Developer s Roundtable
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1 Developer s Roundtable Moderator Renee Beaver Novogradac & Company LLP Panelists Kelley Hrabe Prairie Fire Development Group Flynann Janisse Rainbow Housing Assistance Association Larry Murtaugh Catholic Charities Housing Corporation Kathy Makino-Leipsitz Shelborne Development 1
2 Kelley Hrabe PRAIRIE FIRE DEVELOPMENT GROUP 2
3 Baxter Spring Senior Living Baxter Springs, Kansas Historic renovation of 1918 high school in to 28 units of elderly housing Capital Stack: Leverage Project Impact: Federal LIHTC and Federal and State HTC Minimal permanent debt Located in a Neighborhood Revitalization Area (allowed by KS State Statute) eligible for property tax rebate Encourage participation by local trades/economic development Financial donation to community Blight removal Addressing community need for senior housing 3
4 Baxter Spring Senior Living Baxter Springs, Kansas 4
5 Flynann Janisse RAINBOW HOUSING ASSISTANCE ASSOCIATION 5
6 Overview: San Gabriel Portfolio Lancaster, Victorville and Rialto, Calif. Objectives: Capital Stack: Acquisition / rehab of 429 units of five (5) Section 8 properties Comprised of four (4) family and one (1) senior property Approximately $13.5 million rehab ($31.6k / unit) 11- month construction timeline, renovations completed with tenants in-place Interior and exterior ecofriendly renovation Significantly improve and preserve existing affordable housing stock Implement resident services in underserved communities Substantial renovation of aging housing stock Enhance energy efficiency and improve water conservation across the portfolio through the addition of solar installation and droughttolerant landscaping Federal LIHTC s equity investment, tax-exempt bonds Permanent tax exempt bond financing -Senior and Subordinate Bonds Eligible for property tax exemption 6
7 San Gabriel Portfolio Lancaster, Victorville and Rialto, California 7
8 Larry Murtaugh CATHOLIC CHARITIES HOUSING CORPORATION 8
9 Kirby Manor Cleveland, Ohio 9
10 Kirby Manor Cleveland, Ohio PROJECT FACTS Primary Funding Total Cost LIHTC $16.3M Number of Units 147 Placed in Service 10/1/2006 CCHC Role Minority Partner 10
11 Kirby Manor Cleveland, Ohio SOURCES OF FUNDING Limited Partner Equity $8,953,105 First Mortgage $4,078,603 City of Cleveland $1,000,000 Deferred Developer Fee $374,224 HUD Note $1,407,935 Replacement Reserves 0 Accrued HOME Interest 0 Operating Income 0 State of Ohio HDAP $450,000 GP Equity $895 TOTAL SOURCES $16,264,
12 Ohio Housing Finance Agency 2014 Qualified Allocation Plan Priorities For 2014 Set housing policy that addresses the housing needs of the State Further fair housing that decentralizes the concentration of poverty Fund a diverse array of preservation developments Leverage and further economic development around the State Fund a balanced distribution of developments that meet OHFA s objectives 12
13 2014 QAP Allocation Pools New Rental Units Pool - $9,000,000 Includes urban, suburban and rural Existing Rental Units Pool - $8,500,000 Includes urban, suburban and rural Permanent Supportive Housing - $4,000,000 $3,250,00 allocated for 6 largest cities (Akron, Cincinnati, Cleveland, Columbus, Dayton & Toledo) $750,000 allocated for all other areas of the State Strategic Initiatives Pool pool to fund proposals that do not receive an award in other pools 13
14 Competitive Selection Process/2014 Scoring Criteria Local Collaboration Development Characteristics Economic Characteristics Market Quality Areas of Distinction Preservation Priority 14
15 Developer s Roundtable Moderator Renee Beaver Novogradac & Company LLP Panelists Kelley Hrabe Prairie Fire Development Group Flynann Janisse Rainbow Housing Assistance Association Larry Murtaugh Catholic Charities Housing Corporation Kathy Makino-Leipsitz Shelborne Development 15
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