Agenda. Affordable Housing Finance An Overview

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1 Agenda Affordable Housing Finance An Overview Policy Priorities & Funding Requirements Local Sources Scoring Criteria & Funding Requirements TCAC Affordable Housing Finance An Overview

2 Market rate Housing Finance Development sources: debt + equity Operating sources: rental revenue Affordable Housing Finance Development sources: multiple + layered Operating sources: minimal Funding Sources Conventional debt (bank mortgage) Public agency debt State, county & city loans Tax credit equity

3 Types of Debt Conventional Hard Money Public Agency Soft Money ConvenBonal Debt Typically bank money Usually a small percentage of overall financing Requires regular monthly payments Loan secured against property through a lien Simple application process Loan amount based on straightforward underwriting Standard requirements for contractor, construction & design review, draw payment Public Agency Debt Public agency loans are SOFT DEBT Public agency lenders have a subordinate claim below hard debt lenders Soft debt lenders typically receive simple interest (0-5%) Loan terms are longer than conventional lenders: years Borrowed money that must be repaid at end of the term (re-finance) Loans typically repaid as residual receipts Repaid to the extent cash is available after payment of expenses, debt service and reserves Application process may be competitive; award based on scoring criteria Exceptional standards, e.g., labor, design, sustainability Limited to a per-unit maximum loan amount

4 Sources of Public Agency Debt Federal (but allocated to State and local agencies) HOME Community Development Block Grant (CDBG) State Multifamily Housing Program (MHP) Local Redevelopment Agency Housing Trust Fund City of Industry Funds Mental Health Services Act (MHSA) Debt vs. Equity Debt Borrowed money that must be repaid Lender has superior claim to income & assets Lender earns interest Can be construction and/or permanent loan Equity (Tax Credit Investment) Subordinate claim to income & assets Sole claim to profits or losses after debt is met Equity Low Income Housing Tax Credits The 1986 Tax Reform Act Incentive for the development of affordable rental housing Dollar for dollar credit against tax liability

5 Tax Credit Tax Credit Tax Deduction 1,000,000 Gross Income 1,000,000 Gross Income - 300,000 Tax Deduction = 700,000 Taxable Income x 35% Tax Bracket x 35% Tax Bracket = 350,000 Tax Liability = 245,000 Tax Liability - 300,000 Tax Credit = 50,000 Adjusted Tax Liability Equity Low Income Housing Tax Credits The IRS apportions tax credits to each State California Tax Credit Allocation Committee (TCAC) Allocated on a per capita basis ($2.10) In CA for 2010 = $77.6 million in annual competitive credits Equity Low Income Housing Tax Credits Developer applies to TCAC for an allocation of tax credits HIGHLY COMPETITIVE Sells the credits to investors in exchange for cash (equity) Investor receives federal tax benefits

6 Who are Investors? Investors are corporations or pools of corporations (Google, Chevron, Verizon) Direct Investors Banks Syndicators (non-profit and for-profit) Gap Analysis How much soft debt does the project need? Determine rents depends on mission, operational feasibility & funding sources Determine supportable loan amount Estimate tax credit & equity investment Soft debt = difference between total uses and the supportable debt and equity amounts What soft debt resources are available for the project? May need multiple soft debt sources Request maximum competitive amount Adjust program & / or financing to maximize competitiveness How to secure financing Competitive applications Scoring criteria, variable by source Limited number of opportunities to apply each year Certain funds need to be committed before others Apply for local funds Apply for TCAC allocation

7 Sample Permanent Financing Sample Permanent Financing Structure Source Amount % of Total Cost Bank Loan 1,931,581 11% Tax Credit Equity $8,001,000 47% Mental Health Services Act (MHSA) $2,620,750 15% City of Los Angeles $2,558,379 15% LA County - City of Industry $2,000,000 12% TOTAL SOURCES $17,111,710 Policy Priorities & Funding Requirements Local Sources Local Sources Policy PrioriBes and Funding Requirements Environmental Reviews CEQA, NEPA Design Guidelines Architectural Review Early participation on project team (pitch meeting) Assignment of Agreements, Plans, Specifications

8 Local Sources Policy PrioriBes and Funding Requirements Community Engagement and Outreach Healthy Neighborhood Policies Lead Certification Sustainable building and construction practices LAHD Sustainable Building Incentive Fund Local Sources Policy PrioriBes and Funding Requirements Labor Requirements Construction Careers and Project Stabilization Policy - Local Hiring Equal Opportunity Requirements MBE/WBE Goals Prevailing Wages Local Sources Policy PrioriBes and Funding Requirements Project Labor Agreement Davis-Bacon Wages Compliance Monitoring Pre-construction conference recordkeeping and reporting requirements Multi-source documentation Contractor Approvals Competitive bidding

9 Local Sources Policy PrioriBes and Funding Requirements Public approval and documenting process But we re your friends! Scoring Criteria & Funding Requirements TCAC TCAC (9%): Readiness Criteria Projects qualify for 20 points if they meet the readiness criteria, which comes with requirements: After receiving an allocation of tax credits, projects must close construction loan financing within 150 days Must provide an executed letter of intent from your equity partner within 90 days You must also form your limited partnership entity and pull the building permit by the end of the 150 days

10 TCAC: Sustainable Methods A maximum of 8 points is awarded in this section Applicants may choose from a list of items to meet this point total You may also achieve 8 points by agreeing to certify in accordance with LEED for Homes, Green Communities or the GreenPoint Rated Multifamily Guidelines Going forward, using a third part rating system may become mandatory TCAC: Set Aside Requirements Non-profit (10%), Rural (20%), Small Development (2%), At-Risk (5%), Special Needs/SRO (2%) Within the non-profit set-aside, there is a preference for projects that house the formerly homeless Goals for housing types include: Large Family (65%), SRO (15%), At-Risk (5%), Special Needs (15%) and Seniors (15%) TCAC: ConstrucBon Standards Minimum requirements for: landscaping, roofs, exterior doors, appliances (Energy Star), window coverings, water heaters, floor coverings, low VOC paints and stains TCAC is revisiting their regulations this fall, and some sustainability checklist items may become minimum standards You may also get more money (basis boost) by exceeding Title 24 standards by 35% or choosing from a pre-set list of green/energy efficient items

11 Other design/construcbon issues Each funding source brings a green requirement: you may have to coordinate 4 or more checklists Community outreach process can be more extensive Many funding sources conduct their own design review: CRA, County of LA Construction involves more players at the jobsite meeting table: multiple funders, labor compliance Draw forms may be unfamiliar and more complex: i.e. for HUD projects

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