Colorado s National Housing Trust Fund Program Update. Housing Colorado NOW! 2017 Annual Training Conference
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1 Colorado s National Housing Trust Fund Program Update Housing Colorado NOW! 2017 Annual Training Conference October 11, 2017
2 DIVISION OF HOUSING SPEAKERS Kim Snetzinger Lead Asset Manager Wayne McClary Housing Development Specialist Page 2
3 National Housing Trust Fund AGENDA NHTF History and Overview Colorado s Need & Plan Projects Participant Questions and Feedback Page 3
4 National Housing Trust Fund History Legislation was passed in late 2007 and became law on July 30, 2008 as part of the Housing and Economic Recovery Act. Established NHTF as program to collect and distribute non-appropriated funds dedicated for affordable housing, targeting rental housing for 30% AMI households Page 4
5 National Housing Trust Fund History Cont. Source of Funds A portion of 0.042% of new business of Fannie Mae and Freddie Mac 2008 banking crisis delayed deposits and the program was suspended. December 11, 2014 suspension was lifted. Freddie & Fannie began setting aside funds. Image Source: New York Times Page 5
6 National Housing Trust Fund History Cont. Timeline May 6, 2016 HUD published the first year s formula allocations July 22, 2016 DOLA submitted its initial Allocation Plan to HUD which was not accepted. October 15, 2016 DOLA submitted revised plan to HUD. December 30, 2016 HUD obligated Colorado funding of $3,000,000 June 23, 2017 Federal Register announced Colorado allocation of $3,154,331 Image Source: New York Times Page 6
7 National Housing Trust Fund Overview Distribution of Funds Funds are allocated to the states, District of Columbia, and insular areas by formula based on: Relative shortage of decent, affordable rental housing at 30% and 50% AMI Relative severely rent burdened households at 30% and 50% AMI Construction cost factor Minimum allocation is $3 million Page 7
8 National Housing Trust Fund Overview cont. Funding 100% of the funds must benefit households at or below 30% AMI $174 million was allocated in 2016 (first year) Colorado received the minimum $3 million $219 million was allocated in 2017 Colorado received $3,154,331 Page 8
9 National Housing Trust Fund Overview cont. Eligible activities listed in the statute Rental Housing Production Preservation Rehabilitation Operating costs Housing for Homeownership Production Preservation Rehabilitation Acquisition assistance Page 9
10 National Housing Trust Fund Overview Eligible activities listed in the regulations Acquisition Construction Demolition Soft costs Refinancing w/ rehab Bridge financing repayment Utility connections Site improvements Project delivery staff costs Operating assistance (capped) Page 10
11 National Housing Trust Fund Overview cont. NHTF vs. HOME Focus on rental housing at 30% AMI Eligible activities include operating assistance 30 year minimum affordability period for rental All funds are distributed to states, DC, and insular areas, no local entitlement awards Davis Bacon is not triggered by NHTF construction activities Page 11
12 National Housing Trust Fund Overview cont. NHTF vs. HOME 10% max for homeownership assistance, only 1 st timers* Grantee determines appropriate mix of activities Maximum per-unit subsidy set by state based on local market conditions 30 year min affordability period for all rental housing 30 year min affordability period for resale, year min for recapture, based on subsidy amount, for homeownership Maximum per-unit subsidies are set according to 221(d)(3)(ii) of National Housing Act 20 year min affordability period for rental new construction 5-15 year min affordability period based on subsidy amount for acquisition and rehabilitation for rental and homeownership Page 12
13 National Housing Trust Fund Overview cont. Notable NHTF Cross-cutting Requirements Fair Housing and Section 504 Environmental Review Section 3 and MBE/WBE Procurement: Conflict of Interest at 2 CFR Affirmative Marketing Lead-Based Paint Uniform Relocation Act Funding Accountability and Transparency Act Page 13
14 Colorado s Need Colorado households need to earn $21.12/hr to afford a 2-bedroom apartment at FMR Minimum wage = $8.31/hr, $17,280 annually 30% AMI = $22,150 for 4-person household Page 14
15 Colorado s Need cont. Shortfall of over 100,000 rental units for households earning <=$20,000 per year Represents over 16% of the entire rental stock in Colorado Rate of affordable rental housing construction = 823 units per year Source- Driving a Vibrant Economy: Housing s Role in Colorado s Economic Success (Housing Colorado report) Page 15
16 Colorado s Plan Forms of Assistance Loans (no/low interest, deferred, cash flow) Grants Priorities Supportive Housing projects Units with 30% AMI rents that would not be financially feasible but for HTF funding Page 16
17 Colorado s Plan - Priorities 1. Supportive Housing Definition: affordable, community-based housing that provides people with disabilities or special needs with links to supportive services Eligible projects: at least 25% of the units set-aside for supportive housing Standard subsidy per unit range Application deadline for first Supportive Housing priority was April 1, 2017 Applications now accepted on a rolling basis Page 17
18 Colorado s Plan - Priorities 2. 30% AMI Units in Mixed-Income Developments Units with 30% AMI rents that would not be financially feasible but for HTF funding Units with project-based rental assistance not eligible Services not necessarily required HTF subsidy per unit based on cost of replacing 60% AMI units with 30% AMI units Applications accepted on a rolling basis Page 18
19 Colorado s Plan - Projects FY16 allocation $3,000,000 FY17 allocation + $3,154,331 Less 10% admin - $615, Total for projects: $5,538, Atlantis Apartments Indy Street Flats Fall River Apartments Laradon $600,000 $600,000 $1,000,000 $900,000 Remaining HTF funds = $2,438, Page 19
20 Colorado s Plan - Projects Page 20
21 Atlantis Apartments - Denver Developer Atlantis Community Foundation New construction $600,000 HTF grant 60 affordable apartments at 30, 40, 50, and 60% AMI 15 supportive housing units for persons with disabilities (with Section 811 vouchers) All 60 units either fully accessible or adaptable Page 21
22 Atlantis Apartments - Denver SOURCES: USES: HTF Grant $600,000 Demolition $114,615 Permanent Loan $3,180,000 Site Improvements $547,868 Subordinate CHIF Loan $1,165,000 Construction $12,716,773 9% LIHTC Equity $11,606,876 Professional Fees $865,158 City of Denver HOME $800,000 Finance & Syndication $1,013,852 Def. Developer Fee $469,053 Soft Costs $354,028 Developer Fee $1,872,756 Reserves $335,879 TOTAL SOURCES $17,820,929 TOTAL USES $17,820,929 Page 22
23 Indy Street Flats - Lakewood Developer - Metro West Housing Solutions Adaptive re-use of vacant Masonic lodge, rehabilitation of three existing apartment buildings, and new construction $600,000 HTF grant 114 affordable apartments at 30, 40, 50, & 60% AMI 12 units with 30% AMI rents Page 23
24 Indy Street Flats - Lakewood SOURCES: USES: HTF Grant $600,000 Acquisition $3,272,000 Permanent Loan $9,000,000 Site Improvements $2,436,473 4% LIHTC Equity $10,223,527 Construction $16,325,647 State LIHTC Equity $3,900,000 Tap Fees $750,000 Jefferson County HOME $300,000 Professional Fees $865,158 Xcel Rebates $30,000 Finance & Syndication $2,078,456 Seller Carryback Loan $3,272,000 Soft Costs $554,930 Developer Loan $1,145,121 Developer Fee $2,881,168 Def. Developer Fee $1,100,000 Reserves $406,816 TOTAL SOURCES $29,570,648 TOTAL USES $29,570,648 Page 24
25 Fall River Apts - Longmont Developer Longmont Housing Development Corp. New construction, senior living $1,000,000 HTF grant 60 affordable apartments at 30, 40, & 50% AMI 5 units with 30% AMI rents 15 additional units with project based vouchers Page 25
26 Fall River Apts - Longmont SOURCES: USES: HTF Grant $1,000,000 Permanent Loan $4,125,000 Acquisition $900,000 4% LIHTC Equity $4,548,776 Construction $11,438,148 State LIHTC Equity $2,897,073 Tap Fees $387,210 City of Longmont (COL) HOME $1,300,000 Professional Fees $582,450 COL AHF $600,000 Construction Finance $706,005 COL Fee Waivers $260,000 Perm Finance & Syn. $313,169 Developer Land Loan $900,000 Soft Costs $260,780 Owner Equity $273,269 Developer Fee $1,594,000 Def. Developer Fee $575,644 Reserves $298,000 TOTAL SOURCES $16,479,762 TOTAL USES $16,479,762 Page 26
27 Participant Questions and Feedback Page 27
28 SPEAKER CONTACT INFORMATION Kim Snetzinger Lead Asset Manager Wayne McClary Housing Development Specialist Page 28
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