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Financing Strategies

I nnovative. Financing Strategies. Chris Hilbert, VHDA Strategic Markets Development Manager VHC Tax Credit Conference September 5, 2013. STRATEGIC MARKETS LENDING GROUP. Aligning our programs with local /regional priorities Encouraging public/private partnerships

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Financing Strategies

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  1. Innovative Financing Strategies Chris Hilbert, VHDA Strategic Markets Development Manager VHC Tax Credit Conference September 5, 2013

  2. STRATEGIC MARKETS LENDING GROUP Aligning our programs with local /regional priorities Encouraging public/private partnerships Providing technical assistance Demonstrating commitment for mission-driven lending through long term investment

  3. SPARC Multifamily Rental Loan Program • General Standards • Guidelines • Application Process • Example Properties

  4. General Standards Loan Limit: $950,000 (NoVA $1,500,000) Loan Rates: REACH at 2.95% Fixed Loan Term: 25 - 30 years (depending upon age) Loan Fee: 0.5% Due at application Inc. Restrictions: 50% residents @ 50% AMI Loan Security: First lien deed of trust Appraisal: MAI appraiser required Environmental: Phase I/Environmental Screen

  5. General Standards (contd.) Replacement Reserve: Min. $250 PUPA Debt Service Coverage: Minimum 110% Arch. & Engineering Review: Required Rehab Investment Minimum: $15,000/unit Property Mgmt. Certification: New Requirement Readiness: Use and funding in place Loan Documents: Non-negotiable Construction/Perm: Only permanent financing

  6. Guidelines Project must address at least one of the five following critical housing needs in the Commonwealth: • Frail Elderly (Assisted or Independent Living) • Homelessness (Permanent Supportive Housing Only) • Persons with Disabilities (Housing with Services) • Preservation of Affordable Rental Housing (Expiring Subsidy) • Revitalization (Need $1,000/unit local match and must be located in a Revitalization Area)

  7. Application Process VHDA Website Link to application http://www.vhda.com/BusinessPartners/MFDevelopers/MFFinancing/Pages/MF-SPARC-Program-Guidelines.aspx • Application • Application Checklist • Exhibits to the Application • SPARC Program Guidelines

  8. Cloverleaf Apartments • Developer: Virginia Supportive Housing • Critical Housing Need: Homelessness • Adaptive Reuse of former skating rink • Commercial Corridor (lowered NIMBY) • 60 units of Permanent Supportive Housing • Targeted towards Chronically Homeless • One of the first regional SRO in the nation

  9. Cloverleaf ApartmentsVirginia BeachBefore After

  10. Hilltop Homes • Developer: Lynchburg Neighborhood Dev. Foundation • Critical Housing Need: Revitalization • Scattered-Site Historic Rehab • 24 units located on 12 sites and 13 structures • Avoids concentration of poverty • Lowers NIMBY barriers vs. higher management costs • Funding Sources: • Low Income Housing Tax Credits • VHDA SPARC • DHCD and Local - HOME

  11. Hilltop HomesLynchburg Before After

  12. Contact Information: Chris Hilbert Strategic Markets Dev. Manager 804.343.5741 chris.hilbert@vhda.com

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