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Miami-Dade County Housing Finance Authority: Current Developments & Bond Financing Overview

This document outlines current developments related to the Miami-Dade County Housing Finance Authority as of March 24, 2014. It details key loan underwriting factors that determine bond amounts, such as interest rates, loan terms, occupancy rates, and income considerations. The document also discusses tax-exempt bond financing and subsidies critical for affordable housing projects. Specific funding examples include La Joya Apartments, Northside Transit Village, and Regency Point Apartments, highlighting their unit offerings and associated developers.

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Miami-Dade County Housing Finance Authority: Current Developments & Bond Financing Overview

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  1. Miami Dade County Housing Finance Authority Current Developments March 24, 2014

  2. Table of Contents Loan Underwriting Factors Determining Bond Amount 3 Funding Examples 5

  3. Tax Exempt Bond Financing & Subsidies Loan Underwriting Factors Determining Bond Amount • Interest Rate • Term (length) of Loan • Amortization Schedule • Net Operating Income (“NOI”) • Net Operating Income (“NOI”) • Occupancy (and Vacancy) in a Market • Occupancy (and Vacancy) in a Market • Loan to Value Requirement of Lender (“LTV”) • Loan to Value Requirement of Lender (“LTV”) • Debt Service Coverage Requirement of Lender (“DSC”) • Rents in the applicable County which in turn impacts NOI • Income Set Aside (i.e. a development targeted to 60% AMI will support a higher loan than one targeted to 50% AMI etc.)

  4. Tax Exempt Bond Financing & Subsidies New Paradigm Factors Determining Bond Amount • Amount of Housing Credit • Amount of Available Subsidy • Amount of Tax Exempt Bonds to Meet 50% Test

  5. Multifamily Affordable Housing Development Funding Examples La Joya Apartments 150 one, two and three bedroom units SW 268th Street, Naranja Developer: RS Development Corp. Uses Sources

  6. Multifamily Affordable Housing Development Funding Examples Northside Transit Village 100 two and three bedroom units NW 77th Street & NW 31st Ave, Adjacent to the Northside Metrorail Developer: APC Northside Property I Development, LLC

  7. Multifamily Affordable Housing Development Funding Examples Regency Point Apartments 1919-1921 NW 79th Street 5 three-story garden style residential buildings 104 one and two bedroom units Developer: CGS Construction, LLC

  8. Multifamily Affordable Housing Development Funding Examples La Joya Apartments 150 one, two and three bedroom units SW 268th Street, Naranja Developer: RS Development Corp.

  9. Multifamily Affordable Housing Development Funding Examples Northside Transit Village 100 two and three bedroom units NW 77th Street & NW 31st Ave, Adjacent to the Northside Metrorail Developer: APC Northside Property I Development, LLC

  10. Multifamily Affordable Housing Development Funding Examples Regency Point Apartments 1919-1921 NW 79th Street 5 three-story garden style residential buildings 104 one and two bedroom units Developer: CGS Construction, LLC

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