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Interfaith Housing Development Corporation of the Maryland Eastern Shore, Inc.

Interfaith Housing Development Corporation of the Maryland Eastern Shore, Inc. 103 Gay Street Denton, Maryland 21629 Telephone: 410-479-3000 Fax: 410-479-4409 Paul J. Washo, Executive Director Paul @ ihdc.biz . “By wisdom a house is built, and by understanding it is established”.

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Interfaith Housing Development Corporation of the Maryland Eastern Shore, Inc.

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  1. Interfaith Housing Development Corporation of theMaryland Eastern Shore, Inc. 103 Gay Street Denton, Maryland 21629 Telephone: 410-479-3000 Fax: 410-479-4409 Paul J. Washo, Executive Director Paul @ ihdc.biz “By wisdom a house is built, and by understanding it is established”

  2. Interfaith Housing’s Mission “To help provide decent, safe, affordable housing and supportive services for those in need”

  3. Who & What ? • Not-for-profit, 501(c)(3) • Established in 1989 • Affordable Housing Development • Single Family & Multi-Family Housing • Rehabilitation & New Construction • Development Consultant, Partner, Owner • CDHO for Caroline County • Administrator of CDA Special Loans • Other supportive housing services

  4. Interfaith’s Primary Roles and Achievements • Affordable Housing Development • Thirteen multi-dwelling projects completed • 9 Maryland counties served to date • 350 new or rehabilitated units • $35 million in project construction to date • Maryland Housing Rehabilitation and Lead Hazard Reduction Programs for qualified home owners • Over $500K in Special Loans funds for 2 counties served during fiscal 2005 • Several hundred families and individuals served

  5. Workforce/Affordable Housing Hurdles, Obstacles & Solutions

  6. Public opinion Fear of the unknown Local Support Land availability & cost Construction costs Funding Weather delays Hurdles, Obstacles, ChallengesOnce the need for Workforce/Affordable Housing is clearly established within a community . . . • Marketing • Operating • Maintaining • Sustaining

  7. Solutions?

  8. NIMBYNot in my back yard ! • Share information early and often • Offer a quality housing product that is well-planned and self-sustaining • Clearly demonstrate how the community benefits . . . how is the project a “win-win” for everyone?

  9. Form Partnerships & Alliances • Religious Organizations • Citizen’s groups • Local Government • State Legislators • Local Businesses

  10. HOME MHRP RHPP LIHTC CDBG PILOT MAHT CITC AHP Rural Housing Development Loans Private Loans The Funding ChallegeIns, Outs, Ifs, Ands or . . . !

  11. Typical funding structure HOME + LIHTC+ Private Loan State of Maryland Community Development Administration (CDA) Multifamily Rental Housing Development Program COMPETITIVE FUNDING ROUND

  12. Combined Resources = Leveraging • CDBG Funds – Local governments • CITC – Community Investment Tax Credits • MAHT – Maryland Affordable Housing Trust • MHTC – Maryland Historic Tax Credits • AHP – The Federal Home Loan Bank of Atlanta’s Affordable Housing Program • ESIC – Enterprise Social Investment Corporation Low Income Housing Tax Credit syndication. Innovative Venture Awards

  13. Some forms of local contribution • Local resolution • Land • Tax reduction • Fee waivers • In-kind • Business & private donations

  14. Making the competitive funding cut • How is your affordable project unique? • How affordable is “affordable”? • Previously unmet or special needs? • Green building design elements? • Tenant services plan? • Other innovations and/or meaningful partnerships that meet specific housing needs within the community?

  15. Calvert Street Chestertown, MD New Construction 26 Units, Sale/Lease-Purchase Total Project Cost: $1,400,000

  16. St. Martin House Ridgley, MD New Construction 12 Units, Transitional Housing Total Project Cost: $535,000

  17. Tanyard Branch Federalsburg, MD New Construction 25 Units, Family Rental Total Project Cost: $1,600,000

  18. Dayspring Town Homes Ridgley, MD New Construction 26 Units, Family Rental Total Project Cost: $1,600,000

  19. Dayspring Town Homes 2 Ridgley, MD New Construction 20 Units, Family Rental Total Project Cost: $1,700,000

  20. Henderson School House Henderson, MD Rehabilitation 4 Units, Family Rental Total Project Cost: $240,000

  21. Southern Pines Lusby, MD New Construction 76 Units, Seniors Rental Total Project Cost: $5,300,000

  22. East New Market East New Market, MD Rehabilitation 19 Units, Seniors Rental Total Project Cost: $1,900,000

  23. The Maples La Plata, MD New Construction 93 Units, Seniors Rent & Own Total Project Cost: $7,800,000

  24. Snow Hill Seniors Snow Hill, MD New Construction 30 Units, Seniors Rental Total Project Cost: $3,400,000

  25. The Lodges at Naylor Mill Salisbury, MD New Construction 65 Units, Seniors Rental Proposed Project Cost: $8,800,000

  26. Contacts • Interfaith Housing 410-479-3000 Paul@ihdc.biz • Maryland Department of Housing & CD http://www.dhcd.md.state.us • The Federal Home Loan Bank of Atlanta http://www.fhlbatl.com • Enterprise Social Investment Corporation http://www.esic.org

  27. Interfaith Housing Development Corporation Board and Staff – April 7, 2005

  28. Interfaith Housing Development Corporation of theMaryland Eastern Shore, Inc. 103 Gay Street Denton, Maryland 21629 Telephone: 410-479-3000 Fax: 410-479-4409 Paul J. Washo, Executive Director Paul @ ihdc.biz “By wisdom a house is built, and by understanding it is established”

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