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Enhancing Affordable Housing: LISC's Impact and Initiatives for Community Transformation

The Local Initiatives Support Corporation (LISC) plays a key role in transforming distressed communities into sustainable environments. With a commitment to affordable housing, LISC has financed the preservation of 15,000 homes since 2002, dedicating $80 million to this effort. Their multifaceted approach includes project-specific technical assistance, policy analysis, and collaboration with over 74 local community development corporations. This presentation from the HUD conference highlights LISC's strategies and resources aimed at fostering community development and preserving affordable housing.

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Enhancing Affordable Housing: LISC's Impact and Initiatives for Community Transformation

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Presentation Transcript

  1. Rental Assistance Demonstration HUD Office of Public & Indian Housing Conference Meridian, Mississippi, April 23, 2012 Vincent O’Donnell Vice President, Affordable Housing Preservation Local Initiatives Support Corporation

  2. What is LISC? • Local Initiatives Support Corporation • LISC is dedicated to helping nonprofit community development organizations transform distressed communities into healthy and sustainable communities of choice- good places to work, do business, and raise children. • LISC local offices serve 30 urban areas and Rural LISC works with 74 partner CDCs in 36 states nationwide • LISC’s Preservation Initiative • Provided $80 million in financing since 2002 to preserve 15,000 homes • Supports LISC local offices and our nonprofit partners with financing, project-specific TA, creation of preservation strategies and partnerships, and policy analysis • Produces information products: guides, webcasts, trainings

  3. Summary of Types of Section 8

  4. Types of Project-Based Section 8

  5. “Orphan” Project-based Assistance

  6. Section 8 Expiration and Opt-out: MAHRA • Basic rules for renewal of project-based Section 8 (but not Rent Supplement or §236 RAP) • Options depend on type of Section 8 and property’s history • Most renewal rents at or below market level • Exception: non-FHA-insured • If FHA-insured and above market, must restructure mortgage (OAHP, née OHMAR)

  7. Section 8 Expiration and Opt-out: MAHRA • Enacted in 1997; amended in 2000, clarifying that “renewal rents no higher than market” can also mean mark up to market (or budget). • Long-term HAPs permitted, but subject to annual appropriations.

  8. Madison Park IIIMadison Park Development Corporation, Boston MA • 120 units of nonprofit-controlled family housing. • New Construction in 1975 – dense inner core neighborhood. • High Utility, Property Tax, Resident Services and Security Costs. • Pre-LIHTC Equity Syndication (accelerated depreciation); Nonprofit parent has purchased investor interests. • Section 236 with Interest Reduction Payments; Mortgage Matures in 2020. • Section 236 Rental Assistance Payments (RAP); Contract expires in 2015 (prior to mortgage maturity) and is not renewable. • Rents are $500 below market. • Well-maintained, but significant capital needs, due to low Section 236 rents and land settling. • Section 236 mortgage can be prepaid, generating Enhanced Vouchers.

  9. Project-Based Rental Subsidy Scenarios

  10. SOURCES AND USES

  11. LISC’s Preservation Resources www.lisc.org/preservation

  12. LISC’s Green Preservation Resources www.lisc.org/greenpreservation

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