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Rental Production Department Overview

Rental Production Department Overview. July 29, 2014. Program Funding Opportunities. 9% Competitive Low Income Housing Tax Credits (LIHTC) 4% Non-Competitive LIHTC HOME Initiative Utilizing 4% Tax Credits CDBG Initiative for Targeted Areas Risk Share Program. 2015 LIHTC Funding Round.

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Rental Production Department Overview

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  1. Rental Production DepartmentOverview July 29, 2014

  2. Program Funding Opportunities • 9% Competitive Low Income Housing Tax Credits (LIHTC) • 4% Non-Competitive LIHTC • HOME Initiative Utilizing 4% Tax Credits • CDBG Initiative for Targeted Areas • Risk Share Program

  3. 2015 LIHTC Funding Round

  4. 2015 LIHTC Funding Round Tentative Timeline • October 8, 2014 Presentation of DRAFT QAP to Board of Directors • October 10, 2014 Statewide Publication of Draft QAP/Hearing Notice • November 4, 2014 Official Public Hearing – location LHC • December 10, 2014 Board adopts Final QAP • January 19, 2014 Deadline for submitting written QAP questions • January 22, 2014 Posting of FAQ and Application Workshop • March 2, 2015 Preliminary Submittal of Project Site Information • March 16, 2015 Application Deadline • April 8, 2015 Presentation of Preliminary Ranking and Scores • June 10, 2015 Approval of Final Ranking

  5. 2015 LIHTC Funding Round Changes in the following areas: • Online Application • One application for various funding sources • Emphasis on preservation of existing housing • Incentives for leveraging funds • Cost control measures • QAP tailored to meet specific housing needs

  6. 4% Non-Competitive LIHTC

  7. 4% Non-Competitive LIHTC Program Information: • The 4% LIHTC is available year-round to projects that are able to utilize the 4% LIHTC with Multifamily Revenue Bonds (MRB). • Applicants are required to meet the standards established in the current year’s QAP.

  8. 4% Non-Competitive LIHTC Program Information (continued): • The application process is approximately 45 days. • Program Contact Person: Louis Russell Executive Management Officer lrussell@lhc.la.gov

  9. HOME Initiative Utilizing 4% Tax Credits

  10. HOME Initiative Utilizing 4% Tax Credits Funding Information: • LHC will be making available HOME funds to be used in conjunction with 4% LIHTC under Section 42 of the IRS code. • Participating projects must apply for and receive approval of Tax Exempt Bonds and an allocation of 4% LIHTC.

  11. HOME Initiative Utilizing 4% Tax Credits Tentative Timeline • August 2014 Presentation of Draft Initiative to Board of Directors • August 2014 Posting of Notice of Availability of Funds • October 2014 Application Deadline • November 2014 Approval by Board of awarded projects • November 2014 Issuance of award letters and HOME commitments

  12. HOME Initiative Utilizing 4% Tax Credits Funding Priorities: • Ability to leverage requested funds with local governmental funding or support • Readiness to Proceed • Projects currently on the 2014 Waiting List

  13. HOME Initiative Utilizing 4% Tax Credits Funding Priorities (continued): • Material Participation by a Community Housing Development Organization (CHDO) • Preservation Project as defined by the Department of Housing and Urban Development (HUD)

  14. CDBG Funds Availability

  15. CDBG Funds Availability Funding Priorities: • LHC will make available CDBG funds in conjunction with 4% Credits and Bond Allocation.

  16. Risk Share Pilot Program

  17. Risk Share Pilot Program Purpose: • To foster the production and preservation of affordable multifamily housing; and • To provide FHA Risk-Sharing Loans to qualified projects that are applying for Non-Competitive Low Income Housing Tax Credits. • Under the Risk Sharing Program, LHC and HUD share full insurance risk for the project’s permanent financing.

  18. Risk Share Pilot Program Program Requirements: • Insured projects must meet minimum project set-asides by assisting households with incomes at or below 60% of the AMI. • Compliance with LHC’s underwriting requirements and the FHA Risk-Sharing Underwriting and Development Policies contained in HUD Handbook No. 4590.01 Rev-1 is required.

  19. Risk Share Pilot Program Eligible Projects: • The Risk Share Program is available to the following projects: • Certain Existing Residential Rental Developments • Substantial Rehabilitation • Single Room Occupancy Projects • Elderly Projects • Board and Care/Assisted Living Facilities

  20. Risk Share Pilot Program Program Information: • LHC is finalizing the guidelines to the Risk Share Program. • Detailed program information is available on the LHC website through www.lhc.la.gov. • The initial step in applying for a Risk Sharing Loan is meeting with LHC staff.

  21. Contact Information Brenda Evans Program Administrator bevans@lhc.la.gov 225.763.8852 Marjorianna Willman Deputy Administrator mwillman@lhc.la.gov 225.763.8686

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