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Housing Resources October 28, 2015
Laura Rye – Community Investment Relationship Manager
Funding Resources
First Front Door• Up to $5,000 per home• Approx. $6 million available
in 2015
Affordable Housing Program• Up to $500,000 per project• Approx. $24 million
available in 2015
Income Limits80% of Area Median Income (AMI)
• Family of 4 - $51,700
50% of Area Median Income (AMI)
• Family of 4 - $32,300
First Front Door (FFD)
Member enrollment
Funds reimbursement
Homebuyer registration
Loan closing
First Front Door (FFD) provides grant assistance toward down payment and closing costs to families at or below 80 percent of the area median income.
The FHLBank will match the homebuyer's contribution $3 for every
$1 provided by the homebuyer,
up to $5,000.
3
AHP Process: How Does it Work?• AHP is a subsidy program that supports the
development of affordable housing– Households at or below 80 percent of area median income
– Grants up to $500,000 or low-interest loan options
– Competitive application process
• Various project types:– Rental, homeownership or owner-occupied
– New construction and/or rehabilitation
– Competitive application process
• AHP funds are applied for by a participating member on behalf of a project sponsor
4
Helping Your Community Grow: Real Life Story
Wayne, West Virginia
United Bank
“Our community will be strengthened by this…
…We’ve taken what once was an empty building and converted it into a productive place again, spurring investment and development. You can see other building owners throughout town following suit.”
– Brett Jones, Executive Director of Housing Authority of Wayne County
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Fairmont City Rehab: Owner Occupied Rehab
Fairmont Morgantown Housing AuthorityFairmont, WVUnited Bank
TDC: $149,417AHP: $146,917
Carewood Apartments: New Construction for Homeless and Special Needs
Housing Authority of MingoDelbartonFNB Williamson
AHP: $329,000TDC: $548,849
Negley Neighbors
Andy Haines, S & A Homes East Liberty Development, Inc.Citizens Bank of Pennsylvania
AHP: $180,000TDC: $6.7 million
The Negley Neighbors project turned 14 vacant or blighted properties into 49 low-income rental units in a historic neighborhood on the cusp of transformation.
Negley Neighbors(Before pic below)
Image Source: w
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Before
Case Study: AHP/LIHTC Negley Neighbors
Financing Plan• Equity from investor leveraged from Low Income
Housing Tax Credits, and Historic Tax Credits • Bank loan (Conventional Loan)
• FHLBank AHP ($180,000)• Urban Redevelopment Authority of Pittsburgh• LISC Funds
Total: $ 8,200,000
Negley Neighbors(post pic below)
(After)
Iroquois Hotel Conversion
Image Source: w
ww
.edwindearborn.com
Before
Case Study: AHP/LIHTC Iroquois Hotel Conversion
Image Source: w
ww
.edwindearborn.com
Financing Plan• Equity from investor leveraged from Low Income Housing Tax
Credits • Bank loan• FHLBank AHP ($250,000) • Cumberland County HOME • Donated property (CDBG) • ARRA (Tax Credit Assistance Program)
Total: $ 3,105,569
Iroquois Hotel Conversion
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(After)
Questions?Contact us:
Laura Rye [email protected] 304-381-4169
Website: www.fhlb-pgh.com, under Housing and CommunityFirst Front Door website: www.firstfrontdoor.com
