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Gideon Anders, National Housing Law Project
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Transcript

  • 1. GIDEON ANDERS SENIOR ATTORNEY NATIONAL HOUSING LAW PROJECT PARTNERS IN INNOVATION PORTLAND, OREGON MAY 17, 2010 Rural Housing Preservation Legislation www.nhlp.org
  • 2. HR 4868
    • Housing Preservation and Tenant Protection Act of 2010
    • Title VIII: Preservation of RD/RHS Housing
    • Additional applicable provisions in Title I.
  • 3. Title VIII Rural Housing Preservation Act of 2010
    • Preservation of Section 515 Rural Rental Housing and Section 514/516 Farm Labor Housing
    • Preservation and Tenant Protection Vouchers
    • Miscellaneous Provisions
  • 4. Preservation Program
    • Owner must apply to participate
    • Secretary must prepare long-term viability plan (may use participating administrative agencies)
      • 30- year Physical Needs Assessment
      • Financial Plan
      • Reviewed by the owner and residents
      • Cost may be included in owner’s restructuring plan
    • Preservation Determination
      • Whether to offer Restructuring
      • Financial Incentives to be offered
    • Lack of accessible units
    • the housing authority
  • 5. Financial Restructuring Plan
    • Reduction or elimination of interest
    • Partial or full deferral of payments
    • Loan forgiveness
    • Loan subordination
    • Reamortization
    • Grant from RD/RHS (subject to appropriations)
    • Third party equity investment
    • Direct or Guaranteed Loan w/ subsidized interest rate.
  • 6. Long Term Use Agreement
    • 30-year term or remaining term of any loan, whichever is longer.
    • Subject to termination if any material incentives are not available.
    • Providing rural preservation vouchers to residents.
    • Rents
      • May not exceed 30% of household income
  • 7. Preservation and Tenant Protection Vouchers
    • Preservation Assistance
      • Rental or Voucher Assistance to allow residents to remain in the development.
      • Assistance is project-based
    • Foreclosure Prepayment Vouchers
      • Relocation voucher
      • Enhanced voucher
        • Owner required to accept
        • Converts to reloation voucher upon resident’s departure.
  • 8. Miscellaneous Provisions
    • Resident Earned Income Disregard
      • Same as HUD program
      • For 1 year, excludes from income calculations household income of person who becomes employed after one year of unemployment, or who participates in any family self-sufficiency or other job training program.
      • After one-year—excludes 50% on income.
    • Extends tenant participation rights to those rights of residents under HUD Section 202 program.
  • 9. Title I Provisions
    • Section 102: Notice Requirement for mortgage maturity
      • 12 month notice to HUD, State and Local Gov’t. (Does not preempt other state or local notice laws.)
        • Changes in affordability planned.
        • Subject to appropriations, availability of Section 8 vouchers, including enhanced vouchers.
        • Subject to appropriations, possibility of entering into new agreement with HUD.
      • Owner may not increase rent or evict residents for 12 months from provision of notice.
      • HUD financial incentives to keep project affordable.
  • 10. Possible Amendments
    • RD/RHS Report on preserving non-participating owners.
    • Restrictions on defaults, accelerations, and foreclosures to avoid prepayment restrictions.
    • Extension of financial assistance to nonprofit and public agencies when project purchased by transfer.
    • Extension of eligibility for predevelopment grants.
    • Plain English notices to residents.
    • Reduction of CNA period to 20 years.
  • 11.
    • FOR TECHNICAL ASSISTANCE, TRAININGS, AND ONLINE RESOURCES:
    • GIDEON ANDERS
    • SENIOR ATTORNEY
    • NATIONAL HOUSING LAW PROJECT
    • [email_address]
    • (510)251-9400 EXT. 3103
    • HTTP://NHLP.ORG/RESOURCECENTER?TID=61