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Presented May 8, 2014
Rental Production ProgramCompetitive 9% creditsCapital subsidy
Special Needs ProgramSmall scaleGrant commitmentsFlexible
PreservationNon competitiveTax exempt bonds4% creditsExisting projectsExpiring affordability restrictions
Cost Per Unit Comparison
Debt
NHH Subsidy
Tax Credit Equity
OtherTotal Per Unit
Cost
$51,000
$3,000
$17,000
$14,000
$85,000
Preservation
$28,000
$18,000
$138,000
$26,000
$210,000
New Construction
40% ofNew Construction
37 Projects
2,460 Units
$210,000,000 - Total Development Activity
Average Rehabilitation $40,000 Per Unit
New Hampshire Housing Preservation Activity
Section 8
HUD 236, 202, 221(d)
Other RD 515 LIHTC Mod Rehab LIHTC/ Section 8 NHHFA
24
8
4
Concord
Wamesit Apartments, Portsmouth
McKee Inn, Lancaster
Total Development Costs $210 million
Total Loans Financed $126 million
Total Outstanding Balance $100 million
NHHFA’s Risk Exposure $50 million
Extended affordability restrictions
Stabilized financial structure
Project upgrades including energy efficiency improvements
Stabilize and expand NHHFA loan
portfolio
CHALLENGE: A non-profit sponsor seeks financing to acquire an existing 40-unit Section 8 property in need of renovations.
SOLUTION: Structure a tax-exempt financing that gives the sponsor access to the 4% low income housing tax credit. Provide capital subsidy for repairs that will improve energy efficiency and lower operating expenses.