Social Housing Seminar. 26 April 2018
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1 Social Housing Seminar 26 April 2018
2 Welcome Vanessa Byrne, Partner & Co Head, Real Estate, Mason Hayes & Curran
3 Private Sector Delivery Mechanisms Nicola Byrne, Partner, Mason Hayes & Curran
4 Social Housing Delivery Mechanisms LONG TERM LEASING ARRANGEMENT (2010) RENTAL ACCOMMODATION SCHEME (RAS) (2010) REPAIR AND LEASING SCHEME (RLS) (2018) SOCIAL HOUSING DELIVERY MECHANISMS CAPITAL ADVANCE LEASING FACILITY (CALF) (2011) ENHANCED LONG TERM SOCIAL HOUSING LEASING SCHEME (2018) MORTGAGE TO RENT SCHEME (MTR) (2012)
5 Leasing Initiatives Legal Structure PROPERTY OWNER LONG LEASE NO CONTRACTUAL RELATIONSHIP STATE FUNDED RENT RESI TENANCY LA AHB SOCIAL HOUSING TENANT DIFFERENTIAL RENT
6 Availability Arrangements Legal Structure AVAILABILITY AGREEMENT PROPERTY OWNER AHB LA RESI TENANCY STATE FUNDED RENT DIFFERENTIAL RENT NO CONTRACTUAL RELATIONSHIP SOCIAL HOUSING TENANT
7 (1) Leasing Initiative Long Term Leasing Arrangement (2010) MAIN LEASE TERMS lease to LA/AHB term of years approx. 80%/85% market rent 3 or 4 yearly rent review LA/AHB option to purchase on expiry owner can sell subject to lease OWNER AS LANDLORD structural repair insurance property taxes service charge REQUIREMENTS new or old (no bedsits) good quality and condition satisfy suitability assessment planning and building control compliant minimum BER criteria comply with private rented accommodation regulations LA/AHB AS TENANT supply and manage occupier absorb any vacancy losses carry administrative letting overheads interior repair and maintenance collect differential rent from occupier
8 (2) Leasing Initiative Repair and Leasing Scheme (RLS) (2018) MAIN LEASE TERMS lease to LA/AHB term of 5 20 years approx. 80%/85% market rent 3 or 4 yearly rent review maximum 50,000 repair costs rent adjusted to set-off repair costs owner can sell subject to lease and possible clawback of repair costs REQUIREMENTS property (including bedsits) has been vacant for minimum 12 months requires repair works to bring it to required rented standard schedule of works to be agreed with LA/AHB conditional agreement for lease OWNER AS LANDLORD as per LTLA LA/AHB AS TENANT as per LTLA
9 (3) Leasing Initiative Enhanced Long Term Social Housing Leasing Scheme (2018) MAIN LEASE TERMS lease to LA (not applicable to AHB) term of 25 years 95% market rent 3 yearly index linked rent review owner can sell subject to lease with consent of LA REQUIREMENTS new or old but not occupied for previous 12 months minimum of 20 properties within LA area owner satisfied Part V planning requirements conditional agreement for lease OWNER AS LANDLORD structural repair insurance property taxes service charge management services interior repair and maintenance unilateral rent suspension and penalties for breach commercial termination provisions LA AS TENANT supply and manage occupier absorb any vacancy losses carry administrative letting overheads collect differential rent from occupier
10 (1) Availability Arrangement Rental Accommodation Scheme (RAS) (2010) MAIN AA TERMS availability agreement between private owners and LA only term of 1-10 years 92% market rent negotiated indexed review owner can sell property by terminating AA but subject to clawback of any vacancy payment fee REQUIREMENTS new or old property in good lettable condition satisfy suitability assessment planning and building control compliant minimum BER criteria comply with private rented accommodation regulations OWNER AS LANDLORD make property available for LA nominee (and enter into tenancy agreement) all property owner/landlord obligations maintain property in a good lettable condition collect differential rent from occupier vacancy notification and re-letting obligations to LA LA nomination of eligible nominees availability payment and vacancy payment fee termination provisions
11 (2) Availability Arrangement Capital Advance Leasing Facility (CALF) (2011) MAIN AA TERMS payment and availability agreement exclusively available to AHB term of years 92%/95% market rent negotiated indexed review 10%-30% capital advance facility interaction with private/hfa finance AHB cannot sell property without consent of LA REQUIREMENTS acquisition, construction or refurbishment by AHB AHB AS LANDLORD make property available for LA nominee (and enter into tenancy agreement) all property owner/landlord obligations maintain property in a good lettable condition collect differential rent from occupier various representations and warranties to LA reporting, vacancy notification and reletting obligations to LA occupancy management services LA nomination of eligible nominees availability payment provisions termination provisions subject to continuation agreement stepin rights
12 (3) Availability Arrangement Mortgage to Rent Scheme (MTR) (2012) MAIN AA TERMS payment and availability agreement exclusively available to AHB term of years 92%/95% market rent negotiated indexed review 10%-40% capital advance facility interaction with private/hfa finance REQUIREMENTS household in arrears/mortgage unsustainable negative equity qualify for social housing support voluntary surrender of property to bank AHB acquires property AHB landlord lets to previous owner as tenant occupier option to purchase property AHB AS LANDLORD as per CALF LA as per CALF
13 Summary of Delivery Mechanisms SCHEME LA AHB LONG TERM LEASE ARRANGEMENT (2010) REPAIR AND LEASING SCHEME (2018) ENHANCED LONG TERM SOCIAL HOUSING LEASING SCHEME (2018) RENTAL ACCOMMODATION SCHEME (2010) CAPITAL ADVANCE LEASING FACILITY (2011) MORTGAGE TO RENT SCHEME (2012) years 80%/85% rent new or old 5-20 years 80%/85% rent up to 50k repairs 25 years 95% rent 20+ new to market 1-10 years 92%/95% rent new or old years 80%/85% rent new or old 5-20 years 80%/85% rent up to 50k repairs years 92%/95% rent up to 30% capital years 92%/95% rent up to 40% capital
14 Private Sector Delivery Mechanisms William Carmody, Partner & Head of Financial Services, Mason Hayes & Curran
15 State s Financial Constraints Direct State delivery model Funding from national Capital Account Budget Move towards Current Account Budget funding Further move to Revenue Supported Structures
16 Funding Support Mechanisms Rental income paid by tenants Direct payments to the housing providers, from government. Debt borrowed by the housing providers PPPs Equity Finance Use of these mechanisms to support external private debt
17 Challenges Size and Scale Investment Returns v Social Policy Recovery of the Private Sector Housing Industry
18 Corporate Structures Claire Lord, Partner, Mason Hayes & Curran
19 Sample Structure 1 Sale to AHB This is a sample structure for demonstration purposes only. Company law and tax advice is highly recommended before any structure is implemented. - Developer incorporates companies, as required, to acquire individual property assets (SPVs) to build resi property. - Prior to acquisition and development developer enters into arrangement with AHB whereby % of development will be acquired by AHB. - SPVs acquire and develop sites. - SPVs funded by way of loan from group finance company. - Agreed % of developed properties sold to AHB. Remainder sold privately. DEVELOPER FINANCE CO PROPERTY COMPANY PROPERTY COMPANY PROPERTY COMPANY AHB
20 Sample Structure 2 Availing of CALF Scheme This is a sample structure for demonstration purposes only. Company law and tax advice is highly recommended before any structure is implemented. CALF LA P&A AHB DEVELOPER - Developer is the 100% shareholder of property owning company (SPV). - SPV owns the property. - Developer loans funds to the SPV to develop the property. - SPV enters into lease with the AHB under which the AHB leases property for term of years, after which term the AHB will have contractual entitlement to acquire property (in consideration for settlement of amount owing under CALF amount on-loaned to SPV and/or for which separate funding may need to be provided by AHB). - AHB enters into P&A and CALF with LA. - AHB advances CALF loan to SPV and funds payments under lease through payment of rent received from LA under P&A. - SPV repays loan to developer through payments received from AHB under lease. - AHB repays CALF (possibly by way of mortgage secured on property) at end of term of lease. Lease PROPERTY COMPANY
21 Sample Structure 3 Build to Rent This is a sample structure for demonstration purposes only. Company law and tax advice is highly recommended before any structure is implemented. LANDOWNER Joint Venture Agreement DEVELOPER - Landowner and developer enter into joint venture arrangement to develop property as build to rent. - Land sold to JV property company with payment deferred to completion of development and units leased. - On completion of the development, LA takes a lease of portion of units under enhanced long term social housing leasing scheme. JOINT VENTURE COMPANY LA
22 Social Housing Seminar Tackling Social Housing John O Connor Chief Executive 26 April
23 Rebuilding Ireland Plan 1. Addressing Homelessness 2. Accelerating Social Housing Supply 3. Building More Homes 4. Improving the Rental Sector 5. Utilising Empty Homes
24 Organisations Dept. Housing, Planning & Local Government Private Sector Local Authorities Approved Housing Bodies Housing Agency Housing Finance Agency Residential Tenancies Board
25 Housing Agency The Agency works with and supports: Local Authorities Approved Housing Bodies (AHBs) Department of Housing, Planning & Local Government Private Sector in the delivery of housing and housing services.
26 Social Housing Supply Local Authority Acquisition Construction Part V Current Exp. (leasing & rent) RAS HAP SOCIAL HOUSING AHB Acquisition Construction Leasing Private Sector Turnkey Developments Construction Leasing Funding / Finance
27 Context - Rebuilding Ireland Objective Rebuilding Ireland 50,000 social housing dwellings to be delivered to the end of ,000 of these dwellings are to be leased. Rebuilding Ireland - Social Housing Targets* Year/Category Cumulative Delivery (end 2017) Target 2018 Target 2019 Target 2020 Target 2021 Overall Target 2016 to 2021 Build 6,967 4,969 6,385 7,716 8,907 33,437 Acquisition 4, , ,530 Lease (incl. Enhanced) 1,590 2,000 2,130 2,631 2,450 10,036 Subtotal 12,780 7,869 9,540 11,147 12,157 50,003 *Excludes delivery under the RAS and HAP programmes
28 Expenditure Capital Current
29 Current Expenditure Overview Current Expenditure Programme has two main funding streams Leasing from private property owners Standard leasing including the Repair & Lease scheme Enhanced Leasing Payment and Availability (P&A) Arrangements with Approved Housing Bodies (AHBs) Funds construction or acquisition by AHBs along with soft loan (CALF) Can also allow an AHB lease properties from a private owner
30 What s attractive about leasing? Long term financial arrangement with the State (local authority) with predictable rent review process No day to day landlord responsibilities No risk of unpaid rent Lease payments continue throughout the period of the lease even if the property is empty it s the local authority s responsibility to tenant the property during the lease Lease with a public authority not subject to the Residential Tenancies Act (as amended)
31 Standard Leasing Local authorities can lease properties from a property owner Funding comes from the DHPLG Current Expenditure Programme AHBs can also lease properties Where an AHB leases a property they sign a P&A agreement with the relevant local authority. Funding flows through the P&A allowing the AHB to pay the lease payments.
32 Standard Leasing Arrangements year lease periods New or existing dwellings. Dwellings must be furnished. Owner retains structural responsibility. Local authority/ahb responsible for day to day maintenance. Rent paid to owner 80% (houses) 85% (apartments) of current market rent. LA/AHB retains differential rent from the tenant (to fund maintenance). Property returned in same general condition, allowing for fair wear and tear.
33 Enhanced Lease Main Features Lease term is 25 years Local Authority (the lessee) pays up to 95% of market rent at commencement of the lease to the lessor (owner of property) Rent indexed every 3 years based on the Harmonised Index of Consumer Prices (HICP) Lessor obliged to provide Management Services for the properties Local Authority (LA) is the landlord to the tenant and collects differential rent from them
34 Compared to current lease Current Lease Enhanced Lease Percentage Mkt Rent General maintenance Term 80-85% 95% Local authority / AHB Lessor 25 years (recent 25 years change) Penalites N/A For maintenance failure Landlord to tenant Local authority Local authority
35 AHB Arrangements - P&A and CALF Payment and Availability (P&A) payments are current expenditure funding which provide a basis for AHBs to access loan finance AHBs are required to access loan finance from a lending institution to pay for the majority of the acquisition/construction cost of a project. CALF funding can reduce/supplement the amount an AHB needs to borrow from a lending institution to finance a project. CALF funding is a repayable loan with preferential terms
36 Main Features of P&A and CALF P&A payments are available at up to 92% of market rent for houses and up to 95% for apartments where service charge costs justify the additional rate. P&A term is up to 30 years. CALF funding of up to 30% of the capital costs is available to AHBs subject to financial justification. Assessment of justification is carried out by the Housing Agency. CALF loan is repayable at the end of the P&A term. Interest rate is 2% simple interest.
37 Investor interest in leasing There has been an increased level of interest from investors in leasing in the last 2-3 years Leasing seen as a potentially attractive asset class for long term investment by funds linked to pension schemes Other State backed investments continue to have very low yields (e.g. bonds) Longer term leases sought along with link to general CPI Significant increases in rental inflation has also played a part in making rental yields work although these are tempered by increases in capital values
38 Initial Call for Proposal CFP is seeking proposals with a minimum of 20 properties in any one Local Authority Properties can be in a single development or distributed across an LA area Properties in a proposal must be new to the housing market or have not been leased, rented or otherwise occupied in the 12-month period immediately prior to the date of proposal CFP seeks to avoid competition with existing rental stock
39 Enhanced Lease Main Features cont d Management Services requires the lessor to undertake the maintenance of the properties including response maintenance to address issues such as Heating system failure (24 hour response time) Broken light in a common area (5 working day response time) Faulty radiator (15 working day response time) If Management Services are not preformed as required the LA will apply penalty at 12.5% of monthly rent for the property where the failure occurred.
40 AHB Delivery and Rebuilding Ireland Over the period , AHBs are expected to deliver approximately 8,900 Build units, 5,000 Acquisition plus about half of the total Part V output also. At more approx. 16,300 units, that s approximately 1/3 rd of the total output
41 Main Documents 1. P&A Agreement essential document for AHB funding, always required (no assignment). 2. CAA Agreement if CALF funding has been provided then the CAA must be signed 3. Continuation Agreement the requirement for this agreement is driven by lending institutions. If the lending institution providing funding to the AHB requires this to be signed it should be signed. 4. Subordination letter some lenders are issuing this letter which copper fastens their loan s priority over CALF loan subject to terms in letter this should be signed also
42 Thank You Tel:
43 Thank you Questions? Nicola Byrne t: e: nbyrne@mhc.ie William Carmody t: e: wcarmody@mhc.ie Claire Lord t: e: clord@mhc.ie
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