CITY OF NEWARK SECTION 108 LOAN PROGRAM. DRAFT PROGRAM GUIDELINES As approved on 7/28/13 by HUD and written on 9/15/14

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1 CITY OF NEWARK SECTION 108 LOAN PROGRAM DRAFT PROGRAM GUIDELINES As approved on 7/28/13 by HUD and written on 9/15/14 A Program Financed Under the U.S. Department of Housing & Urban Development Section 108 Loan Program Administered by the: Department of Economic & Housing Development Revised as of 12/17/14 JML 1

2 DEPARTMENT OF ECONOMIC & HOUSING DEVELOPMENT SECTION 108 LOAN PROGRAM Table of Contents I. City of Newark Section 108 Program Description A. Program Objective and Target Areas B. Eligible Applicants C. Eligible Uses D. Program Requirements II. Section 108 Loan Application A. Application Process B. Selection Criteria C. Pre-Application Package 2

3 I City of Newark Section 108 Program Description The City of Newark established a $12 million Section 108 Loan Pool to fund future projects in seven targeted areas (nodes and corridors) within its corporate limits. The City s Department of Economic Housing & Development (EHD) will administer the Loan Pool Program. The key objectives of the Program are to: Provide subordinated financing to eligible borrowers to fill a financing gap beyond the amount of private participation and equity investment that can be raised. 1 Provide long term, fixed or variable rate financing at interest rates lower than conventional financing. Provide a means for revitalizing disadvantaged areas. Create sources of new jobs. For more information about the HUD Section 108 Loan Program, please see: programs/108/factsheet A. Program Objective & Target Areas Program Objective The City intends to fund projects that will further the 24/7 nature of the downtown core, promote large, vacant commercial properties for utilization as job-producing spaces, acquire property for future real estate development and enable the City to assemble industrial parcels that have disparate ownership to create light industrial and manufacturing facilities. The City s 2009 Master Plan Re-examination report prioritized activities that will create quality jobs for Newark residents, such as facilitating a Living Downtown that would expand downtown housing, retail, education, office and hospitality options. Another such activity within the Re-Examination report is maximizing growth at Newark s air and sea ports. Target Areas The City will use Section 108 funds focused within three key downtown redevelopment nodes and four main neighborhood-based corridors for improvement. NOTE: Projects that are located within one of the following seven nodes or corridors will be prioritized in the screening process; nevertheless, projects located outside of the seven areas are also welcome to apply. 1 As long as the applicant can meet the collateral requirements, Section 108 Loans can be in subordinated position (but usually not lower than 2 nd priority). If the first lien is a tax-exempt instrument, special rules apply. 3

4 B. Eligible Applicants Private, for-profit businesses that have been engaged in industrial, retail or distribution activities for at least two (2) years and are able to demonstrate sufficient probability. An applicant must be a sole proprietorship, an incorporated business, a partnership or any other legally organized business registered with the State of New Jersey. They would qualify for a business loan. Non-profit economic development organizations with projects involving the renovation/construction of commercial/industrial buildings (Note: working capital is not available to non-profits). These transactions would qualify as a real estate loan. Third-party developers or entities constructing or rehabilitating income-producing properties, who would qualify for a real estate loan. 4

5 C. Eligible Uses With rare exception, new housing construction is not eligible for Section 108 financing, though the rehabilitation of buildings (whether formerly used for residential, commercial, etc. uses) for residential purposes is allowed. The eligible activity of special economic development allows the financing of new construction (including rehabilitation) for commercial or industrial transactions. For new construction properties mixing commercial and residential uses, the City will limit Section 108 financing to the commercial component. Other eligible uses include: Working capital for labor and moving costs associated with the expansion or relocation of a project, inventory financing, receivable financing, training and marketing financing. Working capital is not available to non-profit organizations. Working capital expenses will only be considered in conjunction with the total project and it will not be financed independently. o Working Capital Up to a maximum of ten (10) years Renovation and new construction of commercial/industrial buildings o Renovation up to a maximum of (20) years Acquisition of commercial/industrial land and buildings o Acquisition of land, buildings, or new construction up to twenty (20) years Acquisition and installation of machinery and equipment o Machinery and Equipment up to a maximum economic life of the machinery and equipment or up to a maximum of twenty (20) years, whichever is less. Refinancing of existing debt to an independent institutional lender (as part of a new project creating new job opportunities) Funds cannot be used to reimburse for costs incurred prior to EHD completing a HUD Environmental Review, except for planning costs of the project. D. Program Requirements Financing and Rates There are two loan types: (1) a business loan, and (2) a real estate loan. Each type of loan has its own set of guidelines for evaluation. (1) Business/User Loan involve projects in which debt service is repaid from cash flow generated by an operating business either from the production of a good or from the provision of a service. Whether a retail store, a wholesaler, a manufacturer or an accounting firm, all transactions, large and small, are analyzed in the same disciplined manner. (2) Real Estate/Investor Loan involve projects in which debt service is paid from cash flow generated from leasing property to third party tenants. Real estate lending incorporates many types of projects: retail, industrial, warehousing, office space, hotel, commercial, for 5

6 example. Since the property generates income, real estate/investor projects are also called income-producing properties. 2 The maximum loan amount for any given project is less than 50% of the total Loan Pool amount in any given Fiscal Year, regardless of the type of loan. The rate shall be the 100 basis points (1%) above the rate that HUD uses on the interim or permanent financing periods. Interim financing is intended to be short term financing; the floating interim rate is based off of the 3-month London InterBank Offered Rate (LIBOR), adjusted monthly, plus 20 basis points (0.2%). Interim financing is available at any time. Permanent financing is based off of the 10-year Treasury note plus the City s cost of funds (a good faith estimate of the effective rate to the borrower is approximately 1.8% over the 10-year Treasury note). Approximately every 12 months, HUD conducts a public offering of Section 108 loans. Project Eligibility All applications should clearly demonstrate how their project will benefit the low and moderate income (LMI) residents of Newark, will eliminate slums and blight, or will meet Newark s critical community need of housing occupancy. Projects should be able to either create one full time equivalent job per $35,000 CDBG Section 108 loan monies or serve one LMI resident per $350 of loan monies. Depending on the poverty rate of the location, most projects in the target areas will be eligible for a more advantageous ratio of 1 job created per $50,000 CDBG loan monies. If the project is a rehabilitation of a building for residential use, then 51% of the units must house LMI residents. Other Regulatory Requirements All Section 108 funded projects are required to comply with federal, state and local statutes, regulations and requirements, including but not limited to Environmental Review Requirements, Davis-Bacon Act, Uniform Relocation Act, Workers Compensation, Section 3 of the Housing and Community Development Act, and insurance requirements. 3 Other Federal Requirements are enumerated in 24 CFR Part 570 Subpart K. 2 Please note that the Section 108 Loan cannot be used to fund new construction of housing (unless solely for homeownership), but it may be used to rehabilitate existing housing. 3 If the Section 108 Loan funds construction, then the project must comply with Davis-Bacon provisions (prevailing wage standards). If Section 108 funds non-construction related items (acquisition, personal property, selected soft costs), then the transaction is exempt from Davis-Bacon. Section 108 funded activities that result in the displacement of persons or businesses will trigger the Uniform Relocation Act compliance requirements. 6

7 II Section 108 Loan Application Newark s Department of Economic and Housing Development (EHD) administers the Section 108 Loan Pool Program. To express interest in the loan application, please contact Jennifer Lee, Section 108 Program Manager, or Julio Colon, Director of Real Estate & Housing, A. Application Process The application procedure for the Section 108 Program includes a pre-application and final application phase. Final applications may only be submitted following an invitation from the Department. The purpose of the pre-application will be to evaluate a proposed project to determine if the proposed project meets the requirements for the City s guarantee and Pledge of future CDBG grant money. The purpose of the final application will be for the City to prepare and approve the final form of the application to HUD. B. Selection Criteria The Department of Economic and Housing Development (EHD) will consider the following factors in deciding whether to invite an applicant for the final application process. i. Financial Feasibility 1) Can the loan be repaid? 2) Loan to Value ratio : 80% 3) Debt service coverage ratio: 1.2 4) Additional funding is assembled 5) Demonstrated work experience and financial capacity to undertake project (work experience and personal financials) ii. iii. Applicant Eligibility and Eligible Use of Funds 1) Meets all federal, state and local requirements and laws 2) Regulations governing the Section 108 program may be found at 24 CFR 570, Subpart M, Loan Guarantees. Program Impact 1) Number of jobs created and/or retained; 2) Section 108 cost per job (1 full-time equivalent job per $35,000 loan money); 3) Availability of jobs to low/mod income persons; 4) Quality of jobs and employee benefits (health, retirement, leave, etc.); 5) Project's impact on local unemployment rates; and 6) Project s impact on local, affordable housing supply; 7) (if applicable) Project's impact on blighting conditions that threaten public health and safety or impede economic development. 7

8 C. Pre- Application Package The contents of the Pre-Application Package include: 1. Information packet (this document) 2. Pre-application sheet (an excel spreadsheet) 3. Pre-application document checklist (see below) Pre-Application Document Checklist Prospective borrowers are required to submit the following information in addition to the preapplication sheet (excel spreadsheet) to EHD for review and approval. Brief Description (1-2 pages) Fully Loaded Budget (All Hard and Soft Costs) Sources and Uses of Funds Experience of Development or Management Team Personal Financials of Principals Projected Number of New Jobs Financial Information (if for a Business Loan) Historical (3 Years) Financials- Balance Sheets; P&L; Reconciliation of Net Worth; Changes in Cash Position Tax Returns (3 Years) Pro forma (10 Years); Cash Flow Projection First Two Years Financial Information (if for a Real Estate Loan) Ten-Year Cash Flow Forecast List of Comparable for Rents, Vacancy and Operating Expenses If Available, Market Study or Appraisal 8

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