Review of the 2009 Competitive Cycle

WHEDA Multifamily Lending and Credit Team

October 15, 2009

Competitive Credit - 2009

Three competitive rounds to allocate

$43M of disaster and per capital credits

Final round ended June 15, 2009

Competitive Credit - 2009

Competitive Credit Detail - 2009 Amount

Disaster Credit $30.6M

Per Capita

(After 40% Exchange)

$7.8M

Returned 2008 Credit

(From Exchange Grant Projects)

$4.2M

Other $0.5M

Total $43M

2009 Application

Requirements/Thresholds

Completed application, timely submitted

Market & site review

Financial feasibility

Minimum scoring-160 pts

120 pts-Preservation set-aside

221(d)4 Cost limits

Competitive Credit - 2009

Total reviewed: 113 applications

Total awarded: 54 applications

Award letter

Reservation agreement

Carryover agreement

Average project credit requested:

$840,667

Counties with 2009 Awarded Projects

Competitive Credit - 2009

Set -Aside Percent

General 35%

Nonprofit 10%

Preservation 30%

Rural 10%

Supportive 10%

Reserve 5%

Competitive Credit - 2009

General: 35% Set-Aside

Reviewed: 69 applications

Awarded: 25 applications

Cutoff score: 197 points

Nonprofit: 10% Set-Aside

Reviewed: 9 applications

Awarded: 5 applications

Cutoff score:167 points

Competitive Credit - 2009

Preservation: 30% Set-Aside

Reviewed: 24 applications

Awarded: 16 applications

Cutoff score: 144 points

Rural:10% Set-Aside

Reviewed: 5 applications

Awarded: 2 applications

Cutoff score: 199 points

Competitive Credit - 2009

Supportive: 10% Set-Aside

Reviewed: 6 applications

Awarded: 6 applications

Cutoff score: 240 points

Cutoff Scores By Set-Aside

2009 2008 2007

General 197 266 260

Nonprofit 167 271 245

Preservation 144 132 123

Rural 199 222 240

Supportive 240 NA NA

Competitive Credit

2009 2008 2007

Awarded 54/113 (47%) 28/59 (47%) 37/65 (57%)

Average

Project

Request

$840,667 $403,878 $334,783

Competitive Credit - Project Size

Units 2009 2008 2007

100+ 13% 7% 6%

50-99 39% 28% 19%

25-49 28% 22% 11%

≤ 24 20% 43% 64%

Competitive Credit - Project Type

2009 2008 2007

Family 54% 21% 42%

Elderly 33% 50% 32%

RCAC/Mixed/PD 2% 29% 26%

Supportive 11% NA NA

Competitive Credit - 2009New Construction v. Rehab

New Construction 63%

Rehab/Adaptive-Reuse 37%

Competitive Credit - 2009

Scoring categories: 17

Maximum score: 391 points

Minimum eligible score: 160 points

(Preservation 120 points)

Applicant must request points to be

awarded

Category 1

Lower Income Areas

10 points

All or none

Awarded applications: 25 out of 54

Category 2

Energy Efficiency and Sustainability

Up to 30 points

Awarded applications: 53 out of 54

Average score: 23 points

Category 3

Community Support

Up to 27 points

Awarded applications 54 out of 54

Average score: 21 points

Category 4

Mixed Income Incentive

Up to 15 points

Awarded applications: 4 out of 54

Average score: 12 points

Category 5

Serves Large Families

Up to 18 points

Awarded applications: 25 out of 54

Average score: 16 points

Category 6

Serves Lowest Income Residents

Up to 70 points

Awarded applications: 38 out of 54

Average score: 58 points

Category 7

Supportive Housing

5 or 25 points

Set-Aside: 6 received 25 points

Awarded applications: 8 out of 54

Category 8

Elderly Assisted Living

18 points

All or none

Awarded applications: 1 out of 54

Category 9

Small Developments

6 points

All or none

Awarded applications: 13 out of 54

Category 10

Market Appeal

Up to 20 points

Awarded applications: 54 out of 54

Average score: 13 points

Category 11

Universal Design

Up to 23 points

Awarded applications: 54 out of 54

Average score: 16 points

Category 12

Financial Participation

Up to 25 points

Awarded applications: 33 out of 54

Average score: 20 points

Category 13

Ownership Characteristics

6 points

All or none

Awarded applications: 24 out of 54

Category 14

Eventual Resident Ownership

3 points

All or none

Awarded applications: 3 out of 54

Category 15

Development Team

Up to 50 points

Average score: 38 points

Category 16

Readiness to Proceed

15 points

All or none

Awarded applications: 51 out of 54

Category 17

Credit Per Unit

Up to 30 points

Awarded applications: 24 out of 54

Average score: 20 points

Multifamily Lending and Credit Team

Contact any multifamily senior underwriter

Call toll-free 1-800-334-6873

WHEDA.com

Click on the “Ask” button above to send an

e-mail to info@wheda.com

Join subscription service