Neighborhood Lending Partners, Inc. Florida Minority Affordable Housing Development Fund Presentation Florida Housing Coalition September 9, 2014

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1 Neighborhood Lending Partners, Inc. Florida Minority Affordable Housing Development Fund Presentation Florida Housing Coalition September 9, 2014

2 Overview Neighborhood Lending Partners Certified as a CDFI-providing housing and economic development loans to the State of Florida for over 20 years Created over 12,000 units of housing, built day care centers, provided economic development loans in CRA s and brought a grocery store to a food desert Received over $15 million in CDFI and Local Government funds $50 million Neighborhood Stabilization Program Grant/$18 million of NLP member bank leveraged funding Partnership with Valley Economic Development Corporation (VDEC) Florida Minority Affordable Housing Development Fund (FMAHDF) will enhance our mission to provide much needed capital to minority and underserved neighborhoods FMAHDF - One loan approved, two more in process

3 Governance NLP Board of Directors FMAHDF Loan Committee 70% Banking, 30% Administrative Company Administrative Committee for Florida Minority Affordable Housing Development Fund to report to NLP Board of Directors and provide guidance to loan committee

4 Florida Minority Affordable Housing Development Fund Mission The Florida Minority Affordable Housing Development Fund (FMAHDF) mission is to provide loan programs and products for the development of affordable housing devoted to minority communities and to increase the capacity of Florida based non-profit minority-led housing developers. The Fund will be dedicated to minority and underserved neighborhoods throughout Florida. Target Market Florida Need for the Fund Nonprofit organizations are seeking opportunities to participate in the acquisition, renovation and resale of foreclosed properties Need to expand capacity and number of Non-profit affordable housing developers Need for homeownership and rental opportunities in minority communities

5 Florida Minority Affordable Housing Development Fund Governance Administration - administered by NLP The Fund will report to an Administrative committee that will report to the NLP Board of Directors Loan Committee Comprised of Bank funders and Administrative company members Will govern the loan approval process

6 Loan Products Single Family Acquisition and Rehab/Single Family In-Fill Housing Single Family Construction/Revolving Line of Credit Multi-family Acquisition/Rehab/New Construction/Perm

7 Loan Products Single Family Acquisition and Rehab/Single Family In-Fill Housing Term: 18 month interest only with optional 6 month renewal Can be revolving line of credit with annual renewals Repayment: Interest payable monthly Principal paid upon sale of house-if a home does not sell within 6 months, NLP will require the borrower to provide an action plan to sell the home Interest Rate: Based upon spread over cost of funds Rate will be reviewed periodically and approved by FMAHDF Administrative committee and Board of Directors Security: First lien mortgage, collateral assignment of rents, leases and profits Loan to Value: Maximum 80% of appraised value. NLP will consider subsidy funding and additional collateral in determining overall LTV. Loan to Cost: Not to exceed 80% of total development cost. Note: NLP will require reports on rehab progress and home sales quarterly to review borrower performance

8 Loan Products Single Family Acquisition and Rehab/Single Family In-Fill Housing Minimum Loan: No minimum dollar amount Maximum Loan: Maximum of $150,000 for any single-family residence Pre-Sales Requirements: To be determined based upon the number of units for which NLP is providing funding Affordability Requirements: All home sales will be restricted to households earning at or below 120% AMI and must be in a qualifying low-income community

9 Loan Products Single Family Construction/Revolving Line of Credit Term: 18 month interest only with optional 6 month renewal Can be revolving line of credit with annual renewals Repayment: Interest payable monthly Principal paid upon sale of house-if a home does not sell within 6 months, NLP will require the borrower to provide an action plan to sell the home Interest Rate: Based upon spread over cost of funds Rate will be reviewed periodically and approved by FMAHDF Administrative committee and Board of Directors Security: First lien mortgage, collateral assignment of rents, leases and profits Loan to Value: Maximum 80% of appraised value. NLP will consider subsidy funding and additional collateral in determining overall LTV. Loan to Cost: Not to exceed 80% of total development cost. Note: NLP will require reports on rehab progress and home sales quarterly to review borrower performance

10 Loan Products Single Family Construction/Revolving Line of Credit Minimum Loan: No minimum dollar amount Maximum Loan: Maximum of $150,000 for any single-family residence Pre-Sales Requirements: To be determined based upon the number of units for which NLP is providing funding Affordability Requirements: All home sales will be restricted to households earning at or below 120% AMI and must be in a qualifying low-income community

11 Loan Products Single Family Construction/Revolving Line of Credit Revolving Line of Credit Maximum Loan: Maximum of $1.5 million to any single project Pre-Sales Requirements: Factors to be reviewed: Contracts to parties related to the borrower or others in the project will not be considered Purchase contracts by purchasers of multiple residences will not be allowed Pre-sales must have a written contract with a deposit appropriate for the end-loan financing requirement. NLP requires a commitment letter from the permanent lender.

12 Loan Products Multi-family Acquisition/Rehab/New Construction Term: Up to a maximum of 18 months Construction Period One extension option for additional 6 months With conversion to permanent - 10 year term Repayment: Construction Period - Interest payable monthly Perm Period - Principal & Interest based upon up to a year amortization (determined by the life of the property after rehab) Interest Rate: Based upon spread over cost of funds Rate will be reviewed periodically and approved by FMAHDF Administrative committee and Board of Directors Loan to Value: Maximum 80% of restricted rent appraised value. NLP will consider subsidy funding and additional collateral in determining overall LTV. Loan to Cost: Not to exceed 80% of total development cost.

13 Loan Products Multi-family Acquisition/Rehab/New Construction Debt Service Coverage: The loan shall comply with the debt service coverage requirements, generally 1.20x, as set forth by NLP s permanent loan program, based on the project s cash flow at stabilization, as approved. Minimum Loan: No minimum dollar amount Maximum Loan: Maximum of $2 million to any single project-permanent commitment amount

14 Loan Products Multi-family Acquisition/Rehab/New Construction Prepayment on Permanent Financing: During the ten year term of the loan borrower shall pay lender a prepayment premium in an amount equal to: Security: 1. 1 st 12 months - 3% of the current unpaid principal amount on the 5 th business day of the month of the notice 2. 2 nd 12 months - 2% of the current unpaid principal amount on the 5 th business day of the month of the notice 3. 3 rd 12 months 1% of the current unpaid principal amount on the 5 th business day of the month of the notice Note: The lender may waive the prepayment premium if the loan is to be repaid by another non-profit that will agree to retain the property s affordability requirements 1. First Mortgage 2. First lien assignment of all leases, rents, or other income or profits 3. A UCC filing on all borrower s tangible and intangible personal property upon or related to property 4. Personal guaranties 5. Such other collateral assignments as shall be deemed reasonable or necessary

15 Florida Minority Affordable Housing Development Fund Impact For every new single family home 3.05 jobs and $89,216 in taxes is generated For every new multi-family rental unit 1.16 jobs and $33,494 in taxes is generated For rehabbed homes 1.11 jobs and $30,217 in taxes is generated Using our budget projections, we anticipate creating 77 units of rehabbed/multi-family and new homes in the first year These 77 units in the first year will create 177 jobs, and increase tax revenue by $5,119,324 Assumptions for impact: one six unit multi-family development with a loan of $450,000; 47 new construction single family homes; and 24 total acquisition rehab homes each averaging $100,000 per home Training Opportunities Building the capacity of the non-profit and minority developers is key to the success of this program NLP will require the successful experienced borrowers to mentor a less experienced developer In the first year of the program, we expect one mentoring relationship for every two borrowers CRED program to be encouraged and will establish accountability and monitor criteria for mentoring program NLP to mentor Florida based CDFI s

16 Florida Minority Affordable Housing Development Fund Partnering with other CDFIs NLP plans to reach out to other CDFIs in the State Assist other CDFIs in creating similar programs NLP plans to have the program running with a proven track record in a minimum of 12 to 18 months Launch its mentoring program to other CDFI s

17 CRED (Community Real Estate Development) The University of South Florida through the Florida Institute of Government offers a certificate program that shares knowledge of best practices; provides understanding of terminology of the real estate and community development field; provides skills in mastering the financial aspects of property development; and quick and easy assessments of potential real estate acquisitions. The basics of the course are: Creating proformas for affordable homeownership & rental housing Project feasibility & spreadsheet analysis Learning the language of lenders, the language of real estate developer Developing an understanding of Public and private financing Understanding subsidy resources for community development Learning how to prepare project financial analyses and creatively structure feasible projects Underwriting requirements of financing and subsidy providers Pre-development financing requirements and sources Manage Real Estate Development Creating a Project Work Plan Site control/acquisition strategies Managing the members of the development team Understanding regulatory issues and requirements

18 Neighborhood Lending Partners, Inc. Florida Minority Affordable Housing Development Fund Presentation Florida Housing Coalition September 9, 2014

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