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Page 1. May 20, 2004. Financing the Deal. Presented By Rob Curry – Cleveland Housing Network J. David Heller – The NRP Group LLC. Page 2. May 20, 2004. Financing the Deal. Financing with 9% Tax Credits Financing with 4% Tax Credits and Tax-Exempt Bonds Pro Forma Analysis

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financing the deal

Page 1

May 20, 2004

Financing the Deal

Presented By

Rob Curry – Cleveland Housing Network

J. David Heller – The NRP Group LLC

financing the deal1

Page 2

May 20, 2004

Financing the Deal
  • Financing with 9% Tax Credits
  • Financing with 4% Tax Credits and Tax-Exempt Bonds
  • Pro Forma Analysis
  • Filling the Gaps
financing with 9 tax credits

Page 4

May 20, 2004

Financing with 9% Tax Credits
  • Administered by Ohio Housing Finance Agency (OHFA)
  • Competitive Application Process
  • Awarded based on Project Characteristics, Project Location, Local Government Support, Project Costs, and Application Characteristics
  • Sale of Credits Provides the Equity
  • Debt is a Minor Component of Project Sources
  • Gaps are Filled with Creative and Resourceful Partners
financing with 4 tax credits and tax exempt bonds

Page 6

May 20, 2004

Financing with 4% Tax Credits and Tax-Exempt Bonds
  • Administered by OHFA
  • Almost All Applicants are Awarded Credit – More Supply than Demand for Volume Cap
  • Complex Deal Structure
  • High Transaction Costs
  • Need Larger Number of Units to Spread Costs
pro forma analysis 9 tax credits

Page 8

May 20, 2004

Pro Forma Analysis – 9% Tax Credits
  • Assumptions:
    • 42 unit development
    • All two bedroom (855 square feet)
    • 70% affordable (29 units)
    • 30% market rate (13 units)
    • Affordable Rents $570 per month
    • Market Rents $1,075 per month
pro forma analysis 9 tax credits3

Page 11

May 20, 2004

Pro Forma Analysis – 9% Tax Credits
  • Other Sources of Financing
    • State of Ohio - $290,000
    • Cuyahoga County Funds - $300,000
    • Misc. - $17,186
pro forma analysis 4 tax credits and tax exempt bonds

Page 13

May 20, 2004

Pro Forma Analysis – 4% Tax Credits and Tax-Exempt Bonds

Assumptions:

  • 120 unit development
  • All two bedroom (855 square feet)
  • 75% affordable (90 units)
  • 25% market rate (30 units)
  • Affordable Rents $730 per month
  • Market Rents $1,000 per month
filling the gaps

Page 17

May 20, 2004

Filling the Gaps
  • Tax Abatement
filling the gaps1

Page 18

May 20, 2004

Filling the Gaps
  • Tax Abatement
filling the gaps2

Page 19

May 20, 2004

Filling the Gaps
  • Tax Abatement and Land Contribution
filling the gaps3

Page 20

May 20, 2004

Filling the Gaps
  • Tax Abatement and Land Contribution