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Office of Multifamily Housing

Office of Multifamily Housing. Joe Crisafulli, Boston Hub Director NCSHA Conference 10/20/14. Affordable Housing Preservation Update. Section 8 Renewal Guide Waiver Authority Delegation Purpose: Encourage and streamline affordable housing preservation.

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Office of Multifamily Housing

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  1. Office of Multifamily Housing Joe Crisafulli, Boston Hub Director NCSHA Conference 10/20/14

  2. Affordable Housing Preservation Update • Section 8 Renewal Guide Waiver Authority Delegation • Purpose: Encourage and streamline affordable housing preservation. • Authority for 5 Waivers delegated to Hub Directors in field • Prohibition on for-profit participants- Chapter 15 • Section 15-8 – Requiring lowering comparable market rent to reflect use-restricted rent levels. • Section 15-6.C.1. Post-rehab rents effective only at completion of the rehab.

  3. Affordable Housing Preservation Update Continued • Section 8 Renewal Guide Waiver Authority Delegation 4. Section 15-5.B.2- Does not allow for early termination of pre- MAHRA contract. 5. Section 3-2.A.- Property score of 60 or above to be eligible for MUTM. 6. Section 3-7.F.1.d – Allows use of a Lender ordered MAP appraisal in lieu of a separate RCS for MUTM transaction using FHA financing. No waiver necessary per 8/28/14 guidance.

  4. Section 8- More Preservation Tools Combining Section 8 HAP Contracts- Guidance issued via memo on 9/18/2014 . Benefits: Lower administrative costs, consolidate oversight, shared reserves, better debt and equity terms and pricing. Transferring Budget Authority (aka “Portage”) of PB Section 8 HAP Contract- Section 8(b)(b)(1) of U.S. Housing Act of 1937- Notice H14-14 was issued on 10/9/14. Section 8 Pass Through- Used successfully in preservation scenarios where units planned for rehab are uninhabitable. Requires HQ approval.

  5. CNA e Tool • Origin- 2010 President’s Domestic Policy Council policy alignment initiative. • HUD, USDA-RD & Treasury (LIHTCs via HFAs) use capital needs assessments (CNA)/physical due diligence in their programs. • Interagency Rental Policy Working Group- incorporated feedback from multifamily stakeholders, including HFAs, recommended creation of a data standard and electronic template for CNAs.

  6. CNA e Tool • CNA e-Tool is born. It is a suite of inter-related tools: • Aligned electronic template incorporating a data standard for assessments. • Creates automated process for preparation, review, submission, approval and periodic updating of CNAs • Expected to evolve and improve to execute due diligence on asset acquisition/loan origination, RfR administration and periodic review of capital needs.

  7. CNA e Tool Coming this Fall • Initial version of CNA-e Tool is complete. HQ is working on guidance, training and rollout of the tool. Publication of the Notice is expected this fall. • Will become the required standard for HUD and USDA for a number of programs.

  8. CNA e Tool Roll-out • Roll-out will: 1. Introduce the tool and its support, training and technical assistance tools, etc. 2. Identify programs that will be required to migrate to CNA-e-Tool. • Most likely: a. All Multifamily FHA applications requiring CNAs b. All RAD and M2M applications c. All Asset Management-required CNAs

  9. Rollout, Continued 3. Detail implementation schedule. Likely HUD will: a. Begin accepting CNAs via the CNA-e-Tool and encouraging lender’s use 30 days after Notice. b. Require use of CNA e Tool circa 180 days later. • Stay tuned. Electronic template is available in 2 forms: Excel and Business to Government (B2G) interface (allows assessor firms/lenders to map existing templates to CNA e Tool). View these at HUD MF homepage: http://portal.hud.gov/hudportal/HUD?src=/program_offices/housing/mfh (See upper right under “What’s New”)

  10. CNA e Tool – take aways • Flexibility allows use in multiple programs at different agencies • Each agency /program will need to develop some specific guidance conforming to their needs. • The tool is free. Once it is rolled out it will be available on the HUD website.

  11. Take Aways Continued • HUD invites and encourages HFAs to adopt and use it as their standard CNA tool. • We hope that CNA e Tool will become an industry standard used by multiple partners and encourage commercial add ons such as mobile apps. • HUD looks forward to working with HFAs that are interested in utilizing CNA e-Tool • THANK YOU- Questions/comments to CNAeTOOL@Hud.Gov

  12. LIHTC Pilot Program Progress Check-in“The Heavy F” Geographic Expansion: • Initial Selection of 4 Pilot Hubs, Expanded to 9 • Initial limit to Pilot Hub Jurisdictions, Expanded to Include Projects from all States

  13. “The Heavy F” Continued -- Processing System for Projects not In Pilot Hubs Industry Expansion: Lender Selection 4th Round Increased Pilot Lender firms from 37 to 52

  14. LIHTC Program Progress Check-in • Program Rules Refinement (FAQs, Document Updates) • Projects In Pipeline (As of 9/8/14) • Concept Meeting Held 123 Projects/13,582 Units • Closed 27 Projects • Pilot Hubs with Projects 9 • Lenders with Projects 20 of 37 • Average Days to Close 101 (Excludes Applicant Delays)

  15. LIHTC Pilot- Future Program Development Continued Integration of Pilot with RAD Recent Policy Development: More flexible rules on debt limits, IOI transfers, Completion Assurance and other matters posted on February 28th. Future Expansion: Program adjustments expected on an ongoing basis, to be Included in 2014 MAP Guide Revision

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