Financial Report October 31, 2014 Contents Independent Auditor's Report 1 Financial Statements Balance sheet 2 3 Statement of income 4 Statement of changes

More information

ADMINISTRATIVE REGULATION AR: 6.03 DATE APPROVED September 10, 2002 ORIGINATING DEPARTMENT:

ADMINISTRATIVE REGULATION AR: 6.03 DATE APPROVED September 10, 2002 ORIGINATING DEPARTMENT: ADMINISTRATIVE REGULATION AR: 6.03 DATE APPROVED September 10, 2002 SUBJECT: ORIGINATING DEPARTMENT: Debt Management Policy Office of Management & Budget Page 1 of 8 I. PURPOSE: The County recognizes the

More information

DEVELOPMENT FINANCE DIVISION APPLICATION GENERAL INFORMATION

DEVELOPMENT FINANCE DIVISION APPLICATION GENERAL INFORMATION DEVELOPMENT FINANCE DIVISION APPLICATION GENERAL INFORMATION FINANCING FORM 202 Funding Applied For Housing Production Trust Fund $ - Low-Income Housing Tax Credit (LIHTC) $ - Department of Mental Health

More information

Virginia State University Policies Manual. Title: Debt Management Guidelines and Procedures Policy: 1500

Virginia State University Policies Manual. Title: Debt Management Guidelines and Procedures Policy: 1500 Purpose a. To provide guidance to Virginia State University in undertaking long-term debt obligations benefiting the University. b. To provide a structured framework for the issuance of long-term debt

More information

U.S. Treasury New Issue Bond Program for Tax Exempt Multi-family Housing Bonds

U.S. Treasury New Issue Bond Program for Tax Exempt Multi-family Housing Bonds National Housing & Rehabilitation Association 2010 Summer Institute July 21-24, 2010 Ritz Carlton Laguna Niguel Dana Point, California U.S. Treasury New Issue Bond Program for Tax Exempt Multi-family Housing

More information

PHADA s 2009 Commissioners Conference. San Diego, CA Monday, January 26, 2009

PHADA s 2009 Commissioners Conference. San Diego, CA Monday, January 26, 2009 PHADA s 2009 Commissioners Conference San Diego, CA Monday, January 26, 2009 Low-Income Housing Tax Credit Advanced Issues George F. Littlejohn, CPA george.littlejohn@novoco.com Robert S. Thesman, CPA

More information

COMMUNICATING THE IMPACT OF THE NEXT PHASE OF COST BASIS LEGISLATION STARTING IN 2014

COMMUNICATING THE IMPACT OF THE NEXT PHASE OF COST BASIS LEGISLATION STARTING IN 2014 COMMUNICATING THE IMPACT OF THE NEXT PHASE OF COST BASIS LEGISLATION STARTING IN 2014 Financial Advisors and Tax Professionals are encouraged to collaborate, educate, and help clients plan for the next

More information

A Closer Look: Our Mission-critical Targeted Affordable Housing Business

A Closer Look: Our Mission-critical Targeted Affordable Housing Business A Closer Look: Our Mission-critical Targeted Affordable Housing Business Freddie Mac Multifamily s commitment to promote rental housing affordability is rooted in our public mission and our DNA. The vast

More information

WEST BASIN MUNICIPAL WATER DISTRICT Debt Management Policy Administrative Code Exhibit G January 2015

WEST BASIN MUNICIPAL WATER DISTRICT Debt Management Policy Administrative Code Exhibit G January 2015 1.0 Purpose The purpose of this Debt Management Policy ( Policy ) is to establish parameters and provide guidance as to the issuance, management, continuing evaluation of and reporting on all debt obligations.

More information

General. Scope. Objectives. The objective of the Policy is to ensure prudent debt management practices that include:

General. Scope. Objectives. The objective of the Policy is to ensure prudent debt management practices that include: General This Policy (the Policy ) establishes conditions for the use of debt and creates procedures and policies designed to manage the Alamo Community College District s (the College District ) obligations

More information

Bond Refunding 101. Michigan School Business Officials April 28, 2016

Bond Refunding 101. Michigan School Business Officials April 28, 2016 Bond Refunding 101 Michigan School Business Officials April 28, 2016 Refunding of Debt What is a refunding? A refunding of debt involves the issuance of new debt at lower interest rates to replace debt

More information

U.S. Income Tax Return for an S Corporation

U.S. Income Tax Return for an S Corporation Form 1120S U.S. Income Tax Return for an S Corporation Do not file this form unless the corporation has filed or is attaching Form 2553 to elect to be an S corporation. Information about Form 1120S and

More information

What s News in Tax Analysis That Matters from Washington National Tax

What s News in Tax Analysis That Matters from Washington National Tax What s News in Tax Analysis That Matters from Washington National Tax Consider the Consideration Companies across all industries are routinely involved in business acquisitions (both taxable and tax-free)

More information

Non-Recourse Financing for a Self-Directed IRA Investment

Non-Recourse Financing for a Self-Directed IRA Investment Non-Recourse Financing for a Self-Directed IRA Investment Transaction Summary Date: September 2012 Property Description: 12,720 SF retail building built in 2001 in good condition. The property is 100%

More information

Commercial Real Estate Investment: Opportunities for Income Generation in Today s Environment

Commercial Real Estate Investment: Opportunities for Income Generation in Today s Environment Commercial Real Estate Investment: Opportunities for Income Generation in Today s Environment Prepared by Keith H. Reep, CCIM Real Estate Investment Consultant In this white paper 1 Advantages of investing

More information

CREATIVE FINANCING STRATEGIES. 2015 Affordable Housing Conference

CREATIVE FINANCING STRATEGIES. 2015 Affordable Housing Conference CREATIVE FINANCING STRATEGIES 2015 Affordable Housing Conference Panelist Moderator: Lewis Diaz, Partner Dinsmore & Shohl LLP lewis.diaz@dinsmore.com Speakers: Jeff Banker, Vice President Lancaster Pollard

More information

221(d)4/221(d)3 Multifamily Apartments- New Construction/Substantial Rehabilitation

221(d)4/221(d)3 Multifamily Apartments- New Construction/Substantial Rehabilitation 221(d)4/221(d)3 Multifamily Apartments- New Construction/Substantial Rehabilitation 83.3% Loan-to-Cost (Higher for affordable and/or rent subsidized projects) Future Value NOT PROJECTED OR UTILIZED Interest-only

More information

Citi s Affordable Housing Subordinate Loan Program

Citi s Affordable Housing Subordinate Loan Program Citi Community Capital August 19, 2014 Citi s Affordable Housing Subordinate Loan Program Citi s Affordable Housing Subordinate Loan Program Citi s Affordable Housing Subordinate Loan Program (the Program

More information

SECTION 7 DEBT MANAGEMENT POLICY LAS VEGAS VALLEY WATER DISTRICT FISCAL YEAR 2015-16 OPERATING AND CAPITAL BUDGET

SECTION 7 DEBT MANAGEMENT POLICY LAS VEGAS VALLEY WATER DISTRICT FISCAL YEAR 2015-16 OPERATING AND CAPITAL BUDGET SECTION 7 DEBT MANAGEMENT POLICY LAS VEGAS VALLEY WATER DISTRICT FISCAL YEAR 2015-16 OPERATING AND CAPITAL BUDGET In Accordance With NRS 350.013 June 30, 2015 7-1 Table of Contents Introduction... 7-3

More information

GOLDEN STATE FINANCE AUTHORITY MULTI-FAMILY HOUSING BOND PROGRAM APPLICATION

GOLDEN STATE FINANCE AUTHORITY MULTI-FAMILY HOUSING BOND PROGRAM APPLICATION Golden State Finance Authority (GSFA) 1215 K Street, Suite 1650 Sacramento, California 95814 Phone: (855) 740-8422 Fax: (916) 444-3219 www.chfloan.org GOLDEN STATE FINANCE AUTHORITY Section 4 PROGRAM GUIDELINES

More information

Introduction. Capitalized terms used in this Manual are defined in Appendix A, Glossary at the end of this Manual.

Introduction. Capitalized terms used in this Manual are defined in Appendix A, Glossary at the end of this Manual. Introduction This Low-Income Housing Tax Credit Compliance Manual (the Manual ) is intended to provide a basic description and explanation of the rules and regulations to maintain compliance for properties

More information

8.1 Subordinate Debt

8.1 Subordinate Debt 8.1 Subordinate Debt Table of Contents Page 8.1.1 Introduction... 1 8.1.2 Uses and Types of Subordinate Finance... 1 A. Uses... 1 B. Types... 2 8.1.3 Basic Terms and Conditions... 3 8.1.4 Required HUD

More information

SILVER CREEK ST. AUGUSTINE LLLP FINANCIAL STATEMENTS AND INDEPENDENT AUDITORS' REPORT. December 31, 2015 and 2014

SILVER CREEK ST. AUGUSTINE LLLP FINANCIAL STATEMENTS AND INDEPENDENT AUDITORS' REPORT. December 31, 2015 and 2014 FINANCIAL STATEMENTS AND INDEPENDENT AUDITORS' REPORT TABLE OF CONTENTS INDEPENDENT AUDITORS' REPORT 1 FINANCIAL STATEMENTS: BALANCE SHEET STATEMENT OF OPERATIONS STATEMENT OF PARTNERS' CAPITAL STATEMENT

More information

Multifamily Rental Housing

Multifamily Rental Housing Multifamily Rental Housing Financing with Tax-Exempt Bonds Second Edition justin cooper Multifamily Rental Housing Financing with Tax-Exempt Bonds Second Edition justin cooper Multifamily Rental Housing

More information

FEDERAL AND STATE HOUSING TAX CREDIT PROGRAMS

FEDERAL AND STATE HOUSING TAX CREDIT PROGRAMS CALIFORNIA TAX CREDIT ALLOCATION COMMITTEE 915 Capitol Mall, Suite 485 MEMBERS Sacramento, CA 95814 JOHN CHIANG, CHAIRMAN p (916) 654-6340 State Treasurer f (916) 654-6033 BETTY YEE ctcac@treasurer.ca.gov

More information

HOUSING FINANCE AUTHORITY OF PINELLAS COUNTY AFFORDABLE MULTIFAMILY RENTAL DEVELOPMENT LOAN PROCEDURES

HOUSING FINANCE AUTHORITY OF PINELLAS COUNTY AFFORDABLE MULTIFAMILY RENTAL DEVELOPMENT LOAN PROCEDURES HOUSING FINANCE AUTHORITY OF PINELLAS COUNTY AFFORDABLE MULTIFAMILY RENTAL DEVELOPMENT LOAN PROCEDURES LENDING PHILOSOPHY The Housing Finance Authority of Pinellas County (HFA) follows Pinellas County

More information

Prospectus Ginnie Mae I Construction and Permanent Loan Securities

Prospectus Ginnie Mae I Construction and Permanent Loan Securities Prospectus Ginnie Mae I Construction and Permanent Loan Securities U.S. Department of Housing and Urban Development Government National Mortgage Association Estimated Amount $ % Ginnie Mae I Mortgage-Backed

More information

Special Attention of: NOTICE H 2012-1 All FHA Approved Multifamily Mortgagees Issued: February 3, 2012 Expires: February 28, 2013

Special Attention of: NOTICE H 2012-1 All FHA Approved Multifamily Mortgagees Issued: February 3, 2012 Expires: February 28, 2013 U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT WASHINGTON, DC 20410-8000 ASSISTANT SECRETARY FOR HOUSING- FEDERAL HOUSING COMMISSIONER Special Attention of: NOTICE H 2012-1 All FHA Approved Multifamily

More information

Get Your Multifamily Deal Done With FHA

Get Your Multifamily Deal Done With FHA January 7, 2009 Get Your Multifamily Deal Done With FHA Arbor Commercial Mortgage, LLC Overview In 2008, the housing finance system came to a near standstill as creditors began losing confidence in the

More information

Instructions for Schedule K (Form 990)

Instructions for Schedule K (Form 990) 2011 Instructions for Schedule K (Form 990) Supplemental Information on Tax-Exempt Bonds Department of the Treasury Internal Revenue Service Section references are to the Internal Revenue Code unless otherwise

More information

Table of Comparative Provisions of Tax Credit Bonds Provisions Under American Recovery and Reinvestment Act Build America Bonds (Direct Payment)

Table of Comparative Provisions of Tax Credit Bonds Provisions Under American Recovery and Reinvestment Act Build America Bonds (Direct Payment) Table of Comparative Provisions of Tax Credit Bonds Provisions Under American Recovery and Reinvestment Act Type of subsidy Tax credit to bondholder Subsidy payment to issuer; can be made directly to paying

More information

More than just housing... CO-OP HOUSING

More than just housing... CO-OP HOUSING More than just housing... CO-OP HOUSING How you can profit by living in a housing cooperative. Introduction A combination of factors including the rising cost of housing in recent years, have forced many

More information

Jim Provenzale Associate Regional Counsel for Housing Finance and Programs James.V.ProvenzaleIII@hud.gov

Jim Provenzale Associate Regional Counsel for Housing Finance and Programs James.V.ProvenzaleIII@hud.gov Jim Provenzale Associate Regional Counsel for Housing Finance and Programs James.V.ProvenzaleIII@hud.gov Background information on HUD multifamily housing programs Modifications to HUD programs geared

More information