2018 QAP & Developer Guide Highlight s QAP & Developer Guide - PowerPoint PPT Presentation

2018 QAP & Developer Guide Highlight s

QAP & Developer Guide Notes • Previous QAP important changes – still applicable ▫ 50 Affordable Unit Cap ▫ Site Control – Option ▫ Projects with market units and non-contiguous sites

QAP & Developer Guide Notes • No State LIHTC ▫ Discussed in detail later – Frank ▫ Removed State LIHTC from documents – if found, please notify MHDC

QAP & Developer Guide Notes • Registration for download of FIN-100 ▫ Posted at mhdc.com under “Application Forms and Checklist” ▫ Deadline for submission – 3/ 16/ 2018 ▫ Early submission encouraged - LOL

QAP & Developer Guide Notes • Broadband Rule ▫ Projects will include sufficient infrastructure in accordance with “Narrowing the Digital Divide” ▫ 81 FR 92626 (the “HUD Broadband Rule”) ▫ Discuss plan in narrative

QAP & Developer Guide Notes • No Prevailing Wage on most projects ▫ 12 HOME units or more triggers Prevailing Wage ▫ Additional funding may also trigger Prevailing Wage  City HOME  CDBG  Risk Share  Other federal funds ▫ This should contribute to lower overall costs – especially in rural areas

QAP & Developer Guide Notes • Rehabilitation Cost Minimums ▫ 9% & 4% Projects - Construction costs must be at least 40% of total replacements costs ▫ MHDC, on a case by case basis, with reasonable and well-documented justification, permit exceptions

QAP & Developer Guide Notes • Consultant Fee Cap ▫ Maximum 30% of total “developer fee” if no guarantees ▫ All projects with consultant - complete MHDC Developer/ Consultant Fee Structure Exhibit

QAP & Developer Guide Notes • Social Service Escrows ▫ Service Enriched Priority  Funded 50% by developer – comes out of developer fee ▫ Non-Service Enriched Priority  Funded 100% by developer – comes out of developer fee ▫ This will maximize use of MHDC resources

QAP & Developer Guide Notes • Redevelopment Plan Priority (detail in Developer’s Guide) ▫ Identify planned public and private development in the community ▫ Identify any resources committed to the redevelopment area ▫ Set clear geographic boundaries for the community

QAP & Developer Guide Notes • Redevelopment Plan Priority (continued) ▫ Describe the community ▫ Address housing and non ‐ housing development, including infrastructure, amenities, and/ or services beyond credit development ▫ Identify goals and action steps within the redevelopment area ▫ Identify community partners

QAP & Developer Guide Notes • 50% AMI Priority ▫ 15% of the units ▫ 15% rent differential – over similar LIHTC rent

QAP & Developer Guide Notes • Workforce Housing ▫ 15% - 25% of total units ▫ >60% - 80% income limits ▫ Rents above LITHC rents

Contact Information • Gus Metz ▫ Chief Underwriter/ AHAP Administrator ▫ 816-759-6878 ▫ gmetz@mhdc.com