Neighborhood Preservation Coalition Conference October 13 2016 Presentation Summary About HCR Multifamily Production 201115 Financing Approach State Housing Priorities Resources Deployment of ID: 690718
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Slide1
Multifamily Affordable Housing Development
Neighborhood Preservation Coalition Conference, October
13, 2016Slide2
Presentation SummaryAbout HCRMultifamily Production, 2011-15Financing
ApproachState Housing PrioritiesResourcesDeployment of
ResourcesHousing PlanSupportive Housing Opportunity Program (SHOP)Project Examples2Cadence Square, Supportive Housing for Veterans, CanandaiguaSlide3
ABOUT HCRHomes and Community Renewal serves New Yorkers by fostering the creation and preservation of affordable housing, working strategically to revitalize neighborhoods and communities, and promoting fair housing opportunity throughout the Empire State.
Multifamily Programs
provides financing and capital to promote affordable rental housing opportunities for low- to moderate- income residents of New York. 3Slide4
Multifamily Development Summary, 2011-2015
4
2011-2015
Multifamily
Projects Financed
355
Total Units Financed
48,001
Total Affordable Units Financed
35,506
Total Development Cost
$ 18,160,085,049
Affordable Preservation Units
17,161
Affordable New Construction/ Adaptive Reuse Units
18,345
Senior and Frail Elderly Units
8,071 Special Population Units* 4,266
*Special Population units include: frail seniors, persons with HIV/AIDS, developmentally disabled persons, homeless persons, homeless families, people with a physical disability, victims of domestic violence, people with psychological disabilities, NY/NY III populations A, C, E, F, G, H, J, veterans, physically disabled veterans, psychologically disabled veterans, seniors with psychological disabilities, homeless veterans, veterans with drug/alcohol addictions, persons with physical and developmental disabilities, persons with substance abuse problems, and homeless families who are victims of domestic violence.
E.J. Apartments, BinghamtonSlide5
Multifamily Development Location, New York State, 2011-2014
5Slide6
Multifamily Development Location, New York City Metro Area, 2011-2014
6Slide7
FINANCING APPROACH7
Coordinate variety
of programs and resources.Flexibility for developers
to
consider different
options.
Comparison of 4% LIHTC and 9% LIHTC.
Encourage leverage.
P
romote
high quality, construction ready
projects.
A
dvance housing goals.
P
rovide for the market
and site-specific
needs.
Coordinated
investment with jurisdictions and agencies.
Mixed income and mixed use development encouraged.Integrated, supportive housing encouraged.Promote community and economic development.
Neighborhood of the ArtsSlide8
HOUSING PRIORITES8
Economic
Development: Projects specifically endorsed in the Regional Economic Council Strategic Plans. Community Renewal and Revitalization: Mixed use and/or mixed-income projects in neighborhoods as part of a coordinated community redevelopment plan. Integrated Supportive Housing:
Provide permanent supportive housing to a variety of special needs populations, including, but not limited to the homeless, veterans,
survivors
of domestic violence and the
disabled.
Public Housing Restructuring
Projects:
Projects that address the needs of public housing units outside the City of New York and assist Public Housing Authorities in completing their restructuring
plans.
Mitchell-Lama
Preservation:
Preservation of projects transferred from the NYS Empire State Development Corporation to HFA as part of Governor Cuomo’s $1 billion House NY Program.
Rural Preservation:
Rehabilitation of projects in rural communities, including projects participating in USDA Rural Development programs or RARP.
Housing
Opportunity:
Projects that propose workforce housing in areas experiencing economic growth that are served by high performing school districts. Workforce Opportunity: Projects in close proximity to Metropolitan Transit Authority (MTA) rail stations, within a quarter-mile walk of an MTA subway station, in communities with TOD plans, or that are in close proximity to multi-modal transportation centers. Disaster Relief: Support projects in communities directly impacted by Federal Emergency Office declared disasters. Slide9
RESOURCES9
HFA
BONDS: Financing to create and preserve affordable multifamily rental housing using agency-issued bonds. TAX CREDITS: Generates part of the required equity or
utilized
to offset the borrower's
taxes.
4% and 9% LIHTC
State Low Income Housing Credit (SLIHC)
SUBORDINATE FINANCING:
Assistance
for
new
construction or rehabilitation of affordable housing developments.
Housing
Trust
Fund
Homes
for Working
Families
Supportive Housing Opportunity Program
New Construction ProgramMultifamily Preservation ProgramMiddle Income Program: Units up to 130% AMI.Community Investment Fund: Mixed use and rural.Medicaid Redesign Team: High cost Medicaid users.Mitchell Lama ProgramsHOMEClinton Park Phase IISlide10
DEPLOYMENT10
Unified Funding Application:
Highly competitive, single-source request for proposals process to access 9% LIHTC and a wide variety of subordinate financing resources.
Open Window Requests for Proposals
:
Applications
are accepted on a continuous basis
for tax-exempt
, taxable and 501(c)(3)
bonds in addition to subordinate
financing and State Low Income Housing
Credits.
Norwood
Terrace,
Supportive HousiBrooklynSlide11
Housing Plan—House NY 2020
$20B commitment to affordable housing and
homelessness: $10B for 100,000 for affordable over five yearsApproximately half preservation / half new constructionFY 2016-17 budget passed $1.9 billion in capital
$150 million allocated to supportive housing
MOU
pendingSlide12
Housing Plan—House NY 2020
Build NY:
Creation of units across a spectrum of populationsSupportive housing Middle income housing Senior housingCommunity Investment Fund
Multifamily New ConstructionSlide13
Housing Plan—House NY 2020
Preserve NY: Preservation
of existing housing stockMultifamily Preservation Mitchell Lama PreservationSmall Building ProgramPublic Housing Preservation NYCHAWelcome Home NY:
Providing homeownership opportunities
Revitalize
NY:
Investing in downtowns and villagesSlide14
Purpose
Supportive housing for families, individuals, and/or young adults
Households who are homeless and have one or more disabling or other life challengesUnmet housing need as determined by the CoC or local planning entityFunding Available—Up to $150 millionMaximum UF Request per Housing Unit up to 60% AMINew York City: Up to $140,000 per supportive housing unit and up to $
100,000
per other housing unit up to 60% AMI in integrated supportive housing projects
.
Westchester County & Long Island: Up to
$140,000
per supportive housing unit and up to $100,000 per other housing unit up to 60% AMI in integrated supportive housing projects
.
Rest of State: Up to
$75,000
per supportive housing unit and up to
$50,000
per other housing unit up to 60% AMI in integrated supportive housing projects
.
SHOPSlide15
Additional Priorities and Requirements
At least 80% of funding reserved
for developments that will be controlled by not-for-profits.Total supportive housing units should not exceed sixty (60%) percent of the total units in the project.Priority for projects that contain more than 50% supportive units.Applicants should underwrite rents for supportive housing units at an amount affordable to households earning 50% AMI.Developments must provide an integrated housing environment.
Minimum
40 year regulatory
agreement will
require
the
number of units designated as supportive housing will remain so for at least 40 years
.
Complements the service and operating awards through the Empire State Supportive Housing Initiative (ESSHI).
SHOPSlide16
PROJECT EXAMPLES16
Cadence Square—Canandaigua—Veterans
Spa Apartments—Clifton Springs— PresCAMBA Gardens Phase I—Brooklyn—Supportive HousingLace Factory Apartments—Kingston—Community DevSlide17
Developer
:
Housing VisionsLocation:
Syracuse
TDC:
$8
million
Historic Reuse
16 units permanent supportive housing
reserved for
formerly homeless women; 15 bed women’s emergency shelter.
Financing from
HCR, HHAC, State and federal historic tax credits.
Ethel T. Chamberlain House Slide18
Developer
:
First Ward Action CouncilLocation:
Binghamton
TDC:
$6.4
million
Historic Reuse, including repurposing of former Endicott Johnson Medical Clinic.
20 units for
seniors including five units with a preference for persons with developmental disabilities
.
Financing from
HCR, OPWDD, State and federal historic tax credits, Weatherization funds.
E.j
. apartmentsSlide19
QUESTIONS19
Sean Fitzgerald
Vice President, Multifamily ProgramsNew York State Homes and Community Renewalsean.fitzgerald@nyshcr.orgwww.nyshcr.org
Schoolhouse Terrace – PS 6