Federal home loan bank of des moines affordable housing program
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Federal Home Loan Bank of Des Moines Affordable Housing Program. Stacy Snyder Rental Housing Manager August 2013. What does the Federal Home Loan Bank of Des Moines do?. Provides Advances to Member institutions (banks, insurance companies, & credit unions) Government Sponsored Entity

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Federal home loan bank of des moines affordable housing program

Federal Home Loan Bank of Des MoinesAffordable Housing Program

Stacy Snyder

Rental Housing Manager

August 2013


What does the federal home loan bank of des moines do

What does the Federal Home Loan Bank of Des Moines do?

  • Provides Advances to Member institutions (banks, insurance companies, & credit unions)

  • Government Sponsored Entity

  • As part of it’s mission, the Bank sets aside 10% of its Net Income each year for Affordable Housing initiatives


Who does fhlb des moines serve

Who does FHLB Des Moines serve?

The Bank’s 5 state district includes:

Iowa

Minnesota

Missouri

North Dakota

South Dakota


Fhlb des moines members

FHLB Des Moines Members

More than 1,200 members which include:

Commercial Banks

Credit Unions

Thrifts

Insurance Companies

Housing Associates


Community investment department contacts

Community Investment Department Contacts

  • Rental Housing

  • Homeownership

  • Administrative

  • Stacy Snyder, Rental Housing Manager

  • Brandon Wiltgen, Rental Housing Analyst

  • Renee Marrs, Rental Housing Specialist

  • Rick Bloxham, Homeownership Manager

  • Mary Jo Vogl, Homeownership Analyst

  • Evelyn Bengtson, Set Aside Homeownership Analyst

  • Gary Dodge, Director Community Investment

  • Laura Newberry, Operations Manager

  • Cheryl McCollum, Community Investment Specialist


Affordable housing program ahp

Affordable Housing Program (AHP)

  • Competitive program – 9 scoring priorities (100 points)

  • Funds can be used for the purchase, construction or rehabilitation of eligible rental or homeownership properties

  • Maximum of $500,000 or $30,000 per unit (lesser of)

  • Income levels at or below 80% of the Area Median Income (AMI)

    • Note: Rental projects must have a minimum of 20% units targeted at income levels of 50% AMI or below

  • Retention periods:

    • Rental = 15 years

    • Homeownership = 5 years


Federal home loan bank of des moines affordable housing program

Project Types

  • New Construction

  • Acquisition and Rehabilitation

  • Rehabiliation

  • Down Payment and Closing Cost Assistance (HO only)

  • Development / Lender (Habitat for Humanity)


Fhlb des moines affordable housing initiatives from 1990 2011

FHLB Des Moines’ Affordable Housing Initiatives (from 1990 - 2011)

  • Iowa = $32.1 million (259 projects)

  • Minnesota = $59.5 million (354 projects)

  • Missouri = $36.6 million (206 projects)

  • North Dakota = $9.2 million (52 projects)

  • South Dakota = $17.7 million (110 projects)

  • Out of District = $9.1 million (59 projects)

  • Set aside programs = $31.2 million

Total funds awarded = $164.1 milion (1,040 projects)

Total development costs = $1.5 Billion (36,518 units)


Step 13 rental timing use of ahp funds

Step 13 (Rental) – Timing & Use of AHP Funds

AHP funds should be utilizedwithin 12 months.The project must also be completedwithin 24 months. If the project will not meet these requirements then it may be ruled ineligible.

Most projects use AHP funds as a Construction Loan (i.e., they use the money to pay construction costs as they occur.


Step 14 priority 1 donated property

Step 14 – Priority 1: Donated Property

This is the first scoring category for the AHP application.

5 points - variable

Only select one option. Selecting one of the first three options will cause the additional required fields to be shown.


Step 15 rental priority 2 nonprofit government sponsorship

Step 15 (Rental) – Priority 2: Nonprofit/Government Sponsorship

This is the second scoring category

10 points - fixed

In order to receive points the project must be sponsored by a non-profit or government entity AND the entity must have controlling interest.


Step 16 rental priority 3 targeting

This is the third scoring category

Step 16 (Rental) – Priority 3: Targeting

20 points - variable

All rental projects must target a minimum of 20% of the units at income levels at or below 50% AMI.

Projects targeting 60% or more of the units at income levels at or below 50% AMI will receive the maximum points

Click on links for Median Income info

Targeting information was input in Step 7. If it is incorrect, click on STATUS at the top of the page, then click on Step 7 to change it.


Step 17 priority 4 homeless

Step 17 - Priority 4: Homeless

This is the fourth scoring category

5 points - fixed

No data is input here. The homeless units were input in Step 7. If the information need to be changed, simply click on the STATUS button at the top of the page, then click on Step 7 to change it.

A minimum of 20% of the units must be reserved for homeless households in order to receive points. No rounding is allowed.


Step 18 priority 5 promotion of empowerment

Step 18 – Priority 5: Promotion of Empowerment

This is the fifth scoring category

5 points - fixed

Describe in detail each program or service provided.

A Memorandum of Understanding must be signed between 3rd Party Service Providers and the Owner. Click on the link to see a sample MOU.

After selecting a service, click on the circle to indicate whether the service will be provided by the Sponsor or a 3rd Party, then input the name of the Service Provider in the text box provided.


Step 19 priority 6 first district priority

Step 19 – Priority 6: First District Priority

18 points - variable

No data is input in this Step. Information was gathered in Step 7 (Rural units) and Step 3 (In District).

Click on the STATUS button and return to the appropriate STEP if changes are required.

This is the sixth scoring category


Step 20 priority 7 second district priority

Step 20 – Priority 7: Second District Priority

This is the seventh scoring category

17 points - variable

NOTE: In order to be an eligible Native American Housing project, the project must include Tribal Funding such as Indian CDBG, Indian CSBG, Indian Health Service funds or NAHASDA funding -OR- the owner or sponsor must be the Tribal Government, an agency of theTribal Government, or a corporation or a limited liability entity incorporated under Tribal Ordinances

Remember to click on SAVE APPLICATION before continuing to the Next Step!


Step 21 priority 8 subsidy per unit

Step 21 – Priority 8: Subsidy per Unit

This is the eighth scoring category

10 points - variable

The SPU is automatically calculated based upon info entered in STEPS 6 & 7

Note: The maximum SPU is $30,000/unit


Step 22 rental priority 9 community stability

Step 22 (Rental) – Priority 9: Community Stability

This is the ninth scoring category

10 points - variable

Select Yes or No and enter the number of units

Adaptive reuse is the conversion of a non-residential property to a residential use

Vacant/abandoned properties must not have been owned by the Sponsor/Owner

Step continued on next slide


Step 22 rental priority 9 community stability continued

Step 22 (Rental) – Priority 9: Community Stability (continued)

Data for Item C entered in Step 7.

Demolish question only asked on New Construction projects.

Only required if YES answered to other questions in Section D.


Important dates 2014 ahp applications

* IMPORTANT DATES – 2014 AHP Applications *

** All times are Central Time. **

NOTE: The AHP online application will be accessible Monday through Sunday from 7:00 a.m. through 10:00 p.m Central Time. 

No applications will be accepted after the AHP deadline listed below. In addition, any applications with missing Exhibits at the time of the deadline will be considered incomplete.


Rental exhibits rental project worksheet

Rental Exhibits – Rental Project Worksheet

The Annual Rent must equal the sum of the Gross Rent and the Rental Assistance line items on Year 1 of the Pro Forma.


Rental exhibits sources of funding

Rental Exhibits – Sources of Funding

Total Residential Sources must equal the Total Residential Uses (shown on the next screen)


Rental exhibits uses of funding

Rental Exhibits – Uses of Funding

Rehabilitation (or New Construction) must equal the Total Costs from the Cost Break equal Uses

Sources must equal Uses


Rental exhibits cost breakdown

Rental Exhibits – Cost Breakdown

Total must equal Rehabilitation (or New Construction) on Uses of Funding


Rental exhibits building information

Rental Exhibits – Building Information


Rental exhibits pro forma

Rental Exhibits – Pro Forma

Gross Rent plus Rental Assistance must equal Annual Rent from Rental Project Worksheet


Rental exhibits rental project checklist

Rental Exhibits – Rental Project Checklist

Project costs should be less than AHP Maximum

Explain how costs were determined & why they are justified and reasonable


Rental exhibits rental project checklist continued

Rental Exhibits – Rental Project Checklist(continued)

Explain why Developer & Consultant fees are justified and reasonable.

Explain why Builder’s fees are justified and reasonable.


Rental exhibits rental project checklist continued1

Rental Exhibits – Rental Project Checklist(continued)

Explain why Professional fees are justified and reasonable.

Explain why any Capitalized Reserves are being set aside and also why they are justified and reasonable.

Explain how the Tax Credit Sales Price was determined.


Rental exhibits rental project checklist continued2

Rental Exhibits – Rental Project Checklist (continued)

Explain how Revenue & Expense escalators were determined.

Explain how the Stabilized Vacancy Rate was determined.

Explain how the Property Management fee was determined.

Explain why any Operating Reserve Payments are necessary


Rental exhibits rental project checklist continued3

Rental Exhibits – Rental Project Checklist (continued)

Explain how the Replacement Reserves were determined & why they are justified.

Explain how the Operating Expenses were determined & why they are justified.

Explain why the DCR and Cashflow are reasonable and justified


Rental exhibits rent roll

Rental Exhibits – Rent Roll


White earth reservation

White Earth Reservation


White earth

White Earth


White earth1

White Earth


White earth2

White Earth


Alliance addition minneapolis mn

Alliance Addition – Minneapolis, MN


Alliance addition

Alliance Addition


Alliance addition1

Alliance Addition


Alliance addition2

Alliance Addition


Rosati house st louis mo

Rosati House – St. Louis, MO


Rosati house

Rosati House


Rosati house1

Rosati House


North shore horizons two harbors mn

North Shore Horizons – Two Harbors, MN

  • $120,000 - Homeless women and children, suffering from domestic violence – supportive services on site


North shore horizons

North Shore Horizons


Leasburg rehabilitation usda mo

Leasburg Rehabilitation – USDA - MO

USDA projects have received more than $10 million in AHP funds to rehabilitate elderly rental units


Leasburg rehab usda mo

Leasburg Rehab – USDA - MO


Hamilton housing usda mo

Hamilton Housing – USDA – MO


Contact information

Contact Information

Stacy Snyder

Rental Housing Manager

Federal Home Loan Bank of Des Moines

(515) 281-1042

[email protected]

www.fhlbdm.com


Thank you

Thank You!


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