Impact Investment Fund A New Social Impact Investment Opportunity

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1 Preservation of Naturally Occurring Affordable Housing Greater Minnesota Housing Corporation Affordable Housing Preservation Impact Investment Fund A New Social Impact Investment Opportunity To Preserve Naturally Occurring Affordable Housing in the Twin Cities Metropolitan Area March 2016

2 About Greater Minnesota Housing Fund Greater Minnesota Housing Fund (GMHF): Established Certified Community Development Finance Institution (CDFI) Minnesota s largest affordable housing CDFI, Aeris rating of AAA+2 Member Federal Home Loan Bank of Des Moines Over $200 million in low-cost financing, leverage of $1 billion+ development Financed 12,000 affordable homes for low-income renters & homebuyers Operates Minnesota Equity Fund (MEF) with UnitedHealth Group & Cinnaire $66 million of MEF equity fund capital invested to date 2

3 (The Fund) GMHF Proposes a New Equity Fund for the Acquisition and Preservation of Naturally Affordable Properties A social impact investment fund designed to preserve naturally occurring affordable housing (NOAH) in opportunity areas in the Minneapolis Saint Paul Metropolitan Area where rental housing affordability is most at risk Capitalization Goal: $50M fund, capitalized in 2 phases, $5M minimum investments, ten year terms, utilizing various impact capital sources to be invested in mixed-income real estate assets Mission Impact Goal: 2,000 2,400 rental homes acquired in 2 phases, over 5 years, with affordability preserved for 15 years for families, individuals, and seniors with low to moderate incomes Qualified Partners: High performing nonprofit affordable housing developers and socially motivated for-profit owner-operators 3

4 Goals of Naturally Occurring Affordable Housing Preservation OPPORTUNITY AREAS Preserve Properties in Opportunity Areas (Schools, Jobs, Transit) AFFORDABILITY AT RISK Preserve Properties at Risk of Loss of Existing Affordability <80% AMI HH INCOME <60% AMI Rents Serve Mixed Income HH: 75% Income Restricted IMPROVE STEWARDSHIP Preserve Properties in Need of Stabilization, Improved Management 4

5 Definition of Naturally Occurring Affordable Housing Class B & Class C Rental Apartments Typically Built in the 1950 s, 60 s, 70 s & 80 s Lower-Cost Affordable Rents: $550-$1,100/month Affordable to HH with Incomes below 80% AMI Many Occupied by Low Income HH below 50%-60% AMI Provide a majority of affordable housing regionally Properties range in size, location, ownership 5

6 NOAH Acquisition Cost, Rents, and Affordability Key Asset Factor Lowest Cost Lowest Rent Lower Cost Lower Rent Low Cost Low Rent Moderate Cost Moderate Rent Higher Cost Higher Rent Highest Cost Highest Rent Cost of Acquistion Per Unit (Excluding Rehabilitation) Required Rents 1BR to 3BR Affordable To HH Income (4 People) Area Median Income Area Median Income (AMI) Residential Asset Class $20,000 - $40,000 $40,000 - $60,000 $60,000 - $90,000 $90,000 - $120,000 $150,000 - $180,000 $200,000 - $250,000 $500 - $700 $700 - $900 $800 - $1,100 $1,000 - $1,300 $1,200 - $1,500 $1,300 - $1,800 < $25,980 < 30% AMI < $34,640 < 40% AMI < $43,300 < $51,960 < $69,280 < 50% AMI < 60% AMI < 80% AMI NOAH PROPERTIES > $86,600 > 100% AMI Market Rate Properties 6

7 Naturally Occurring Affordable Housing (NOAH) Preservation Need & Opportunity High Need & Opportunity Exists to Acquire & Preserve Naturally Occurring Affordable Housing Rental vacancy rate in Twin Cities metro area below 2.7% Unemployment 2.7% with growing workforce in-migration Gentrifying areas are attracting national buyers and speculators REITS are acquiring rental portfolios at premium prices High demand, high prices = higher rents NOAH Preservation in Opportunity Areas Furthers Social Equity 1 1 Preserving affordable rental housing in opportunity areas with access to jobs, transit, high performing schools, and social services provides greater opportunities for low-income families and children to succeed at work and school, and live healthier lives. 7

8 Naturally Occurring Affordable Housing Preservation Need & Opportunity, cont. High demand driving rents to historic highs at double the rate of inflation Typical rent increases on acquired properties 10-15% in year one & pushed hard thereafter Nearby market rate rental property owners raise rents higher & faster as higher comparable rents test out Lower-income HHs losing ground as higher-wage HHs readily pay higher rents in a tight market High demand for rental housing to continue through 2030 per Metropolitan Council 8

9 Naturally Occurring Affordable Housing Preservation Need & Opportunity, cont. Lower Cost Equity is Essential to NOAH Preservation: To compete for properties in opportunity areas with affordability risk To structure transactions that preserve long-term affordability To achieve timely closings on a 60-day transaction timetable To recruit qualified operating partners with NOAH portfolio plans To achieve a predictable IRR for impact investors To achieve full recovery of investor capital Programmatic lower cost equity capital is essential to the NOAH preservation goal in order to aggressively and successfully compete with marketplace buyers who assume larger & faster rent increases at the expense of affordability. 9

10 Class B/C Rental Properties in the Seven-County Twin Cities Metro Area* There are 254,400+ units in Class B/C properties. Hennepin County accounts for 136,910 Class B/C units, or 54% of the total. Ramsey County accounts for 60,750 Class B/C units, or 24% of the total. Targeted Class B/C properties are in Opportunity Areas across the entire region. * Yellow markers indicate location of all Class B & C Rental Properties in the seven-county Twin Cities Metro Area Sources of Data from Hawthorne Group, MetroGIS Data Finder Housinglink 10

11 Housing Impact Fund (HIF) Selection Criteria HIF will Select Properties in Opportunity Areas, at Risk of Loss of Affordability Targeted Investment Opportunity Areas: Affordability at-risk rising rents, low vacancies High rate of multifamily rental property speculation/sales Major redevelopment or planned infrastructure early indicator Increase in construction permits early indicator Increasing property values early indicator Opportunity Area : Proximity to education, services, employment, and public transportation (reference maps in attachment document) Not all factors need to be present to qualify as an opportunity area 11

12 Housing Impact Invmt. Fund Selection Criteria Fund will Select Properties with Owners that Agree to Maintain Affordability for 15 Years Required Affordability Provisions: 75% of the units must be affordable & leased to HH <80% AMI Target renter HH income and affordable rent at: 20% at 50% AMI; or 40% at 60% AMI Must accept Section 8 Minimize / mitigate displacement of existing low-income residents Rental increases based on renter incomes & rent burden calculations (relative to viable operating budget) 12

13 CRA Qualified Investments HIF Fund Targets CRA-Qualified Affordable Housing Investments CRA Regulations define a qualified investment as a "lawful investment...that has as its primary purpose community development."2 Community development is defined to mean: "(1) Affordable housing (including multifamily rental housing) for low- or moderate-income individuals, and other activities Affordable Housing with No Subsidy will Meet CRA Innovation Test Banks may obtain CRA investment credit consideration by making investments to CDFIs, which provides CDFIs with net assets (equity) through equity equivalent investments (EQ2s) 2 See 12 C.F.R (s), (s), (s), and 563e.12(r) 13

14 New IRS Impact Investment Clarity 2015 IRS Policy Clears Regulatory Obstacles to Impact Investing: Mission Related Investments Made From Foundation Endowments to Generate Social Impact & Financial Return Are Non-Jeopardizing. Foundations Can Carve Out Part (or All) of their Endowments for Mission-Driven Investments IRS Notice : In deciding whether to make an investment, foundation managers may consider all relevant facts and circumstances, including the relationship between a particular investment and the foundation s charitable purposes 14

15 Pilot NOAH Preservation Transaction Demonstrating the Preservation of Naturally Occurring Affordable Housing in MN The has already executed pilot projects to demonstrate the viability of the investment program, building on national best practices. In August 2015, the Fund financed the equity portion of a $6.8 million acquisition/rehab and preservation of 72 units of affordable multifamily rental property in New Brighton, MN (shown at right) in partnership with Real Estate Equities. GMHF also financed the acquisition, rehab, and preservation of a $3 million, 40-unit affordable multifamily rental property in Rochester, Minnesota utilizing mezzanine financing to leverage the necessary private bank debt in partnership with Phoenix Development Company as the owner-operator. Both properties were facing dramatic rent increases and displacement of low-income households, but now serve as replicable models of privately financed preservation of unsubsidized affordable rental housing. GMHF s investment ensures the long-term affordability of 72 affordable multifamily rental units in New Brighton, Minnesota 15

16 Asset Management Capacity Cinnaire will Partner with GMHF to Provide Asset Management Strategic Partner for Asset Management: Cinnaire: Over $2.95 billion in financial assets under management Financed over 635 multi-family developments, 39,000 housing units Cinnaire operates housing equity funds in 10 states 24 years experience establishing state and regional equity funds Proven record of SEC, HUD, IRS compliance State of art technology systems & secure broadband for investor reporting Expert investor engagement, underwriting, and asset management Partners with GMHF to administer and manage Minnesota Equity Fund 16

17 GMHF Organizational Structure Parent Company, Subsidiary Organizations & Funds Greater Minnesota Housing Fund (GMHF) Nonprofit 501 (c) 3 Parent Company Certified CDFI w/ Aeris Rating of AAA2+ Established 1996 Greater Minnesota Housing Corporation, Inc (GMHC) Social Purpose For-profit Company Established 2006 Minnesota Equity Fund LLC (MEF) Nonprofit Company Established 2011 Cinnaire Asset Management Fountain Terrace Apts 71 Unit Pilot HIF Acquisition $2.5 Million HIF Equity Housing Impact Fund #1 LLC Social Purpose Housing Impact Fund Future HIF Funds etc. Social Purpose Housing Impact Fund MEF Fund Manager LLC Operating Partnership: Minnesota Equity Fund (MEF) & Cinnaire MEF Multi-State LIHTC Fund #1 LLLP General Partnership of MEF & GLCF w/ UnitedHealth Group as LP: $50 Million Capitalization Open End Fund Cinnaire Equity Capital Access Cinnaire / GLCF Fund #29 & & GLCF Fund #30 Equity Capital Access to MEF of $18 Million to date via GLCF Multi-Investor Funds Future MEF LIHTC Equity Funds 17

18 More information For more information please contact: Warren W. Hanson President and CEO Greater Minnesota Housing Fund & Minnesota Equity Fund 332 Minnesota Street, Suite 1201-East Saint Paul, MN Office: x107 Cell:

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