Florida Housing Finance Corporation

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1 Florida Housing Finance Corporation Workshop Agenda RFA SAIL Financing for the Construction of Workforce Housing and RFA SAIL Financing for the Construction of Workforce Housing for Hurricane Recovery in Monroe County 1. Funding: a. RFA Monroe County (1) Available Funding: September 5, 2018, 2:00 p.m., Eastern Time Florida Housing Finance Corporation, 227 N. Bronough Street, 6 th Floor Seltzer Room, Tallahassee, FL Call-In Information: , Passcode $15,000,000 million of Workforce SAIL funding $1,850,688 of 9% HC; (2) Maximum Funding Request Limits per Development: Workforce SAIL: lesser of $115,000 per unit for proposed Developments with a set-aside commitment at or below 80% AMI; or $70,000 per unit for proposed Developments with a setaside commitment at or below 120% AMI; or $7.5M per Development 9% HC: $36,000 per Housing Credit Set-Aside Unit; or $925,344 per Development Applicants must request both the Workforce SAIL funding and the 9% HC. b. RFA Non-Monroe County (1) Available Funding: $23,939,000 total Workforce SAIL funding (2) Maximum Funding Request Limits per Development: $8.5 million (3) The Applicant must request either: (a) Workforce SAIL funding, Corporation-issued MMRB and 4% HC; or (b) Workforce SAIL and 4% HC to be used with Tax-Exempt Bonds issued by the applicable county. The Applicant cannot have closed on the Bonds prior to the Application Deadline and, if selected for funding, cannot close on the Bonds prior to issuance of the SAIL preliminary commitment (invitation to enter credit underwriting). **If, prior to the submission of the Application in response to this RFA, the Applicant submits or has already submitted a Non-Competitive Application for the proposed Development, the previous Non- Competitive Application will not be considered and the Applicant will be required to request MMRB and/or 4% HC as part of this SAIL Application. d. Limit on Housing Credits the Applicant Can Claim 1

2 Regardless of whether requesting 9% HC or 4% HC, the Applicant can claim Housing Credits only on 25%, 45% or 55% of the total units, regardless of whether the Applicant sets aside more than 25% of total units at or below 50% AMI or more than 45% of total units at or below 60% AMI, or more than 55% of the total units if the Average Income Test is selected. 2. Family Demographic The RFAs are for proposed Developments that will serve the general population. 3. Contact Person/Applicant/Developer/Management Company a. Contact Person The Applicant must provide the contact information for the Authorized Principal Representative. The Authorized Principal Representative must be a Principal of the Applicant listed on the Principal Disclosure Form; must have signature authority to bind all Financial Beneficiaries of the Applicant entity; must sign the Applicant Certification and Acknowledgement form; must sign the Site Control Certification form; and, if funded, will be the recipient of all future documentation that requires a signature. The Applicant may also include contact information for an Operational Contact Person, if desired. b. Applicant and Developer Information (1) The Advance Review Process is currently open. Applications will receive 5 points if the uploaded Principal Disclosure Form was stamped Approved during the Advance Review Process provided (a) it is still correct as of Application Deadline, and (b) it was approved for the type of funding being requested (i.e., Housing Credits or Non-Housing Credits). (2) The individual meeting the required Developer experience must be reflected as a Principals on the Principals Disclosure Form. 4. General Proposed Development Information a. Development Category The RFAs are open only to proposed new construction Developments where 50 percent or more of the units are new construction. b. Development Type Garden Mid-Rise, 4-stories Townhouses Mid-Rise, 5 to 6-stories Duplexes High Rise (7 or more stories) Quadraplexes c. RFA Route 301/Dade-Monroe Express Bonus Points (5 points) Miami-Dade County Applications will qualify for bonus points if: The entire Development site is located south of SW 288 th Street; and The DLP is located within ½ mile of one of the following existing Route 301/Dade-Monroe Express stops: Route 301/Dade-Monroe Express Stops SW 344 St. and SW 2 nd Ave. NW 6 th Avenue and NW 11 th Street West Palm Drive and 3 rd Avenue NW 6 th Avenue and NW 12 th Street W. Palm Drive and SW 4 th Avenue NW 6 th Avenue and NW 14 th Street 2

3 W. Palm Drive and NW 4 th Avenue NW 6 th Avenue and Lucy Street (SW 8 th Street) W. Palm Drive and SW 5 th Avenue Lucy St. and Krome Avenue W. Palm Drive and SW 6 th Avenue US 1 and SW 336 th Street W. Palm Drive and NW 6 th Avenue US 1 and E. Palm Drive NW 6 th Avenue and NW 2 nd Street US 1 at Block NW 6 th Avenue and NW 4 th Street US 1 at Block NW 6 th Avenue and Davis Parkway The bus stop used to achieve the bonus points can also be used toward the Application s Transit score, provided the required information for the bus stop is included on Exhibit A. d. Latitude/Longitude Coordinates All Applicants must provide the following in Exhibit A: o Development Location Point (DLP); and o the Scattered Sites information, if applicable e. RFA There are no proximity requirements in this RFA. RFA To meet the minimum transit score and minimum proximity score, the Applicant must include the required transit and services information, as well as the DLP and applicable Scattered Sites information Mandatory Distance Requirement ( List) **Applies to distance between the Development Location Point provided and Developments awarded under RFA and as reflected on the FHFC Development List. Those Developments are reflected as W in the Demographic column. **link to the mapping software (Multifamily Mapping Application, or BETA) is on each RFA webpage The maximum distance able to achieve the most points for all transit services and the Community Services of Grocery Store, Medical Facility and Pharmacy have increased from 0.25 to 0.30 miles to improve the Applicant s ability to achieve proximity points. Requirement minimum proximity scores: Location of Proposed Development Required Minimum Transit Service Points if NOT Eligible for PHA or RD Point Boost Required Minimum Total Points that Must be Achieved to be eligible for funding Total Points that Must be Achieved to Receive the Funding Preference Large County or more Medium County N/A 7 9 or more Small County N/A 4 6 f. Live Where You Work Funding Goal 3

4 5. Units (1) To qualify, the proposed Development must be located within two (2) miles of the city limits listed below. The Corporation has identified areas where it may be hard to live where one works. The cities identified have a lower proportion of households with incomes at or below 0-80% AMI living in the city limits with a higher proportion of jobs in retail, accommodations and food sectors. If the proposed Development qualifies for the Live Where You Work funding goal, the Applicant must indicate the applicable city below. The proposed Development s Development Location Point must be no more than two (2) miles from the city limits of the selected city. Note: The Corporation is aware that a location that is two (2) miles from the city limits of a city listed below may actually be within the city limits of a neighboring city that may not be listed below. The Applicant should select the city that qualifies for the Live Where You Work funding goal that is no more than two (2) miles from the Development Location Point of the proposed Development. Cities (County) Eligible for the Work Where You Live Goal Altamonte Springs (Seminole) Ocoee (Orange) Apopka (Orange) Ormond Beach (Volusia) Bonita Springs (Lee) Oviedo (Seminole) Cape Coral (Lee) Palm Beach Gardens (Palm Beach) Casselberry (Seminole) Palm Coast (Flagler) Clearwater (Pinellas) Pembroke Pines (Broward) Clermont (Lake) Pensacola (Escambia) Coconut Creek (Broward) Port Orange (Volusia) Cooper City (Broward) Port St. Lucie (St. Lucie) Coral Springs (Broward) Punta Gorda (Charlotte) Davie (Broward) Royal Palm Beach (Palm Beach) Deltona (Volusia Sebastian (Indian River) Dunedin (Pinellas) Seminole (Pinellas) Jacksonville Beach (Duval) St. Cloud (Osceola) Marco Island (Collier) Tarpon Springs (Pinellas) Naples (Collier) Wellington (Palm Beach) New Smyrna Beach (Volusia) West Melbourne (Brevard) North Port (Sarasota) Winter Garden (Orange (2) The Applicant must perform its due diligence regarding the market and syndication. Total Number of Units Monroe County minimum of 20 total units Non-Monroe County o Minimum of 85 total units o Maximum of 300 total units if requesting Corporation-issued MMRB 6. Set-Aside Commitments The RFA includes special set-aside commitment charts which set out the Minimum IRC HC set-aside (20@50% or 40@60% or Average Income Test), the required ELI commitment and the required workforce housing 4

5 commitment. The Applicant will enter the total number of units on the applicable chart and the percentages and number of units will be calculated automatically, including any necessary rounding. a. Total Set-Aside Commitment All Applicants are required to set-aside 100% of the total units, with a required portion set aside as Housing Credit Set-Aside units as outlined below. b. Set-Aside Commitments If the Applicant elects the HC Set-Aside Commitment of 50% AMI (IRC Minimum + ELI), the set-aside commitments are: o 20% of total or below 50% AMI (Applicant s Minimum IRC HC Set-Aside election) o 5% of total units at County s ELI level o 75% of total units as workforce housing: Monroe County at or below 120% AMI (if qualify) or at or below 80% AMI (if do not qualify) Non-Monroe County at or below 80% AMI If the Applicant elects the HC Set-Aside Commitment of 60% AMI (IRC Minimum + ELI), the set-aside commitments are: o 40% of total or below 60% AMI (Applicant s Minimum IRC HC Set-Aside election) o 5% of total units at County s ELI level o 55% of total units as workforce housing Monroe County at or below 120% AMI (if qualify) or at or below 80% AMI (if do not qualify) Non-Monroe County at or below 80% AMI If the Applicant elects the Average Income Test: o Up to 55% of the total units may be set-aside as Housing Credit units, which includes a required 10% of the total units as ELI units set aside at or below 30% AMI. The average AMI of all Housing Credit Units shall be no higher than 60% AMI. o Remaining units as workforce housing c. Affordability Period 50 years for all set-aside commitments 7. Site Control *NEW: The Applicant must demonstrate site control by providing the Site Control Certification Form (Form Rev ), attaching the following documentation: Eligible Contract that does not expire before May 31, 2019; Deed or Certificate of Title; or Lease with an unexpired term of at least 50 years 8. Ability to Proceed Verification forms: (1) *NEW: Applicants must use the Florida Housing Ability to Proceed forms (Form Rev ) to demonstrate availability of electricity, water, sewer and roads, and that the site is appropriately zoned, all as of the Application Deadline. (2) The sewer form has been updated to include language approved by Miami-Dade County. All forms have been updated to include, among other adjustments, a date of signature. (3) There is no longer a requirement for the status of site plan/plat approval. 5

6 9. Construction Features, Green Building Features, and Resident Programs The Applicant will be required to commit to certain construction features, green building features, and resident programs. 10. Local Government Contributions (5 points) Applications that demonstrate Local Government Support in the form of a grant, loan, fee waiver and/or fee deferral, if effect at least through June 30, 2019, and has a value whose dollar amount is equal to or greater than the amount listed on the chart below will be eligible to receive 5 points. County in Which the Development Is to be Located Broward Miami-Dade Duval Hillsborough Orange Palm Beach Pinellas Brevard Lee Pasco Polk Sarasota Seminole Volusia Alachua Collier Escambia Lake Leon Manatee Marion Value of Contribution Required to Achieve Maximum Points County in Which the Development Is to be Located $100,000 Columbia Monroe Nassau $75,000 Putnam Sumter $50,000 Bradford De Soto Gadsden Hardee Hendry Jackson Levy Okeechobee Suwannee Walton $37,500 Baker Calhoun Dixie Franklin Gilchrist Glades Gulf Value of Contribution Required to Achieve Maximum Points $10,000 $5,000 $2,500 6

7 Bay Charlotte Citrus Clay Flagler Hernando Highlands Indian River Martin Okaloosa Osceola St. Johns St. Lucie Santa Rosa $20,000 Hamilton Holmes Jefferson Lafayette Liberty Madison Taylor Union Wakulla Washington 11. Workforce SAIL Loan: The Workforce SAIL loan will be non-amortizing and will have an interest rate of 1 percent. 12. Leveraging: Leverage Total SAIL request amount to the penny for all Applications All 9% HC, MMRB and 4% HC excluded from leveraging calculation Leveraging based on total units (100% of the units in the development are considered to be set-aside units) 13. Funding Goals RFA : Non-Monroe County: o Goal to fund 1 Miami-Dade County Development where the entire Development site is located South of SW 288 th Street o Goal to fund 1 Miami-Dade County Development where the entire Development site is located north of SW 288 th Street o Goal to fund 1 Development that qualifies for Live Where You Work 14. Developer Fee 16% - Monroe County (SAIL/9% HC) 18% - Non-Monroe County (SAIL/Bonds/4%) 15. Expected Timeline Issue Date: 10/2/18 RFA Application Deadline: 11/6/18 RFA Application Deadline: 11/8/18 Review Committee Meetings: 12/4/18 Board Meeting: 12/14/18 7

The State of Florida s. Housing Douglas White Florida Housing Data Clearinghouse Shimberg Center University of Florida

The State of Florida s. Housing Douglas White Florida Housing Data Clearinghouse Shimberg Center University of Florida The State of Florida s Housing 2008 Douglas White Florida Housing Data Clearinghouse Shimberg Center University of Florida Jim Martinez Florida Housing Data Clearinghouse Shimberg Center University of