AFFORDABLE HOUSING COMMISSION TOWN OF CHARLESTOWN 4540 SOUTH COUNTY TRAIL CHARLESTOWN, RI 02813
|
|
- Juniper Barrett
- 5 years ago
- Views:
Transcription
1
2 AFFORDABLE HOUSING COMMISSION TOWN OF CHARLESTOWN 4540 SOUTH COUNTY TRAIL CHARLESTOWN, RI The Honorable Town Council Town of Charlestown 4540 South County Trail Charlestown, RI The Honorable Town Council: Re: ChurchWoods Senior Rental Housing Project and Shannock Village Cottages Rental Housing Project: Funding Modification. Washington County Community Development Corporation (WCCDC), applicant Advisory Opinion: modification of committed use of Town affordable housing bond funds and securing access to Federal and Rhode Island funding programs The above-referenced projects have received conditional commitments from the Town for both acquisition and initiative grant funding from the Town s Affordable Housing Bond. The initial application for the 11-unit Shannock Village Cottages Rental Housing Project envisioned the use of federal USDA Rural Development Sec. 515 funding, which was later restricted to rehabilitation projects, and is no longer available for new construction. The 24-unit ChurchWoods Senior Rental Housing Project was initially envisioned as an elderly rental housing project (all residents aged 62 and over) utilizing federal HUD Sec. 202 funding, which has also ceased funding new construction. In response to the loss of these two federal funding programs, WCCDC combined the two applications for the purposes of federal funding and management efficiency, and developed a financial plan utilizing federal 9% Low Income Housing Tax Credit Allocations 1 to underwrite in part all 35 proposed units. Federal LIHTC regulations limit 1 LIH Tax Credits are distributed in block grants to the states for allocation by the designated housing agency. There are two separate programs a 9% grant, which funds up to 9% of qualified construction/rehabilitation costs, and is highly competitive; and a 4% grant, which funds up to 4% of qualified costs, and is less competitive. The tax credit certificates are purchased by individual investors or more commonly by syndicators, at a market-determined discount. The sale of the tax credits provides a source of private equity yields to the developer a little less than the 9% (or 4%) of the qualified construction costs, which reduces the mortgage and sources needed, including debt financing, thereby making makes it possible for low-income rents to be operationally feasible. Investors can deduct the full face value of the tax credit certificate spread out over 10several years as a credit against their federal income taxes, and must remain in the Limited Partnership (to be formed) through year 15.. The nonprofit sponsor becomes the majority General Partner and is responsible for day-to-day operations of the project and its
3 age restrictions to 55-and-over, so the ChurchWoods project is now configured as a senior housing program, wherein income-eligible households must have at least one person aged 55 or older. Both projects have received Master Plan approvals from the Planning Commission. Rhode Island Housing Mortgage and Finance Corp. (RIHMFC or RIH) is the housing agency designated by the state to oversee the allocation of certain federal housing funds, including the Low Income Housing Tax Credits. As recently as November 28, 2012, RIH was supportive of both applications utilizing the revised financial plan which included the tax credits, issuing a letter of eligibility for the comprehensive permit applications to go forward. In February, 2013, RIH denied predevelopment funds to the ChurchWoods project, stating that the tax credit allocations would no longer be permitted to be utilized for the construction of age-restricted housing. This departure from prior policy was made by RIH alone, while the Charlestown projects were being reviewed and vetted by RIH. Without the ChurchWoods units, the Shannock Village project is arguably too small to attract willing investors or to support the legal cost of compliance with the LIH Tax Credit requirements. The new policy has had a devastating domino effect on both projects access to funding controlled by RIH: the resulting construction funding gap renders all other funding applications less viable. There is no discernible change in the USDA or HUD funding priorities, nor is there any indication that these programs will soon revert to funding new construction. Absent the discovery of any other federal sources, it is apparent that RIH is virtually the only funding source for these projects. It is equally apparent that RIH is resistant to funding age-restricted housing at this time, no matter what we deem our housing priorities to be. ANALYSIS Despite the disheartening recent funding reversals, be assured that the WCCDC has given no indication that they have any intention of abandoning either project. They are convinced, as we are, that the joint efforts of the applicant and the Town have resulted in two superior proposals that now deserve to be considered in their own right. In our opinion, the applicant WCCDC has few, very limited, options at this time. Nevertheless, it is our opinion that, while the decision of what to do next properly resides with the applicant, it is looking to the Town for guidance as to what will be both feasible and also acceptable to the Town. In assessing the current options that we have identified, we have tried to make clear the steps we believe will be necessary for each. The Town Council should evaluate each option and let the applicant know whether it considers the option to be preferred, acceptable, or unacceptable to the Town. performance. At the end of year 15, it will have the right of first refusal to purchase the property, and continue its use as affordable housing for a minimum of another 15 years. AHC ChurchWoods/Shannock Funding Modification Advisory Page 2
4 1) Withdraw from both projects and move on: terminate agreements to purchase both parcels of land, and withdraw both projects bond funding applications. This would release all unexpended bond funds back to the Town for other affordable housing project applications. a) The Town Council would have to agree to accept the reports and studies generated by the initiative grant funds already expended as satisfaction of the initiative grant obligations. 2) Modify the ChurchWoods project as RIH has suggested, substituting non-age restricted units for some or all of the age-restricted units, and move forward on both Shannock Village and a modified ChurchWoods with a joint application for 9% LIH Tax Credits. a) This would require the consent of the Town Council to amend the elderly housing condition of the bond commitment, and would also require the Planning Commission s approval of the modified Master Plan. 3) Set aside the ChurchWoods property for future use and proceed immediately with Shannock Village Cottages: Offer the ChurchWoods land purchase agreement, together with all of the related studies and reports, to the Town for direct acquisition utilizing Affordable Housing Bond funds. Proceed aggressively with the Shannock Village project, assembling additional sites or units for the construction or rehabilitation of non-age-restricted LIH rental units, as necessary to submit a competitive application for 9% LIH Tax Credit Allocation in the October, 2013, round. A Building Homes RI application is also due August 2, a) This would require the consent of the Town Council to de-obligate the acquisition funds committed to WCCDC, in consideration of the WCCDC s assignment of its interests in the Purchase and Sales Agreement for the ChurchWoods property, and in the related predevelopment reports and studies. b) It would require the vote of the Town Council to acquire the ChurchWoods property for the full purchase price of $390,000, for the purpose of constructing affordable housing (some form of restriction documentation will be required. 2 ) c) It would defer the actual ChurchWoods construction to a time when funding is again available for age-restricted housing. d) It would also require the WCCDC to relinquish a minimum of $15,000 from its unexpended initiative grants, to free up the bond funds necessary to acquire the ChurchWoods property 3. 2 A determination of how the Town should take title to the land will require evaluation of the bond and Charter provisions that control the use of bond funds and the purchase and disposition of real estate interests, and should consider that if it is to be conveyed to a separate entity before the land is placed into use for housing, such a conveyance may require a referendum. 3 The agreed purchase price for the ChurchWoods property is $390,000. The Town has approved an acquisition funding grant to WCCDC in the amount of $325,000. The remaining $65,000 was to have been paid by WCCDC out of other income sources. If the Town is to acquire the property instead, it will need to have $65,000 of uncommitted bond funds available to it. Only AHC ChurchWoods/Shannock Funding Modification Advisory Page 3
5 e) It would also require the Town Council to modify the Shannock Village acquisition bond grant conditions to acknowledge and approve the restructured financial proposal, including the additional sites which have been identified for the expansion of the project, although no further acquisition funds would be available for the added sites. 4) Set aside the ChurchWoods property for future use and proceed cautiously with Shannock Village Cottages: Offer the ChurchWoods land purchase agreement, together with all of the related studies and reports, to the Town for direct acquisition utilizing Affordable Housing Bond funds. Proceed cautiously with the Shannock Village project, assembling additional sites or units for the construction or rehabilitation of non-age-restricted LIH rental units, as necessary to submit a competitive application for 9% LIH Tax Credit Allocation in the next available round. a) All of the requirements from the preceding option would apply. b) In addition, either an extension of the purchase agreement, or RIH s agreement to place the parcel in its Land Bank, would be required. 5) Set aside both ChurchWoods and Shannock Village Cottages properties for future use: Offer both the ChurchWoods and Shannock Village Cottages land purchase agreements, together with all of the related studies and reports, to the Town for direct acquisition utilizing Affordable Housing Bond funds and general funds. a) This would require the consent of the Town Council to de-obligate the acquisition funds committed to WCCDC for both properties ($600,000 total,) in consideration of the WCCDC s assignment of its interests in the Purchase and Sales Agreements and in the predevelopment reports and studies for both projects. b) It would require the vote of the Town Council to acquire the ChurchWoods property for the full purchase price of $390,000, for the purpose of constructing affordable housing (some form of restriction documentation will be required.) c) It would require the vote of the Town Council to acquire the Shannock Village Cottages property for the full purchase price of $325,000, for the purpose of constructing affordable housing (some form of restriction documentation will be required.) d) It would also require the WCCDC to relinquish all remaining unexpended initiative grants, to free up the maximum available bond funds which have been committed to both projects in order to acquire both properties. $50,000 remains uncommitted at this time. WCCDC will have to relinquish at least $15,000 from its unexpended initiative grant(s) to make the ChurchWoods acquisition possible. AHC ChurchWoods/Shannock Funding Modification Advisory Page 4
6 e) It would require a minimum of approximately $23,000 in appropriations from non-bond Town funds, in accordance with the provisions of the Home Rule Charter. 4 f) It would defer both projects until the funding process is perceived to be more favorable. There may be other options or considerations, and we are ready and willing to review them so that these two projects may yet come to pass. RECOMMENDATIONS Of all of the preceding options, the only totally unacceptable one is the first, that is, to give up and walk away. We include it only to point out that another, less committed housing partner could, and perhaps would, do so. It is indicative of the positive relationship between the Town and the WCCDC that this is not even being considered. It is the unanimous recommendation of the Affordable Housing Commission that these two specific parcels be preserved for use as affordable housing, no matter what; their unique placement within the growth centers, their cultural and environmental suitability, the investment already made toward their development for that use, all call for a reasoned response to the abrupt termination of funding opportunity. We should move forward in every possible way, while we seek out new funding sources, and work to improve the funding climate. Option #2, modifying the ChurchWoods proposal to enlarge it while reducing the number of senior housing units, is in our opinion the least acceptable option. The Town has a clear and compelling need for LIH rental units for the elderly, supported by the census data and market studies presented, and called for in the Comprehensive Plan and the Affordable Housing Plan. It is logical to conclude that this need will only increase as our demographics reflect the aging of the baby boomers. To tie up this parcel with housing that will preclude the development of elderly housing for the next 30 years is not in the Town s long-term interest. It would be best to have an approved funding plan to begin this project and make rental housing available right now. If we must wait, however, perhaps we will find a way to refocus the units on the elderly (age 62) utilizing the time-tested HUD-202 model and not merely the senior housing (age 55) required to qualify under the current tax credit model. 4 The total acquisition cost for both parcels is $715,000. With $600,000 already committed for acquisition of both parcels, and a remaining $50,000 in uncommitted bond funding, a total of $650,000 is available for acquisition. Of the $100,000 in initiative grants committed to these projects, about $42,000 has not been expended. Repurposing all of this to acquisition results in a total of $692,000 in available affordable housing bond funding. A minimum of $23,000 will be needed to accomplish the acquisition of both parcels, plus whatever legal and other expenses may arise. Again, the impact on this expenditure by Charter budgetary and land acquisition provisions needs to be determined by the Town Solicitor. AHC ChurchWoods/Shannock Funding Modification Advisory Page 5
7 Options #3 and 4 will preserve the ChurchWoods parcel for use as affordable housing while continuing to pursue currently available funding for the Shannock Village project, all the while utilizing only our affordable housing bond funds. Choosing between them will largely depend on the applicant s ability to restructure the Shannock project and still be able to submit funding applications for the fall deadlines. It will also depend on RIH s willingness to work with the applicant and the Town, and to fund the modified proposal, including taking the parcel into the RIH Land Bank when needed. Option #5 is arguably a last resort option, when present funding opportunities have been exhausted, as it is complicated somewhat by Charter budgetary constraints for the general fund contribution. We respectfully recommend that the Town Council: assess the foregoing options, identify those which are unacceptable, rank those which are acceptable in order of preference, and communicate this assessment to the WCCDC, so that they may determine for themselves the best course of action; ask the WCCDC to advise the Town of its intentions as soon as possible; and direct the Town Administrator to facilitate the preparation and/or review of documents necessary to accomplish the objectives of the chosen option, calling upon staff, the Town Solicitor, Bond Counsel and the Affordable Housing Commission, as needed, to work together and with the applicant WCCDC to bring the matter back before the Town Council with recommendations for specific action. We also respectfully recommend that when the funding application for Shannock Village Cottages is submitted, it should be accompanied by a strongly worded brief from the Town in support of the application. We thank you for your consideration, and stand ready to give any further advice or review of this matter that the Town Council may deem necessary. Sincerely, Evelyn J. Smith, Chairman cc: Town Administrator Town Solicitor Town Planner Washington County Community Development Corporation Affordable Housing Commission members AHC ChurchWoods/Shannock Funding Modification Advisory Page 6
Housing Credit Modernization Becomes Law
Housing Credit Modernization Becomes Law July 30, 2008 President Bush today signed into law the most significant modernization of Low Income Housing Tax Credits since 1989, as part of the Housing and Economic
More informationDRAFT FOR PUBLIC COMMENT
WASHINGTON COUNTY CDA SELF-SCORING WORKSHEET 2020 LOW INCOME HOUSING TAX CREDIT PROGRAM Development Name Address/City Owner Name MINIMUM THRESHOLD REQUIREMENTS All Round 1 applicants for 9% LIHTC must
More informationReadiness to Proceed Guide 2018 Affordable Housing Program
Readiness to Proceed Guide 2018 Affordable Housing Program Introduction The purpose of the Readiness to Proceed category is to reward affordable housing projects that have met certain development benchmarks
More information2017 Uniform Multifamily Application Templates
2017 Uniform Multifamily Application Templates 221 East 11 th Street Austin, TX 78701 Table of Contents Template Overview... 3 Using the Templates... 4 Public Notification Template... 5 Twice the State
More informationOVERVIEW OF TAX-EXEMPT AFFORDABLE HOUSING BONDS
1075 Peachtree Street, N.E. Suite 2500 Atlanta, GA 30309-3962 (404) 885-1500 Fax (404) 892-7056 www.seyfarth.com (404) 888-1883 direct danmcrae@mindspring.com dmcrae@seyfarth.com OVERVIEW OF TAX-EXEMPT
More informationHousing Trust Fund Developer Advisory Group. Options and Considerations Related to the HTF Operating Assistance and Operating Assistance Reserves
Housing Trust Fund Developer Advisory Group Options and Considerations Related to the HTF Operating Assistance and Operating Assistance Reserves The national HTF Developers Advisory Group (http://bit.ly/1sj1uop)
More informationCHAPTER TAX CREDITS AND SUBSIDY LAYERING. The Table of Contents
UNIT 12.0 PRESERVATION CHAPTER 12.10 TAX CREDITS AND SUBSIDY LAYERING The Table of Contents 12.10.1 Purpose.. I-1 12.10.2 Applicability.. I-2 12.10.3 Definitions and Acronyms... I-2 12.10.4 LIHTC s and
More informationII. NEBRASKA INVESTMENT FINANCE AUTHORITY (NIFA) LOW INCOME HOUSING TAX CREDIT PROGRAM ALLOCATION PLAN
II. NEBRASKA INVESTMENT FINANCE AUTHORITY (NIFA) LOW INCOME HOUSING TAX CREDIT PROGRAM ALLOCATION PLAN 2004 LOW INCOME HOUSING TAX CREDIT PROGRAM 2004 Allocation Plan Table of Contents Page Available Low
More informationThis document is available via in a Microsoft Word format upon request. LOW INCOME HOUSING TAX CREDIT PROGRAM APPLICATION
This document is available via e-mail in a Microsoft Word format upon request. Development Name: LOW INCOME HOUSING TAX CREDIT PROGRAM APPLICATION DELAWARE STATE HOUSING AUTHORITY STATE OF DELAWARE Part
More informationFROM: CITY MANAGER DEPARTMENT: PLANNING AND COMMUNITY ENVIRONMENT DATE: JULY 22, 2002 CMR:352:02
TO: HONORABLE CITY COUNCIL FROM: CITY MANAGER DEPARTMENT: PLANNING AND COMMUNITY ENVIRONMENT DATE: JULY 22, 2002 CMR:352:02 SUBJECT: COUNCIL APPROVAL OF AN AGREEMENT AMONG THE CITY OF PALO ALTO, THE HOUSING
More informationPART 1 - Rules and Regulations Governing the Building Homes Rhode Island Program
860-RICR-00-00-1 TITLE 860 Housing Resources Commission CHAPTER 00 N/A SUBCHAPTER 00 N/A PART 1 - Rules and Regulations Governing the Building Homes Rhode Island Program 1.1 Purpose A. The purpose of these
More informationJoint Ownership And Its Challenges: Using Entities to Limit Liability
Joint Ownership And Its Challenges: Using Entities to Limit Liability AUSPL Conference 2016 Atlanta, Georgia May 5 & 6, 2016 Joint Ownership and Its Challenges; Using Entities to Limit Liability By: Mark
More informationDIFFERENCES BETWEEN THE HISTORIC REHABILITATION TAX CREDIT AND THE LOW-INCOME HOUSING TAX CREDIT
DIFFERENCES BETWEEN THE HISTORIC REHABILITATION TAX CREDIT AND THE LOW-INCOME HOUSING TAX CREDIT Andrew S. Potts NIXON PEABODY LLP 401 Ninth Street NW Washington, D.C. 20004 apotts@nixonpeabody.com. 202-585-8337
More informationState of Rhode Island. National Housing Trust Fund Allocation Plan. July 29, 2016
HTF Program: Method of Distribution State of Rhode Island National Housing Trust Fund Allocation Plan July 29, 2016 The Housing Trust Fund (HTF) is a new affordable housing production program that will
More informationThe Affordable Housing Credit Improvement Act of 2016
The Affordable Improvement Act of 2016 S. 3237 Sponsored by Senator Maria Cantwell (D-WA) and co-sponsored by Senate Finance Committee Chairman Orrin Hatch (R-UT) and Ranking Member Ron Wyden (D-OR), the
More informationFlorida Housing Finance Corporation Qualified Allocation Plan Low Income Housing Tax Credits Program
Florida Housing Finance Corporation 2016 2017 Qualified Allocation Plan Low Income Housing Tax Credits Program I. Introduction Pursuant to Section 420.5099, Florida Statutes, the Florida Housing Finance
More informationMultifamily Housing Revenue Bond Rules
Multifamily Housing Revenue Bond Rules 12.1. General. (a) Authority. The rules in this chapter apply to the issuance of multifamily housing revenue bonds ("Bonds") by the Texas Department of Housing and
More informationAEI Fund Management, Inc Wells Fargo Place 30 Seventh Street East St. Paul, MN (fax)
AEI Fund Management, Inc. 1300 Wells Fargo Place 30 Seventh Street East St. Paul, MN 55101 651-227-7733 651-227-7705 (fax) 800-328-3519 EXPLANATION OF IRS PRIVATE LETTER RULING ISSUED TO AEI ON MARCH 7,
More informationMISSOURI HOUSING DEVELOPMENT COMMISSION. NOFA Application. Rental Production Department
MISSOURI HOUSING DEVELOPMENT COMMISSION 2011 Developer s Guide to MHDC Multifamily Programs NOFA Application Rental Production Department This guide explains the application process for MHDC funding, including
More informationAmended 2018 Housing Tax Credit Program Procedural Manual Revised 02/2017
Amended 2018 Housing Tax Credit Program Procedural Manual Revised 02/2017 Minnesota Housing does not discriminate on the basis of race, color, creed, national origin, sex, religion, marital status, status
More informationAnalyzing the Impact of the Financial Crisis on LIHTC Property Values. National Council of Affordable Housing Marketing Analysts November 9, 2009
Analyzing the Impact of the Financial Crisis on LIHTC Property Values National Council of Affordable Housing Marketing Analysts November 9, 2009 David Fournier dfournier@arausa.com THE CLIFF Total Apartments
More informationLOW-INCOME HOUSING TAX CREDIT PROGRAM ALLOCATION PLAN FOR THE STATE OF IDAHO ALLOCATING AGENCY: Idaho Housing and Finance Association
20072008 LOW-INCOME HOUSING TAX CREDIT PROGRAM ALLOCATION PLAN FOR THE STATE OF IDAHO ALLOCATING AGENCY: Idaho Housing and Finance Association Final Approval by: Idaho Housing and Finance Association Board
More informationCHAUTAUQUA COUNTY LAND BANK CORPORATION
EXHIBIT H CHAUTAUQUA COUNTY LAND BANK CORPORATION LAND ACQUISITION AND DISPOSITION POLICIES AND PRIORITIES November 14, 2012 *This document is intended to provide guidance to the Chautauqua County Land
More informationConnecticut Housing Finance Authority
Connecticut Housing Finance Authority Low-Income Housing Tax Credit Qualified Allocation Plan 2013 Application Year Table of Contents Table of Contents I. FEDERAL REQUIREMENTS... 3 II. STATE HOUSING PLANS...
More informationFLORIDA HOUSING FINANCE CORPORATION Tax Credit Assistance Program Project Selection Process and Criteria
FLORIDA HOUSING FINANCE CORPORATION Tax Credit Assistance Program Project Selection Process and Criteria On February 17, 2009, President Obama signed the American Recovery and Reinvestment Act of 2009
More informationMAY 1982 LAW REVIEW SURPLUS FEDERAL PROPERTY FOR PARKS PROGRAM IN REVIEW
SURPLUS FEDERAL PROPERTY FOR PARKS PROGRAM IN REVIEW James C. Kozlowski, J.D. 1982 James C. Kozlowski Public Law 91-485 approved October 22, 1970, amended Section 203 of the Federal Property and Administrative
More informationU.S. Department of Housing and Urban Development Community Planning and Development
U.S. Department of Housing and Urban Development Community Planning and Development Special Attention of: Notice: CPD-18-02 All Regional Administrators All CPD Division Directors Issued: March 22, 2018
More informationCHAPTER Committee Substitute for Committee Substitute for House Bill No. 437
CHAPTER 2013-83 Committee Substitute for Committee Substitute for House Bill No. 437 An act relating to community development; amending s. 159.603, F.S.; revising the definition of qualifying housing development
More informationDELAWARE STATE HOUSING AUTHORITY LOW INCOME HOUSING TAX CREDIT QUALIFIED CONTRACT GUIDE
DELAWARE STATE HOUSING AUTHORITY LOW INCOME HOUSING TAX CREDIT QUALIFIED CONTRACT GUIDE 2018 INTRODUCTION Delaware State Housing Authority (DSHA) is a state housing finance agency and housing credit agency
More informationSUBJECT: Unacceptable Assignment Conditions in Real Property Appraisal Assignments
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 ADVISORY OPINION 19 (AO-19) This communication by the Appraisal Standards Board (ASB) does not establish new standards
More informationThe Affordable Housing Credit Improvement Act of 2017 (S. 548)
The Affordable Improvement Act of 2017 (S. 548) Sponsored by Senator Maria Cantwell (D-WA) and co-sponsored by Senate Finance Committee Chairman Orrin Hatch (R-UT) and Ranking Member Ron Wyden (D-OR),
More informationHow to Read a Real Estate Appraisal Report
How to Read a Real Estate Appraisal Report Much of the private, corporate and public wealth of the world consists of real estate. The magnitude of this fundamental resource creates a need for informed
More informationCity of Oakland Programs, Policies and New Initiatives for Housing
City of Oakland Programs, Policies and New Initiatives for Housing Land Use Policies General Plan Update In the late 1990s, the City revised its general plan land use and transportation element. This included
More informationWashington County Housing and Redevelopment Authority. Housing Tax Credit Program Procedural Manual
Washington County Housing and Redevelopment Authority Housing Tax Credit Program 2017 Procedural Manual TABLE OF CONTENTS INTRODUCTION...1 CHAPTER 1 AUTHORITY MISSION STATEMENT...2 CHAPTER 2 ROLE OF THE
More informationLand Bank Program. A Briefing to the Housing Committee. Housing/Community Services Department September 19, 2016
Land Bank Program A Briefing to the Housing Committee Housing/Community Services Department September 19, 2016 Purpose Provide information on the Dallas Urban Land Bank Demonstration Program Discuss FY
More informationContents TABLE OF CONTENTS
Contents CHAPTER 1 Low-Income Housing Tax Credits and Year 15 17 1.01 Introduction 17 1.02 Overview of the LIHTC Program 18 [1] Land Use Restriction Agreement (LURA) 20 [2] Extended-Use Period 21 1.03
More informationPage 1 of 8 Highlands County, Florida, Code of Ordinances >> - CODE OF ORDINANCES >> Chapter 5.4 - HOUSING >> ARTICLE II. STATE HOUSING INITIATIVES PARTNERSHIP PROGRAM >> ARTICLE II. STATE HOUSING INITIATIVES
More informationCALIFORNIA MUNICIPAL FINANCE AUTHORITY
CALIFORNIA MUNICIPAL FINANCE AUTHORITY POLICIES AND PROCEDURES FOR COMMUNITY FACILITIES DISTRICTS I. GENERAL. The purpose of these Policies and Procedures (the Policies ) is to provide guidance and conditions
More informationMISSION STATEMENT LCLB PURPOSE PRIORITIES & POLICIES. 1. Policies Governing the Acquisition of Properties
MISSION STATEMENT The LAWRENCE COUNTY LAND BANK (LCLB) will strategically acquire distressed properties and return them to productive, tax-paying use. The LCLB will: reduce blight; stabilize neighborhoods
More informationU.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT WASHINGTON, DC
U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT WASHINGTON, DC 20410-8000 ASSISTANT SECRETARY FOR HOUSING- FEDERAL HOUSING COMMISSIONER Special Attention of: All Multifamily Hub and Program Center Directors
More informationPUTNAM, CONNECTICUT BROOKLYN, CONNECTICUT INTERLOCAL AGREEMENT FOR QUINEBAUG REGIONAL TECHNOLOGY PARK DEVELOPMENT. Dated as, 2014
PUTNAM, CONNECTICUT BROOKLYN, CONNECTICUT INTERLOCAL AGREEMENT FOR QUINEBAUG REGIONAL TECHNOLOGY PARK DEVELOPMENT Dated as, 2014 WORKING DRAFT STILL SUBJECT TO INTERNAL REVIEW AND MODIFICATION INTERLOCAL
More informationALLOCATION SCHEME. Effective from the day of 24 th April In this Scheme, unless the context otherwise requires:-
COMHAIRLE CATHRACH CHORCAÍ CORK CITY COUNCIL ALLOCATION SCHEME In accordance with Section 22 of the Housing (Miscellaneous Provisions) Act 2009 and Social Housing Allocation Regulations 2011 (S.I. No.
More informationFUNDING SOURCES FOR AFFORDABLE HOUSING IN HANCOCK COUNTY, MAINE
FUNDING SOURCES FOR AFFORDABLE HOUSING IN HANCOCK COUNTY, MAINE March 2013 Prepared by: Hancock County Planning Commission, 395 State Street Ellsworth, ME 04605 www.hcpcme.org voice: 207-667-7131 Fax:
More informationMassachusetts Housing Investment Corporation Accounting, Audit & Tax Workshop For the Year Ended December 31, 2016
Massachusetts Housing Investment Corporation Accounting, Audit & Tax Workshop For the Year Ended December 31, 2016 Presented By: Karen Kent, CPA, Partner, Kevin P. Martin & Associates, P.C. Kenneth Lund,
More informationAGENCY. Program Exhibits
Ted R. Fellman, Executive Director Tennessee Housing Development Agency 404 James Robertson Parkway, Suite 1200 Nashville, Tennessee 37243-0900 www. thda.org TENNESSEEE HOUSING DEVELOPMENT AGENCY 2011
More informationBILL H.3653: An Act Financing the Production and Preservation of Housing for Low and Moderate Income Residents
BILL H.3653: An Act Financing the Production and Preservation of Housing for Low and Moderate Income Residents SECTION 2 Authorizes capital spending amounts and provides line item language describing permitted
More informationNEBRASKA INVESTMENT FINANCE AUTHORITY LOW INCOME HOUSING TAX CREDIT PROGRAM COST CERTIFICATION PROCEDURES MANUAL
NEBRASKA INVESTMENT FINANCE AUTHORITY LOW INCOME HOUSING TAX CREDIT PROGRAM COST CERTIFICATION PROCEDURES MANUAL Nebraska Investment Finance Authority ( NIFA ) Low Income Housing Tax Credit ( LIHTC ) Cost
More informationMassachusetts Housing Investment Corporation Accounting, Audit & Tax Workshop For the Year Ended December 31, 2014
Massachusetts Housing Investment Corporation Accounting, Audit & Tax Workshop For the Year Ended December 31, 2014 Presented By: Karen Kent, CPA, Partner, Kevin P. Martin & Associates, P.C. Kenneth Lund,
More informationAFFORDABLE HOUSING 101. Jimmy McCune - OCCH Tim Swiney Wallick Communities Roy Lowenstein Lowenstein Development
AFFORDABLE HOUSING 101 Jimmy McCune - OCCH Tim Swiney Wallick Communities Roy Lowenstein Lowenstein Development Affordability in Housing Defined Generally refers to housing affordable to those who earn
More informationISSUE 1 Fourth Quarter, REALTORS Commercial Alliance Series HOT TOPICS ANSWERS TO CURRENT BUSINESS ISSUES TENANTS-IN-COMMON INTERESTS
ISSUE 1 Fourth Quarter, 2005 REALTORS Commercial Alliance Series HOT TOPICS ANSWERS TO CURRENT BUSINESS ISSUES TENANTS-IN-COMMON INTERESTS Tenants-in-Common The Parties, the Risks, the Rewards What Real
More informationOVERVIEW OF HOUSING TAX CREDITS
OVERVIEW OF HOUSING TAX CREDITS Under the provisions of the Tax Reform Act of 1986, a federal Housing Tax Credit (HTC) was created to encourage the development of rental housing for limited income households.
More informationLow Income Housing Tax Credits 101 (and a little beyond 101) James Lehnhoff, Municipal Advisor
Low Income Housing Tax Credits 101 (and a little beyond 101) James Lehnhoff, Municipal Advisor 9/29/2017 1 Affordable Housing Need What is Affordable? Overview Why do affordable housing projects need financial
More informationWASHINGTON STATE HOUSING FINANCE COMMISSION LOW-INCOME HOUSING TAX CREDIT PROGRAM RULES
Exhibit C WASHINGTON STATE HOUSING FINANCE COMMISSION LOW-INCOME HOUSING TAX CREDIT PROGRAM RULES WAC 262-01-110 Contents of the qualified allocation plan. (1) The Commission shall adopt a qualified allocation
More informationChapter 10 LAND AND PLANNING GROWTH MANAGEMENT
Chapter 10 LAND AND PLANNING GROWTH MANAGEMENT Article I. Growth Cap Quotas Sec. 10-1. Purpose. Sec. 10-2. Findings. Sec. 10-3. Issuance of residential building permits. Sec. 10-4. Growth cap quota. Sec.
More informationFUNDING AND ACQUISITION AGREEMENT. Relating to CITY OF RIVERSIDE COMMUNITY FACILITIES DISTRICT NO (ARROYO PARK) Between THE CITY OF RIVERSIDE
FUNDING AND ACQUISITION AGREEMENT Relating to CITY OF RIVERSIDE COMMUNITY FACILITIES DISTRICT NO. 2015-2 (ARROYO PARK) Between THE CITY OF RIVERSIDE and FRA-RSI ARROYO PARK LLC, A Delaware limited liability
More informationEXHIBIT E LOW INCOME HOUSING TAX CREDIT APPLICATION REQUIREMENTS
EXHIBIT E LOW INCOME HOUSING TAX CREDIT APPLICATION REQUIREMENTS A. Application for Tax Credit Reservation or Tax-Exempt Bond Conditional Commitment shall Include: 1. Complete application form (current
More informationAPPENDIX B DESCRIPTION OF MAJOR FEDERAL LOW-INCOME HOUSING ASSISTANCE PROGRAMS
820 First Street NE, Suite 510 Washington, DC 20002 Tel: 202-408-1080 Fax: 202-408-1056 center@cbpp.org www.cbpp.org February 24, 2009 APPENDIX B DESCRIPTION OF MAJOR FEDERAL LOW-INCOME HOUSING ASSISTANCE
More informationPreserving and recapitalizing Affordable housing today
Preserving and recapitalizing Affordable housing today A Webinar sponsored by Multi-Housing News June 4, 2015 David A. Smith dsmith@recapadvisors.com +1 (617) 502-5913 Slide 1, 6/4/2015 The Game of Homes
More informationRequest for Proposals Wake County Affordable Housing Development Program for Tax Credit Developments
2015 Request for Proposals Wake County Affordable Housing Development Program for Tax Credit Developments 1) STATEMENT OF PURPOSE AND PROGRAM SUMMARY Wake County s Department of Housing and Community Revitalization
More informationCommunity Preservation Act Answers To Frequently Asked Questions
Community Preservation Act Answers To Frequently Asked Questions On September 14, 2000, former Governor Paul Cellucci and Lieutenant Governor Jane Swift signed the Community Preservation Act into law.
More informationThe Affordable Housing Credit Improvement Act of 2017
The Affordable Housing Credit Improvement Act of 2017 Sponsored by Representatives Pat Tiberi (R-OH) and Richard Neal (D-MA), the Affordable Housing Credit Improvement Act of 2017 would enact numerous
More informationHOUSING TAX CREDIT PROGRAM QUALIFIED ALLOCATION PLAN
2004-2005 HOUSING TAX CREDIT PROGRAM QUALIFIED ALLOCATION PLAN November 2003 Proposed Applications Due: The last working day of February 5:00 p.m. Central Time Housing Development Authority P.O. Box 1237
More informationBLUEPRINT REAL ESTATE POLICY
DATE September 19,2007 TITLE BLUEPRINT REAL ESTATE POLICY ORG. AGENCY Blueprint Intergovernmental Agency APPROVED.01 STATEMENT OF POLICY The purpose of this administrative regulation is to establish a
More informationHOUSING INCENTIVE FUND ALLOCATION PLAN
2013-15 HOUSING INCENTIVE FUND ALLOCATION PLAN North Dakota Housing Finance Agency 2624 Vermont Avenue PO Box 1535 Bismarck, ND 58502-1535 800/292-8621 or 701/328-8072 800/366-6888 (TTY) www.ndhfa.org
More informationIN THE CIRCUIT COURT OF LAUDERDALE COUNTY, STATE OF MISSISSIPPI CIRCUIT CLERK AMENDED BILL OF EXCEPTIONS
IN THE CIRCUIT COURT OF LAUDERDALE COUNTY, STATE OF MISSISSIPPI RECEIYJED MAY 2 4 2018 CITY CLERK'S OFFICE MERIDIAN, MISS. MITCHEL MARSHALL, INDIVIDUALLY; AND MARSHALL DEVELOPMENT COMPANY, LLC Fl LED APPELLANTS
More informationINTRODUCTION TO FEDERAL LOW INCOME HOUSING TAX CREDITS. 1. Applicable Percentage
INTRODUCTION TO FEDERAL LOW INCOME HOUSING TAX CREDITS I. THE TAX CREDIT GENERALLY a. Established under the Tax Reform Act of 1986. Essentially an effort to partially privatize the affordable housing industry.
More informationFLORIDA HOUSING FINANCE CORPORATION SUBMISSION PACKET IN CONNECTION WITH HUD Notice: CPD-09-03, ISSUED MAY 4, 2009
FLORIDA HOUSING FINANCE CORPORATION SUBMISSION PACKET IN CONNECTION WITH HUD Notice: CPD-09-03, ISSUED MAY 4, 2009 SUBJECT: Implementation of the Tax Credit Assistance Program (TCAP) A. Statement of Intent:
More informationHistoric Tax Credits Overview
Historic Tax Credits Overview 20% or 10% tax credit to rehabilitate a certified historic or very old structure (built prior to 1936) Must be taxable income producing property and rehabilitation must be
More informationMassachusetts Housing Investment Corporation Accounting, Audit & Tax Workshop For the Year Ended December 31, 2011
Massachusetts Housing Investment Corporation Accounting, Audit & Tax Workshop For the Year Ended December 31, 2011 Presented By: Marianne Heard, CPA, MST, Tax Director, Kevin P. Martin & Associates, P.C.
More informationNSP Rental Basics: A Primer on Using Rental Projects to Meet NSP Obligation and 25% Set-Aside Requirement. About this Tool
NSP Rental Basics: A Primer on Using Rental Projects to Meet NSP Obligation and 25% Set-Aside Requirement About this Tool Description: This tool is intended for NSP grantees and their partners seeking
More informationHOME Investment Partnerships Program FAQs
HOME Investment Partnerships Program FAQs Last Updated: August 10, 2016 Description: This document contains the HOME Investment Partnerships Program FAQs posted on the HUD Exchange website (https://www.hudexchange.info/home/).
More informationCOLLABORATE. INNOVATE. ACCELERATE.
VIA EMAIL April 27, 2018 Mr. Robert Iber Acting Deputy Assistant Secretary Office of Multifamily Housing U.S. Dept. of Housing and Urban Development 451 7 th Street SW Washington, D.C. 20410 Attention:
More informationPublic Housing: Rental Assistance Demonstration
Public Housing: Rental Assistance Demonstration By Ed Gramlich, Director of Regulatory Affairs, National Low Income Housing Coalition Administering agency: HUD s Office of Public and Indian Housing, and
More informationFrequently Asked Questions Regarding the FY-2016 Rental Production NOFA
Frequently Asked Questions Regarding the FY-2016 Rental Production NOFA These FAQ s provide answers to common questions regarding MHDC s FY-2016 NOFA application process. The FAQ is divided into three
More informationHOUSING TAX CREDIT PROGRAM PROCEDURAL MANUAL. 400 Sibley Street, Suite 300, St. Paul, Minnesota 55101
HOUSING TAX CREDIT PROGRAM PROCEDURAL MANUAL 2003 400 Sibley Street, Suite 300, St. Paul, Minnesota 55101 HOUSING TAX CREDIT PROGRAM 2003 TABLE OF CONTENTS Page I. INTRODUCTION... 1 II. MHFA MISSION STATEMENT...
More informationDepartment of Defense INSTRUCTION
Department of Defense INSTRUCTION NUMBER 4165.68 May 27, 1997 SUBJECT: Revitalizing Base Closure Communities and Community Assistance - Community Redevelopment and Homeless Assistance USD(A&T) References:
More informationLand Transfer Program Briefing
Land Transfer Program Briefing A Briefing to the Housing Committee Housing Department April 21, 2008 Purpose To provide an update on the Land Transfer Program 2 Background The Land Transfer Program inventory
More informationGENERAL ASSEMBLY OF NORTH CAROLINA SESSION 2015 S 2 SENATE BILL 554 Education/Higher Education Committee Substitute Adopted 6/24/16
GENERAL ASSEMBLY OF NORTH CAROLINA SESSION S SENATE BILL Education/Higher Education Committee Substitute Adopted // Short Title: School Building Leases. (Public) Sponsors: Referred to: March 0, 1 0 1 A
More informationDAKOTA COUNTY CDA HOUSING TAX CREDIT 2017 PROCEDURAL MANUAL
DAKOTA COUNTY CDA HOUSING TAX CREDIT 2017 PROCEDURAL MANUAL MINNESOTA/2003654.0013/13965864.1 HOUSING TAX CREDIT PROGRAM 2017 TABLE OF CONTENTS I. INTRODUCTION... 4 II. AGENCY MISSION STATEMENT... 5 III.
More informationUndivided Fractional Interest In Rental Real Property
April 28, 2002 About Exchanges Services Knowledge Base Contact Us About the Firm Featured Properties Undivided Fractional Interest In Rental Real Property Part III Administrative, Procedural, and Miscellaneous
More informationBusiness Combinations
International Financial Reporting Standard 3 Business Combinations This version was issued in January 2008. Its effective date is 1 July 2009. It includes amendments resulting from IFRSs issued up to 31
More informationPlease review the Draft PTF Grant Manual with the above background information in mind. AGC
Board of Trustees Anna G. Chisholm, PTF Program Administrator 3.15.2017 Proposed Updates to the PTF Grant Manual The PTF Grant Manual was last updated in 2006 and many details of the easement process have
More informationH 7816 S T A T E O F R H O D E I S L A N D
LC001 01 -- H 1 S T A T E O F R H O D E I S L A N D IN GENERAL ASSEMBLY JANUARY SESSION, A.D. 01 A N A C T RELATING TO TAXATION -- TAX SALES Introduced By: Representative Robert E. Craven Date Introduced:
More informationBuying BIPCo Frequently Asked Questions of the EUTG August 2016
1. What is the proposal? 2. Why should the Town purchase BIPCo? 3. Is the price fair? 4. What are the detailed steps and timing? 5. How will BIPCo be run? 6. What are the benefits of community control
More informationH 7816 AS AMENDED S T A T E O F R H O D E I S L A N D
======== LC001 ======== 01 -- H 1 AS AMENDED S T A T E O F R H O D E I S L A N D IN GENERAL ASSEMBLY JANUARY SESSION, A.D. 01 A N A C T RELATING TO TAXATION -- TAX SALES Introduced By: Representative Robert
More informationLEXSEE PLR This document may not be used or cited as precedent. Section 6110(j)(3) of the Internal Revenue Code.
Page 1 LEXSEE PLR 200703024 This document may not be used or cited as precedent. Section 6110(j)(3) of the Internal Revenue Code. Private Letter Ruling 200703024 PLR 200703024; 2006 PLR LEXIS 2378 October
More informationMultifamily Finance Division Frequently Asked Questions 4% Housing Tax Credit Developments financed with Private Activity Bonds
Multifamily Finance Division Frequently Asked Questions 4% Housing Tax Credit Developments financed with Private Activity Bonds 1. What is a Private Activity Bond? What is a Housing Tax Credit? These are
More informationMONTANA BOARD OF HOUSING LOW INCOME HOUSING TAX CREDIT PROGRAM. - Summary of Low Income Housing Tax Credits
MONTANA BOARD OF HOUSING LOW INCOME HOUSING TAX CREDIT PROGRAM 2004 - Summary of Low Income Housing Tax Credits - Administrative Process, Eligible Competitions, and Fee Schedule - Montana Board of Housing
More informationTENNESSEE HOUSING DEVELOPMENT AGENCY 2012 MULTIFAMILY TAX-EXEMPT BOND AUTHORITY PROGRAM DESCRIPTION
Ted R. Fellman, Executive Director Tennessee Housing Development Agency 404 James Robertson Parkway, Suite 1200 Nashville, Tennessee 37243-0900 www. thda.org TENNESSEE HOUSING DEVELOPMENT AGENCY 2012 MULTIFAMILY
More informationAPPENDIX D FEDERAL, STATE AND LOCAL HOUSING PROGRAMS
APPENDIX D FEDERAL, STATE AND LOCAL HOUSING PROGRAMS Most of the new text in this discussion regarding the homeless population has been taken verbatim from the "Homeless and Very Low Income Housing Project:
More informationHousing Assistance Incentives Program
Housing Assistance Incentives Program Adopted on March 28, 2016 Resolution No. 84-16 Table of Content Overview. 2 Definitions.. 2 Housing Assistance Incentives 5 Housing Trust Fund.. 7 City Owned Properties
More informationU.S. Housing Act of 1937
SERC/NAHRO Conference Norfolk, Virginia June 25, 2018 U.S. Housing Act of 1937 Another New Deal initiative designed to relieve conditions in the nation's housing stock This was the beginning of Public
More informationU.S. Department of Housing and Urban Development Community Planning and Development
U.S. Department of Housing and Urban Development Community Planning and Development Special Attention of: Notice: CPD 98-1 All Secretary's Representatives All State/Area Coordinators Issued: January 22,
More informationRolling Out RAD Webinar Q&A
Rolling Out RAD Webinar Q&A Hosted by Ballard Spahr LLP on March 14, 2012 Q What are PEL and UEL? A The PEL is the Project Expense Level and the UEL is the Utility Expense Level. These, along with add-ons,
More informationKANSAS CITY, MISSOURI HOMESTEADING AUTHORITY POLICIES AND PROCEDURES
DEFINITIONS KANSAS CITY, MISSOURI HOMESTEADING AUTHORITY POLICIES AND PROCEDURES Property costs: Property costs are those costs associated with the acquisition of a parcel of property. Project costs: Project
More informationEXECUTIVE SUMMARY HOUSING COMMISSION EXECUTIVE SUMMARY SHEET. DATE: January 12, 2018 HCR18-002
ITEM 103 EXECUTIVE SUMMARY HOUSING COMMISSION EXECUTIVE SUMMARY SHEET DATE: January 12, 2018 HCR18-002 SUBJECT: Authorization to purchase Land of San Diego Square from City of San Diego Authorization to
More informationSTATE OF RHODE ISLAND 2013 QUALIFIED ALLOCATION PLAN. Qualified Allocation Plan
STATE OF RHODE ISLAND 2013 QUALIFIED ALLOCATION PLAN Qualified Allocation Plan 2013 1 State of Rhode Island Revised 2013 Qualified Allocation Plan For the Low-Income Housing Tax Credit Program INTRODUCTION
More informationSTATE OF RHODE ISLAND 2011 QUALIFIED ALLOCATION PLAN. Qualified Allocation Plan
STATE OF RHODE ISLAND 2011 QUALIFIED ALLOCATION PLAN Qualified Allocation Plan 2011 1 State of Rhode Island Revised 2011 Qualified Allocation Plan For the Low-Income Housing Tax Credit Program INTRODUCTION
More informationCity of North Las Vegas HOME Program Overview (FY18/19)
City of North Las Vegas HOME Program Overview (FY18/19) 1. INTRODUCTION The HOME program is a flexible tool that helps local governments, in conjunction with states and non-profit organizations, develop
More informationChapter XX Purchase of Development Rights Program
Chapter XX Purchase of Development Rights Program Short Title. This ordinance is to be known and may be cited as the Purchase of Development Rights ( PDR ) Program. Purpose Pursuant to the authority granted
More information