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Making It Our Own – Twin Cities

Making It Our Own – Twin Cities. Brian Prater Managing Director, Western Region Low Income Investment Fund. Community Development Financial Institution (CDFI) Mission-driven nonprofit founded in 1984 – national scope

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Making It Our Own – Twin Cities

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  1. Making It Our Own – Twin Cities Brian Prater Managing Director, Western Region Low Income Investment Fund

  2. Community Development Financial Institution (CDFI) Mission-driven nonprofit founded in 1984 – national scope Array of activities: Financing, fund structuring, policy, technical assistance and program Low Income Investment Fund (LIIF) 1

  3. Invested $900 million in communities nationwide Leveraged $5.4 billion of additional investments Partnered to help create 55,000 units of housing, 159,000 childcare spaces, and 50,000 seats for students What We’ve Done 2

  4. $50 million equitable TOD Fund Nine-county Bay area 10 year Fund; 5 year origination period Five loan products for affordable housing, mixed-income and mixed-use projects Closed on March 30, 2011 Bay Area TOAH Fund Overview 3

  5. Affordable Housing – 85% of Fund capital is targeted to support the creation and preservation of affordable housing Other Neighborhood Uses – Up to 15% of Fund capital may be used to support community facilities, child care centers, health clinics, fresh food markets and other neighborhood retail Geographic Diversity – The Fund is committed to deploying capital in Priority Development Areas (PDAs) in all nine Bay Area Counties TOAH Fund Priorities 4

  6. Made possible by: Great Communities Collaborative (GCC) Metropolitan Transportation Commission (MTC) CDFI Consortium LIIF is Administrative Agent Five additional CDFIs, including Enterprise, LIIF and LISC, are the originators Grants provided by three foundations: Ford, Silicon Valley and San Francisco TOAH Fund Partners 5

  7. TOAH Capital Stack 1. Equity or Grant $ • Public Sector – $10 million from the MTC 2. Program-Related Investments and Flexible Loans • Philanthropy and CDFIs – $15 million from six CDFIs and Ford, SF Foundation and Living Cities (4 layers here) 3. Senior Loans • Banks – $25 million from Morgan Stanley and Citi Community Capital 6

  8. Acquisition Loans Predevelopment Loans Construction Bridge Loans Construction/Mini-Perm Loans Leveraged Loans for NMTC deals Product Highlights: Up to 110% LTV, 7 yr terms and low cost TOAH Loan Products 7

  9. Financing: First loan in the Bay Area TOAH Fund $5 million acquisition loan with Enterprise; $5.9 million subordinated financing from San Francisco MOH Eddy & Taylor Family Housing San Francisco, CA • Project: Developing parking lot into 14-story building with 153 units of affordable housing and retail space for a grocery store • Borrower: Tenderloin Neighborhood Development Corp. is a nonprofit developer that provides housing and support services in one of the poorest areas of San Francisco 8

  10. www.bayareatod.com Contact Brian Prater at LIIF: (415) 489-6157 bprater@liifund.org For Additional Info 9

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