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Iowa Finance Authority
Jerry Floyd
HOME Program Analyst
Iowa Finance Authority
Mission: To finance, administer, advance
and preserve affordable housing and to
promote community a...
Overview
5 Divisions
• HousingIowa
• Iowa Agricultural Development
Division (7/1/13)
• Section 8
• Title Guaranty
• Water ...
Affordable Rental
Project-based Section 8:
• Oversight of 223 Section 8 properties
• Serve 12,000 low-income Iowans in 73
...
Investing in All of Iowa
Rural Development Preservation
Demonstration
• In 2007, IFA received an award of funds
from the USDA-RD office to assist c...
Rural Development Preservation
Demonstration
• Late 2011, IFA issued a Request for Proposal
seeking project proposals for ...
Funding
• In years 2009, 2010, and 2011, IFA set-
aside 10 percent or approximately $1.67
million in tax credits which has...
Approved Projects
• Three projects have closed to date.
• Three more projects are slated to close by
year end.
• Two selec...
Approved Projects
• Valley View in Columbus Junction by CHI.
• Only project from 1st RFP to be approved.
• Finances:
– Tax...
Approved Projects
• Boyer View in Logan by Landmark Group.
• Finances:
– Tax Credits of $172,833
– HOME of $205,000
– IFA ...
Approved Projects
• Prairie Village of La Porte City by Newbury
Management.
• Finances:
– Tax Credits of $342,590
– HOME o...
Problems Encountered
• Rules, rules, rules.
• Forging the confluence of three highly
technical and regulated programs was
...
Problems Encountered
• IFA ended up returning the loan funds to
USDA. Instead IFA used its own funds
through multifamily l...
Keys to Successful Projects
• Owner entity that pushed the bureaucracy
to get it done.
• Syndicator who understood the
com...
THANK YOU!
IowaFinanceAuthority.gov
Twitter.com/IowaFinance
Facebook.com/IowaFinance
Youtube.com/IowaFinance
Foursquare.com/IowaFinan...
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Multifamily Housing Resources for Rural Veterans and Seniors - Jerry Floyd

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Jerry Floyd of the Iowa Finance Authority on multifamily housing resources. Presentation from the Housing Assistance Councils symposium "Housing Seniors & Veterans in Rural America: Preservation, Development and Services" in Council Bluffs, IA on August 28-29, 2013

Published in: Education, Business, Real Estate
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Transcript of "Multifamily Housing Resources for Rural Veterans and Seniors - Jerry Floyd"

  1. 1. Iowa Finance Authority Jerry Floyd HOME Program Analyst
  2. 2. Iowa Finance Authority Mission: To finance, administer, advance and preserve affordable housing and to promote community and economic development for Iowans.
  3. 3. Overview 5 Divisions • HousingIowa • Iowa Agricultural Development Division (7/1/13) • Section 8 • Title Guaranty • Water Quality At a Glance: • Self-funded • 89 employees
  4. 4. Affordable Rental Project-based Section 8: • Oversight of 223 Section 8 properties • Serve 12,000 low-income Iowans in 73 counties HOME Program: • Administrator since July, 2010 • Appropriated under $6 million • Rental • Homebuyer Assistance • Tenant-based Rental Assistance Low-income Housing Tax Credits: • Allocating agency for tax credits since 1986 • Nearly $7 million in tax credits annually. • Nearly 21,000 units in more than 580 projects located in 83 counties
  5. 5. Investing in All of Iowa
  6. 6. Rural Development Preservation Demonstration • In 2007, IFA received an award of funds from the USDA-RD office to assist current RD projects in rehabilitation. • The program initially began with IFA working with select developers on their portfolio of properties. • But then IFA had an influx of disaster tax credits and ARRA funds making the demonstration project not as attractive.
  7. 7. Rural Development Preservation Demonstration • Late 2011, IFA issued a Request for Proposal seeking project proposals for Rural Development Section 515 projects to participate. • Received 12 applications with 7 projects selected to proceed. • Projects evaluated based upon readiness to proceed, long-term feasibility, experience of the qualified development team, and an established relationship with a Syndicator/Investor.
  8. 8. Funding • In years 2009, 2010, and 2011, IFA set- aside 10 percent or approximately $1.67 million in tax credits which has equated to about $12.8 million in equity. • Also set-aside $1.6 million in HOME loans; and the $2 million in Preservation Revolving Loan Funds received from the USDA. • Roughly $16.4 million dedicated to these projects.
  9. 9. Approved Projects • Three projects have closed to date. • Three more projects are slated to close by year end. • Two selected projects did not move forward.
  10. 10. Approved Projects • Valley View in Columbus Junction by CHI. • Only project from 1st RFP to be approved. • Finances: – Tax Credits of $299,649 – HOME of $527,325 – IFA MF loan of $133,098 – RD assumed loan of $436,588 – 24 units – $3.34 million of total project costs
  11. 11. Approved Projects • Boyer View in Logan by Landmark Group. • Finances: – Tax Credits of $172,833 – HOME of $205,000 – IFA MF Loan of $129,337 – RD assumed loan of $203,837 – 24 units – $2 million of total project costs
  12. 12. Approved Projects • Prairie Village of La Porte City by Newbury Management. • Finances: – Tax Credits of $342,590 – HOME of $442,000 – IFA MF loan of $115,000 – RD assumed loan of $160,674 – LP Seller Note of $180,000 – 32 units – $3.83 million of total project costs
  13. 13. Problems Encountered • Rules, rules, rules. • Forging the confluence of three highly technical and regulated programs was difficult – no big shock. • Took much longer than anticipated to get approval of the property transfers by USDA RD. • One property Boyer View also has a HUD contract so that added another layer of difficulty.
  14. 14. Problems Encountered • IFA ended up returning the loan funds to USDA. Instead IFA used its own funds through multifamily loans. • Lack of flexibility across the board makes it difficulty to utilize the programs together.
  15. 15. Keys to Successful Projects • Owner entity that pushed the bureaucracy to get it done. • Syndicator who understood the complexities of the programs. • Stubbornness on the part of staff and legal counsel at all levels to bring these projects to fruition.
  16. 16. THANK YOU!
  17. 17. IowaFinanceAuthority.gov Twitter.com/IowaFinance Facebook.com/IowaFinance Youtube.com/IowaFinance Foursquare.com/IowaFinance
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