Download pdf - Review of the 2009 Competitive Cycle...Review of the 2009 Competitive Cycle WHEDA Multifamily Lending and Credit Team October 15, 2009 Competitive Credit - 2009 Three competitive rounds

Review of the 2009 Competitive Cycle

WHEDA Multifamily Lending and Credit Team

October 15, 2009

Competitive Credit - 2009

Three competitive rounds to allocate

$43M of disaster and per capital credits

Final round ended June 15, 2009


Competitive Credit Detail - 2009 Amount

Disaster Credit $30.6M

Per Capita

(After 40% Exchange)

$7.8M

Returned 2008 Credit

(From Exchange Grant Projects)

$4.2M

Other $0.5M

Total $43M

2009 Application

Requirements/Thresholds

Completed application, timely submitted

Market & site review

Financial feasibility

Minimum scoring-160 pts

120 pts-Preservation set-aside

221(d)4 Cost limits


Total reviewed: 113 applications

Total awarded: 54 applications

Award letter

Reservation agreement

Carryover agreement

Average project credit requested:

$840,667

Counties with 2009 Awarded Projects


Set -Aside Percent

General 35%

Nonprofit 10%

Preservation 30%

Rural 10%

Supportive 10%

Reserve 5%


General: 35% Set-Aside

Reviewed: 69 applications

Awarded: 25 applications

Cutoff score: 197 points

Nonprofit: 10% Set-Aside



Cutoff score:167 points


Preservation: 30% Set-Aside




Rural:10% Set-Aside





Supportive: 10% Set-Aside




Cutoff Scores By Set-Aside

2009 2008 2007

General 197 266 260

Nonprofit 167 271 245

Preservation 144 132 123

Rural 199 222 240

Supportive 240 NA NA

Competitive Credit

2009 2008 2007

Awarded 54/113 (47%) 28/59 (47%) 37/65 (57%)

Average

Project

Request

$840,667 $403,878 $334,783

Competitive Credit - Project Size

Units 2009 2008 2007

100+ 13% 7% 6%

50-99 39% 28% 19%

25-49 28% 22% 11%

≤ 24 20% 43% 64%

Competitive Credit - Project Type

2009 2008 2007

Family 54% 21% 42%

Elderly 33% 50% 32%

RCAC/Mixed/PD 2% 29% 26%

Supportive 11% NA NA

Competitive Credit - 2009New Construction v. Rehab

New Construction 63%

Rehab/Adaptive-Reuse 37%


Scoring categories: 17

Maximum score: 391 points

Minimum eligible score: 160 points

(Preservation 120 points)

Applicant must request points to be

awarded

Category 1

Lower Income Areas

10 points

All or none

Awarded applications: 25 out of 54

Category 2

Energy Efficiency and Sustainability

Up to 30 points


Average score: 23 points

Category 3

Community Support

Up to 27 points

Awarded applications 54 out of 54


Category 4

Mixed Income Incentive

Up to 15 points



Category 5

Serves Large Families

Up to 18 points



Category 6

Serves Lowest Income Residents

Up to 70 points



Category 7

Supportive Housing

5 or 25 points

Set-Aside: 6 received 25 points


Category 8

Elderly Assisted Living

18 points

All or none


Category 9

Small Developments

6 points

All or none


Category 10

Market Appeal

Up to 20 points



Category 11

Universal Design

Up to 23 points



Category 12

Financial Participation

Up to 25 points



Category 13

Ownership Characteristics

6 points

All or none


Category 14

Eventual Resident Ownership

3 points

All or none


Category 15

Development Team

Up to 50 points


Category 16

Readiness to Proceed

15 points

All or none


Category 17

Credit Per Unit

Up to 30 points



Multifamily Lending and Credit Team

Contact any multifamily senior underwriter

Call toll-free 1-800-334-6873

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