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Financing the Deal

This document outlines the financing strategies for various affordable housing projects, presented by Rob Curry from the Cleveland Housing Network and J. David Heller from The NRP Group, LLC. It discusses the application of 9% and 4% tax credits, tax-exempt bonds, and pro forma analyses for units such as Glenhaven Senior Apartments and Willowbrook Senior Homes. The report emphasizes the importance of local government support, project characteristics, and innovative financing mechanisms to fill funding gaps for housing development.

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Financing the Deal

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  1. Page 1 May 20, 2004 Financing the Deal Presented By Rob Curry – Cleveland Housing Network J. David Heller – The NRP Group LLC

  2. Page 2 May 20, 2004 Financing the Deal • Financing with 9% Tax Credits • Financing with 4% Tax Credits and Tax-Exempt Bonds • Pro Forma Analysis • Filling the Gaps

  3. Page 3 May 20, 2004 Glenhaven Senior Apartments

  4. Page 4 May 20, 2004 Financing with 9% Tax Credits • Administered by Ohio Housing Finance Agency (OHFA) • Competitive Application Process • Awarded based on Project Characteristics, Project Location, Local Government Support, Project Costs, and Application Characteristics • Sale of Credits Provides the Equity • Debt is a Minor Component of Project Sources • Gaps are Filled with Creative and Resourceful Partners

  5. Page 5 May 20, 2004 Willowbrook Senior Homes

  6. Page 6 May 20, 2004 Financing with 4% Tax Credits and Tax-Exempt Bonds • Administered by OHFA • Almost All Applicants are Awarded Credit – More Supply than Demand for Volume Cap • Complex Deal Structure • High Transaction Costs • Need Larger Number of Units to Spread Costs

  7. Page 7 May 20, 2004 Falls Pointe at the Park

  8. Page 8 May 20, 2004 Pro Forma Analysis – 9% Tax Credits • Assumptions: • 42 unit development • All two bedroom (855 square feet) • 70% affordable (29 units) • 30% market rate (13 units) • Affordable Rents $570 per month • Market Rents $1,075 per month

  9. Page 9 May 20, 2004 Pro Forma Analysis – 9% Tax Credits

  10. Page 10 May 20, 2004 Pro Forma Analysis – 9% Tax Credits

  11. Page 11 May 20, 2004 Pro Forma Analysis – 9% Tax Credits • Other Sources of Financing • State of Ohio - $290,000 • Cuyahoga County Funds - $300,000 • Misc. - $17,186

  12. Page 12 May 20, 2004 St. Agnes Terrace Apartments

  13. Page 13 May 20, 2004 Pro Forma Analysis – 4% Tax Credits and Tax-Exempt Bonds Assumptions: • 120 unit development • All two bedroom (855 square feet) • 75% affordable (90 units) • 25% market rate (30 units) • Affordable Rents $730 per month • Market Rents $1,000 per month

  14. Page 14 May 20, 2004 Pro Forma Analysis – 4% Tax Credits and Tax-Exempt Bonds

  15. Page 15 May 20, 2004 Pro Forma Analysis – 4% Tax Credits and Tax-Exempt Bonds

  16. Page 16 May 20, 2004 Pro Forma Analysis – 4% Tax Credits and Tax-Exempt Bonds

  17. Page 17 May 20, 2004 Filling the Gaps • Tax Abatement

  18. Page 18 May 20, 2004 Filling the Gaps • Tax Abatement

  19. Page 19 May 20, 2004 Filling the Gaps • Tax Abatement and Land Contribution

  20. Page 20 May 20, 2004 Filling the Gaps • Tax Abatement and Land Contribution

  21. Thank You !

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