department of housing and community development
DESCRIPTION
Department of Housing and Community Development. California Department of Housing and Community Development Lynn Jacobs - Director Chris Westlake – Deputy Director. Department of Housing and Community Development. Serna Program Purpose - PowerPoint PPT PresentationTRANSCRIPT
Department of Housing and Community Development
Mission
Provide leadership, policies and programs to preserve and expand safe and affordable housing opportunities and promote strong communities for all Californians.
California Department of Housing and Community DevelopmentLynn Jacobs - Director
Chris Westlake – Deputy Director
Department of Housing and Community Development
Serna Program Purpose
Finance the new construction, rehabilitation or acquisition/rehabilitation of multi-family rental units (prioritizing lower-income family households), or the provision of migrant housing for agricultural workers.
Department of Housing and Community Development
Serna Program Components
Multifamily Rental Housing Migrant Farmworker Housing Single Family Homeownership (Not included in
this NOFA)
Department of Housing and Community Development
Eligible Sponsors
Local Public Entity Nonprofit Organization Housing Cooperative Federally Recognized Indian Tribe Limited Partnership Limited Liability Company
Department of Housing and Community Development
Eligible Uses of Funds
Acquisition Predevelopment Activities Site Development Construction and/or Rehabilitation Manufactured Housing
Department of Housing and Community Development
Proposition 1C
$34,000,000 in Serna Rental Multifamily Financing this Round
Applications Accepted Until 5:00 P.M. on August 16, 2010
Complete, Consistent and in Duplicate
Department of Housing and Community Development
Award Types and Limits
$3,500,000: Non-9% Tax Credit Projects, New Construction
$2,500,000: Rehabilitation $1,500,000: MHP Overlay Projects $1,000,000: 9% Tax Credit Projects
Department of Housing and Community Development
Site Criteria Community and Site Factors:
Low Vacancy rates Strong demand for farmworker housing units Accessibility to supportive services
Independent, 3rd party, Market Study, which includes identifying all income segments of the target population, as well as justification for larger unit sizes.
Department of Housing and Community Development
Program Basics
Establishment of Reserve Accounts Twice the percentage of Units shall be restricted
for every percentage of Serna funds, up to 25% of TDC.*
HCD limits Debt Service Coverage Ratio (DSCR) at 1.1-1.2 for Year 1* Migrant
Department of Housing and Community Development
Grant Basics
Affordability restricted for 55 years Match requirement Serna funds cannot contribute toward the
Developer Fee Security: Deed-of-Trust, Promissory Note and
Regulatory Agreement on the property and/or lots
Department of Housing and Community Development
Loan Basics
Affordability restricted for 55 years Deferred @ 3%, Simple Interest and Residual
Receipts No Department service fees Senior debt cannot have balloon payment
Department of Housing and Community Development
Department of Housing and Community Development
Borrower Basics “The Sponsor shall be and remain the
Borrower, Managing General Partner of the Borrower, or, if required by other financing sources, directly control and be only one level removed from the general partner.”
Department of Housing and Community Development
Serna Migrant Housing
Seasonal Housing Rental Subsidy is strongly suggested Strong Management capability Project design and common facilities
Department of Housing and Community Development
Summary of Updated Program Reguirements(Refer to Section C Program Changes in NOFA)
More Scrutinization of Scope of Work for Rehab Projects
Priority for Migrant Housing Changes to the Point Scoring Clarification Concerning USDA loans and Tax Credit
Equity Funds Encouragement of Project-based Recyling Programs
Department of Housing and Community Development
Program Application
Complete the Universal Application (UA) Complete the Serna Program Attachments
Application Checklist
Department of Housing and Community Development
Program Application New Construction Point-Score System
15 Total Scoring Areas55.5 Total Possible Points
Five Areas are WeightedTwo Areas for Negative Points
Proposals are vying for a minimum 80% score or 44 points
Self-Scoring will be required
Department of Housing and Community Development
Program Application Rehabilitation Point-Score System
15 Total Scoring Areas57 Total Possible Points
Six Areas are WeightedTwo Areas for Negative Points
Proposals are vying for a approximately 80% score or 43 points
Self-Scoring will be required
Department of Housing and Community Development
Program Application
Scoring Areas:Per Unit Project CostsSerna Loan Amount Per Serna UnitSite ControlCommitment of Other FundsEnvironmental Issues
Department of Housing and Community Development
Program Application
Scoring Areas: Local Zoning and Project Approvals Local Jurisdiction Support and Involvement Management Experience Percentage of Restricted FW Units Services Provided for Agricultural Worker Population Proximity to Community Resources
Department of Housing and Community Development
Program Application
Scoring Areas: Alternative Energy or Green Technology Market Study Findings and Housing Element
Information Percentage of Area Agricultural Workers Past Performance and Compliance (Negative Points) Previous Department awarded Projects (Negative
Points)
Department of Housing and Community Development
Contact Information
Ben Dudek, 916/445-6508 Fred Rogers, 916/327-2881 Heriberto Rosales, 916/327-6659 Marc Florio, 916/322-2053 Coral Gaines, 916/322-1488 Peter Sigmann, 916/324-6751