AFFORDABLE HOUSING DEVELOPER FORUM AUGUST 11, 2016
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1 AFFORDABLE HOUSING DEVELOPER FORUM AUGUST 11, 2016
2 Welcome! Meeting agendas available at front table. No food or drink is allowed in the auditorium.
3 Rushmore Cervantes General Manager Los Angeles Housing + Community Investment Department 3
4 Helmi Hisserich Assistant General Manager Housing Development Bureau Los Angeles Housing + Community Investment Department 4
5 New Website View all announcements Newsletter subscription 5
6 6
7 7
8 Managed Pipeline & Affordable Housing Trust Fund 8
9 New construction of mixed use Transit-Oriented Development with a total of 237 residential units, including 53 units for low-income families. 81% OF PIPELINE PROJECTS ARE TOD Blossom Plaza 9
10 New construction of 52 units for low-income and homeless individuals, including formerly homeless veterans. 33% OF PIPELINE UNITS ARE PSH FOR HOMELESS The Six 10
11 Affordable Housing Trust Fund Revenue Projections FUTURE REVENUE ASSUMPTIONS No Federal Funding Cuts 2017 Linkage Fee ($20 M / year) 2017 Homeless Housing Bond ($1.2 B over 10 year)
12 9% LIHTC 4% LIHTC AHTF Pipeline Funding Commitments Fully Funded In Pipeline Fully Funded In Pipeline # of Projects # of Units $ AHTF (M) $ LIHTC (M) $ TDC (M) $9.5 $ 5.6 $ ,122 $ 28.7 $ 28.3 $ $ 16.9 $ 2.7 $ $ 23.3 $ 7.1 $ TOTAL Fully Funded In Pipeline $ 26.4 $ 8.3 $ ,596 $ 51.9 $ 35.4 $ 666 TOTAL 31 2,015 $ 78.4 $ 43.7 $
13 Changes in Housing Development Bureau Management Team 13
14 Helmi Hisserich Assistant General Manager Doug Swoger Asset Management Edwin Gipson Development & Finance Manuel Bernal Housing Strategies & Services Affordable Housing Loan Portfolio Occupancy Monitoring Affordable Housing Trust Fund Affordable Housing Bond Construction Oversight Land Use & Environmental Clearance Land Development Housing Finance Innovation Homeownership Healthy Homes & Lead Handyworker 14
15 Edwin Gipson Housing Director Development & Finance Division Housing Development Bureau 15
16 Call for Projects (CFP) Summary of Proposed Major Changes Permanent Supportive Housing Projects Leasing Preferences Transit-Oriented Developments Developer Fee 16
17 Call for Projects (CFP) Summary of Proposed Major Changes (con t) Minimum CTCAC Final Tie-Break Scores for 9% CTCAC Set-Aside Applications Soils Report Related Party Management Fee Supportive Services Reserve Fund Competitive Scoring Criteria 17
18 Category SCORING SUMMARY - COMPETITIVE CRITERA - Section 5 Financial Efficiency (55 Points) 1. Donated Land 2. Projected Leverage Ratio 3. Committed Funds General Partner, Management Company, and Borrowing Entity Characteristics (19 Points) 1. General Partner Experience 2. Property Manager Experience 3. Borrowing Entity is a CHDO Other Policy Objectives (26 Points) 1. Community Benefit Integration 2. SDDA or QCT High Cost Area 3. Special Needs Populations 4. New Construction with 50 or more units MAXIMUM TOTAL POINTS Maximum Points Points Points 10 Points 7 15 Points 7 10 Points 5 Points 8 5 Points 4 5 Points 10 5 Points 4 Points 100 Points Negative Points - Points Scoring changes are in red. 18
19 Funding Sources NGF & CSH HACLA 300 Vouchers AHTF Home Funds 9% LIHTC Bonds Operating Subsidy Prop 41 VHHP AHSC Cap & Trade No Place Like Home? Buy Right $400 M? AFFORDABLE HOUSING County Tax & Budget? Linkage Fee? Sale of City- Owned Land TOT from Airbnb? General Fund? National Trust Fund? GO Bonds? 19
20 Focus on Ending Homelessness $1.2 Billion Homeless Housing Bond Measure Expand Supportive Housing Loan Fund Accelerated Permanent Supportive Housing Program 20
21 Expand Bond Program Bond Regulations Bond Activity Priorities 21
22 Housing Bond Activity $400 HCIDLA City of LA (Outside Issuers) $350 $300 Million $250 $200 $150 $100 $50 $
23 Douglas Swoger Housing Director Asset Management Division Housing Development Bureau 23
24 Residual Receipts Policies Analysis Institute Policies that better align with industry standards Conduct efficient, predictable and fair annual reviews of residual receipts Improve relationships with borrowers 24
25 Residual Receipts Policies Summary of Changes Strict Cash-basis Accounting Approach Deferred Developer Fee Related Party Fees Supportive Services Coordination Future Recommendations 25
26 Deferred Developer Fee Changes Allow sufficient time for borrowers to complete annual audited financial statements in order to accurately determine and payout Deferred Developer Fee 120 days Statement of Subsequent Events to be included with audited financial statements 26
27 Related Party Management Fees Changes Allow sufficient time for borrowers to complete annual audited financial statements in order to accurately determine and payout Related Party Management Fees 120 days Statement of Subsequent Events to be included with audited financial statements Related Party Management Fees allowance increased from $15,000 to $25,000 annually for projects admitted into the AHTF Pipeline on or after January 31, 2016 with an increase of 3.5% compounded annually 27
28 Supportive Services Coordination Changes Supportive Services Coordination and case management can be paid from operating revenues Maximum annual per unit amounts Chronically homeless $4,000 $4,080 Homeless with special needs Low-income senior and other tenant populations $2,250 $3,060 $100 $250 28
29 Supportive Services Coordination Changes (con t) 3 Alternatively, funds may be placed into a Supportive Services Reserve Fund for use in future years when other public funding is not available for Supportive Services Coordination and case management. Maximum balance of Supportive Services Reserve Fund may not exceed three (3) times the annual limits Applicable to all projects approved since
30 Future Recommendations HCD Adopt Residual Receipts calculating methodology consistent with State HCD. Establish implementation working group that includes borrowers to implement changes and consider other recommendations in the future. 30
31 Manuel Bernal Housing Director Housing Strategies & Services Division Housing Development Bureau 31
32 Land Development Program Released RFQ/RFP for 13 sites on April 18, Received 36 responses 55 HCIDLA and external professionals involved in the review. Targeting late September 2016 to return to Mayor and City Council Continually looking for new sites to dispose of, such as City parking lots, county land, foreclosures, etc 32
33 New Generation Fund Naturally Occurring Affordable Housing (NOAH) Loan Products Preserving affordability/slowing down rent increases is of significant value to the City Current lending capacity stands at $68.5M As of August 1 st, the amount available for new loan originations is $18M Acquisition and Preservation Loan products Support Naturally Occurring Affordable Housing 120% LTV; 3 years plus one extension 33
34 Housing Finance Agency NYC has a housing bond issuance agency separate from its housing department. Business Plan to provide answers or options to key issues Relationship Initial funding Staffing Legal structure 34
35 Other Programs Homeownership Handyworker Program Lead Program Neighborhood Stabilization Program (NSP) 35
36 Q & A Any questions? 37
37 Thanks!! 38
~L~:'~ ,," I.? May 1,2014
~L~:'~ HOUSING+COMMUNITY Investment Department Eric Garcetti Mayor Rushmore D. Cervantes, Interim General Manager Strategic Planning & Policy Division 1200 West 7th Street, 9th Floor, Los Angeles, CA 90017
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