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Federal Home Loan Bank of Des Moines Affordable Housing Program

Federal Home Loan Bank of Des Moines Affordable Housing Program. Stacy Snyder Rental Housing Manager August 2013. What does the Federal Home Loan Bank of Des Moines do?. Provides Advances to Member institutions (banks, insurance companies, & credit unions) Government Sponsored Entity

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Federal Home Loan Bank of Des Moines Affordable Housing Program

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  1. Federal Home Loan Bank of Des MoinesAffordable Housing Program Stacy Snyder Rental Housing Manager August 2013

  2. What does the Federal Home Loan Bank of Des Moines do? • Provides Advances to Member institutions (banks, insurance companies, & credit unions) • Government Sponsored Entity • As part of it’s mission, the Bank sets aside 10% of its Net Income each year for Affordable Housing initiatives

  3. Who does FHLB Des Moines serve? The Bank’s 5 state district includes: Iowa Minnesota Missouri North Dakota South Dakota

  4. FHLB Des Moines Members More than 1,200 members which include: Commercial Banks Credit Unions Thrifts Insurance Companies Housing Associates

  5. Community Investment Department Contacts • Rental Housing • Homeownership • Administrative • Stacy Snyder, Rental Housing Manager • Brandon Wiltgen, Rental Housing Analyst • Renee Marrs, Rental Housing Specialist • Rick Bloxham, Homeownership Manager • Mary Jo Vogl, Homeownership Analyst • Evelyn Bengtson, Set Aside Homeownership Analyst • Gary Dodge, Director Community Investment • Laura Newberry, Operations Manager • Cheryl McCollum, Community Investment Specialist

  6. Affordable Housing Program (AHP) • Competitive program – 9 scoring priorities (100 points) • Funds can be used for the purchase, construction or rehabilitation of eligible rental or homeownership properties • Maximum of $500,000 or $30,000 per unit (lesser of) • Income levels at or below 80% of the Area Median Income (AMI) • Note: Rental projects must have a minimum of 20% units targeted at income levels of 50% AMI or below • Retention periods: • Rental = 15 years • Homeownership = 5 years

  7. Project Types • New Construction • Acquisition and Rehabilitation • Rehabiliation • Down Payment and Closing Cost Assistance (HO only) • Development / Lender (Habitat for Humanity)

  8. FHLB Des Moines’ Affordable Housing Initiatives (from 1990 - 2011) • Iowa = $32.1 million (259 projects) • Minnesota = $59.5 million (354 projects) • Missouri = $36.6 million (206 projects) • North Dakota = $9.2 million (52 projects) • South Dakota = $17.7 million (110 projects) • Out of District = $9.1 million (59 projects) • Set aside programs = $31.2 million Total funds awarded = $164.1 milion (1,040 projects) Total development costs = $1.5 Billion (36,518 units)

  9. Step 13 (Rental) – Timing & Use of AHP Funds AHP funds should be utilizedwithin 12 months.The project must also be completedwithin 24 months. If the project will not meet these requirements then it may be ruled ineligible. Most projects use AHP funds as a Construction Loan (i.e., they use the money to pay construction costs as they occur.

  10. Step 14 – Priority 1: Donated Property This is the first scoring category for the AHP application. 5 points - variable Only select one option. Selecting one of the first three options will cause the additional required fields to be shown.

  11. Step 15 (Rental) – Priority 2: Nonprofit/Government Sponsorship This is the second scoring category 10 points - fixed In order to receive points the project must be sponsored by a non-profit or government entity AND the entity must have controlling interest.

  12. This is the third scoring category Step 16 (Rental) – Priority 3: Targeting 20 points - variable All rental projects must target a minimum of 20% of the units at income levels at or below 50% AMI. Projects targeting 60% or more of the units at income levels at or below 50% AMI will receive the maximum points Click on links for Median Income info Targeting information was input in Step 7. If it is incorrect, click on STATUS at the top of the page, then click on Step 7 to change it.

  13. Step 17 - Priority 4: Homeless This is the fourth scoring category 5 points - fixed No data is input here. The homeless units were input in Step 7. If the information need to be changed, simply click on the STATUS button at the top of the page, then click on Step 7 to change it. A minimum of 20% of the units must be reserved for homeless households in order to receive points. No rounding is allowed.

  14. Step 18 – Priority 5: Promotion of Empowerment This is the fifth scoring category 5 points - fixed Describe in detail each program or service provided. A Memorandum of Understanding must be signed between 3rd Party Service Providers and the Owner. Click on the link to see a sample MOU. After selecting a service, click on the circle to indicate whether the service will be provided by the Sponsor or a 3rd Party, then input the name of the Service Provider in the text box provided.

  15. Step 19 – Priority 6: First District Priority 18 points - variable No data is input in this Step. Information was gathered in Step 7 (Rural units) and Step 3 (In District). Click on the STATUS button and return to the appropriate STEP if changes are required. This is the sixth scoring category

  16. Step 20 – Priority 7: Second District Priority This is the seventh scoring category 17 points - variable NOTE: In order to be an eligible Native American Housing project, the project must include Tribal Funding such as Indian CDBG, Indian CSBG, Indian Health Service funds or NAHASDA funding -OR- the owner or sponsor must be the Tribal Government, an agency of theTribal Government, or a corporation or a limited liability entity incorporated under Tribal Ordinances Remember to click on SAVE APPLICATION before continuing to the Next Step!

  17. Step 21 – Priority 8: Subsidy per Unit This is the eighth scoring category 10 points - variable The SPU is automatically calculated based upon info entered in STEPS 6 & 7 Note: The maximum SPU is $30,000/unit

  18. Step 22 (Rental) – Priority 9: Community Stability This is the ninth scoring category 10 points - variable Select Yes or No and enter the number of units Adaptive reuse is the conversion of a non-residential property to a residential use Vacant/abandoned properties must not have been owned by the Sponsor/Owner Step continued on next slide

  19. Step 22 (Rental) – Priority 9: Community Stability (continued) Data for Item C entered in Step 7. Demolish question only asked on New Construction projects. Only required if YES answered to other questions in Section D.

  20. * IMPORTANT DATES – 2014 AHP Applications * ** All times are Central Time. ** NOTE: The AHP online application will be accessible Monday through Sunday from 7:00 a.m. through 10:00 p.m Central Time.  No applications will be accepted after the AHP deadline listed below. In addition, any applications with missing Exhibits at the time of the deadline will be considered incomplete.

  21. Rental Exhibits – Rental Project Worksheet The Annual Rent must equal the sum of the Gross Rent and the Rental Assistance line items on Year 1 of the Pro Forma.

  22. Rental Exhibits – Sources of Funding Total Residential Sources must equal the Total Residential Uses (shown on the next screen)

  23. Rental Exhibits – Uses of Funding Rehabilitation (or New Construction) must equal the Total Costs from the Cost Break equal Uses Sources must equal Uses

  24. Rental Exhibits – Cost Breakdown Total must equal Rehabilitation (or New Construction) on Uses of Funding

  25. Rental Exhibits – Building Information

  26. Rental Exhibits – Pro Forma Gross Rent plus Rental Assistance must equal Annual Rent from Rental Project Worksheet

  27. Rental Exhibits – Rental Project Checklist Project costs should be less than AHP Maximum Explain how costs were determined & why they are justified and reasonable

  28. Rental Exhibits – Rental Project Checklist(continued) Explain why Developer & Consultant fees are justified and reasonable. Explain why Builder’s fees are justified and reasonable.

  29. Rental Exhibits – Rental Project Checklist(continued) Explain why Professional fees are justified and reasonable. Explain why any Capitalized Reserves are being set aside and also why they are justified and reasonable. Explain how the Tax Credit Sales Price was determined.

  30. Rental Exhibits – Rental Project Checklist (continued) Explain how Revenue & Expense escalators were determined. Explain how the Stabilized Vacancy Rate was determined. Explain how the Property Management fee was determined. Explain why any Operating Reserve Payments are necessary

  31. Rental Exhibits – Rental Project Checklist (continued) Explain how the Replacement Reserves were determined & why they are justified. Explain how the Operating Expenses were determined & why they are justified. Explain why the DCR and Cashflow are reasonable and justified

  32. Rental Exhibits – Rent Roll

  33. White Earth Reservation

  34. White Earth

  35. White Earth

  36. White Earth

  37. Alliance Addition – Minneapolis, MN

  38. Alliance Addition

  39. Alliance Addition

  40. Alliance Addition

  41. Rosati House – St. Louis, MO

  42. Rosati House

  43. Rosati House

  44. North Shore Horizons – Two Harbors, MN • $120,000 - Homeless women and children, suffering from domestic violence – supportive services on site

  45. North Shore Horizons

  46. Leasburg Rehabilitation – USDA - MO USDA projects have received more than $10 million in AHP funds to rehabilitate elderly rental units

  47. Leasburg Rehab – USDA - MO

  48. Hamilton Housing – USDA – MO

  49. Contact Information Stacy Snyder Rental Housing Manager Federal Home Loan Bank of Des Moines (515) 281-1042 ssnyder@fhlbdm.com www.fhlbdm.com

  50. Thank You!

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