affordable housing investment fund (ahif) notice of funding … · 2016-12-19 · housing...
TRANSCRIPT
![Page 1: Affordable Housing Investment Fund (AHIF) Notice of Funding … · 2016-12-19 · Housing Commission Update - Information Items (April and May meetings) Developer Notification (May](https://reader036.vdocuments.mx/reader036/viewer/2022081407/5f25a06347a6cb299a1703c5/html5/thumbnails/1.jpg)
Affordable Housing Investment Fund (AHIF)
Notice of Funding Availability (NOFA) for FY 2018
December 6, 2016
1
DRAFT
![Page 2: Affordable Housing Investment Fund (AHIF) Notice of Funding … · 2016-12-19 · Housing Commission Update - Information Items (April and May meetings) Developer Notification (May](https://reader036.vdocuments.mx/reader036/viewer/2022081407/5f25a06347a6cb299a1703c5/html5/thumbnails/2.jpg)
Affordable Housing Master
Plan (AHMP) and
Implementation
Framework (IF)
unanimously approved by
County Board Sept. 2015
AHMP Goals
○ Supply
○ Access
○ Sustainability
“Initiate a NOFA process for
AHIF funds for competitive
low income housing tax
credit projects.” –
Implementation Framework2
Affordable Housing Master Plan
![Page 3: Affordable Housing Investment Fund (AHIF) Notice of Funding … · 2016-12-19 · Housing Commission Update - Information Items (April and May meetings) Developer Notification (May](https://reader036.vdocuments.mx/reader036/viewer/2022081407/5f25a06347a6cb299a1703c5/html5/thumbnails/3.jpg)
• Consistency with Affordable Housing Master Plan
• Supply, Access, Sustainability
• Desire for AHIF tools that
address geographic distribution
• Clarifies process and schedule
• Allows concurrent review
• Competitive applications
NOFA Rationale
3
![Page 4: Affordable Housing Investment Fund (AHIF) Notice of Funding … · 2016-12-19 · Housing Commission Update - Information Items (April and May meetings) Developer Notification (May](https://reader036.vdocuments.mx/reader036/viewer/2022081407/5f25a06347a6cb299a1703c5/html5/thumbnails/4.jpg)
• Communities of all sizes throughout country have a
NOFA/RFP process. Peer examples include:
Other Jurisdictions with NOFA/RFP
4
• Washington, DC
• Philadelphia, PA
• San Francisco, CA
• Los Angeles, CA
• Miami, FL
• Madison, WI
• East King County, WA
• Seattle, WA
• Portland, OR
• Cleveland, OH
• Tompkins County, NY
![Page 5: Affordable Housing Investment Fund (AHIF) Notice of Funding … · 2016-12-19 · Housing Commission Update - Information Items (April and May meetings) Developer Notification (May](https://reader036.vdocuments.mx/reader036/viewer/2022081407/5f25a06347a6cb299a1703c5/html5/thumbnails/5.jpg)
• Non-staff participation and scoring
• As drafted, staff would score applications, which would then
be reviewed by Housing Commission (similar to current process)
• Criteria (mixed opinions)
• Geographic Distribution
• “MARKS/Preservation” and “Time Sensitivity”
• Experience and Readiness
• Concern NOFA would increase predevelopment costs
• NOFA should not increase predevelopment costs
• Schedule was created to be consistent with current planning
processes (AHIF and Site Plan/FBC could continue concurrent
public process)
• Do not require final architectural plans, suggest conceptual
plans only
Comments from Housing Commission/Advisory Group
5
![Page 6: Affordable Housing Investment Fund (AHIF) Notice of Funding … · 2016-12-19 · Housing Commission Update - Information Items (April and May meetings) Developer Notification (May](https://reader036.vdocuments.mx/reader036/viewer/2022081407/5f25a06347a6cb299a1703c5/html5/thumbnails/6.jpg)
Staff revised recommendations based on input from Advisory
Group and Housing Commission. Changes included:
• Revisions to eligibility requirement
• Experience developing or owning housing added as
“threshold” criteria
• Minimum 30-year affordability commitment period
• Revisions to geographic distribution
• Underwent multiple iterations and reflects poverty level and
proximity to metro
• Revisions to application criteria and points
• Advisory Group had input into distribution of points within
policy, budget, experience and readiness categories
• Tried to balance differing opinions of group
• Schedule
• Revised application deadline to one month earlier (March)
• Revision to the release of scores
• Will release scores upon request in aggregate form
Revisions due to Public Feedback
6
![Page 7: Affordable Housing Investment Fund (AHIF) Notice of Funding … · 2016-12-19 · Housing Commission Update - Information Items (April and May meetings) Developer Notification (May](https://reader036.vdocuments.mx/reader036/viewer/2022081407/5f25a06347a6cb299a1703c5/html5/thumbnails/7.jpg)
• Created Internal Staff Working Group (members of each team
within Housing Division)
• Formed NOFA Advisory Group (AG)
• 9-members including developers, residents, advocates, Housing
Commissioners and Fiscal Affairs Advisory Commissioner
• Met six times over 7 month period
• Staff formed recommendations (with AG input) on following
topics:
• Scoring guidance (criteria and max points)
• Application schedule
• Scoring process
Development of Staff Recommendations
7
![Page 8: Affordable Housing Investment Fund (AHIF) Notice of Funding … · 2016-12-19 · Housing Commission Update - Information Items (April and May meetings) Developer Notification (May](https://reader036.vdocuments.mx/reader036/viewer/2022081407/5f25a06347a6cb299a1703c5/html5/thumbnails/8.jpg)
• Applicant MUST meet the following criteria
• Minimum 30-year affordability commitment
• Used for units affordable up to 80% Area Median Income (AMI)
• If mixed-income, County funds apply to portion of units that are
affordable up to 80% AMI
• Must have previous experience developing housing or be
partnering with a developer who has previous experience
• Applications
• Structured schedule
• Scored comparatively
• Created companion guidance document
• Scoring details on next slide
Application Overview
8
![Page 9: Affordable Housing Investment Fund (AHIF) Notice of Funding … · 2016-12-19 · Housing Commission Update - Information Items (April and May meetings) Developer Notification (May](https://reader036.vdocuments.mx/reader036/viewer/2022081407/5f25a06347a6cb299a1703c5/html5/thumbnails/9.jpg)
Draft Max Points Available
9
Policy Goals - 40% Max Points
Supply 84
Access 6
Sustainability 10
Policy Total 100 x .4 = 40%
Budget – 40%
Capital Budget 50
Operating Budget 50
Budget Total 100 x .4 = 40%
Project Experience and
Readiness – 20%
Team Experience 55
Readiness 45
Experience/Readiness Total 100 x .2 = 20%
• Policy = 40% of
total score
• Budget = 40%
of total score
• Experience
and Readiness
= 20% of total
score
![Page 10: Affordable Housing Investment Fund (AHIF) Notice of Funding … · 2016-12-19 · Housing Commission Update - Information Items (April and May meetings) Developer Notification (May](https://reader036.vdocuments.mx/reader036/viewer/2022081407/5f25a06347a6cb299a1703c5/html5/thumbnails/10.jpg)
• Tiered Point Structure based on proximity to metro and level of
poverty
• Tier 1: Located in metro corridor or ¼ mile radius from Lee Hwy. (25
Points)
• Tier 2: Located in a census tract below avg. poverty rate and not in
metro corridor (20 points)
• Tier 3: Located in a census tract with 1x -2x avg. poverty rate and
not in metro corridor (15 points)
• Tier 4: Located in a census tract with 2x-3x avg. poverty rate and
not in metro corridor (10 points)
• Tier 5: Located in a census tract that has 3x or greater avg. poverty
rate at any point over the past 3 years (0 points)
• Mixed-income developments in Tiers 4 and 5 that contain at
least 40% of unrestricted units will receive the next highest Tier
points.
• Exception: Applications preserving existing CAFS will receive full
points
Geographic Distribution
10
![Page 11: Affordable Housing Investment Fund (AHIF) Notice of Funding … · 2016-12-19 · Housing Commission Update - Information Items (April and May meetings) Developer Notification (May](https://reader036.vdocuments.mx/reader036/viewer/2022081407/5f25a06347a6cb299a1703c5/html5/thumbnails/11.jpg)
Geographic Distribution Map
11
![Page 12: Affordable Housing Investment Fund (AHIF) Notice of Funding … · 2016-12-19 · Housing Commission Update - Information Items (April and May meetings) Developer Notification (May](https://reader036.vdocuments.mx/reader036/viewer/2022081407/5f25a06347a6cb299a1703c5/html5/thumbnails/12.jpg)
• Staff selections form the FY18 Pipeline Recommendations
• Projects still required to participate in four to eight month public
process (SPRC or FBC AWG, PC, and HC/Bricks & Mortar meetings)
• County Board Hearing for AHIF allocation at conclusion of public
process
• Staff will release score upon request
• Scores released:
• Supply (including Geographic Distribution)
• Access
• Sustainability
• Budget
• Experience and Readiness
• Staff will meet and debrief with applicants who are not selected
Draft Scoring Process
12
![Page 13: Affordable Housing Investment Fund (AHIF) Notice of Funding … · 2016-12-19 · Housing Commission Update - Information Items (April and May meetings) Developer Notification (May](https://reader036.vdocuments.mx/reader036/viewer/2022081407/5f25a06347a6cb299a1703c5/html5/thumbnails/13.jpg)
Housing Commission
Action
Housing Commission
Info
Bricks and Mortar
Selections Announced
Housing Commission
Update
Staff Review
Housing Commission
Update
SubmitAHIF
Application
By Due Date
13
NOFA PROCESS*
CURRENT PROCESS*
Month 1 Month 2 – 4 Month 5 – 8 Month 9 Month 10 – 12
Jan– March March – May May Dec – Jan Jan-Feb
Housing Commission
Action
Housing Commission
Info
Bricks and Mortar
Application Received/
Staff Review
Housing Commission
Update
Staff Review/
Invitation to Submit
Preliminary Proposal
Rolling Basis
Current Process and NOFA Process
County
Board
meeting
for
allocation
of loan
*Process timelines are approximate.
![Page 14: Affordable Housing Investment Fund (AHIF) Notice of Funding … · 2016-12-19 · Housing Commission Update - Information Items (April and May meetings) Developer Notification (May](https://reader036.vdocuments.mx/reader036/viewer/2022081407/5f25a06347a6cb299a1703c5/html5/thumbnails/14.jpg)
• Created to be consistent with VHDA tax credit and County
planning processes
• AHIF application and Site Plan/FBC applications could go through
process concurrently (similar to current process)
• In-cycle Applications due March 2017 (full schedule next slide)
• Out-of-cycle applications on case-by-case basis
• County historically receives about 1 acquisition application/year
• Time-Sensitive 3rd Party Acquisitions may apply to be considered
out-of-cycle
• On open market or owner intent to sell
• Will provide verifiable justification
Schedule
14
![Page 15: Affordable Housing Investment Fund (AHIF) Notice of Funding … · 2016-12-19 · Housing Commission Update - Information Items (April and May meetings) Developer Notification (May](https://reader036.vdocuments.mx/reader036/viewer/2022081407/5f25a06347a6cb299a1703c5/html5/thumbnails/15.jpg)
Draft Schedule for In-Cycle Applications
15
*Notes: 9%/hybrid LIHTC applications may need to be heard by County Board in
Feb., depending on schedule/public process. Other applications may be heard
earlier than January if schedule/public process allows.
Jan. Feb. March April May June
NOFA is issued with application packet posted to website (Jan. 9, 2017)
Application Period (Jan. 9 - March 10, 2017)
Conceptual Site Plan or FBC Review [1]
Developer Forum Q&A (Jan. 17, 2017)
Staff Review (March 13 - April 28, 2017)
Housing Commission Update - Information Items (April and May meetings)
Developer Notification (May 1, 2017)
Debrief meeting with applicants who did not get selected
4.1 Site Plan or FBC Preliminary Filing [2]
Public Process/Site Plan/FBC Review (June - January 2018)
Year 2017
July August Sept. Oct. Nov. Dec.
Public Process/Site Plan/FBC Review (June - January 2018)
4.1 Site Plan Final Filing [2]
FBC Final Submission [2]
Commission Meetings (December - January 2018)
Year 2018
Jan. Feb. March
Public Process/Site Plan/FBC Review (June 2017 - January 2018)
Commission Meetings (December 2017 - January 2018)
County Board Meeting (January 2018)
9% Low Income Housing Tax Credit Deadline (March 2018)
[2] This is a suggested filing date in order to be heard at a January/February County Board meeting.
2017
2017
2018
[1] Applicant can submit a Conceptual Site Plan Application or meet to discuss the FBC application at anytime prior to AHIF application submittal.
![Page 16: Affordable Housing Investment Fund (AHIF) Notice of Funding … · 2016-12-19 · Housing Commission Update - Information Items (April and May meetings) Developer Notification (May](https://reader036.vdocuments.mx/reader036/viewer/2022081407/5f25a06347a6cb299a1703c5/html5/thumbnails/16.jpg)
Wrap-Up
16
• Policy Goals and Limited Resources
• Bring recommendations to County Board that best meet policy goals
• Consistency with Affordable Housing Master Plan
• Maximize leveraging of scarce financial resources
• Encourage competitive applications
• Concurrent review to improve decision making
• Clarify process and schedule
• Application package posted to website and Developer Forum
(January)
• Will evaluate NOFA and re-convene Advisory Group prior to
next fiscal year’s (FY19) funding round
![Page 17: Affordable Housing Investment Fund (AHIF) Notice of Funding … · 2016-12-19 · Housing Commission Update - Information Items (April and May meetings) Developer Notification (May](https://reader036.vdocuments.mx/reader036/viewer/2022081407/5f25a06347a6cb299a1703c5/html5/thumbnails/17.jpg)
• Feedback on:
• Process
• Criteria
• Schedule
Discussion
17