2 2021 Housing T ax Cr e dit Applic ation T r aining November 30, 2020
3 Age nda 01 2021 Pr ogr ams, F unding Rounds, and Cale ndar 02 9% HT C Applic ation Re q uire me nts, sub missio n, re vie w pro c e ss, AHF A wa lk-thro ug h 03 Common Mistake s 04 Q&A
4 Be for e we be gin… • There will be time for Q&A at the end • Yes, this presentation and recording will be posted after the training is over! • FAQs start December 14 • AHFA anticipated end of this week • Comments on the Draft Design & Architectural Standards due Friday, final version anticipated end of next week • 2022-2023 QAP Stakeholder Engagement Calendar available on HTC webpage
5 01 2021 PROGRAMS, F UNDING AMOUNT S, AND CAL E NDAR
6 2021 OHF A MF Pr ogr ams Round: d: Competitive 9% HTC Guide idelin ines rel elease ased: d: September 2020 Ap Applica icatio ions du due: e: February 11, 2021 Fundi ding Availa lable ble: : $28.75M (not including $3M for FHAct50) 9% % 4% MF HD HDAP AP- HD HDAP AP- HDAP- HDAP- HDL DL MLP MLP HTC TC HTC Bonds HOME ME OHTF NHTF CDBG X X X X X 9% r 9% round 4% rounds X X X BGF-CDBG X X X X X HDGF X X BGF X X X X X X X
7 2021 OHF A MF Pr ogr ams Round: d: Non-Competitive 4% HTC Guide idelin ines rel elease ased: d: September 2020 Ap Applica icatio ions du due: e: January/April/July/October 2021 Funding ng Availa lable ble: : No limit 9% 4% % MF F HDAP- HDAP- HDAP- HDAP- HDL MLP MLP HTC HTC TC Bond nds HOME OHTF NHTF CDBG 9% round X X X X X X X X 4% r 4% rounds BGF-CDBG X X X X X HDGF X X BGF X X X X X X X
8 2021 OHF A MF Pr ogr ams Round: d: Bond Gap Financing (BGF) Guide idelin ines rel elease ased: d: est. April Ap Applica icatio ions du due: e: est. June Funding ng Availa lable ble: : ~16M in total HDAP 9% 4% % MF F HD HDAP AP- HD HDAP AP- HD HDAP AP- HDAP- HDL DL MLP MLP HTC HTC TC Bond nds HOME ME OHTF NHTF NH CDBG 9% round X X X X X 4% rounds X X X BGF-CDBG X X X X X HDGF X X X X X X X X X BGF
9 2021 OHF A MF Pr ogr ams Round: d: Housing Development Gap Financing (HDGF) Guide idelin ines rel elease ased: d: est. April Ap Applica icatio ions du due: e: est. May-July Funding ng Availa lable ble: : ~3M in total HDAP 9% 4% MF HDAP- HD HDAP AP- HDAP HD AP- HDAP- HDL MLP HTC HTC Bonds HOME OHTF NHTF NH CDBG 9% round X X X X X 4% rounds X X X BGF-CDBG X X X X X X X HDGF DGF BGF X X X X X X X
10 2021 OHF A MF Pr ogr ams Round: d: Bond Gap Financing – CDBG-DR Guide idelin ines rel elease ased: d: est. May Ap Applica icatio ions du due: e: est. August Funding ng Availa lable ble: : HDAP-CDBG= $10.5M 9% 4% % MF F HDAP- HDAP- HDAP- HD HDAP AP- HDL DL MLP MLP HTC HTC TC Bond nds HOME OHTF NHTF CDBG BG 9% round X X X X X 4% rounds X X X X X X X X BGF-CD CDBG HDGF X X BGF X X X X X X X
11 2021 OHF A MF Pr ogr ams: Housing De ve lopme nt L oans • Short-term, low-interest loans to developers with 9% HTC or BGF award • Used to bridge equity, providing interim financing at a low interest rate for deferred equity resulting from the sale of HTCs • Maximum loan amount: $1.25M-$1.75M • $75M available
12 2021 OHF A MF Pr ogr ams: Multifamily L e nding Pr ogr am Example le T Timeli line Amount nt: : Up to $6,000,000 per loan; 3 loans per developer/year Rate: : 3.75%, or 10-year treasury + 2.35% February Term: Up to 17 years Te Request MLP in Initial Amorti tizat atio ion: Up to 30 years* (exploring longer amortizations) 9% Application Fees: : 1.25% Closing Fee $5,500 Application Fee May $2,500 Forward Commitment Fee 9% Awards, Begin APPS data input DCR R Requirem remen ents: : 1.2 DCR minimum in first year 1.05 DCR minimum throughout term July-August 1.5 DCR maximum throughout term MLP soft commitment issued Mortg tgage I Insuran ance Premi mium: m: .25% annually on outstanding principal balance September Final 9% applications Que uestio ions ns? David Foust Multifamily Lending Manager Date hard commitment issued for MLP depends dfoust@ohiohome.org on project’s timeline
13 OHF A MF Pr ogr ams: Summar y DEVELOPER EXPERIENCE COMPETITIVENESS PROJECT SIZE most st t to l least st most st t to l least st most st t to l least st • Competitive 9% HTC • Competitive 9% HTC • Non-Competitive 4% HTC • Bond Gap Financing • Bond Gap Financing • Bond Gap Financing • Non-Competitive 4% HTC • Housing Development Gap Financing • Competitive 9% HTC • Housing Development Gap Financing • Non-Competitive 4% • Housing Development HTC Gap Financing
14 OHF A MF Pr ogr ams: Summar y 4% HT C Only 9% HT C HDGF BGF BGF : CDBG- DR JAN F E B MAR APR MAY JUN JUL AUG SE P OCT NOV DE C
15 02 APPL ICAT ION RE QUIRE ME NT S 9% LIHTC Round
16 Whe r e do I be gin? • Applying to any of OHFA’s funding programs requires a thorough review of the following documents at minim at minimum: – Program Guidelines/Qualified Allocation Plan – Underwriting Guidelines – Design Standards
17 MF Unde r wr iting Guide line s • Outlines requirements for the following: – Categories of development costs – Allowable amounts of developer fee, replacements reserves, service coordination, etc. – Income and expense analysis – Appraisals, Market Studies, and Capital Needs Assessments • All proposed projects must comply • Exceptions are specifically noted as such
18 De sign & Ar c hite c tur al Standar ds • Outlines requirements for the following: – Code compliance, including accessibility and adaptability – Energy efficiency – Radon and lead-based paint reduction – Submission requirements – Minimum level of rehab – Exterior and interior requirements • All proposed projects must comply • Exceptions are specifically noted as such
19 Whe r e c an I find: Pr ogr am Guide line s Housing ing T Tax ax Cre redit it prog ogram p pag age https://ohiohome.org/ppd/htc.aspx • Qualified Allocation Plan • Frequently Asked Questions • Interactive maps (maps, map instructions, amenity definitions, data sets) • Last year’s awards
20 Whe r e c an I find: Pr ogr am Guide line s Housing ing De Development nt A Assis istan ance Pr Programs p pag age https://ohiohome.org/ppd/hdap.aspx – BGF Guidelines – HDGF Guidelines – NHTF Allocation Plan Housing ing De Development nt Loan Pr oan Progra ram p pag age https://ohiohome.org/ppd/hdl.aspx Mul Multif tifamil ily Le Lend nding ing Pr Program pag age https://ohiohome.org/ppd/mflending.aspx
21 Whe r e c an I find: E ve r ything E lse Guid Guideline ines, A Applic icat ations ns, and and For orms p pag age https://ohiohome.org/ppd/resources.aspx Standard Applications & Forms • Affordable Housing Funding Authorization to Release Tax • • Application (AHFA) Information Design & Construction Features Environmental Questionnaire for • • Form (DCFF) Scattered Sites OHFA Expected Useful Life Table Related Party Transaction • • PCNA Table of Contents Questionnaire • Market Study Checklist Template for Public Notification • • URA Forms Letters • Exception Request Form •
22 Whe r e c an I find: E ve r ything E lse Guid Guideline ines, A Applic icat ations ns, and and For orms p pag age https://ohiohome.org/ppd/resources.aspx Standard Policies & Guidelines • – MF Underwriting Guidelines – Design and Architectural Standards – Limited Scope Rehab Standards – Average Income Policy – E-Signature Policy – Environmental Review Standards
23 Pr ogr am- spe c ific r e quir e me nts • While proposed projects to all of the funding programs must comply with the Underwriting Guidelines and Design & Architectural Standards, each program has its own specific requirements to be aware of. • The Program Guidelines/QAP will contain this program-specific information.
24 Re quir e me nts spe c ific to 9% HT C: 9% HT C Pr e - de adline de adline s • December 4: Deadline to request approval for a Part 1 from the State Historic Preservation Office for historic tax credits • December 14: Last day pre-application meetings will be held • January 4: 4: Deadline to submit Development Team Pre- Approval forms • January 15: 5: Deadline to submit FAQ • January 15: Deadline to submit Exception Requests (program exceptions only)
25 Re quir e me nts spe c ific to 9% HT C: Do I ne e d a pr e - applic ation me e ting? No, pre-application meetings are optional and only being held in the following cases: • You are applying for 9% HTC in 2021, AND – The developer has not worked with OHFA in the past; or – The proposed project is unique and the development team needs specific guid idance ce on on sub ubmit ittin ing t the appl plication. Reque uest so soon! De Dead adline for me meetings to be be held is is De December 14 14.
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