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HOUSING BLUEPRINT
FUNDING OPPORTUNITY
FAIRFAX COUNTY DEPARTMENT OF HOUSING AND
COMMUNITY DEVELOPMENT DEVELOPER DIALOGUE
Housing Blueprint Funds Overview
 History of the Blueprint Funds
 FY2014
 Goals/Metrics
 Changes in FY 2014
 Funding ...
Applying for Funding
 Funds are meant to be GAP financing
 Encouraging innovative approaches to meet the
underwriting an...
Applying for Funding
 Maximum funding per project
 The maximum available is $5M
 Eligible Applicants
 Eligible Activit...
Threshold Criteria
 Housing Blueprint Funds Income Targeting
Requirements
 20% of units @ 30%AMI or below
 60% of units...
Threshold Criteria cont.
 Financial Feasibility
 Review income and expense assumptions
 This includes assessing whether...
Loan Structure
 Cash flow, deferred loans
 Non-recourse, secured loans only
 Interest rate: 2%
 Maximum term: co-termi...
Readiness to Proceed
 Preference for projects that can close by December
31, 2014
 Demonstrate site control
 Advised Lo...
Processing Timelines
 Applications accepted on a rolling September 11,
2013- December 31, 2013
 Funding awards will be m...
Questions?
Tom Fleetwood, Associate Director of Administration
703.246.5103
Thomas.Fleetwood@fairfaxcounty.gov
Aseem Nigam...
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Housing Blueprint Funding Opportunity

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Housing Blueprint Funding Opportunity

Fairfax County Department of Housing and Community Development

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Transcript of "Housing Blueprint Funding Opportunity"

  1. 1. HOUSING BLUEPRINT FUNDING OPPORTUNITY FAIRFAX COUNTY DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT DEVELOPER DIALOGUE
  2. 2. Housing Blueprint Funds Overview  History of the Blueprint Funds  FY2014  Goals/Metrics  Changes in FY 2014  Funding availability  $3.6 million budgeted for FY 14  $1.4 million in Carryover requested  Carryover request approval expected by BOS 9/10/13
  3. 3. Applying for Funding  Funds are meant to be GAP financing  Encouraging innovative approaches to meet the underwriting and housing goals  Flexibility may be offered  Encourage all applicants to meet with HCD staff prior to submitting applications
  4. 4. Applying for Funding  Maximum funding per project  The maximum available is $5M  Eligible Applicants  Eligible Activities  Projects must be located in Fairfax County  Capital purposes-NO predevelopment/operating funds  Preference for mid-large projects  Multifamily rental housing preferred
  5. 5. Threshold Criteria  Housing Blueprint Funds Income Targeting Requirements  20% of units @ 30%AMI or below  60% of units @ 50% AMI or below  20% of units between 51%-100% AMI
  6. 6. Threshold Criteria cont.  Financial Feasibility  Review income and expense assumptions  This includes assessing whether rents are reasonably targeted to the market, within affordability guidelines  Project’s ability to support must-pay debt, reviewing a 15-year proforma  Percentage of County funds to TDC and percentage of additional funding is leveraged  Ability to pay County funds from surplus cash
  7. 7. Loan Structure  Cash flow, deferred loans  Non-recourse, secured loans only  Interest rate: 2%  Maximum term: co-terminus with the first mortgage  Leveraged with other private/public debt and equity sources  Loan monitoring fees apply
  8. 8. Readiness to Proceed  Preference for projects that can close by December 31, 2014  Demonstrate site control  Advised Local Area Supervisor  HCD will also advise the Local Area Supervisor  Process and timeline of securing other financing
  9. 9. Processing Timelines  Applications accepted on a rolling September 11, 2013- December 31, 2013  Funding awards will be made based on threshold affordability and underwriting goals on a first-come, first-served basis  Applicants must complete the Affordable Housing Partnership Program (AHPP) application  http://www.fairfaxcounty.gov/rha/ahpp.htm  A minimum score of 75 points will be required to be considered for funding
  10. 10. Questions? Tom Fleetwood, Associate Director of Administration 703.246.5103 Thomas.Fleetwood@fairfaxcounty.gov Aseem Nigam, Director, Real Estate Finance and Grants Management 703.246.5167 Aseem.Nigam@fairfaxcounty.gov Deepthi Jain, Sr. Real Estate Finance Officer, Real Estate Finance 703.246.5017 Deepthi.Jain@fairfaxcounty.gov
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