Lowcountry housingtrustlocalbankersmeetingpresentation


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  • Your objective of improving our neighborhoods 'parcel by parcel and block by block' is perfect for this intiative. The potential project for the 1400 block of Lafayette St. presents a great opportunity. My hope is that the chosen developer is able to ADD single parcels up and down the street to the project. This would improve the entire street. A 'homebuyer assistance program' ($25k for downpayement, etc.) would help immensely.
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Lowcountry housingtrustlocalbankersmeetingpresentation

  1. 1. September 16, 2011Beaufort Presentation to Financial Institutions
  2. 2.  Non Profit 501(c)3 community development loan fund U.S. Treasury certified Community Development FinancialInstitution (CDFI) Mission is to be an affordable housing advocate and lender Goal is to leverage local government funding with federal,state, and private market funds to finance affordable housingdevelopment Staff of 4 20 member Board of Directors 10 member Loan Review Committee
  3. 3. U.S. Treasury $2M Opportunity Local Finance Governments Network $500K $500K Lowcountry HousingDEBT Foundations Trust EQUITY State $500K Revolving Loan Fund Government $500K Financial Institutions Other Grants $500K $500K
  4. 4. Equity Debt Notes Grants PRIContributions EQ2 40% 60%
  5. 5. LocalCity of Charleston $889,000Charleston County $650,000City of North Charleston $325,000Town of Mount Pleasant $100,000Georgetown County $100,000StateSouth Carolina State Housing Finance $1,000,000NSP $7,409,679FederalHUD $396,800U.S. Treasury $3,742,000PrivateFoundations/Business $575,000Financial Institutions $300,000
  6. 6. 94 loans to developers100 loans to homebuyers$13.2 million in community development financing$101 million in affordable housing developments750 affordable housing units1,615 families and individuals served2,125 jobs created
  7. 7. Type - acquisition, infrastructure, construction, mini-permUnits – homeownership, rental, transitionalBorrowers – for profit, non profit, government entitiesSize - $10,000 to $250,000Terms - 12 to 60 monthsRates – prime up to 2 points over primeSecurity – Note, Mortgage, & Restrictive Covenant
  8. 8.   Loans to Developers •  Construction and Permanent Loans •  Blended Rate Loans •  Loan Participation Pool •  LIHTC and NMTC Financing  Loans to Lowcountry Housing Trust •  Increase Capital Available in Revolving Loan Fund •  Program Related or Equity Equivalent Investment •  $100,000 for 10 years at 2% interest •  $25,000 operating grant •  CRA Investment and Lending Credit Service on LHT Board or Loan Committee
  9. 9.   CDFI Bond Guarantee Program •  $3B allocated in bond financing to CDFIs •  LHT will make larger loans •  LHT will make longer term loans •  LHT will seek coordinated housing efforts in targeted communities •  LHT will seek broader community impacts  Project Rebuild •  $15B for community redevelopment •  Similar to Neighborhood Stabilization Program (NSP) •  LHT awarded $7.4M in NSP1 funds •  Vacant, Abandoned, Blighted, & Foreclosed Properties •  Residential, Commercial, and Mixed Use Properties
  10. 10. Financing of Affordable Housing Housing Finance Energy Business Efficiency Finance Finance Community DevelopmentFinancing of Financing of Working Financing Energy Efficient Capital to ImprovementsDevelopers Healthy Commercial Financing of Food Finance Financing of Food Finance Mixed Use Enterprises Developments
  11. 11. Homebuyer Assistance Program $25,000Down Payment & Closing Costs
  12. 12. RosemontNSP Redevelopment Properties by City of Charleston
  13. 13. Willow Trace at Windsor HillMulti Family Rental Development By Douglas Company
  14. 14. Peecksens CourtSingle Family Developmentby Humanities Foundation
  15. 15. Builders Blitz Single Family Development byEast Cooper Habitat for Humanity
  16. 16. Seven Farms Apartments and Seven Farms Village LIHTC Family and Senior Development Daniel Island
  17. 17. 4224 Grimke StreetNSP Rehabilitation Property by Charleston Area CDC
  18. 18. HOPE IV Project Spring Creek at Horizon VillageMixed Income Homeownership Development By North Charleston Housing Authority
  19. 19. Michelle A. Mapp, Executive Director michelle@lowcountryhousingtrust.org Patrick King, Lending Director patrick@lowcountryhousingtrust.org 843.973.7285