2016-2017 qap update indiana housing conference august 28, 2015

14
2016-2017 QAP UPDATE Indiana Housing Conference August 28, 2015

Upload: austin-oliver

Post on 01-Jan-2016

216 views

Category:

Documents


0 download

TRANSCRIPT

Page 1: 2016-2017 QAP UPDATE Indiana Housing Conference August 28, 2015

2016-2017 QAP UPDATE

Indiana Housing ConferenceAugust 28, 2015

Page 2: 2016-2017 QAP UPDATE Indiana Housing Conference August 28, 2015

PRESENTATION OVERVIEW

•Housing Priorities

•Set-Aside Categories

•Threshold Requirements

•HOME & Development Fund

•Evaluation Factors

•Miscellaneous

•Key Dates

•Tips & Reminders

•Questions & Answers

Page 3: 2016-2017 QAP UPDATE Indiana Housing Conference August 28, 2015

HOUSING PRIORITIES

• Housing for Vulnerable Populations

• Enhance Self-Sufficiency in Existing Programs

• Promote Place-Based Initiatives

IHCDA Vision for IndianaAn Indiana with a sustainable quality of life for all Hoosiers in the community of their choice.

IHCDA MissionTo provide housing opportunities, promote self-sufficiency, and strengthen communities.

To Accomplish This We WillPromote place-based initiatives that will allow Hoosiers opportunities to improve their quality of life.Create and preserve housing for Indiana's most vulnerable population.Enhance self-sufficiency initiatives in existing programs.Promote a value-driven culture of continuous improvement.

Page 4: 2016-2017 QAP UPDATE Indiana Housing Conference August 28, 2015

SET-ASIDE CATEGORIES

•Elderly – 15% to 10%

•Preservation – 10% to 15%

•Housing First• Minimum units• Agreement among all parties• Special threshold considerations

•General Set-Aside – announced each year (announcement for 2016 after today’s Awards Luncheon)

% of Available RHTCs

Set Aside Category

15% Qualified Not-for-profit

10%Stellar Community Designation

10% Elderly

10% Large City

10% Small City

10% Rural

15% Preservation

10% Housing First

10% General

Page 5: 2016-2017 QAP UPDATE Indiana Housing Conference August 28, 2015

THRESHOLD REQUIREMENTS• Form C and Evidence of Receipt (Form I)

• Full Phase I Environmental Assessment – due with initial application

• Development Site Information – electronic architectural plans only

• Capital Needs Assessment/Structural Conditions Report – due 30 days prior to submission of initial application

• Underwriting Guidelines• Minimum operating expenses at $3,500 per unit per year• Mixed use projects & income

• Threshold Requirements for Supportive Housing• Complete Indiana Supportive Housing Institute• MOU with CSH• MOU with supportive service providers• Identify subsidy sources (Form O for IHCDA)

Page 6: 2016-2017 QAP UPDATE Indiana Housing Conference August 28, 2015

THRESHOLD REQUIREMENTS – CON’T• Developer Fee

• Limits increased• Up to $2,500,000 for bond deals

• Architect Fee – increased from 3% to 4%

• Minimum Development Standards• Vinyl thickness reduced from .046” to .044”• Consistent scope of work

• Universal Design Features – 4 from each column

• Visitability Mandate• Single family homes, duplexes, triplexes, or townhomes

Page 7: 2016-2017 QAP UPDATE Indiana Housing Conference August 28, 2015

HOME & DEVELOPMENT FUND

• HOME• Loan term up to 2 years for construction and up to 30 years for permanent

financing• Applicants or affiliated entities with open HOME awards must show progress

before closing on HOME loan

• Development Fund• 100 year flood plain• Interest rate starting at 3%• 50 units or more: at least 10 units or 50% of assisted (whichever is greater) to

be designated at or below 50% AMI for both income and rents

Page 8: 2016-2017 QAP UPDATE Indiana Housing Conference August 28, 2015

EVALUATION FACTORS

• Score• Minimum score increased from 110 to 120• Minimum score for 4%/bond applications determined on a case-by-

case basis

• Universal Design Features – points for exceeding threshold requirements

• Vacant Structure• 2 bonus points for structure affected by disaster• Cannot also qualify for infill

• Infill New Construction• 2 bonus points for site affected by disaster• Cannot also qualify for vacant structure, preservation of existing affordable

housing, and adaptive reuse

Page 9: 2016-2017 QAP UPDATE Indiana Housing Conference August 28, 2015

EVALUATION FACTORS – CON’T

• Promotes Neighborhood Stabilization - Greyfield• Primary use was non-residential• Engineer or architect assessment of site including measure of paved areas

• Federally Assisted Revitalization Award• HUD designated Promise Zone• Blight Elimination Program (BEP)

• Offsite Improvements• Improvements must be outside footprint of the building and outside

development parcel• Improvements within public right of way must demonstrate approval from local

jurisdiction

• Tax Credit Per Unit & Tax Credit Per Bedroom

• Energy Efficiency – Air Sealing, High Insulation, Water Conservation

Page 10: 2016-2017 QAP UPDATE Indiana Housing Conference August 28, 2015

EVALUATION FACTORS – CON’T

• Desirable Sites• Fresh produce• Walk Score• Opportunity Index

‐ Unemployment rate below the State average ‐ County ranked 1-23 on Overall Rankings of Healthy Outcomes

• Lease Purchase• Up to 2 bonus points for larger bedrooms (50% 3 BR or larger; 75% 3 BR or

larger)

• Integrated Supportive Housing• No more than 25%, but no less than 7• Participation in the Indiana Supportive Housing Institute

• Community Participation

• Technical Correction – Bonus Points

Page 11: 2016-2017 QAP UPDATE Indiana Housing Conference August 28, 2015

MISCELLANEOUS

• Fees• RHTC Application Fee: $2,000• HOME & Development Fund: $500 each

• Change of Ownership• Pre 8609 – approval required• Post 8609 – notification required• Post 8609 & IHCDA Financing – approval required

• QAP, Forms, Schedules, Appendices

• Frequently Asked Questions (FAQ)

• http://www.in.gov/myihcda/rhtc.htm

Page 12: 2016-2017 QAP UPDATE Indiana Housing Conference August 28, 2015

KEY DATES

Event Deadline

Waiver Requests October 2, 2015

CNA/Structural Conditions Reports

October 2, 2015

Local Unit of Government & IHCDA Notification (Form C)

October 2, 2015

2016 Applications Due November 2, 2015, 5:00 PM ET

Announcement of 2016 Tax Credit Awards

February 25, 2016

Other Notes:•Bond Round – open application round (2016-2017 QAP)•Housing First – applications submitted in November•2016 General Set-Aside – announced this afternoon and RED notice to be released

Page 13: 2016-2017 QAP UPDATE Indiana Housing Conference August 28, 2015

TIPS & REMINDERS

• Threshold• Review Schedule G (attachments in correct tabs?)• Form C –certified mail or Form I• Supporting documentation dated within the last 6 months• LOI’s, affidavits, financing letters – double-check project name and details• Accessible units – exact location on site plan and/or floor plan• Explain any items that are outside of the underwriting guidelines• Selecting the NFP set-aside – requirements remain in place even if funded under a

different set-aside• Basis Boost – capped at 20%• Underwrite at 9%• Underwriting requirements when mix of new construction & rehab

• Evaluation Factors• Maps with ¼ mile and ½ mile radius• Form C must pass threshold to obtain points from City/Town• Tenant Investment Plan – include all required attachments

• Other

Page 14: 2016-2017 QAP UPDATE Indiana Housing Conference August 28, 2015

2016-2017 QAP

QUESTIONS & ANSWERS

THANK YOU

FOR ADDITIONAL INFORMATION, PLEASE CONTACT:

MATT RAYBURN – CHIEF REAL ESTATE DEVELOPMENT OFFICERDARIN EDWARDS – DIRECTOR OF REAL ESTATE LENDINGALAN RAKOWSKI – RENTAL HOUSING TAX CREDIT MANAGER