Refinancing Section 95 & 61 co-ops CHF Canada s Refinancing Program

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1 Refinancing Sectin 95 & 61 c-ps CHF Canada s Refinancing Prgram Lndn Educatin Event CHF Canada s Refinancing Prgram Intrductins Sectin 95 & Sectin 61 Purpse f the Refinancing Prgram Hw the new mrtgage wrks Hw t qualify Lender and CMHC requirements Hw CHF Canada helps Manager s rle Sectin 61 prgram Hw t get started Questins 1 1

2 Intrductins & Welcme 2 3 2

3 Terms we ll use tday BCA: Building Cnditin Assessment Amrtizatin: payments spread ver a number f years Capital Plan Annual Reserve Cntributin Asset Management Plan Operating Frecast Lan t Value Rati Debt Service Rati 4 Sectin 95 & Sectin 61 Sectin 95: The prgram has wrked fr Sectin 95 c-ps since c-ps funded successfully t date (ver $60 millin in new lans) 15+ c-ps are in the prcess t fund in the near future Sectin 61: Refinancing these c-ps is new, t start April 1, 2016 Presentatin geared t Sectin 95; mst requirements are similar fr Sectin 61 with sme nted differences 5 3

4 Purpse f the Refinancing Prgram Aging husing c-ps need new capital fr repairs, renvatins, mdernizatin Re-financing is cmmn practice in private sectr real estate Purpse t prvide a member service that helps c-ps brrw, by way f a new mrtgage, t d repairs and renvatins immediately. 6 In plain language The c-p takes ut a new mrtgage, which pays ut the existing mrtgage pays fr the needed repairs is extended fr a lnger perid f time. 7 4

5 Example (Actual C-p) $28,000/mnth existing mrtgage payment $1.8 millin existing CMHC mrtgage $4.5 millin brrwed at 4.5% interest rate $1.8 millin pays ut CMHC mrtgage $2.7 millin fr repairs (cvers 10 years f BCAidentified repairs) 25 year amrtizatin $27,192/ mnth new mrtgage payment 8 Financial advantages A new mrtgage lan has financial advantages fr a c-p existing reserves and future cntributins nt enugh fr cst f repairs new repairs and renvatins reduce future maintenance csts ecnmies f scale n renvatins 9 5

6 Other refinancing advantages Repairs cmpleted immediately Less disruptin and lwer maintenance csts cmpared t waiting t finish existing mrtgage Likely a small r n impact n existing mrtgage payment Avids large husing charge increases t pay fr repairs Dealing with a lender that yu wn (credit unins are financial c-peratives) 10 Hw the new mrtgage wrks Credit unin ffers c-p a new mrtgage t pay ff CMHC mrtgage and pay fr repairs Operating Agreement cntinues (Sectin 95 nly) Subsidies cntinue C-p s auditr cntinues t reprt t the Agency r equivalent until the new mrtgage is paid C-p cmmits t memberships in CHF Canada, lcal member federatin and credit unin during the new mrtgage 11 6

7 Hw the new mrtgage wrks/2 Mrtgage Agreement with credit unin has fur parts: 1. Mney fr CMHC payut and repairs 2. Capital plan with annual reserve cntributin identified, t be updated every five years 3. Annual reprt frm CHF Canada t credit unin n cp s financial perfrmance and capital plan 4. Mrtgage supprt agreement - c-p agrees t facilitatin by CHF Canada if lender becmes cncerned abut gvernance r management, r financial perfrmance slips 12 What yur c-p has t budget in terms f csts CMHC prepayment fees (Sectin 95 c-ps nly) Abut 0.5% lenders fees CHF Canada fee (sliding scale) Prperty appraisal Legal csts f deal clsing and registering mrtgage 13 7

8 What yur c-p will need t qualify 1. Slid financial recrd Three years f audited financials Operating frecasts 2. Asset Management Plan (t be mandatry mid-2016) 3. Ten-year capital plan 4. Agreement with CHF Canada facilitatin and risk mnitring CHF Canada helps credit unin administer lan (reduce risk) CHF Canada helps c-p reprt t credit unin 5. The Paperwrk 14 What yur c-p will need t qualify/2 6. Fit the maximum 75% Lan-t-Value Rati 7. Cash flw t supprt 1.2x Debt Service Rati 8. Pass stress test #1: 2% interest rate increase after first five-year term 9. Pass stress test #2: cash flw when RGI funding ends 15 8

9 What lenders need (the Paperwrk ) 1. Previus financial statement infrmatin 2. Current prperty appraisal 3. Current rent rll / vacancy statistics 4. Envirnmental Assessment 5. Summary f previus, pending and planned capital imprvements 6. Five year financial frecast 7. Capital Reserve Plan (ten years) 8. Capital Reserve frecast (lan perid) 16 What CMHC needs 1. C-p is financially viable, and will be viable when perating agreement expires (and RGI subsidies end) 2. C-p has 5-year perating cash flw (t shw viability) 3. C-p cmmits t a capital investment 4. C-p has 10-year capital replacement plan 5. Cntinues perating agreement until its scheduled expiry 17 9

10 Hw CHF Canada supprts the c-p 1. Helps finalize key capital needs/csts 2. Prvides expert financial advice that calibrates: Brrwing fr capital repairs/renvatins Ttal brrwing (mrtgage payut plus capital renewal frm brrwing) Amunt f mnthly payment Onging repair/replacement needs and reserve cntributin 18 Hw CHF Canada supprts the c-p/2 3. Prepares applicatin t credit unin 4. Reviews credit unin s ffer with c-p and negtiates any changes t: Interest rate Cnditins 5. Handles the paperwrk with c-p and credit unin 19 10

11 Hw CHF Canada supprts the c-p/3 6. Handles prvincial gvernment, Agency and CMHC apprval prcesses 7. Organizes mrtgage supprt agreement between c-p, credit unin and CHF Canada fr lan mnitring 8. Prvides annual reprt t credit unin, based n c-p s annual infrmatin return 9. Intervenes at lender s request if financial perfrmance warrants it 20 C-p husing manager s rle 1. Significant cmmitment f time and energy Prcess is 4-6 mnths, depending n c-p s decisinmaking prcesses 2. Clearly explains t the Bard the risk/benefit analysis 3. Identifies the majr milestnes invlved 4. Ensures the c-p has the necessary technical assessment t prperly evaluate its capital funding needs 21 11

12 C-p husing manager s rle/2 5. Helps with the necessary technical, financial, appraisal, incme, vacancy, and capital planning infrmatin needed t btain refinancing 6. Assists the Bard in explaining refinancing t the membership 7. Assists the Bard in understanding the varius refinancing agreements and facilitate the review f these by the c-p s lawyer. (Bard must understand the steps invlved are nt always sequential.) 22 Refinancing Sectin 61 c-ps Many Sectin 61 c-ps als need refinancing due t age These c-ps have lng mrtgage perids with n renewal dates and a high interest rate (8-11%) T break the mrtgage wuld mean a high prepayment penalty (interest fr the life f the mrtgage) which means mst c-ps culd nt affrd t refinance Our ask f the gvernment: Pay ut the interest penalty fr these c-ps t allw them t refinance End the perating agreements at mrtgage payut 23 12

13 Refinancing Sectin 61 c-ps/2 Based n ur ask, the Cnservatives put $150M in the budget t pay ut interest penalties fr Sectin 61cps and nn-prfits (pre-electin call) Then the electin was called we need t wait fr new gvernment t settle in Within a mnth f that, ur gvernment relatins staff will wrk with the new gvernment t determine plicy framewrk and guidelines and requirements fr funding fr the sectin 61 refinancing prgram 24 Refinancing Sectin 61 c-ps/3 There will be tw majr requirements fr Sectin 61 t receive interest penalty grant (as far as we knw) The c-p must make a capital investment -c-ps can t get the prepayment penalty grant just t take advantage f the lwer interest rate Sectin 61 c-ps must cntinue t serve the same number f lw-incme husehlds until what wuld have been the end f the perating agreement 25 13

14 Refinancing Sectin 61 c-ps Ging frward We are cnfident the tw requirements will apply Capital repairs needed Onging supprt fr lw-incme husehlds Operating agreements, subsidy must still be wrked ut Our ask suggests the end f the perating agreement Our hpe is that prvincial subsidies will cntinue (we haven t heard therwise) Key date: April 1, 2016 is likely when funding starts 26 Refinancing Sectin 61 c-ps Other things t nte Big advantage Lwer interest rates frm 8%-11% t current market rates (arund 4%) Operating Agreement ends when mrtgage is paid ut C-p must pass stress test C-p must be financially viable nw and in the future CHF Canada handles prvincial gvernment, Agency and CMHC apprval prcesses if necessary N CMHC prepayment fees 27 14

15 Next Steps Hw t Get Started Is yur c-p a Sectin 95 r 61 funded c-p with a CMHC mrtgage r n mrtgage? Des yur c-p have n mrtgage r tax arrears? Bard and management capacity t arrange lan and undertake majr repair prjects? a recent Building Cnditin Assessment that identifies cst f repairs? a slid financial track recrd (vacancy lss, bad debt)? cnsensus n what the key repairs and renvatins are? 28 T assess preliminary eligibility Call r Janet Shim at CHF Canada s Office / ext

16 Any questins? 30 16

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