SUMMARY OF HPD AND HDC TERM SHEETS

Transcription

1 SUMMARY OF HPD AND HDC TERM SHEETS This document is current as of 5/21/2015. Readers should refer to the official HPD and HDC term sheets for full program details: HPD: HDC: For information about this summary, please contact Daniel Parcerisas, x 112.

2 LARGE NEW CONSTRUCTION Agency & HDC M2 HPD Mixed Income Mix & Match HDC Extremely Low & Low-Income Affordability (ELLA) HPD Extremely Low & Low-Income Affordability (ELLA) HDC 50/30/20 Mixed-Income New construction, substantial rehabilitation and conversions of non-residential buildings. New construction multifamily rental projects. New construction, substantial rehabilitation and conversions of nonresidential buildings. New construction of low-income multifamily rental projects. New construction and substantial rehabilitation of market-rate buildings with a significant component of low and middle income units. Eligible borrowers HDFCs (alone or in a partnership with a for profit). HDFCs (alone or in a partnership with a for profit). Development size Minimum 100 units (50 units and up may be considered). Minimum 100 units (50 units and up may be considered). Minimum 100 units (50 units and up may be considered). 20% at 50% AMI (or 25% at 60% AMI). 50% at 30%-60% AMI. 10% at 30% AMI. 10% at 30% AMI. 20% of units at 40%-50% of AMI (or 25% of the units at 60% AMI). 30% at % AMI. 30%-50% at 80%-130% AMI. 15% at 40% AMI. 15% at 40% AMI. 30% of units at 80%-130% of AMI. Income mix 50% at 130% AMI (higher income permitted without subsidy). Max 20% up to 150% AMI (unsubsidized). 15% at 50% AMI. 15% at 50% AMI. 50% units at market rate. Instead of the previous income limits, 30% of units may be set aside for formerly homeless families with non- HPD subsidy. Instead of the previous income limits, 30% of units may be set aside for formerly homeless families with non-hpd subsidy. The balance of the units must be at 60% AMI. The balance of the units must be at 60% AMI, with a tier permitted up to 90% AMI.

3 LARGE NEW CONSTRUCTION Agency & HDC M2 HPD Mixed Income Mix & Match HDC Extremely Low & Low-Income Affordability (ELLA) HPD Extremely Low & Low-Income Affordability (ELLA) HDC 50/30/20 Mixed-Income First mortgage from tax-exempt bonds. Second mortgage ($85,000/du to $95,000/du; $15m max). HPD loan ($40,000/du to $105,000/du depending on income mix). First mortgage from tax-exempt bonds. Second mortgage ($55,000/du for project-based Section 8; or $65,000/du if no rental subsidy). HPD loan ($65,000/du for publicly owned sites; $75,000/du for privately owned sites). First mortgage from tax-exempt private activity bonds. Second mortgage from corporate reserves ($65,000/du - $85,000/du, up to $15m, for the affordable units). Developer equity 10% TDC minimum. 10% TDC minimum. 10% developer equity is required. Allowed on LIHTC projects per Allowed on LIHTC projects per QAP; must be fully deferred QAP up to 10% of acquisition during construction and paid from costs and 15% of improvement cash flow. costs; must be fully deferred during construction and paid from cash flow. Allowed on LIHTC projects per QAP up to 10% of acquisition costs and 15% of improvement costs; must be fully deferred during construction and paid from cash flow. Allowed on LIHTC projects per QAP up to 10% of acquisition costs and 15% of improvement costs; must be fully deferred during construction and paid from cash flow. Allowed on LIHTC projects per QAP up to 10% of acquisition costs and 15% of improvement costs; must be fully deferred during construction and paid from cash flow.

4 SMALL NEW CONSTRUCTION Agency & HPD Neighborhood Construction HPD New Infill Homeownership Opportunities (NIHOP) New construction of infill rental housing for low, moderate and middle income households. New construction of mixed-income communities with affordable homeownership opportunities for middle-income households. Eligible borrowers Development size Income mix HDFCs (alone or in a partnership with a for profit). Maximum 30 units. Up to 165% AMI (units underwritten up to 150% AMI). HDFCs (alone or in a partnership with a for profit). 1-4 family homes and up to approximately 14 unit co-ops/condos. Homeownership units: 1/3 of units at 80%-90% AMI; remaining units up to 130% AMI. Rental units in 1-4 family homes must be affordable at 165% AMI (80% AMI if using NYS Affordable Housing Corporation programs). Developer equity HPD loan up to $100,000/du. Allowed on LIHTC projects per QAP up to 10% of acquisition costs and 15% of improvement costs; must be fully deferred during construction and paid from cash flow. 50% payable at conversion. HPD loan up to $70,000/du. 10% TDC minimum. 10% TDC minimum.

5 PRESERVATION AND REHABILITATION Agency & HPD Multifamily Housing Rehabilitation (8A) HPD Participation Loan (PLP) HDC Preservation HPD HUD Multifamily HPD Green Housing Preservation Moderate rehabilitation of rental or co-op buildings to replace building systems or remove hazardous conditions. Acquisition and moderate or substantial rehabilitation of low and moderate-income housing. Acquisition and moderate rehabiliation of existing projects. Moderate or substantial rehabilitation of privatelyowned HUD-assisted rental housing which is either distressed or at risk of opting out of affordability programs. Energy efficency and water conservation (EEWC) improvements (for buildings with needs <$8500/du if 5-20 units or <$6500 if units). Moderate rehabilitation (for buildings with needs >$8500/du if 5-20 units or >$6500/du if units) as identified by a Green Physical Needs Assesment. Eligible borrowers Partnerships, corporations, joint ventures, LLC, 501c(3), individuals and HDFCs. Limited partnerships, corporations, joint ventures, LLC, 501c(3), individuals and HDFCs; for profit or not-for-profit. Limited partnerships, corporations, joint ventures, LLC, 501c(3). Limited partnerships, corporations, joint ventures, LLC, 501c(3), individuals and HDFCs; for profit or notfor-profit. Development size Multiple dwellings with at least 5 units but less than 50,000 square feet. Rents are adjusted to ensure payment of debt service, but may not exceed 130% AMI. 60%-130% AMI. Up to 60% AMI or other maximum as required by other subsidy providers. 130% AMI for non-hap units. Rent Stabilization required; work is not eligible for MCI; vacancy decontrol, luxury decontrol and IAIs are not permitted for length of regulatory agreement. Rent setting/income limits Vacant units cannot be rented or sold to households earning above 130% AMI for 30 years. Vacant units must be rented to households earning up to 130% AMI. Units below 60% AMI can be rented to households earning up to 10% above the rent limitation, and units above 60% AMI can be rented to households earning up to 20% above the rent limitation. For EEWC loans: current and future apartments may not exceed 110% AMI; if not currently rentstabilized rents are set at 20% above FMR or 20% above current rent. For Mod Rehab loans: current and future apartments may not exceed 110% AMI; rent restriction (lower tiers are permitted).

6 PRESERVATION AND REHABILITATION Agency & HPD Multifamily Housing Rehabilitation (8A) HPD Participation Loan (PLP) HDC Preservation HPD HUD Multifamily HPD Green Housing Preservation HPD loan up to $35,000/du at a maximum interest of 3% for a 30 year term. HPD loan of $40,000/du to $90,000/du (depending on income levels and tax credits) at 1% interest for a 30 year term. Additional subsidy available for overleveraged and distressed properties, and homeless set asides greater than 10%. First mortgage from tax-exempt bonds. No second mortgage. HPD loan up to $35,000 per Section 8 or other assisted unit, at 1% interest for a 30 year term. HPD loan up to $50,000/du. For EEWC loans: 0% interest at a 15 year minimum term. Loans are evaporating loans. Projects that integrate a 10% homeless requirement may qualify for additional subsidy. For Mod Rehab loans: 1% interest, up to 30 year term, 0.25% servicing fee during construction. Developer equity Minimum of 10% of the rehabilitation scope if the developer is for profit, or 2% if non-profit. 10% developer equity required of for-profits, or 2% for non-profits. 10% developer equity required of for-profits, or 2% for non-profits (equity requirement may be reduced for EEWC loans). For non-lihtc projects, the greater of 3% of TDC or $1,000/du for non-profits; must be fully deferred during construction and paid from cash flow. Additional incentive developer fee up to 50% of construction interest reserve permitted for projects that complete on time. Allowed on LIHTC projects per QAP up to 10% of acquisition costs and 15% of improvement costs; must be fully deferred during construction and paid from cash flow. For non-lihtc projects, the greater of 3% of TDC or $1,000/du for non-profits; must be fully deferred during construction and paid from cash flow. For LIHTC projects, developer must not exceed allowable QAP fee, fully deferred during construction and paid from cash flow. Additional incentive developer fee up to 50% of construction interest reserve permitted for projects that complete on time.

7 SPECIAL NEEDS HOUSING Agency & HPD Supportive Housing Loan (SHLP) HPD Senior Affordable Rental Apartments (SARA) New construction or rehabilitation of permanent supportive housing with on-site social services. Acquisition costs eligible up to appraised value. New construction or renovation of low-income housing for seniors aged 62+. Acquisition costs eligible up to appraised value. Eligible borrowers Development size Non-profits or joint ventures involving a non-profit. HDFC must hold title Non-profits, for profits or joint ventures. HDFC must hold title to the property. to the property, majority must be non-profit, and non-profit must have long-term control of the project. 50 units minimum. 50 units minimum. 100% at 60% AMI 100% up to 60% AMI (a tier is permitted up to 90% AMI if required by other funding sources). Income limits Developer equity 60% of units must be set aside for disabled and homeless individuals or families, referred by DHS, DOHMH, HASA or OMH, paying 30% of their income. HPD loan up to $75,000/du for projects using bonds and 4% LIHTC HPD loan up to $125,000/du for projects using 9% LIHTC If using private debt, 15% of eligible costs per QAP; or 12% of TDC if using project-based Section 8; 12 years of deferred fee must be paid from cash flow. If not using private debt, $10,000/du maximum. 30% of units must be set aside for homeless seniors referred by DHS, DOHMH, HASA or OMH. HPD loan up to $70,000/du. Maximum 15% of eligible costs per QAP; or 12% of TDC if using project-based Section 8; 12 years of deferred fee must be paid from cash flow. If not using private debt, $10,000/du maximum. $3,500/du plus $3,000 per homeless unit should be capitalized as part of developer fee. $1,000/du, plus $2,500 per project-based Section 8 unit, plus $2,500 per homeless unit should be capitalized as part of developer fee.

8 LIHTC YEAR 15 Agency & HPD LIHTC Preservation (Year 15) - Repositioning HPD LIHTC Preservation (Year 15) - Resyndication HPD LIHTC Preservation (Year 15) - Private Debt Moderate rehabilitation of tax credit properties at the end of the initial tax credit compliance period. Moderate rehabilitation of City and State-assisted tax credit properties at the end of the initial tax credit compliance period. Moderate rehabilitation of tax credit properties at the end of the initial tax credit compliance period. Additional eligibility requirements Minimum $15,000/du needed in capital work; no more than 25% of units can be from projects other than Cityand State-assisted tax credit projects at/past year 15 of the tax credit compliance period; transfer of 50% ownership interest to responsible unrelated entity. Development size 300 units minimum. Extend affordability to later of a) the term of any additional mortgage provided or b) 15 additional years. Extend affordability to later of a) the term of any additional mortgage provided or b) 15 additional years. Extend affordability to later of a) the term of any additional mortgage provided or b) 15 additional years. Regulatory requirements Projects with previous 100% homeless requirements shall maintain at least 30% of units for the homeless; other projects shall maintain existing homeless requirement; projects with no previous homeless requirement shall be given preference if the have a 10% homeless set-aside. HPD capital loan up to $15,000/du, depending on rehabiliation needs and availability of existing reserves. Projects with previous 100% homeless requirements shall maintain at least 30% of units for the homeless; other projects shall maintain existing homeless requirement; projects with no previous homeless requirement shall be given preference if the have a 10% homeless set-aside. HPD capital loan up to $15,000/du, depending on rehabiliation needs and availability of existing reserves. Projects with previous 100% homeless requirements shall maintain at least 30% of units for the homeless; other projects shall maintain existing homeless requirement; projects with no previous homeless requirement shall be given preference if the have a 10% homeless set-aside. HPD capital loan up to $15,000/du, depending on rehabiliation needs. Not to exceed QAP allowance, fully deferred at construction loan closing and paid from cash flow. Greater of 3% of TDC or $1,000/du for non-profits. If funds are avilable, 1/3 of the developer fee may be paid upon reaching 25% construction completion.