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2016-2017 QAP UPDATE
Indiana Housing ConferenceAugust 28, 2015
PRESENTATION OVERVIEW
•Housing Priorities
•Set-Aside Categories
•Threshold Requirements
•HOME & Development Fund
•Evaluation Factors
•Miscellaneous
•Key Dates
•Tips & Reminders
•Questions & Answers
HOUSING PRIORITIES
• Housing for Vulnerable Populations
• Enhance Self-Sufficiency in Existing Programs
• Promote Place-Based Initiatives
IHCDA Vision for IndianaAn Indiana with a sustainable quality of life for all Hoosiers in the community of their choice.
IHCDA MissionTo provide housing opportunities, promote self-sufficiency, and strengthen communities.
To Accomplish This We WillPromote place-based initiatives that will allow Hoosiers opportunities to improve their quality of life.Create and preserve housing for Indiana's most vulnerable population.Enhance self-sufficiency initiatives in existing programs.Promote a value-driven culture of continuous improvement.
SET-ASIDE CATEGORIES
•Elderly – 15% to 10%
•Preservation – 10% to 15%
•Housing First• Minimum units• Agreement among all parties• Special threshold considerations
•General Set-Aside – announced each year (announcement for 2016 after today’s Awards Luncheon)
% of Available RHTCs
Set Aside Category
15% Qualified Not-for-profit
10%Stellar Community Designation
10% Elderly
10% Large City
10% Small City
10% Rural
15% Preservation
10% Housing First
10% General
THRESHOLD REQUIREMENTS• Form C and Evidence of Receipt (Form I)
• Full Phase I Environmental Assessment – due with initial application
• Development Site Information – electronic architectural plans only
• Capital Needs Assessment/Structural Conditions Report – due 30 days prior to submission of initial application
• Underwriting Guidelines• Minimum operating expenses at $3,500 per unit per year• Mixed use projects & income
• Threshold Requirements for Supportive Housing• Complete Indiana Supportive Housing Institute• MOU with CSH• MOU with supportive service providers• Identify subsidy sources (Form O for IHCDA)
THRESHOLD REQUIREMENTS – CON’T• Developer Fee
• Limits increased• Up to $2,500,000 for bond deals
• Architect Fee – increased from 3% to 4%
• Minimum Development Standards• Vinyl thickness reduced from .046” to .044”• Consistent scope of work
• Universal Design Features – 4 from each column
• Visitability Mandate• Single family homes, duplexes, triplexes, or townhomes
HOME & DEVELOPMENT FUND
• HOME• Loan term up to 2 years for construction and up to 30 years for permanent
financing• Applicants or affiliated entities with open HOME awards must show progress
before closing on HOME loan
• Development Fund• 100 year flood plain• Interest rate starting at 3%• 50 units or more: at least 10 units or 50% of assisted (whichever is greater) to
be designated at or below 50% AMI for both income and rents
EVALUATION FACTORS
• Score• Minimum score increased from 110 to 120• Minimum score for 4%/bond applications determined on a case-by-
case basis
• Universal Design Features – points for exceeding threshold requirements
• Vacant Structure• 2 bonus points for structure affected by disaster• Cannot also qualify for infill
• Infill New Construction• 2 bonus points for site affected by disaster• Cannot also qualify for vacant structure, preservation of existing affordable
housing, and adaptive reuse
EVALUATION FACTORS – CON’T
• Promotes Neighborhood Stabilization - Greyfield• Primary use was non-residential• Engineer or architect assessment of site including measure of paved areas
• Federally Assisted Revitalization Award• HUD designated Promise Zone• Blight Elimination Program (BEP)
• Offsite Improvements• Improvements must be outside footprint of the building and outside
development parcel• Improvements within public right of way must demonstrate approval from local
jurisdiction
• Tax Credit Per Unit & Tax Credit Per Bedroom
• Energy Efficiency – Air Sealing, High Insulation, Water Conservation
EVALUATION FACTORS – CON’T
• Desirable Sites• Fresh produce• Walk Score• Opportunity Index
‐ Unemployment rate below the State average ‐ County ranked 1-23 on Overall Rankings of Healthy Outcomes
• Lease Purchase• Up to 2 bonus points for larger bedrooms (50% 3 BR or larger; 75% 3 BR or
larger)
• Integrated Supportive Housing• No more than 25%, but no less than 7• Participation in the Indiana Supportive Housing Institute
• Community Participation
• Technical Correction – Bonus Points
MISCELLANEOUS
• Fees• RHTC Application Fee: $2,000• HOME & Development Fund: $500 each
• Change of Ownership• Pre 8609 – approval required• Post 8609 – notification required• Post 8609 & IHCDA Financing – approval required
• QAP, Forms, Schedules, Appendices
• Frequently Asked Questions (FAQ)
• http://www.in.gov/myihcda/rhtc.htm
KEY DATES
Event Deadline
Waiver Requests October 2, 2015
CNA/Structural Conditions Reports
October 2, 2015
Local Unit of Government & IHCDA Notification (Form C)
October 2, 2015
2016 Applications Due November 2, 2015, 5:00 PM ET
Announcement of 2016 Tax Credit Awards
February 25, 2016
Other Notes:•Bond Round – open application round (2016-2017 QAP)•Housing First – applications submitted in November•2016 General Set-Aside – announced this afternoon and RED notice to be released
TIPS & REMINDERS
• Threshold• Review Schedule G (attachments in correct tabs?)• Form C –certified mail or Form I• Supporting documentation dated within the last 6 months• LOI’s, affidavits, financing letters – double-check project name and details• Accessible units – exact location on site plan and/or floor plan• Explain any items that are outside of the underwriting guidelines• Selecting the NFP set-aside – requirements remain in place even if funded under a
different set-aside• Basis Boost – capped at 20%• Underwrite at 9%• Underwriting requirements when mix of new construction & rehab
• Evaluation Factors• Maps with ¼ mile and ½ mile radius• Form C must pass threshold to obtain points from City/Town• Tenant Investment Plan – include all required attachments
• Other
2016-2017 QAP
QUESTIONS & ANSWERS
THANK YOU
FOR ADDITIONAL INFORMATION, PLEASE CONTACT:
MATT RAYBURN – CHIEF REAL ESTATE DEVELOPMENT OFFICERDARIN EDWARDS – DIRECTOR OF REAL ESTATE LENDINGALAN RAKOWSKI – RENTAL HOUSING TAX CREDIT MANAGER
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