Housing Blueprint Funding Opportunity
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  • 1. HOUSING BLUEPRINT FUNDING OPPORTUNITY FAIRFAX COUNTY DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT DEVELOPER DIALOGUE
  • 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. 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. 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. 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. 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. 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. 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. 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. 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