NSP2 Grantees and Revolving Loan Funds. August 21, :00-4:00 PM
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1 U.S. Department of Housing and Urban Development NSP2 Grantees and Revolving Loan Funds August 21, :00-4:00 PM Community Planning and Development
2 Presenters Moderator: National Development Council (NDC) Jennie Vertrees Presenters: Sandra Jones National Development Council Matt Wexler Cross Sector Consulting HUD/CPD: Hunter Kurtz John Laswick John Burke 2
3 How to Ask a Question To ask a verbal question Select the hand icon You will be placed in a queue and identified by the Webex Producer once your line has been unmuted After your question has been asked, please de-select your hand icon To submit a written question Type your question in the Q&A box on the right hand side of the page and send the question to All Panelists 3
4 Today s Agenda Introduction to Revolving Loan Funds (RLFs) Using Program Income for an RLF Requirements and Recommendations for RLFs Examples of Existing RLFs Data entry and reporting with DRGR 4
5 Introduction to Revolving Loan Funds Revolving Loan Funds are an integral and vital component of economic and community development strategies around the country Cities, Counties, non-profits and Redevelopment Agencies have used RLFs to generate economic opportunity and create jobs for several decades CDBG, EDA, CDFI, USDA and other funding sources have been utilized to capitalize RLFs RLFs are designed to fill gaps in the local capital markets; flexibility is key to maintaining their effectiveness 5
6 NSP and Revolving Loan Funds An NSP Revolving Loan Fund (RLF) is: A separate fund established with NSP program income to carry out eligible NSP activities which will in turn generate program income Consistent with HUD s suggestion that assistance be structured as loans and not grants A systematic way to keep NSP dollars working in your community for years to come 6
7 What is an NSP RLF? Financing tool that Recycles dollars Helps manage the flow of program income Provides for a mechanism to utilize NSP funds in a manner consistent with local priorities; flexible and may change overtime Encourages leveraging of private sector financing and of non-profit and public programs, including low-income housing tax credits and HOME 7
8 Who Operates RLFs? Grantees of NSP1, NSP2, and NSP3 Grantees may set up several RLFs Establishing RLFs for specific activities may expedite draw down of funds for activities with different purposes Subrecipients existing and new Typically nonprofits or municipal grantees, but for-profits may also be eligible Grantees may allow subs to keep PI, but must dictate its use 8
9 Eligible Uses of Funds All eligible activities under HERA and ARRA, as applicable Examples include: Loans to purchase and redevelop foreclosed upon homes and residential properties (including first and second mortgages); Funding a loan loss reserve; Shared-equity loans for low- and moderateincome homebuyers 9
10 RLF and Program Income RLF must be capitalized by PI, not from original NSP Grant funds Considerable flexibility Opportunity to redefine and expand NSP Program RLF funds tracked separately from other PI; not subject to use first requirement What if we don t establish an RLF? Continue using PI to fund existing NSP activities 10
11 NSP and Program Income Typical Sources of Program Income Net proceeds from single family home sales Land sales (under land banking initiative) Repayment of principal and interest Permanent financing for single or multifamily properties Other financing activities 11
12 Key Requirements to Create an RLF Plan Amendment RLF must have specific activity Capitalize RLF from PI (with lump sum drawdown exception) Separate set of (book and bank) accounts for each RLF Funds held in an interest bearing account Each RLF must comply with source of funds (NSP 1, 2 or 3) 12
13 Program Design Considerations RLFs should: Select an appropriate number of activities; undertaking many activities under one RLF can be onerous and may create a monitoring risk Select appropriate activities for the size and scope of your program to ensure sustainability Consider whether breaking up RLFs by geography may be appropriate Not set up a fund for acquisition that is separate from rehab; these activities should not be treated as separate from one another 13
14 Considerations for Operating an RLF Funds must be deployed, and can t sit still in an account Repayment of principal and interest from RLF considered program income Record activity in DRGR Administrative Costs Policies and Procedures Compliance and monitoring 14
15 NSP and Revolving Loan Funds If grantees expend an amount of PI and grant funds equal to (or greater than) their grant amount: Their lines of credit are unlikely to be swept out, as once thought possible NSP1 and NSP3 funds have no expiration date. NSP2 funds are expected to expire 9/30/2015 Therefore, it is not necessary to create a revolving fund simply for the purpose of drawing down funds from the line of credit Even though they are not subject to rescission, funds should be drawn as soon as possible 15
16 NSP and Revolving Loan Funds If grantees do not expend an amount of grant funds and PI equal to their grant: -The shortfall is subject to recapture by HUD- Remember: PI in a revolving fund is not expended until used for a specific activity. Simply allocating income to a revolving fund does not constitute an expenditure 16
17 RLF Grantee and Structure Municipal vs. Nonprofit Grantee Does the RLF fit with overall housing strategy? Sub-Recipient RLFs How will funds be managed? Reporting? Administrative Costs Likely to have diminishing fund Can admin. costs be spread across other RLFs/programs? 17
18 Policies and Procedures Strongly recommended for RLF Based upon NSP policies and procedures How different will RLF be? New considerations Project Selection/Underwriting Approval process Administration 18
19 Current NSP RLF: Neighborhood Housing Services of South Florida NHSSF heads NSP2 consortium with 7 members (sub-recipients). NHSSF created RLF to make loans to homebuyers acquiring foreclosed homes Established policy allowing sub-recipients to create RLFs Sub-recipients allowed to use PI from their projects to fund RLFs Subs must write policies and procedures 19
20 Current NSP RLF: Neighborhood Housing Services of South Florida - continued Advantages Refining strategies Expanding program (a significant amount of initial $89 million grant to be recycled) Challenges Tracking funds and communication Administrative costs 20
21 Revolving the funds without an RLF City of Reading, PA Consortium $5MM NSP 2 Award Focus on single family acquisition, rehabilitation and sales Working with nonprofit Our City of Reading, an experienced developer Using all NSP 2 funds as source for financing Sold 11 homes thus far and using program income to continuing with same activities 21
22 Draws and tracking funds in DRGR Activity budgets and obligations will include program income and RLF Grantees will be able to identify Revolving Loan Funds (RLF) using the PROJECT screen Program Income will now be categorized as: General Account: Pool of all PI receipted that is not in any individual RLF or PI Account(s) Revolving Loan Fund(s): Projects to identify activities of a single activity type where loan repayments are used to fund new loans PI Account(s): Separate accounts created by grantee to identify activities under their funding agreements with sub-recipients that allow these organization to RETAIN and use program income on their activities. RLFs and PI Accounts wall off activities from the PI rules applied to the General Account 22
23 Setting up RLFs IF organizations administering activities are allowed to retain Program Income, then use links in the Action Plan module to: Designate a Project as a RLF and make sure only activities under the RLF are assigned to the project Create a PI Account and associate activities to the PI account 23
24 Creating RLF Projects Identify RLF by Project: 1 RLF=1 Project RLF projects can only include activities with a single activity type. Vouchers within an RLF will check for the availability of available receipts within the RLF: require RLF funds be drawn before program funds. 24
25 Ongoing Operations and Closeout Program Income, including funds from RLF, remain NSP funds until further notice Consider the costs and benefits of continuing the RLF over time make a financial projection 25
26 NSP Resource Exchange Links NSP Resource Exchange Search the Resource Library Search the FAQs View All Training Materials on the Learning Center Submit a Policy Question via Ask A Question Request Technical Assistance Connect with NSP Join the Listserv Visit the NSP Flickr Gallery Visit the NSP YouTube Channel
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