Community Investment Products - Housing Alliance of PA.org · 2017-03-17 · Case Study: JBJ Soul...
Transcript of Community Investment Products - Housing Alliance of PA.org · 2017-03-17 · Case Study: JBJ Soul...
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FHLBank Pittsburgh
To learn more about how your institution can benefit from one of our products, contact:
Laura Rye – [email protected] ̶ Dave Buches – [email protected]
Starting Soon:
Affordable Housing Program
Blueprint Communities®
Capacity-building for
communities in need of
revitalization
First Front Door
Down payment and
closing cost assistance,
up to $5,000, for income-
qualified, first-time
homebuyers
Community Lending Program
Low-cost liquidity
and match
financing for
community
development
Banking On Business
Gap financing and
equity for small
business start-up
and expansion
Up to $650,000 in subsidy
for affordable housing
development
Community Investment Products
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Affordable Housing Program (AHP)
Megan Krider
March 17, 2017
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FHLBank Pittsburgh
AHP Community Benefits
Housing
Creates employment opportunities
Contributes to local property
tax base
Serves as a catalyst to
larger projects
– Flexible funding
– Can support a variety of
projects
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FHLBank Pittsburgh
Success Story
Six new-construction homes in
South Philadelphia. The project
received an AHP subsidy
award of $123,499. The newest
homeowners, Aisha and Sekou,
devoted more than 350 hours of
“sweat equity” in lieu of a down
payment and have the financial
stability to repay a zero-percent
interest, 30-year mortgage.
Cross & Greenwich
Philadelphia, Pa.:Santander Bank &
Habitat for Humanity Philadelphia
Since 1990, in Pennsylvania,
FHLBank Pittsburgh has
awarded over $145 million in
AHP subsidy to more than 790
projects, leveraging over $2
billion in total development
costs.
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FHLBank Pittsburgh
Webinar Agenda
• AHP overview
• AHP step-by-step
• Scoring review
• Feasibility review
• Awards
• Post-award responsibilities
• Next Steps and 2017 Timeline
• Maximizing FHLBank Pittsburgh resources
• Questions
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FHLBank Pittsburgh
What is AHP?
• 1989 – FIRREA, Congress created AHP which requires FHLBanksto contribute 10 percent of its previous net earnings
• FHLBank Pittsburgh provides subsidy under its competitive application program, up to $650,000 per project, to support affordable housingdevelopment
• Members partner with a sponsor (developer) to submit AHPapplications for review
Project Types Income Requirements
• Rental
• Lease-purchase
• Owner-occupied purchase
• Owner-occupied rehabilitation
• Rental – at least 20% of units must
be reserved for those with incomes
at or below 50% area median
income (AMI)
• Families or individuals with
incomes at or below 80% of AMI
- 80% AMI for family of four:Charleston, WV: $46,250
Dover, DE: $50,300
Pittsburgh, PA: $56,950
Philadelphia, PA: $64,250
Uses
• New construction
• Rehabilitation
• Acquisition
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FHLBank Pittsburgh
AHP Overview
Project-Specific Thresholds:
Rental Projects: Owner-Occupied Projects:
At least 20 percent of units
targeted for households at or
below 50 percent AMI
15-year retention period with
acceptable retention agreement
At least one unit targeted for
households at or below 80
percent AMI
5-year retention period with
acceptable retention agreement
Project meets Fair Housing requirements
AHP subsidy requested must be less than or equal to the
$650,000 maximum
AHP funds must be used for an eligible purpose
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FHLBank Pittsburgh
AHP Overview
• AHP Implementation Plan
• Scoring – Attachment C of the Implementation
Plan
• Feasibility – Attachment B of the Implementation
Plan
Applications
are submitted
Applications
are scored
High-scoring applications undergo feasibility
Applications underwritten against Bank’s feasibility guidelines
Projects with highest score that pass feasibility are awarded funds
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FHLBank Pittsburgh
AHP Overview
• Scoring
– 100 point scoring against the Bank’s established priorities
• Feasibility
– Application is underwritten against the Bank’s feasibility guidelines
• Disbursement
– Awarded projects request disbursements of AHP funds once costs have been incurred
• Compliance and Monitoring
– Completed projects subject to long-term monitoring and compliance requirements
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FHLBank Pittsburgh
Case Study:
JBJ Soul Homes
Formerly Fairmount Gardens
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FHLBank Pittsburgh
Case Study: JBJ Soul Homes
• Sponsor: Project H.O.M.E.
• Member: PNC Bank
• AHP Subsidy Award: $250,000
• Total Development Cost: $13,902,706
• Total Units: 55
• Location: Philadelphia, Pa.
• Description: Four-story, mixed-use development with retail offices and 55 apartments for formerly homeless and low-income individuals with access to supportive services
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FHLBank Pittsburgh
AHP Step-by-Step
Review
• Review AHP Implementation Plan
• Access online resources
Partner
• Establish partnership with FHLBank member
• Communicate roles/milestones
Prepare
• Prepare AHP application
• Submit application to FHLBank member
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FHLBank Pittsburgh
AHP Step-by-Step: Meet and Plan
Complete Due Diligence
• Review AHP Implementation Plan for scoring and
feasibility criteria as they relate to your project
• Access online forms, guides and technical assistance
• Identify a member partner or take advantage of the
member/sponsor match service provided by FHLBank
Pittsburgh
• Complete online registration for the funding round
Meet/Plan Input Submit Score Feasibility AwardPost
Award
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FHLBank Pittsburgh
AHP Step-by-Step: Online Registration/Access
• AHP Online application
• Register for the funding round: www.fhlb-pgh.com
Meet/Plan Input Submit Score Feasibility AwardPost
Award
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FHLBank Pittsburgh
AHP Step-by-Step: Online Registration/Access
• Start the process now
• Members have a different registration process than sponsors:– AHP role in the system given by member “CSA”
– For CSA name, contact: • Product Delivery Service Center at 800-288-3400, option 2
• Community Investment department at 800-288-3400, option 4
• You are already registered if you:– Submitted an AHP application in 2010-2016 funding rounds
– Submitted an AHP funding request online
Meet/Plan Input Submit Score Feasibility AwardPost
Award
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FHLBank Pittsburgh
AHP Step-by-Step: Submit AHP Application
Round Opens June 6
Applications must be:
Sponsor approved
and
Member approved
by
Thursday, August 10, at 5:00 p.m. EST
Meet/Plan Input Submit Score Feasibility AwardPost
Award
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FHLBank Pittsburgh
2016 AHP Funding Round Results
50
approved
63: Last approved score
unapproved
164 Submitted
Scored Applications:
76: Highest approved score
$23.1 million committed;
approximately $461,800 average AHP
subsidy per project
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FHLBank Pittsburgh
Scoring Categories Point Allocation
Use of Donated Properties 5 (fixed)
Sponsorship by Nonprofit or
Government Entity5 (fixed)
Targeting 0-22 (variable)
Housing for the Homeless 6 (variable)
Promotion of Empowerment 0-10 (variable)
2017 Scoring Categories
Meet/Plan Input Submit Score Feasibility AwardPost
Award
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FHLBank Pittsburgh
Meet/Plan Input Submit Score Feasibility AwardPost
Award
2017 Scoring Categories
Scoring Categories Point Allocation
Special Needs 8 (variable)
Rural 5 (fixed)
Member Financial Participation 3 (fixed)
Readiness to Proceed 8 (fixed)
Subsidy per Unit 0-8 (variable)
Community Stability 0-20 (variable)
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FHLBank Pittsburgh
Scoring: Serving Homeless Populations
Creation of transitional housing (excluding overnight shelters) for
homeless households permitting a minimum of six months’ occupancy
6 points 3 points
Reserve > 50% of total units
for homeless households
Reserve 20% to <50% of total units
for homeless households
Meet/Plan Input Submit Score Feasibility AwardPost
Award
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FHLBank Pittsburgh
Scoring: Serving Homeless Populations
Definition of “Homeless”
• Persons who are sleeping in places not meant for human habitation
• Persons sleeping in emergency shelters
• Persons graduating from a transitional housing program specifically for homeless persons
• Persons being discharged from an institution or foster care with no permanent residence available
• Persons who would be discharged from an institution if they had a permanent residence available
• Victims of domestic violence
• Persons who are “doubled-up” and are in a situation of overcrowding, defined as:
Unit Size Number of People
Efficiency 3 or more
1 Bedroom 4 or more
2 Bedrooms 6 or more
3 Bedrooms 8 or more
4 Bedrooms 10 or more
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FHLBank Pittsburgh
Scoring: Serving Populations with Special Needs
Creation of units reserved for
persons with special needs defined
as:
8 points
4 points
• Physically and/or mentally disabled
• Developmentally disabled
• Recovering from domestic abuse
(physical abuse)
• Recovering from domestic abuse
(emotional abuse)
• Recovering from chemical dependency
• Persons with HIV/AIDS
Reserve > 50% of total units
for households with special needs
Reserve 20% to <50% of total units
for households with special needs
Meet/Plan Input Submit Score Feasibility AwardPost
Award
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FHLBank Pittsburgh
Owner-Occupied Rehab Projects
10 points 5 points
• Property receives needed
rehabilitation and/or accessibility
improvements on specific
components
• Project does not meet the criteria
outlined under 10 points
75% of properties in the project
must be:• Fully/comprehensively inspected
by qualified individual
• Certified that all hazardous or
uninhabitable conditions are
corrected at project completion
• Certified that all major systems
have reasonable (5 years)
remaining useful life at project
completion
• Qualified individual certification
must include:– Detailed inspection process
– Qualifications of individual
Meet/Plan Input Submit Score Feasibility AwardPost
Award
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FHLBank Pittsburgh
Case Study:
Silver Anniversary
Scattered Sites Project
24
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FHLBank Pittsburgh
Case Study: Silver Anniversary
• Sponsor: Almost Heaven Habitat for Humanity
• Member: Pendleton Community Bank
• AHP Subsidy Award: $110,000
• Total Development Cost: $404,800
• Total Units: 3
• Location: Franklin, W.Va.
• Description: Celebrating 25th Anniversary,
project provided three new energy-efficient
homes to low-income households, financed with
zero interest rate, affordable mortgages
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FHLBank Pittsburgh
• Projects may score well but must also pass the
feasibility review to be awarded an AHP commitment
• Review project feasibility guidelines in Attachment B of
the AHP Implementation Plan
• Feasibility factors:– Need for subsidy and viability
– Cost reasonableness
– Readiness to proceed
– Development team capacity
– Market demand
Feasibility Review Factors
Meet/Plan Input Submit Score Feasibility AwardPost
Award
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FHLBank Pittsburgh
Feasibility Review: Subsidy Need and Viability
• Detailed financial information required:
– Sources and uses (all projects)
– Construction cost breakdown (all projects)
– Gap analysis (owner-occupied only)
– Sponsor Financing Worksheet (owner-occupied only)
– Rental Income Worksheet (rental only)
– Operating pro forma (rental only)
– Building Information Form (rental only)
– Owner-Occupied New Construction Form (owner-occupied only)
– Scope of Rehabilitation Form (rental rehabilitation only)
Meet/Plan Input Submit Score Feasibility AwardPost
Award
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FHLBank Pittsburgh
• Homeownership and rental projects must demonstrate
that a funding gap exists that cannot be filled by
conventional debt
• Rental projects must demonstrate viability throughout the
15-year compliance period
Feasibility Review: Subsidy Need and Viability
Meet/Plan Input Submit Score Feasibility AwardPost
Award
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FHLBank Pittsburgh
Feasibility Review: Cost Reasonableness
Cost reasonableness determinations vary based on project
type:
• Marshall and Swift analysis
– Possible 10 percent cost exception with valid third-party
justification for excess cost
• “Local usual and customary costs” (owner-occupied projects)
• Costs validated by third party and/or commit to bidding
process
• Approval of rental projects will be conditioned on submission
of Third-Party Plan and Cost Review Form prior to, or with,
the request for disbursement of funds
Meet/Plan Input Submit Score Feasibility AwardPost
Award
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FHLBank Pittsburgh
Project awards announced December 14, 2017
AHP Awards
Meet/Plan Input Submit Score Feasibility AwardPost
Award
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FHLBank Pittsburgh
Post-Award Responsibilities
Activity Member Sponsor
Sign AHP Tri-Party Agreement x x
Start and complete project in timely manner and in accordance with approved AHP application
x
Semi-annual progress reporting x
Request/Approve AHP subsidy disbursements x x
Draft and submit AHP retention documents x x
Activity Member Sponsor
Execute AHP Tri-Party Agreement x x
Draft and submit AHP retention documents x x
Review and sign the monitoring acceptance letter x
Start and complete project in timely manner and
in accordance with approved AHP application,
including any conditions of grant award
x
Semi-annual progress reporting x
Meet/Plan Input Submit Score Feasibility AwardPost
Award
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FHLBank Pittsburgh
Post-Award Responsibilities
Activity Member Sponsor
Request/Approve AHP subsidy disbursements x x
Complete AHP Household Income Calculation Form
and income documentationx
Comply with all commitments and representations
made in conjunction with application scoring or
feasibility criteria
x
Long-term monitoring of rental projects x
Meet/Plan Input Submit Score Feasibility AwardPost
Award
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FHLBank Pittsburgh
Next Steps
Visit the AHP webpage: www.fhlb-pgh.com
Identify a partner- Member/sponsor match service
Check registration status
Online technical assistance resources- Downloadable mini-webinar for Community Stability
- Guide to Complete AHP Online Application
- Sponsor and Member System Guide
Request project-specific technical assistance- Go to AHP website, click on technical assistance link and complete
TA request form
- Submit completed form via email
- Community Investment staff will initiate contact upon receipt of
forms
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FHLBank Pittsburgh
AHP 2017 Timeline
March 31Forms and resources available on
website
April 12AHP 101 and Community Stability
webinars
June 6 Round opens
July 28Last day to request technical
assistance
August 10, 5 p.m. Round closes
December 14 AHP awards announced
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FHLBank Pittsburgh
Maximize FHLBank Resources: CLP
If your project needs construction financing and/or can support
debt service and needs permanent financing, consider the
Community Lending Program (CLP):
• CLP offers a flexible source of funding to FHLBank member institutions for
qualified projects
• CLP benefits:
– Readily available, simple, noncompetitive application process
– Provides for fixed-rate financing up to 30 years
– Quick approval process and no monitoring required
• How to apply:
– All CLP projects must meet member lending standards; member submits CLP
application on behalf of the project
– If you have questions, contact a member institution, or Kate Swanson at
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FHLBank Pittsburgh
Maximize FHLBank Resources: FFD
If your project involves for-sale homeownership for first-time
homebuyers, consider the First Front Door (FFD) program:
• AHP can be used to write down the home mortgage to achieve affordability
• FFD can offer additional subsidy for down payment and closing cost up to
$5,000 for eligible homebuyers
• How to apply:
– Homebuyers must meet participating member lending standards for first
mortgage; member submits FFD homebuyer registration on behalf of eligible
homebuyers
– FFD subsidy available on a first-come, first-served basis
– For a list of participating members, go to www.firstfrontdoor.com
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FHLBank Pittsburgh
FHLBank Pittsburgh Contacts
https://www.fhlb-pgh.com/ahp
Megan Krider AHP Product Manager [email protected]
David Buches Del. & Eastern PA [email protected]
Laura Rye WVa. & Western PA [email protected]
Community Investment Department