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

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1 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 Baker Tilly refers to Baker Tilly Virchow Krause, LLP, an independently owned and managed member of Baker Tilly International.

2 About the presenters Brian Coate Don Bernards, CPA Vice President Partner Lancaster Pollard Baker Tilly x Ryan Miles Vice President Lancaster Pollard x155 2

3 Agenda Today we will review: > Pertinent t regulatory changes to the Section 202 Direct Loan Program and how those changes effect available financing > Financing sources available, including Low-Income Housing Tax Credit (LIHTC) and Federal Housing Administration (FHA) loan programs > How HUD is looking at sale proceeds > The ability to transfer ownership under the new guidelines 3

4 History > Housing Notice Allowed properties to Refinance > Housing Notice Allowed a Developers Fee > Housing Notice Modernized underwriting to match industry > Housing Notice Increased Developers Fee, expanded uses > Housing Notice Requires owners to use Residual Receipts balances

5 Loan products available > Federal Housing Administration (FHA) 223(f) 223(a)(7) 221(d)(4) > Conventional Bank Loans > Fannie Mae, Freddie Mac > Other governmental soft funds Home Loan/Grants FHLB Affordable Housing Program (AHP) Grant Community Development Block Grant (CDBG)

6 Why now? > Fueled by legislative and regulatory effort, refinance procedures were developed by HUD over a thirteen year period ( ) > Current guidelines encourage properties to maximize repairs > HUD allows refinance to accomplish social mission: provide lower rates for 202 s to upgrade their facilities and improve their financial strength to better serve the growing elderly population > Local HUD offices are still processing 202 mortgage loan refinance applications rather than through a national pipeline > Majority of 202 properties were constructed during high interest rate time period (late 1970 s and early 1980 s) 6

7 Favorable interest rate environment 5% 10-Year Treasury Yield Forecast Low Median High 4% 4.11% 4.23% 4.38% 4.43% 3.56% For recasts as of Mon nth End 3% 2% 2.78% 2.25% 2.20% 2.25% 1.90% 2.00% 1.60% 1.60% 1.60% 1.50% 2.79% 2.50% 2.62% 1.98% 1.98% 2.04% 1% 0% Mar-13 Jun-13 Sep-13 Dec-13 Mar-14 Jun-14 Sep-14 Source: Bloomberg Survey, February 14,

8 Refinance of Section 202 Direct Loan Housing Notice Use Agreement > Use agreement is extended to 20 years beyond the maturity of the 202 Direct loan HAP Contract > Projects will require execution of a 20 year HAP contract plus remaining term of current contract via Preservation Exhibit > Projects refinanced outside of HUD will maintain Exception project status whether they follow notice requirements or not > Second refinance with FHA insured loan will subject the project to mark-to-market k t upon expiration of the current HAP contract t unless owner refinances again with conventional loan prior to expiration 8

9 Polling question #1 What description best applies to you? A. An owner B. A property manager C. Owner and manager D. Other Please respond using the polling section in the WebEx screen to the right. 9

10 Refinance of Section 202 Direct Loan Housing Notice Eligible ibl Refinance Costs > Developer s fee equal to 15% of acceptable development costs where it used to be limited to repairs and improvements done in the first 12 months. Acceptable development cost includes the cost of acquisition, rehabilitation, loan prepayment, initial reserve deposits, and transaction costs. Transaction costs may include costs of third party reports such as market studies or physical inspection reports not otherwise captured in the development costs, and loan fees and closing costs. 10

11 Refinance of Section 202 Direct Loan Housing Notice Eligible ibl Refinance Costs > Excess refinance proceeds can be deposited into a segregated account and be spent over a 5-year period. Refinance via Section 223(f) will still follow MAP requirements including repair limits, repair escrow and completion of non-critical repairs within 12 months. Additional proceeds deposited into segregated account will not be used in Developer Fee calculation. Refinance proceeds can be used to benefit other affordable senior projects owned by the non-profit (requires additional 10 year use restriction for the receiving property) Refinance proceeds can be used to construct or rehabilitate facilities i for the elderly in the community of the project Proceeds from multiple projects can be pooled 11

12 New regulation HAP contracts residual receipts offsets Housing Notice > In order to slow the growth of PBRA expenditures and to help achieve savings HUD is now requiring project owners with new regulation HAP contracts (post 1980) to utilize Residual Receipts in excess of $250 per unit to offset their monthly HAP contract payment. > Residual Receipts will be used to offset up to the full monthly subsidy amount due from HUD to the project owner. > Owners may continue to utilize residual receipts to fund an approved Service Coordinator program which h is common in Section 202 properties > Section 202 prepayment application - Balances above $500 per unit may be requested for use in refinance transaction. Requested funds can be segregated from residual receipts upon submission of prepayment application. 12

13 Polling question #2 Do you have a new regulation HAP contract? A. Yes B. No C. Not sure Please respond using the polling section in the WebEx screen to the right. 13

14 Section 8 HAP contract renewal Section 8 Renewal Policy Guide Book > Option 4 Renewal of Projects Exempted from OAHP > Option 4 Changes - Effective October 15 and later Budget based Option 4 rent adjustments in a multiyear contract will only be approved if the proposed p rents do not exceed comparable market rents. OCAF adjustments for Option 4 contracts continue to be available without a rent comparability study, or use of new debt service. Owners must use current debt service when submitting a budget-based rent increase request.» This new requirement applies to all Option 4 contracts, even multiyear contracts signed prior to May 18, Lesser of Budget or OCAF test will be required at renewal of HAP contracts. 14

15 Section 8 HAP contract renewal Section 8 Renewal Policy Guide Book > Added option for Early Termination and Renewal of Section 8 Contract (Section 2-8) > Provides the ability for the owner to terminate the current contract and execute a 20 year Contract with Preservation Exhibit. > Preservation Exhibit requires automatic renewal for number of years remaining on current contract. Example: 3 years remaining on current HAP contract will result in 20 year contract with automatic 3 year renewal 15

16 Possible owner objectives > Moderate Improvements and/or Increase Reserves > Substantial Rehabilitation > Competitive Repositioning of Facility > Modernize Building Systems for Efficiency > Earn Unrestricted Developer Fee > Fund increased Services (i.e., Service Coordinator, Wellness Coordinator, etc.) 16

17 202 Refinance timeline Note: The timing of each office and their firm application review may vary depending on workload/queue. 17

18 Polling question #4 Have you re-financed your original 202 loan? A. Yes B. No Please respond using the polling section in the WebEx screen to the right. 18

19 Amount of new debt and new term driven by cash flow and interest rates Revenue (1) $ 1,234,810 Minus: Expenses (2) $ 833,170 Minus: Replacement Reserve Adjustment (3) $ 41,500 Cash Flow $ 360,140 Assumed Term (years) 35 Assumed Interest Rate (4) 3.70% Assumed Debt Service Coverage (x) 1.11 Debt Constant % Estimated Amount of Supported Debt $6,100, (1) Based on Rent Schedule and includes 5% vacancy factor. (2) Expenses do not included depreciation or interest. (3) $250 per unit per annum. (4) Includes HUD annual mortgage insurance premium of 0.45%. 19

20 Amount of new debt determines how much available for improvement projects %If Applicable New Mortgage $ 6,100,000 Uses: Existing Indebtedness 3,502,400 Improvements 1,493,100 Non-profit Developer's Fee 795,700 HUD Related: Mortgage Insurance Premium 1.00% 61,000 Application Fee 0.30% 18,300 Inspection Fee 15,000 Lender Related: Financing Fee 1.50% 91,500 Permanent Loan Fee 1.00% 61,000 Fixed Expenses Title and Survey 20,000 Appraisal, PCNA & Phase One 17,000 Legal (Lender and Borrower) 25,000 Total Uses 6,100,000 20

21 Re-Refinance of Section 223(f)/202 s Challenges > Re-refinance with FHA insurance results in the loss of exemption from Mark-to-Market > Underwriting must include market rents for mortgage term beyond Section 8 Contract Solutions > Complete rent comp study not only provides market levels for use in underwriting but also provides project management valuable information for budgeting and expense control > Request termination and execution of 20 year HAP contract > Section 223(a)(7) ) loan will include step down in note payment for projects with above market rents which mitigates the risk of a Mark-to- Market upon contract expiration. 21

22 Polling question #3 Have you re-refinanced your 202 loan? A. Yes B. No Please respond using the polling section in the WebEx screen to the right. 22

23 Process > Commission Rent Comp Study and PCNA (if previous report is older than 5 years) 23

24 Process > Determine remaining term of current HAP contract > If minimal term remains, contact HAP contract administrator to discuss termination and renewal of a 20 year contract 24

25 Process > Once 20 year HAP contract is finalized, submit Section 223(a)(7) application to local field office 25

26 When to consider a mixed-finance transaction (adding tax credits to your project) When to consider Low-Income Housing Tax Credits General rules of thumb: > Less than $10,000 of rehab needed per unit refinance > Approximately $20,000 30,000 of rehab needed per unit 4% tax credit project > More than $30,000 of rehab needed per unit 9% tax credit project 26

27 Polling question #5 Which LIHTC programs have you used? A. 4% B. 9% C. Both D. Neither Please respond using the polling section in the WebEx screen to the right. 27

28 4% tax credit program > Low-Income Housing Tax Credits that come with an allocation of private activity volume cap tax-exempt bonds from the state finance agency > Typically non-competitive > Each state s 2013 private activity bond cap will be the greater of $95 per capita and $291,875,000 (this volume cap may also be used for single family homes, among other items) > Provides approximately 25% of a project s development costs 28

29 9% tax credit program > Competitive process governed by each state s Qualified Allocation Plan > Typically y one or two funding rounds per year > Each state s 9% tax credit authority will be the greater of $2.25 per capita and $2,590,000 > Provides approximately 70% of a project s total development costs 29

30 Comparison of 4% and 9% 9% 4% Interest rates Typically higher Typically lower Equity 60-70% of project costs 20-30% of project costs Competition 3-4 applications per 1 Typically automatic if award financially feasible 30

31 Sample project > Sources and Uses - Sources Refinancing and 4% LIHTC Refinancing and 9% LIHTC Difference vs. Difference vs. SOURCES OF FUNDS Refinance Only $ Refinance Only $ Refinance Only 1st Mortgage- Bonds $ 6,100,000 $ 6,100,000 $ - $ 5,284,193 $ (815,807) Sponsor Loan (Current RR) $ - $ 240, $ 240, $ 240, $ 240, GP Equity $ - $ 100 $ 100 $ 100 $ 100 LIHTC Equity $ - $ 2,227,515 $ 2,227,515 $ 6,312,944 $ 6,312,944 Deferred Dev Fee $ - $ 49,416 $ 49,416 $ - $ - Cash Flow During Construction $ - $ 353,570 $ 353,570 $ 353,570 $ 353,570 Total Sources Of Funds $ 6,100,000 $ 8,970,602 $ 2,870,602 $ 12,190,807 $ 6,090,807 31

32 Sample project > Sources and Uses - Uses Refinancing and 4% LIHTC Refinancing and 9% LIHTC Diff. vs. Diff. vs. Refinance Only $ Refinance Only $ Refinance Only Total Sources Of Funds $ 6,100,000 $ 8,970,602 $ 2,870,603 $ 12,190,807 $ 6,090,807 USES OF FUNDS Acquisition & Site Costs $ 3,502,500 $ 3,502,500 $ - $ 3,502,500 $ - Construction Costs $ 1,493,000 $ 3,109,830 $ 1,616,830 $ 5,626,377 $ 4,133,377 Engineering, Architectural & RE Attorney $ 25,000 $ 243,414 $ 218,414 $ 350,000 $ 325,000 Construction Interest & Fees $ 20,000 $ 280,708 $ 260,708 $ 329,635 $ 309,635 Permanent Financing $ 246,800 $ 294,300 $ 47,500 $ 147,000 $ (99,800) Soft Costs $ 17,000 $ 167,130 $ 150,130 $ 217,130 $ 200,130 Syndication Costs $ - $ 30,000 $ 30,000 $ 30,000 $ 30,000 Developer Fees / Reserves $ 795,700 $ 1,342,720 $ 547,020 $ 1,988,166 $ 1,192,466 Total Uses Of Funds $ 6,100,000 $ 8,970,602 $ 2,870,603 $ 12,190,807 $ 6,090,807 32

33 Considerations > Joint venture if need a development partner Split of duties Split of fees/cash flow Split of guarantees Working relationship > Financial guarantees > Back on the tax rolls > Right of first refusal of the 15 year tax credit compliance period 33

34 Risks/rewards Rewards Additional equity to fund > Additional necessary rehab > Reserves > Architect/owner s rep > Developer fees Risks Guarantees > Construction completion > Operating deficits > Compliance 34

35 Polling question #6 Do you think the rewards are worth the risks? A. Yes B. No Please respond using the polling section in the WebEx screen to the right. 35

36 Summary To sum up: > Regulatory changes to the Section 202 Direct Loan Program effect available financing by encouraging repairs today > The Financing sources available to refinance a 202 loan are: Low-Income Housing Tax Credits (LIHTC) FHA 223(f) FHA Sec. 223(a)(7) programs > HUD now allows sale proceeds 36

37 Questions Questions? Please feel free to ask questions in the screen to your right. We will answer as many questions as time permits. 37

38 CPE To receive CPE credit for today s presentation, you MUST complete the survey at the end of today s webinar. CPE certificates will be mailed to you in about six weeks. Thank you for your attendance and participation! 38

39 Baker Tilly Disclosure The content in this presentation is a resource for Baker Tilly Virchow Krause, LLP clients and prospective clients. Nothing contained in this presentation shall be construed as legal advice, opinion, or as an offer to buy or sell any property or services. In conformity with U.S. Treasury Department Circular 230, tax advice contained in this communication and any attachments is not intended to be used, and cannot be used, for the purpose of avoiding penalties that may be imposed under the Internal Revenue Code, nor may any such tax advice be used to promote, market or recommend to any person any transaction or matter that is the subject of this communication and any attachments. The intended recipients of this communication and any attachments are not subject to any limitation on the disclosure of the tax treatment or tax structure of any transaction or matter that is the subject of this communication and any attachments. 39

40 Lancaster Pollard Disclosure Information in this presentation has been obtained from sources believed to be accurate and reliable. However, we do not guarantee the accuracy, adequacy or completeness of any information and are not responsible for any errors or omissions or for the results obtained from the use of such information. In the ordinary course of its business, Lancaster Pollard and its affiliates provide underwriting, investment management and consulting services to our clients. Information contained in this publication should not be the basis of any management decision without proper professional counsel by a qualified adviser. 40

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