Issues with Developers
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1 U.S. Department of Housing and Urban Development HUD Webinar Issues with Developers October 11 th, 2011 U.S. Department of Housing and Urban Development Community Planning and Development
2 Presenters Host and Moderator Kent Buhl, Enterprise Community Partners/KB Consulting Panelists Ben Nichols, Enterprise Community Partners My Trinh, Enterprise Community Partners Matthew Do, Enterprise Community Partners HUD Staff: David Noguera and John Laswick, NSP U.S. Department of Housing and Urban Development Community Planning and Development 2
3 Agenda Definition of Developers (NSP) Selecting Developers Monitoring Develo pers Developer Best Practices Building Sustainable Organizations NSP Examples Issues with Developers Q&A U.S. Department of Housing and Urban Development Community Planning and Development 3
4 NSP Definition of Developerselopers Aforprofit for-profit or private nonprofit individual or entity that: (1) acquires homes and residential properties to rehabilitate for use or resale for residential purposes (2) constructs new housing in connection with the redevelopment of demolished or vacant properties. Public non-profits, such as Housing or Redevelopment Authorities, cannot be developers To be treated as a developer, the entity must demonstrate ownership or control of the property to be rehabilitated or redeveloped [CFR (b)(1)] U.S. Department of Housing and Urban Development Community Planning and Development 4
5 Selecting Developers e Financial benchmarks Checklist NSP selection of developers U.S. Department of Housing and Urban Development Community Planning and Development 5
6 Selecting Developers Financial Benchmarks Ahi high performing developer in whom we would invest for a LIHTC project would have: Current Ratio 1.5 Months of operating cash 4.0 Cash balance/ Liquidity Leverage (Total liabilities to Net assets) <3.0 Net assets/ Net worth Why do we need these ratios? $1 million $5 million 6
7 Selecting ect Developers e ope Financial ca Benchmarks NSP grantees may not have the luxury to be as selecti tive about their development partners, so how can you mitigate your risk? There is a continuum on which you should invest, depending on the size of the development Project size may not be as big: Smaller nonprofit developers with $100,000 in the bank and a $200,000 line of credit Private single developers with a credit card to the local l hardware store U.S. Department of Housing and Urban Development Community Planning and Development 7
8 Selecting Developers Checklist Strong financial reporting Excellent relationships Banks and investors City departments General contractors and/or subcontractors Organizational capacity Forecasting and scenario planning U.S. Department of Housing and Urban Development Community Planning and Development 8
9 Selecting Developers e NSP Establish policies and procedures for selection Note: Not required, but many grantees do RFQs Review developer s experience and capacity to work with federal funds and NSP activities Know Developer s Background lines of business and track record Ask for development budgets and operating pro formas when specific projects are proposed U.S. Department of Housing and Urban Development Community Planning and Development 9
10 NSP Developer Agreement Key Elements: Clear scope of work Specific milestones Performance requirements and strict deadlines Strong termination clause The only legal enforcement tool available U.S. Department of Housing and Urban Development Community Planning and Development 10
11 Monitoring Developers Construction dashb hboard criteria Sample dashboard Monitoring under NSP U.S. Department of Housing and Urban Development Community Planning and Development 11
12 Construction Dashboard Criteria On Target (A) Monitor Closely (B) Workout (C) Scope Unchanged or Minor changes Medium changes Significant changes Schedule On or ahead of schedule 1 or 2 months behind schedule 3 or more months behind schedule Sources and Uses Within or under budget Costs projected to go beyond contingency by $ OR Contingency drawn down exceeds the percent of construction completed OR Projected to cut into contingency by % of TDC, or % of corporate liquid assets No contingency remaining Expecting $ to finish the project and is the expected source for this gap. Tax Credit Adjusters or Other Funding Gaps None or increase expected Little change in equity Expecting $ amount to be adjusted down by investor and why there is an adjuster. is the expected source for this gap. Review Review on a monthly basis Review on a weekly basis or as unexpected events occur Review on a weekly basis or as unexpected events occur U.S. Department of Housing and Urban Development Community Planning and Development 12
13 Sample Dashboard Scores Project On Schedule? Scope of Work Funding Gap Green Briar View Point Middle City Bella Vista Quimby Chateau Chateau Wiggin Units On Ahead of 2 mths schedule 4 mths Schedule 3 mths 6 wks On schedule behind A behind C A behind C behind B A C A Some Changes B On target t A Few Changes A On target t A Few Changes A On target t - A Some Changes B On target t - A NSP Deadline issue? No A No A No A Yes C Some Changes B Significant Changes C Significant Changes C On schedule Some Changes B Within On target t Contingency Gap to On target t A B fill - C A Within 2 mths B No A Yes C No -A NSP Compliance A A A A B A A A A Current Last month 2 months ago B C A B C A B C Notes All funds Watching Issue is Environm will be time cleared up ental closely spent U.S. Department of Housing and Urban Development Community Planning and Development 13
14 Monitoring Under NSP Step 1: Select qualified competent partners. Communicate expectations and obligations. Establish and communicate your monitoring plan. Use agreements to establish clear goals. Step 2: Monitoring verifies the competence of your partners to assure: Compliance with applicable federal requirements. Performance goals are being achieved. Why? Reduce Risk and Ensure Performance U.S. Department of Housing and Urban Development Community Planning and Development 14
15 Developer eloper Best Practices Recommendations from Building Sustainable Organizations 1) Strengthen financial reporting 2) Monitor large cash receipts carefully 3) Grow strategically 4) Cut revenue draining projects NSP Best Practices U.S. Department of Housing and Urban Development Community Planning and Development 15
16 Strengthen Financial Reporting and Analysis Poor Internal Financial Statements Not detailed or broken out by cost center Overhead was not allocated Accounting Staff Turnover Complex organizations Understanding all the compliance and regulations Internal controls What does this mean for NSP grantees? U.S. Department of Housing and Urban Development Community Planning and Development 16
17 Monitor Large Cash Receipts Carefully Real Estate is a Business of Large, Uneven Payments These Payments May Delay Tough Decisions on Properties or Business Lines. How does this business impact NSP projects? Timing of projects and payments stalled pipelines Where is the equity for the NSP deal? Too many units not enough financing U.S. Department of Housing and Urban Development Community Planning and Development 17
18 Grow Strategically U.S. Department of Housing and Urban Development Community Planning and Development 18
19 Grow Strategically Build on existi ting core competencies Avoid mission creep Challenging g for Property Management Pitfalls of new business lines or new territory Expertise and infrastructure not built Chasing NSP projects? Weak relationships in new territory New to your territory? U.S. Department of Housing and Urban Development Community Planning and Development 19
20 Cast Off Revenue en e Draining Projects U.S. Department of Housing and Urban Development Community Planning and Development 20
21 Revenue Draining Projects Soak Up Senior Management s Time Cannot spend dti time on the NSP project Slow pp ipeline Developers are optimistic people If these three things happen then all will be okay Sunk Costs This could be the NSP deal l s equity U.S. Department of Housing and Urban Development Community Planning and Development 21
22 NSP Developer Best Practices Experience in Project type Partnerships with Banks, Realtors, Counselors Engaged in the for-profit fit sector: has a title titl company, realtor, and loan officer that understands and works with NSP If they don t have these partnerships, they are willing to use your partners Strong marketing plan Provide a point of contact, be responsive and flexible U.S. Department of Housing and Urban Development Community Planning and Development 22
23 Issues with Developers Understanding di developers Recommendations to avoid problems Issues with Developers: Problems and Solutions Developer Fees U.S. Department of Housing and Urban Development Community Planning and Development 23
24 Understanding Developers e Ask these questions first: What is causing the delay? Another project or projects Problems with financing Problem within your jurisdiction NSP Rules Is the project facing a previously unforeseen gap? Extra funding? U.S. Department of Housing and Urban Development Community Planning and Development 24
25 Understanding Developers e Did the developer overpromise? Pressure is on Then ask Should we cut bait or modify relationship? U.S. Department of Housing and Urban Development Community Planning and Development 25
26 Recommendations for Grantees Incentivize Long-term Ownership of Units Keep your self lf-imposed NSP rules flexible. If they are in stone and a project goes sideways then the developer will stop working. Embrace an Early Warning System Early Warning System referenced Welcome developers and owners who come to the table early Fear of penalty U.S. Department of Housing and Urban Development Community Planning and Development 26
27 NSP Developers: Problems and Solutions Problem: Goals and Performance milestones are not clearly defined Solution: Create/Amend Developer Agreements to provide clear language: Timelines, Objectives, and Reporting Requirements Solution: Ensure program manuals and procedures are in place to monitor U.S. Department of Housing and Urban Development Community Planning and Development 27
28 NSP Developers: Problems and Solutions Problem: Project not on schedule Solution: increase resources devoted to oversight and inspections Solution: Maintain regular communication with developer: Regular reporting and calls/meetings. Identify barriers: review program procedures, opportunities to provide technical assistance Solution: Evaluate incentives. Solution: Reassess schedules and enforce agreements. U.S. Department of Housing and Urban Development Community Planning and Development 28
29 NSP Developers: Problems and Solutions Problem: Developer Not Meeting Performance Goals Solution: Review budget/actuals and evaluate subsidies bidi development and disposition iti Solution: Maintain regular communication and allocate staff resources based on early warning system/risk assessment Solution: Enforce agreement reassess goals; reduce funding; termination U.S. Department of Housing and Urban Development Community Planning and Development 29
30 Developer eloper Fees Means to incentivize good performance Factors to consider: risk, comparable profit in area Balance between incenti tivizing developer and undue enrichment The aggregate of all fees needs to be in line with fees typically paid in their market. [24 CFR (b)(1)] U.S. Department of Housing and Urban Development Community Planning and Development 30
31 Developer Fee [HUD Policy Alert, updated 9/16/11] U.S. Department of Housing and Urban Development Community Planning and Development 31
32 Resources HUD Sample Developer Agreement Policy Alert on Allocation of Development Costs Policy Alert on Developers and Subrecipients HUD Webinar: Activity Delivery v. Program Administrative Costs II on November 3 rd, 2011 U.S. Department of Housing and Urban Development Community Planning and Development 32
33 NSP Resource Exchange Links NSP Resource Exchange Search the Resource Library Search the FAQs View All Training Materials on the Learning Center Submit a Policy Question via Ask A Question Request Technical Assistance Connect with NSP Join the Listserv Visit the NSP Flickr Gallery Visit the NSP YouTube Channel U.S. Department of Housing and Urban Development Community Planning and Development 33
34 Give us your Feedback Answer a few short questions Please click on the link and give us your feedback: Your opinion is valuable! THANK YOU! U.S. Department of Housing and Urban Development Community Planning and Development 34
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