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2010 NC Affordable Housing Conference How Will Housing Credit Changes Affect Your Development?

2010 NC Affordable Housing Conference How Will Housing Credit Changes Affect Your Development?. Recap of 2010 Stimulus Update Outlook for 2011. Recap of 2010. Applications. Jan. 15 – prelim. app deadline 123 applications from 62 applicants May 14 – full app deadline

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2010 NC Affordable Housing Conference How Will Housing Credit Changes Affect Your Development?

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  1. 2010 NC Affordable Housing ConferenceHow Will Housing Credit Changes AffectYour Development?

  2. Recap of 2010 • Stimulus Update • Outlook for 2011

  3. Recap of 2010

  4. Applications • Jan. 15 – prelim. app deadline • 123 applications from 62 applicants • May 14 – full app deadline • 77 applications from 45 applicants • August 16 – announce awards • 31 projects to 29 applicants

  5. Funding Sources • Awarded $20,503,819 in Federal Housing Credits to 31 projects in 25 counties • Awarded $14,811,000 in RPP loans to 19 projects

  6. Outcomes • New Construction • 24 projects with 1,407 units • Includes a 41 unit Adaptive Re-use • Rehab • 7 projects with 505 units

  7. Outcomes • Family • 21 projects with 1,315 units • Elderly • 10 projects with 597 units

  8. Typical Project in 2010 • 60 units • $660k in federal credits • $1.1 million in state credit loan • $280k non-Metro/$1.1M Metro in soft debt • $780k in RPP funds (19 projects) • $95k-$2.5M in hard debt(17 projects)

  9. Stimulus Funds • Exchange – $135 million to 36 projects funded in 2007/2008 • $85 million disbursed • 9 projects have drawn all funds

  10. Stimulus Funds • TCAP – $52 million to 10 projects funded in 2009 • $10.5 million disbursed • 75% of all funds to be disbursed by end of year

  11. Investor Interest • All 2009 projects have found investors • Prospects are good for the 2010 projects

  12. Tax-exempt Bonds • 26 applications since 2006 • Only 10 submitted full apps • 6 funded since 2006 • 3 new construction • 3 rehabs (1 did not go forward) • 2 applications in current cycle

  13. Tax-exempt Bonds • Multi-project transactions • Acquisition/rehab of multiple Rural Development properties under a single bond issue • NCHFA serves as issuer

  14. Tax-exempt Bonds • Multi-project transactions • 2 transactions completed • 9 projects, 320 units • 8 projects, 246 units • Next transaction to close by end of year • 8 projects, 472 units • 7 projects submitted in current cycle

  15. Outlook for 2011

  16. Housing Credits • Est. $20 million in Federal Credits • Similar projects as in 2010 • High demand for Credits and RPP • # of applications - ??? • 25 to 30 projects funded

  17. Tax Exempt Bonds • No significant change in # of applications • Difficult to “pencil out”, limited investor interest, market issues • More multi-project transactions

  18. 2011 and beyond • Federal Initiatives • Proposed changes, data collection • Energy Efficiency • Energy credits, building code changes • Sustainable Communities • Federal, state and local initiatives

  19. Questions? Contact Information: Scott Farmer Director of Rental Investment North Carolina Housing Finance Agency 3508 Bush Street Raleigh, NC 27609 (919)877-5641 sfarmer@nchfa.com

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