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Nebraska Investment Finance Authority Low Income Housing Tax Credit Program Buyers & Sellers Conference April 17, 20

Nebraska Investment Finance Authority Low Income Housing Tax Credit Program Buyers & Sellers Conference April 17, 2008. NIFA’s LIHTC Process. Application Process. Threshold & Final Review Joint Application for HOME Two Application Rounds Round One – Fall of 2008 Round Two – Spring of 2009

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Nebraska Investment Finance Authority Low Income Housing Tax Credit Program Buyers & Sellers Conference April 17, 20

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  1. Nebraska Investment Finance AuthorityLow Income Housing Tax Credit ProgramBuyers & Sellers ConferenceApril 17, 2008

  2. NIFA’s LIHTC Process

  3. Application Process • Threshold & Final Review • Joint Application for HOME • Two Application Rounds • Round One – Fall of 2008 • Round Two – Spring of 2009 • Approx. $3.5 million annually

  4. Threshold Requirements • Architectural Plans • Site Control • Zoning • Utilities • Syndicator & Financing Commitments • Market Study • Capital Needs Assessment

  5. Additional Scoring Items • Longer affordability period • Preservation of existing affordable housing • Eventual tenant homeownership • Senior development • Design Standards • Amenities • Small Community = 5,000 or less population • Special Needs

  6. 2008 Set-Asides • 10% to non-profits • 50 \ 50 split between rural & urban • $1 million in CRANE (Collaborative Resource Allocation for Nebraska) program • Difficult-to-Develop Projects • Negotiated Outcomes • Public Process

  7. Creative Components • CROWN Program (Credits to Own) • Tenant Homeownership after 15 years • Infill, Subdivisions, and Rural Communities • Ongoing Education for Tenants • Transitional & Long-term Models

  8. NIFA \ USDA Partnerships

  9. Goldenrod Village • 24 Units (16 one-bedroom & 8 two-bedroom) • Seniors age 62+ or disabled • $156,008 annual tax credits Source of Funds USDA 515 $ 735,594 HOME Funds $ 432,551 2nd Mortgage $ 313,490 Deferred Dev. Fee $ 281,269 Tax credit equity $1,448,058 TOTAL $1,762,904

  10. QUESTIONS?

  11. Contact Information: Robin Ambroz-Hollman LIHTC & CRANE Manager Nebraska Investment Finance Authority (NIFA) 1230 ‘O’ Street, Suite 200 Lincoln, NE 68508 402-434-2947 robin.ambroz@nifa.org

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