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2007 QAP WORKSHOP and SYNDICATION MARKETPLACE

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Title: 2007 QAP WORKSHOP and SYNDICATION MARKETPLACE


1
2007 QAP WORKSHOP andSYNDICATION
MARKETPLACE March 1, 2007
2
Application Deadlines
  • Family, Senior Supportive Housing Cycles
  • Due APRIL 20th HIGH NOON!
  • Awards JUNE 14th
  • Final Cycle Due AUGUST 17th
  • Awards OCTOBER 16th
  • Hardship Applications Due JULY 16th

3
Cycles Funding Amounts and Set-Asides
4
Family Cycle
  • 6,000,000 Available
  • Maximum annual allocation 1.8 mil

5
Minimum BR Distribution
New
  • Non-age restricted projects
  • 0-1BR lt 20 of tax credit units
  • 2BR gt 30 of tax credit units
  • 3BR gt 20 of tax credit units
  • Exception based on market demographics or
    financial feasibility
  • document in Market Study section
  • Addl exceptions min. rehab, preservation, and
    historic rehab

6
Family Cycle (cont.)
  • 5 set-asides
  • Preservation 1 project NEW
  • Affordability 1 project
  • HOPE VI 1 project
  • Qualified Nonprofit 1 project
  • Mixed Income 1 project

7
Preservation Set-Aside
  • At Risk of losing its affordability controls
  • OR
  • At risk of losing its level of affordability
  • Rents must remain at or near existing levels
  • Applicable fraction based on existing tenants AND
    market analysis
  • Max. acq. developer fee 8 of acquisition
    amount
  • Non-deferred portion 4
  • Scattered site w/ over-income residents must
    provide relocation plan NEW

8
Senior Cycle
  • 2,880,000 Available
  • Maximum annual allocation 1.2 mil
  • Minimum of 85 must be one-bedroom
  • 3 set-asides
  • Preservation 1 project NEW
  • Affordability 1 project
  • HOPE VI 1 project

9
Supportive Housing Cycle
  • 1,800,000 Available
  • Maximum annual allocation 900k
  • No Set-Asides

10
Supportive Housing Cycle Project Criteria
  • The greater of 10 units or 25 of the total
    project units
  • Minimum of three daily services
  • Social service coordinator for at least 20 hours
    a week
  • Social Service Plan

11
Final Cycle
  • Balance of credits
  • Maximum annual allocation 1.8 mil
  • 2 (or 3) set-asides
  • Nonprofit (if necessary)
  • HOPE VI 1 project
  • Preservation 1 project

12
Eligibility
  • Project Narrative Market Study
  • Narrative
  • Provide summary of project, including but not
    limited to type of housing, amenities, need
    demand for project, neighborhood impact, etc.
  • Market Study
  • The study must be lt 6 months old and strictly
    comply with the requirements outlined in section
    12(c) 1.ii of the QAP.

13
Eligibility
  • Project Narrative Market Study
  • Market Study (continued)
  • HMFA review consultant will contact the market
    analyst directly and copy the applicant with
    their findings within 30 days of the submission.
  • Analyst will have 5 business days to respond.
    Please follow up w/ your analyst. Failure to
    respond will result in an applications denial.
  • Be sure to include pictures 2 copies!
  • HMFA reserves the right to request appraisals
    for land values gt 7,500/unit

14
Eligibility
  • Site control
  • Fee simple title, long-term lease, option to
    lease or purchase, executed sales contract,
    executed disposition and development agreement w/
    public agency
  • Eminent Domain
  • Provide all written offers
  • Declaration of taking to be recorded within 3
    months after tax credit award

15
Eligibility
Site control (continued) - Regardless of the form
of site control submitted, the current owners
recorded deed is required - Avoid the CURE
Letter, be aware of the expiration dates on your
contracts and be sure the Lot and Block s are
the consistent throughout the application (deeds,
contracts, summaries, site plans, etc.)
16
Eligibility
  • Preliminary/Final site plan and/or other local
    approvals
  • For rehab projects where S/P approvals are not
    required, provide a letter of non-applicability
    from the appropriate authority
  • Environmentals
  • Disclose any known issues and submit Phase I (if
    available)
  • Be advised, if a Phase I is not submitted and
    environmental issues arise, you will be
    ineligible to apply for hardship credits to
    offset costs associated w/ those issues

17
Eligibility
  • Financing/Sources of Funds
  • (See Sections 12(c) 5 6 of QAP)
  • All financial information needs to be disclosed
    in the application
  • Be sure commitments from other sources are
    commitments, not Letters of Intent
  • Deferred Developers Fee
  • Deferring gt 50 of the fee _at_ application is
    prohibited, unless it is on an interim basis and
    is disclosed on how the will be reduced.
  • By the carryover stage, the deferral will need to
    be lt 50 or the reservation will be cancelled.

18
Eligibility
  • Financing/Sources of Funds (continued)
  • Energy Star Solar rebates will be included as a
    source of funds at PIS
  • HMFA Additional State Funding
  • If you plan on seeking HMFA permanent financing,
    be sure to see Michael Staton or someone from
    Multi-Family Programs ASAP!!!
  • Home Express limits have changed
  • For 9 projects, up to 40,000/unit can be
    provided
  • For 4 projects, up to 50,000/unit can be
    provided
  • Overall cap of up to 6 million/project
  • For those who may require additional funds,
    youll want to contact Rick Montemore _at_ Balanced
    Housing

19
Eligibility
  • NJs Energy Star Homes Program (Section 12 (c) 8)
  • Executed Letter of Intent
  • Executed Energy Star Partnership Agreement. The
    application can be found online at
  • https//www.energystar.gov/index.cfm?fuseactionop
    a.showWelcomep_codeHbuilder
  • - A sample of the agreement can be found _at_
  • https//www.energystar.gov/ia/partners/opa/pdf/Hom
    e_Builder_Agreement.pdf
  • Master-metered, minimal and historic
    rehabilitation projects refer to QAP for
    alternate requirements

20
Feasibility Operating Budget Guidelines
  • Income/Expense/Vacancy 2/3/7
  • Vacancy for market units trend _at_ 10
  • Debt Coverage Ratio 1.15 to 1.20
  • Replacement Reserves 300 to 400/du
  • Core Operating Expenses 1,800-3,400 per unit
  • administration, salaries, maintenance and
    repairs, maintenance contracts and insurance
    expenses
  • 2 operating comps or if HMFA financed, a Form 10
    signed by Property Mgmt

21
Feasibility Capital Budget Guidelines
  • Minimum Equity Factor .83
  • Eligible Basis Limits, INCREASED 10
  • Tax Credit Percentage
  • 70 Present Value Credit 8.20
  • 30 Present Value Credit 3.55
  • Signature Page for Capital Operating Budgets
  • signed by applicant, lender and syndicator
  • Operating reserve needs to be substantiated and
    cover the projected deficit, not deferred Dev Fees

New
22
POINT SYSTEM FAMILY and FINAL CYCLES
23
  • 30-yr Compliance Period 15 pts
  • -OR-
  • Qualified Census Tract 15 pts
  • -OR-
  • Convert to Homeownership 10 pts
  • PHA Letter 1 point

No Change
24
Large Family Units
Revised!
  • Low-Rise (06) Low-Density (07)
  • At least 30 3BR units 7 pts
  • 1-4 residential stories
  • Mid/High-Rise (06) Non Low-Density (07)
  • 5 residential stories
  • Rehab 3 pts
  • New Construction 0 pts

25
County/Municipal/PHA Support
  • Tax Abatement 5pts
  • Reference proper statutory authority!!
  • 2 yr escrow PLUS
  • Support gt 5 of total costs 4 pts
  • Support 5 of total costs 3 pts
  • Support gt1 and lt5 2 pts
  • Municipal confirmation of assessment
  • Mayor letter (if available)

26
  • Social Services up to 3 pts
  • MBE/WBE 4 pts
  • Comm. Policing/Public Safety 1 pt
  • Equity Commitment gt .83 1 pt
  • Negative Points

No Change
27
Changes to Point Categories
  • Unit Amenities (up to 3 pts)
  • - ENERGY STAR labeled appliances
  • Project Amenities (up to 2 pts)
  • - ENERGY STAR labeled equipment
  • - 30-year roof warranty
  • Certified Property Manager 2 pts
  • - Person responsible for verifying income

28
SMART GROWTH (5)
PLUS COAH/Court/Transit Village (5) OR QCT
with CRP (2)
29
New
Smart Growth Expanded
  • Plan Endorsement
  • Designation on Preliminary State Plan Policy Map
  • Cross-acceptance process must be complete by
    April 20

30
COAH/Court-Ordered
  • Petition Points
  • Pending Judgment of Repose Points
  • Density Bonus NO 9 credits
  • Possibly eligible for 4 credits
  • Confirmation letter to be submitted
  • COAH or Judge/court master

31
Transit Villages
  • http//www.nj.gov/transportation/community/village
    /
  • Belmar, Bloomfield, Bound Brook, Collingswood,
    Cranford, Journal Square/Jersey City, Matawan,
    Metuchen, Morristown, New Brunswick, Netcong,
    Pleasantville, Rahway, Riverside, Rutherford,
    South Amboy and South Orange

32
Community Revitalization Plan
  • Redevelopment Plan/Neighborhood Revitalization
    Plan
  • -OR-
  • Meet 8 criteria listed in QAP
  • Maura Fennessy (mfennessy_at_njhmfa.state.nj.us)
  • Pre-Application Reviews 1st week of April

33
Green Building 1 point
Revised
  • HMFAs Green Future Program
  • Letter of intent
  • Streamlined requirements
  • -OR-
  • Solar Photovoltaic System
  • Contacts
  • Elizabeth Robbins, Mary Uschak or Pam
    Delossantos

34
Brownfields/Historic/ Adaptive Reuse
  • 2 points
  • Remedial Action Work Plan from DEP OR
  • BMSI Tracking Number from Brownfields
    Redevelopment Task Force
  • Evan Hom, HMFA

35
Senior Cycle Points
Same as Family/Final EXCEPT - Smart Growth
points for COAH and QCT are reversed - Frail
Elderly (20 of units) replaces Large Family
Unit category (1 point)
36
Supportive Housing Points
Pam McCrory, Director of Supported Housing and
Special Needs
37
Point System
Equitable Distribution - 2 projects per cycle/3
projects per year - Per developer/GP and/or
municipality - Projects w/prior allocations not
included Minimum point score required 65
38
Point System
Cure Period - 48 hour response time -
Clarification no point deduction - Missing
document/signature -1 point - Contact person
in application
39
Substantially Incomplete
  • 3 missing docs and/or signatures
  • - OR -
  • 6 msg. docs, signatures and/or clarifications
  • NO opportunity to cure!

40
WARNING!!!
Follow through on point categories!
Noncompliance Delayed 8609 (current and
other projects) Credit Reduction Financial
Penalty Rescinded Allocation
41
Extended
Carryover Submissions
  • DUE DATES
  • Carryover documents Nov 30
  • 10 test 3 months post-carryover

42
THANK YOU!!!
  • Questions?
  • Deb Urban (609) 278-7577
  • Paul Ceppi (609) 278-7617
  • Evan Hom (609) 278-7428
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