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Additional ARRA Funding Application.doc Additional ARRA Funding Application.doc Document Transcript

  • OKLAHOMA HOUSING FINANCE AGENCY Instructions & Application 100 N.W. 63rd St., Suite 200 Oklahoma City, OK 73116 or P.O. Box 26720 Oklahoma City, OK 73126-0720 OHFA ARRA Instructions & Application October 20, 2009
  • Application for Additional ARRA funding. The American Recovery and Reinvestment Act of 2009 (ARRA) was signed into law by the President Barack Obama on February 17, 2009. This Act provides Oklahoma Housing Finance Agency (OHFA) additional financing sources to help the affected projects under the Tax Credit Program. OHFA will not consider developments that already have all buildings placed in service before the date of Board consideration of the ARRA applications. Developments must retain at least a nominal amount of tax credits to be eligible for any TCAP and/or Exchange funds. OHFA defines nominal as at least $1,000 in tax credits. General guidance: At any time in this application process, Staff may ask questions of the Applicant. The amount of credits awarded will be based upon Staff's underwriting and fund availability. OHFA's Trustees will have sole discretion in the amount, if any, to be awarded to a development. OHFA may deny an application or cancel a funding award if there has been a material change to the characteristics or development costs. Staff will use the documentation provided in the application and any outside knowledge of the development team to determine capacity. This includes performance under Tax Credits other programs that OHFA administers. If sufficient capacity is not demonstrated the application may be recommended for denial of credits. Qualified Allocation Plan (QAP) OHFA’s QAP consists of the Application Instructions, Application Form, and Title 330, Chapter 36 Affordable Housing Tax Credit (AHTC) Program Rules. In any instance where there is a conflict between the Rules and the Instructions and/or the Application Form, the Rules shall control. In any instance where there is a conflict between Oklahoma’s QAP and Section 42 of the IRS Code, the IRS Code shall control. However, in some areas OHFA has chosen to be more restrictive than the Code. All parts of the QAP can be accessed on OHFA’s website, www.ohfa.org. Applications are due no later than October 28, 2009 at 4:30 p.m. Awards for these funds will be made at the regularly scheduled November 12, 2009 Board Meeting. Submission of this application does not in any way guarantee that you will receive TCAP and/or Exchange funds. Applications shall be in conformance with the, OHFA’s QAP and Section 42. All parts of OHFA's QAP shall apply, including underwriting guidelines and limits. Only sufficient, but not excessive amounts may be awarded according to 42(m) (2) of the Code. Therefore, amounts OHFA ARRA Instructions & Application 2 October 20, 2009
  • requested may be reduced. Note that Swimming Pools and other specific costs identified in the Act are specifically excluded from Exchange funds. Applicant understands that all threshold and scoring criteria in their initial Tax Credit Application, the HERA Application, and the ARRA Application will be maintained and part of the regulatory agreement. All Applications will be underwritten at the final stage where the amount of Tax Credits, and/or ARRA funds may be adjusted. All Applications must follow the OHFA’s QAP. Specific Instructions for this Application Highlight changes from the ARRA Application submitted in July or August. Provide any brief explanation of reason for changes in sources or costs and justification of a possible additional ARRA award. Be sure to recalculate the ARRA Gap to obtain the eligible amount of TCAP request. The full amount of Exchange the development qualifies for is the amount of credits returned x 85¢ x 10. Only if this qualifying amount is more than the Exchange amount requested earlier, can Exchange funds be requested now. OHFA ARRA Instructions & Application 3 October 20, 2009
  • OKLAHOMA HOUSING FINANCE AGENGY ARRA APPLICATION FORM The applicant must fill out ALL applicable parts of the application form FULLY and include ALL documents and supplementary materials required. ALL blanks must be typed and filled out completely. GENERAL DEVELOPMENT INFORMATION Development Name                                                              Site Address                                                                   City                           County                      Zip Code            Original Application OHFA File #            H.R. 3221 allocation: OHFA File # (if applicable)            Re-allocation: OHFA File # (if applicable)            OWNER INFORMATION Taxpayer I.D.                 Owner Name                                                             Street Address                                                             City                            State            Zip Code                 Contact Person                   Phone  ( )                    Fax   ( )              E-mail                                                             Address to receive packages (if different)                                           OHFA ARRA Instructions & Application 4 October 20, 2009
  • DEVELOPMENT FINANCING (SOURCES OF FUNDS) Highlight Changes CONSTRUCTION FINANCING List all preliminary and enforceable (firm) financing commitments, including grants tax credit syndication information and provide copies of same. If the applicant plans to finance part or all of the Development out of its own resources, the applicant must prove to OHFA's satisfaction that such resources are available and committed solely for this purpose. Any owner equity contributions or deferred fees must also be listed below if the funds will provide a source of financing. Source Interest Commitment No. Name of Lender or Other Source Principal Rate Term Date 1.                                                      %                  2.                                                      %                  3.                                                      %                  4.                                                      %                  5.                                                      %                  Total Residential Construction Funds            Complete the following for each Construction Lender or source of funds. #1. Name of Lender/Source                                          Contact:                      Address                                                                                  City                           State       Zip Code            Phone                      Type: Conventional CDBG Federal HOME Local Gov’t Owner Equity Private State Gov’t Taxable Bond Tax Exempt Bond Other (Specify)            Finance: Amortizing Loan Balloon BMIR *** Loan Credit Enhancement Deferred Loan Forgivable Loan Grant Owner Equity Other (Specify)                                               *** Below Market Interest Rate #2. Name of Lender/Source                                          Contact:                      Address                                                                                  City                           State       Zip Code            Phone                      Type: Conventional CDBG Federal HOME Local Gov’t Owner Equity Private State Gov’t Taxable Bond Tax Exempt Bond Other (Specify)            Finance: Amortizing Loan Balloon BMIR *** Loan Credit Enhancement Deferred Loan Forgivable Loan Grant Owner Equity Other (Specify)                                               *** Below Market Interest Rate #3. Name of Lender/Source                                          Contact:                      Address                                                                                  City                           State       Zip Code            Phone                      Type: Conventional CDBG Federal HOME Local Gov’t Owner Equity OHFA ARRA Instructions & Application 5 October 20, 2009
  • Private State Gov’t Taxable Bond Tax Exempt Bond Other (Specify)            Finance: Amortizing Loan Balloon BMIR *** Loan Credit Enhancement Deferred Loan Forgivable Loan Grant Owner Equity Other (Specify)                                               *** Below Market Interest Rate Make additional copies of this page if necessary. OHFA ARRA Instructions & Application 6 October 20, 2009
  • DEVELOPMENT FINANCING (SOURCES OF FUNDS) [cont] Highlight Changes PERMANENT FINANCING List all preliminary and enforceable (firm) financing commitments, including grants tax credit syndication information and provide copies of same. If the applicant plans to finance part or all of the Development out of its own resources, the applicant must prove to OHFA's satisfaction that such resources are available and committed solely for this purpose. Any owner equity contributions or deferred fees must also be listed below if the funds will provide a source of financing. Source Principal Interest Term/ Annual Debt Commitment No. Name of Lender or Other Source Rate Amort Service Date 1.                                $                %       $                 2.                                $                %       $                 3.                                $                %       $                 4.                                $                %       $                 5.                                $                %       $                 6.                                $                %       $                 Subtotal Permanent Financing $ $ Gross Proceeds Historic Tax Credit $ Gross Proceeds Low-Income Tax Credits $ Total Permanent Financing Sources $ Complete the following for each Permanent Lender or source of funds. #1. Name of Lender/Source                                          Contact:                      Address                                                                                  City                           State       Zip Code            Phone                      Type: Conventional CDBG Federal HOME Local Gov’t Owner Equity Private State Gov’t Taxable Bond Tax Exempt Bond Other (Specify)            Finance: Amortizing Loan Balloon BMIR *** Loan Credit Enhancement Deferred Loan Forgivable Loan Grant Owner Equity Other (Specify)            #2. Name of Lender/Source                                          Contact:                      Address                                                                                  City                           State       Zip Code            Phone                      Type: Conventional CDBG Federal HOME Local Gov’t Owner Equity Private State Gov’t Taxable Bond Tax Exempt Bond Other (Specify)            Finance: Amortizing Loan Balloon BMIR *** Loan Credit Enhancement Deferred Loan Forgivable Loan Grant Owner Equity Other (Specify)            #3. Name of Lender/Source                                          Contact:                      Address                                                                                  City                           State       Zip Code            Phone                      OHFA ARRA Instructions & Application 7 October 20, 2009
  • Type: Conventional CDBG Federal HOME Local Gov’t Owner Equity Private State Gov’t Taxable Bond Tax Exempt Bond Other (Specify)            Finance: Amortizing Loan Balloon BMIR *** Loan Credit Enhancement Deferred Loan Forgivable Loan Grant Owner Equity Other (Specify)            Make additional copies of this page if necessary. OHFA ARRA Instructions & Application 8 October 20, 2009
  • DEVELOPMENT BUDGET Highlight Changes Double Click the icon below to complete the above requirements: Instructions are on the first tab. Note!!! Once complete, print the Excel Worksheets and insert pages into this Application. *If the spreadsheets do not work for your project, contact OHFA Staff. Click here for Development Budget Application 9 October 20, 2009
  • ARRA GAP CALCULATION Highlight Changes *Note that all amounts are to be shown as Actual Dollar ($) amount and no Credit amounts should be listed. A. Total Development Costs A. $                        B. Non-Eligible Basis Costs & Swimming Pools and other specific costs identified in the Act. B. $                        C. Total sources to cover the costs in B. Must have sufficient sources, not including Deferred Developer Fee to cover the costs in B above. Source Amount Total sources to cover the costs in B. (Sum of C.) C. $                        D. Total Eligible ARRA Costs (D = A – B) D. $                        E. Permanent Sources for Eligible ARRA Costs A source can be both here in E. and in C., but the sum of the two cannot exceed the total amount of the Source(s) from page 15. Source Amount Total Permanent Sources for Eligible ARRA Costs (Sum of E.) E. $                        F. Tax Credit Equity from any remaining Credits Include federal historic, state historic and credits from Original award and any additional credits received. Do not include any equity from credits to be returned. Source Amount Total of Tax Credit Equity Remaining in the Development (Sum of F.) F. $                        Application 10 October 20, 2009
  • G. Total of All Sources G. $                        (G = E + F) H. ARRA Gap = Total Eligible ARRA Costs minus Total of All Sources (H = D – G) H. $                        Previous Credit Allocations * To be shown as Credit amounts Amount of Original Allocation of Credit Awarded $                        Amount of Additional Credits Awarded under H.R. 3221 (If applicable) $                        Total Tax Credits Awarded $                        (Original + HR 3221 Additional) Amount of Credits to be Returned $                        Must retain a minimum of $1,000 to be eligible ARRA Amounts Requested What form of assistance are you applying for at this time? Check all boxes that apply, but an amount must be in each line. TCAP $                        1602 Exchange $                        Total ARRA funds requested $                        ARRA Amounts Already Awarded in September Check all boxes that apply, but an amount must be in each line. TCAP $                        1602 Exchange $                        Total ARRA funds already awarded $                        (TCAP + 1602 Exchange) Total ARRA Amounts for Development Check all boxes that apply, but an amount must be in each line. This should be the total of amounts requested now and already awarded. Application 11 October 20, 2009
  • TCAP $                        1602 Exchange $                        Total ARRA funds requested $                        The Following MUST be completed and match what was presented above Show that Total ARRA Requested + ARRA Awarded < ARRA Gap (H.) < Total Eligible ARRA costs (D.) $                     $                     $                     Application 12 October 20, 2009
  • APPLICANT AFFIDAVIT STATE OF                          ) ) SS: COUNTY OF                          ) The undersigned,                                    , of lawful age, being first duly sworn, on oath says that: 1. The undersigned is the duly authorized agent of                                    , the Applicant submitting The ARRA Application which is attached to this statement, for the purpose of certifying the facts pertaining to the Application, facts pertaining to the nonexistence of collusion among Applicants and between Applicants and state officials or employees, as well as facts pertaining to the no giving or offering of things of value to government personnel in return for special consideration in the allocation of ARRA funds pursuant to the Application to which this statement is attached. 2. The undersigned, being duly authorized, hereby represents and certifies that the foregoing information, to the best of his/her knowledge, is true, complete and accurately describes the proposed Development; The undersigned is fully aware of the facts and circumstances surrounding the making of the Application to which this statement is attached and has been personally and directly involved in the proceedings leading to the submission of such Application. Misrepresentations of any kind will be grounds for denial or loss of the tax credits or ARRA funds and may affect future participation in the tax program in Oklahoma; and 3. Neither the Applicant nor anyone subject to the Applicant’s direction or control has been a party (i) to any collusion among Applicants by agreement to refrain from making Application, (ii) to any discussions between Applicants and any state official concerning exchange of money or other things of value for special consideration in awarding ARRA funds (iii) to paying, giving or donating or agreeing to pay, give or donate to any officer or employee of the State of Oklahoma or to any officer or employee of Oklahoma Housing Finance Agency, any money or other thing of value, either directly or indirectly, in procuring an ARRA funds pursuant to the Application to which this statement is attached; and 4. The undersigned is responsible (i) for ensuring that the Development consists or will consist of a Qualified Building(s) as defined in the Code, and will satisfy all applicable requirements of federal tax law in the acquisition, rehabilitation, or construction and operation of the Development to receive an Allocation of Affordable Housing Tax Credit and/or ARRA funds and (ii) for all calculations and figures relating to the determination of the Eligible Basis for the building(s) and understands and agrees that the amount of the Affordable Housing Tax Credit and/or ARRA funds is calculated by references to the figure submitted with this Application, as to the Eligible Basis and Qualified Basis of the Development and individual buildings. The undersigned Applicant certifies that all builder fees, and developer fees are properly disclosed and conform to Section 330:36-4-2.1 (b) (c) of OHFA’s Rules. Application 13 October 20, 2009
  • 5. The undersigned agrees that Oklahoma Housing Finance Agency will at all times be identified and held harmless against all losses, costs, damages, expenses and liabilities whatsoever nature or kind (including, but not limited to attorney’s fees, litigation and/or court costs, amounts paid in settlement, and amounts paid to discharge judgement, any loss from judgement from the Internal Revenue Service) directly or indirectly resulting from, arising out of, or related to acceptance, consideration and approval or disapproval of such Application. 6. The undersigned acknowledges and agrees that the Application, upon filing, becomes subject to the Oklahoma Open Records Act and as such becomes public record and further that all or a portion of the Application may be provided to the Internal Revenue Service. 7. No Tax or Legal Advice. Applicant warrants and represents that Applicant has knowledge and experience in financial and business matters that enable it to evaluate the merits and risks of participation in the TCAP Program and/or Section 1602 Exchange Program. Applicant has not based its decision to participate in the TCAP Program and/or Section 1602 Exchange Program upon any oral or written information provided by OHFA or OHFA’s Trustees, employees, agents, or representatives and acknowledges and understands that no Trustee, employee, agent or representative of OHFA has been authorized to make, and that the Applicant has not relied upon, any statements or representations other than those specifically contained in this Application. Applicant understands, acknowledges and agrees that participation in the TCAP and/or Section 1602 Exchange Program involves a certain element of uncertainty and risk and represents and warrants that Applicant has consulted with Applicant’s tax advisors with respect to participation in the TCAP and/or Section 1602 Exchange Program. 8. The written instructions and guidance for this ARRA application are not intended or written to be used, and cannot be used as legal or tax advice and cannot be used by and Applicant or any other person for the purpose of avoiding penalties imposed by the Internal Revenue Code or promoting, marketing or recommending to another party any transaction or matter addressed herein. 9. The written instructions and guidance for this Application are not intended or written to be used, and cannot be used as legal or tax advice and cannot be used by and Applicant or any other person for the purpose of avoiding penalties imposed by the Internal Revenue Code or promoting, marketing or recommending to another party any transaction or matter addressed herein. 10. Applicant warrants that all threshold and scoring criteria made in the initial Tax Credit Application, the HERA Application, and the ARRA Application will be followed. All Applications will be underwritten at the final stage where the amount of Tax Credits, and/or ARRA funds may be adjusted. All Applications must follow the QAP. Any credits awarded at this time are only a replacement of those already awarded under the normal QAP process. Application 14 October 20, 2009
  • In witness whereof, the undersigned has caused this Affidavit to be duly executed in the name of the Applicant this            day of                          , 200      .                                Applicant By: ________________________________________ Title:                                          Subscribed and sworn to before me this            day of                     , 200     .                                          Notary Public My Commission Expires:                          Commission #                          Application 15 October 20, 2009