Federal Home Loan Bank of Cincinnati Affordable Housing Program

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1 Federal Home Loan Bank of Cincinnati Affordable Housing Program Damon V. Allen, Presenter 2014 National Community Land Trust Conference

2 This presentation may contain forward-looking statements that are subject to risks and uncertainties including, but not limited to, the effects of economic market conditions on demand for the FHLBank s products, legislative or regulatory developments concerning the FHLBank System, competitive forces and other risks detailed from time to time in the FHLBank s filings with the Securities and Exchange Commission. The forward-looking statements speak as of the date made and are not guarantees of future performance. Actual results or developments may differ materially from the expectations expressed or implied in the forward-looking statements, and the FHLBank undertakes no obligation to update any such statements. 2

3 General FHLBank Profile Congressionally chartered, privately owned wholesale bank Established in 1932 Not a government agency Aaa-Rated Government Sponsored Enterprise (GSE) No Federal appropriations 3

4 General FHLBank Profile Members are financial institutions Commercial Banks Savings Institutions Credit Unions Community Development Financial Institutions Insurance Companies Cooperative Structure Members are both owners and customers 727 Members as of December 31, 2013 $103.2 Billion in Assets as of December 31,

5 FHLBank Mission To provide financial intermediation between our member stockholders and the capital markets in order to facilitate and expand the availability of financing and flow of credit for housing and community lending throughout the Fifth District. Advances (loans) Letters of Credit Mortgage Purchase Affordable Housing Community Investment TN KY OH 5

6 Housing and Community Investment Programs Affordable Housing Program Welcome Home Program Carol M. Peterson Housing Fund Community Investment Program Economic Development Program Zero Interest Fund Accessibility Rehab Program Disaster Recovery Program 6

7 Source of AHP Funding 10% of FHLBank Net Earnings Private dollars AHP Subsidy Creates 10 percent Welcome Home Competitive AHP 25 years of providing AHP Subsidy 2014 AHP funding - $19.3 million 7

8 As a system, the 12 FHLBanks have distributed about $4.83 billion in subsidy since 1990 through the Affordable Housing Program (AHP) Source of AHP Funding More than 811,500 housing units 475,000 units for very low-income residents Source: FHLBank Boston and Atlanta. NCLT Presentation (March 25, 2014). 8

9 AHP Participants Members are financial institutions Commercial Banks Savings Institutions Credit Unions Community Development Financial Institutions Insurance Companies Sponsors are housing providers & developers Non-profit organizations For-profit entities Government Agencies 9

10 AHP Participants Affordable Housing Advisory Council Reside in the Bank's District Community and not-for-profit organizations Actively involved in providing or promoting low- and moderate-income housing and/or community lending. 15 members 10

11 Affordable Housing Program Provides direct grants for development of housing for households at or below 80% of the area median income (AMI). Competitive application process Projects are selected based on: Eligibility and Threshold Requirements Financial Feasibility Scoring Criteria Only a Member of the FHLBank of Cincinnati can submit an AHP application; however, the Sponsor prepares the majority of the application. 11

12 AHP Eligible Uses Ownership or Rental Housing Costs directly related to housing development New Construction Rehabilitation (cannot be less than $5,000 or greater than $50,000 per unit or bed) Acquisition/Purchase of land or buildings Any of combination of the above * Facilities that require a Certificate of Need or require licensure such as ICF or ICF/MR are not eligible for AHP. * AHP cannot be used for operating or non-residential costs. 12

13 Types of Eligible Rental Housing Multi-Family, Elderly (age 60 and above), or Single-Family Housing Permanent Supportive Housing Transitional Housing Group Homes/Special Purpose Housing Emergency and Domestic Violence Shelters Single Room Occupancy Projects Re-entry Housing * Only one resident manager unit allowed per project. 13

14 Bed: AHP Project Units Defined Residential dwellings that do not contain bath and/or food preparation facilities and provide at least 80 square feet of living space per person. A bed cannot be occupied by more than one person. All Shelters and some Special Purpose Housing and Group Home projects provide beds. Unit: Residential dwellings that contain bath and kitchen facilities and common living areas. A unit can be occupied by one or more persons. Units are identified as SROs, efficiencies, one bedroom apartments, two bedroom apartments, etc. 14

15 AHP Threshold Requirements Sufficient funds to cover all project costs. Demand for the housing at the income targets and monthly rent or mortgage expected. Appropriate for the population being served. Project will be marketed to the target population and comply with all state and federal Fair Housing and Accessibility Laws. The Sponsor has experience and capacity to complete and operate the project (if acting as property manager). Project will begin incurring AHP eligible expenses within 12 months and be complete within 36 months. 15

16 AHP Threshold Requirements Sponsor has site control (deed, purchase contract, etc. or acquisition plan). Expected project costs are reasonable. All project units will be occupied by households with incomes at or below 80% AMI; except rental projects which will have at least 20% of the units occupied by households with incomes at or below 50% AMI. Units will be affordable to the population being served. (Rental projects, tenants will pay 20-30%; Ownership projects homebuyers will pay 20-31% of monthly income). If the project requires new permanent debt, the Member will provide the permanent loan. 16

17 AHP Feasibility Guidelines Total Project Cost (TPC) per Unit <=$185,000 Total Project Cost per Bed <=$50,000 Total Soft Costs (as percent of TPC) <=25% Tax credit rental projects <= 30% Total Contractor Costs (as percent of hard costs) <= 14% (construction management & overhead + contractor s profit + general requirements) Developer Fee (as percent of TDC) <= 15% Owner-occupied Rehab <= 10% Acquisition only <= 5% 17

18 AHP Feasibility Guidelines Operating Expenses per Unit <= $5,000/yr Operating Expenses per Bed <= $4,000/yr Annual Replacement Reserves per Unit $1-$400/yr Replacement Reserves per Bed $1-$200/yr Vacancy Ratio (as percent of income) 5% - 10% Shelters/Special Purpose Housing/Group Homes 0% Management Fee (as percent of net income) <= 10% Capitalized Reserves <= 12 months Special Needs/Historic Renovation Projects <= 15 months 18

19 AHP Feasibility Guidelines Debt Coverage Ratio Projects with mortgage debt Expense to Income Ratio >=80% No-debt projects Net Cash Flow positive for 15 years Tax Credit Sale Price <=$0.80 AHP Subsidy per Unit <= $50,000 AHP Subsidy per Bed <= $15,000 Total AHP subsidy lesser of $1,000,000 or 75% of TPC 19

20 Feasibility In the application, values outside of a feasibility guideline will be identified with an "Alert. The value should be changed to bring it within the guidelines or an explanation provided. Failure to provide an adequate explanation and justification may result in the application being denied. Providing justification does not guarantee an exception will be granted. 20

21 FHLBank of Cincinnati Priorities Member Participation (5) First-time Homebuyers (5) Community Involvement (3) Projects in OH, KY& TN (5) Special Needs Housing (10) Housing in Appalachia (3) Funding Commitments (4) AHP Leveraging (5) Scoring Criteria (100 Point System) All FHLBanks Donated Property (5) Sponsorship (5) Empowerment (5) AHP Subsidy per Unit (10) Income Targeting (20) Homeless Housing (5) Community Stability (10) 21

22 I Want to Try This! What do I do Now? Steps for Sponsors Plan the project, develop a written plan: Where will the project be located? Will I purchase, build new or rehabilitate a property? Do I have a warranty deed or purchase agreement to prove site control? How many units or beds will the project have? Do I have a professionally created floor plan? If not, where will I get it? What will it cost to build or rehabilitate? What registered architects or general contractors will I call to get written cost estimates? Are the costs estimates reasonable? Prepare a development budget using the cost estimates. How will I pay for all project costs? What other sources of funds can I get? (not just AHP) 22

23 Steps for Sponsors Who will I serve? What incomes will the residents have? Will at least 20% of the residents have income at or below 50%? Will residents be special needs, elderly or homeless? Will the tenant paid rent be between 20 and 30% of the residents monthly income? Will the project or any residents receive rental assistance? Prepare an income/expense statement for housing operating costs only (no services) and 15-year cash flow analysis. Identify and meet with a Member of the FHLBank to present the project plan. Member will review the project plan and determine whether to support the Sponsor and project. 23

24 Steps for Sponsors If Member partners with Sponsor, Member will: Determine what type of contributions or concessions will be made to the project; If a loan is needed, underwrite the Sponsor and project; and, Set the date to receive the online application from the Sponsor in order to gain the necessary approvals. Sponsor registers online for a Sponsor ID and Password, completes the online application and submits the application to the Member by the Member-set deadline. Member submits the online application to the FHLBank by 5:00 PM, ET, on August 1,

25 AHP Application Process Recap Sponsor completes the application online, including financial information, and submits the application electronically to the Member. Member reviews and completes the Member information and submits the application electronically to the FHLBank. Sponsor and Member submit Required Documents to support information submitted in the application. The Required Documents are an integral part of the application. The application is not complete until the documents are received. 25

26 Required Documents The online application tracks documents required based on answers to certain questions. When an application is submitted, the system sends an to the Member/Sponsor listing all Required Documents and specific descriptions of what the documents must contain. Examples: Memorandum of Understanding (MOU) (must be on FHLBank form, signed by authorized representatives, dated in the current year) Warranty Deeds for project property in Sponsor s name Member & Sponsor Certifications (must be on FHLBank forms, signed by authorized representatives, dated in the current year) 26

27 Required Documents for Threshold & Feasibility The documents to verify the following must be submitted to demonstrate that threshold and feasibility requirements are met: Acquisition Cost (HUD-1, settlement statement and PVA or appraisal) Site Control (deed, purchase contract, etc.) Funding Commitments Floor Plan Loan Documents for Projects with Existing Debt (if applicable) Occupancy Report for Current Occupants (if applicable) Detailed Description of Rehab Activities and Costs from Certified Architect or General Contractor (rehab projects only) 27

28 Required Documents Related to Scoring The following scoring categories require additional documentation be submitted: Member Participation (letter on letterhead,signed by an authorized representative, dated in the current year) Community Involvement Funding Commitments Donated Properties (unrelated parties within past 5 yrs) Sponsorship (MOU, published brochure) Empowerment Homeless Housing Community Stability 28

29 Key AHP Dates Online Application opens May 30, 2014 Application due August 1, 2014, 5:00 PM, ET Required Documents due August 8, 2014, 5:00 PM, ET Awards made November 2014 and then project must: Have at least one funding source (other than AHP) secured and start the project within 12 months of award Have all funding sources secured within 18 months of award Start construction within 24 months of award Complete construction/rehab within 36 months of award Submit disbursement request 90 days from completion 29

30 Reasons Projects Are Not Approved 1. Documents are not signed or dated, are outdated, or are not on letterhead 2. Documents do not provide required information or required documents are not submitted 3. Financials are incomplete, costs are not reasonable or do not meet feasibility requirements 4. Explanation provided for Alerts was not sufficient or did not provide enough detail 5. Information stated in the online application did not match documents submitted * First-time Sponsors should work with an experienced developer or consultant. 30

31 Disbursement of AHP Funds AHP funds are disbursed to the Member only after construction or rehabilitation is complete. Early disbursements (25% of the AHP award) are available for projects meeting certain criteria. Member disburses AHP funds to the Sponsor/project. Disbursement request forms and guide manuals are located on the FHLBank s website. 31

32 Retention Requirement AHP rental projects are required to serve residents at the approved income levels and maintain affordable rents for a period of 15 years. This is enforced by adding restrictive language to the property s warranty deed, through an addendum to the warranty deed, or filing a deed restriction or restrictive covenant on the property. The FHLBank provides Sponsors with the specific restrictive language that must be used. 32

33 AHP Monitoring All AHP projects are subject to monitoring by the FHLBank through: Periodic Progress Reporting during construction or rehab. Report forms are sent to Sponsors and Members for completion. Initial Monitoring at disbursement of funds. Completed using documents submitted by the Sponsor and Member with the disbursement request. Nine months after final disbursement and annually thereafter with project audits completed periodically throughout the 15-year retention period. Certification forms are sent to Sponsors and Members for completion. Sponsors must also submit rent rolls / occupancy reports and tenant documentation for audits. 33

34 We encourage all FHLBank Members and housing sponsors to notify us of plans to celebrate or recognize any FHLBank funded housing or community investment project. The FHLBank is often available to participate and to offer public relations assistance for community events such as ribbon cuttings, groundbreakings, and dedications. Please contact Member Services/Public Affairs, toll free at FHLB(3453). 34

35 Contact Us Federal Home Loan Bank of Cincinnati 221 East Fourth Street P.O. Box 598 Cincinnati, OH Toll free: (888) Fax: (513) * View AHP Webinars from the website and check website for AHP Workshop dates in April

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