National Housing Trust Fund. Alissa Ice Missouri Housing Development Commission
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2 National Housing Trust Fund Alissa Ice Missouri Housing Development Commission
3 Purpose The National Housing Trust Fund (HTF) is a new affordable housing production program that will complement existing federal, state, and local efforts to increase and preserve the supply of decent, safe, and sanitary affordable housing for extremely low-income (ELI) households including homeless families.
4 ELI Defined Extremely Low Income Low-income families whose annual incomes do not exceed 30% of the median family income of a geographic area
5 Missouri s Allocation $3 Million Up to $2,700,000 for New Construction Rental Production Up to $1 Million of $2.7M for Operating Assistance Up to $300,000 for Administrative Activities
6 Eligible Costs Development Hard Costs Site Improvements Acquisition Costs Related Soft Costs Operating Cost Assistance and Reserves* Relocation Costs
7 Operating Cost Assistance and Reserves MHDC can provide up to one-third of each annual grant for operating cost assistance and operating cost assistance reserves.
8 Operating Cost Assistance and Reserves Eligible Costs Include: Insurance Utilities Real Property Taxes Maintenance Scheduled Payments to a Reserve for Replacement of Major Systems
9 Operating Cost Assistance and Reserves Can only be provided if the HTF-assisted units do not have project-based assistance Must be based on the underwriting of the project Must be specified in agency s written agreement
10 Operating Cost Assistance and Reserves As the HTF is currently funded (through Fannie Mae and Freddie Mac), The reserve may be funded for the amount estimated to be necessary through the affordability period Must be funded at the time of executing the written agreement
11 Eligible Forms of Assistance Equity Investments Interest-Bearing Loans or Advances Non-Interest Bearing Loans or Advances Interest Subsidies Deferred Payment Loans Grants Other Forms of Assistance Approved by HUD
12 Rental Housing Guidelines Rents Maximum is 30% of the income of a households at 30% AMI, adjusted for number of bedrooms Rent limit includes utility allowance If HTF Unit receives federal or state projectbased rental subsidy, the maximum allowable rent is the allowable rent under the subsidy program as long as tenant does not pay more than 30% of their adjusted income
13 Rental Housing Guidelines Affordability Period HTF Units must have at least a 30-year period of affordability If affordability restrictions are terminated before 30 years, total HTF allocation must be repaid to HUD
14 Underwriting Example 48 Units in Balance of State Family Site 6 Set-Aside Units 2 Bedroom Units All Units Affordable at 60% AMI
15 A Note On Income Limits What does 30% AMI look like in our example? # of People in Household Yearly Income Monthly Income 30% of Monthly Income 1 $10,680 $890 $267 2 $12,210 $1,018 $286 3 $13,740 $1,145 $343 4 $15,240 $1,270 $396
16 Underwriting Example - #1 With Vouchers $900,000 NHTF Funds 6 NHTF Units NHTF rents set by subsidy program, and tenants paying 30% of income $900,000 in Fund Balance w/ 3.25% Interest Rate $725,000 in Federal LIHTC New Unit Make-Up Size # of Units Unit Type Rent 2 Bdrm 42 Tax Credit $530 2 Bdrm 6 NHTF $625
17 Underwriting Example - #1 Construction Budget Operating Outlook Total Development Budget $8,047,000 TC Equity 1,233,000 Construction Loan 5,100,000 NHTF 900,000 Developer Fee Post-Const. 665,000 Other Costs Paid Post-Const. 150,000 * $310,000 Deferred Developer Fee Bdrm Size # of Units Monthly Rent 2-Bed 6 Units $625/Mo. 2-Bed 42 Units $530/Mo. Yearly Income approx. $312,000 approx. $6,500/unit Operating Expenses Yearly Expenses approx. $212,000 approx. $4,420/Unit
18 Income w/ Vacancy Underwriting Example - #1 Pro Forma Year 1 Year 5 Year 10 Year 15 Year 20 Year 25 Year , , , , , , ,500 Expenses 197, , , , , , ,000 Reserves 14,400 16,200 18,800 21,800 25,300 29,300 33,900 Debt Service 46,000 46,000 46,000 46,000 46, Cash Flow 32,180 29,500 24,200 16,200 5,000 35,600 15,600 Assumptions * 2% Yearly Increase in Income * 3% Yearly Increase in Expenses and Reserves
19 Underwriting Example - #2 No Vouchers with Market Rate Units $800,000 NHTF Funds 5 NHTF Units $800,000 HOME Funds 5 HOME Funds $715,000 Federal LIHTC New Unit Make-Up Size # of Units Unit Type Rent 2 Bdrm 1 TC/Low HOME $425 2 Bdrm 35 TC/High HOME $530 2 Bdrm 5 NHTF $185 2 Bdrm 7 Market $625
20 Underwriting Example - #2 Construction Budget Total Development Budget $8,043,000 TC Equity 1,222,900 Construction Loan 4,500,000 NHTF 800,000 HOME 800,000 Developer Fee Post-Const. 664,000 Other Costs Paid Post-Const. 156,000 * $366,000 Deferred Developer Fee Operating Outlook Operating Income Bdrm Size # of Units Monthly Rent 2-Bed 5 Units $185/Mo. 2-Bed 1 Units $425/Mo. 2-Bed 35 Units $530/Mo. 2-Bed 7 Units $625/Mo. Yearly Income approx. $291,300 approx. $6,069/unit Operating Expenses Yearly Expenses approx. $212,000 approx. $4,420/Unit
21 Income w/ Vacancy Underwriting Example - #2 Pro Forma Year 1 Year 5 Year 10 Year 15 Year 20 Year 25 Year , , , , , , ,100 Expenses 197, , , , , , ,000 Reserves 14,400 16,200 18,800 21,800 25,300 29,300 33,900 Cash Flow 58,800 54,300 47,000 36,600 22,600 4,400-18,800 Assumptions * 2% Yearly Increase in Income * 3% Yearly Increase in Expenses and Reserves
22 Underwriting Notes NHTF will use same cost limits as LIHTC Designated NHTF units within larger developments Same analysis as HOME to determine number of NHTF units
23 Priority Factors Merits of the Project Priorities described in the QAP Set-Aside Preferences and Service Enriched Priorities are prioritized over others listed Rent Levels Maximum rent per unit determined by HUD Committed Project Based Rental Assistance is preferred
24 Priority Factors Geographic Distribution MHDC seeks to award funds throughout the state Ability to Deploy Funds Quickly Development team s experience and their standing with MHDC
25 Priority Factors Affordability Period Minimum period of affordability is 30 years Ability to Leverage Funds Reduction of development costs and/or rents is more important than type of leverage
26 Additional Resources HUD Exchange National Low Income Housing Coalition Novogradac MHDC
27 Contact Information Alissa Ice NHTF Program Coordinator
28 The End
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