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Navigating Affordable Housing Development Process: From Identification to Closing

Explore the process of developing affordable housing, from market analysis to engaging lenders, meeting HUD requirements, and achieving firm commitment for successful closing. Learn the steps involved, challenges, and key players in the journey to create inclusive living spaces.

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Navigating Affordable Housing Development Process: From Identification to Closing

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  1. Ancient History • FHA 1934 - 1986 31,987 loans 3,180,693 units about 61,000 units/year

  2. More recent history • FHA 1987 - 2006 17,166 loans 2,389,844 units about 60,000 units per year financed, or refinanced

  3. Market Rate • Rents vs Subsidy • Mortgage and Interest Rate

  4. Initial attraction • Market • Identification of a site • What can go wrong?

  5. Flirting • Scope of the project - market • Local political landscape – zoning, design, traffic, etc. • Putting the team together

  6. The First date • Developer • Investors • Lender • Architect • General Contractor • Lawyers • Management Agent

  7. Going Steady • FHA vs other sources of financing? • Lender engagement • Zoning • Environmental

  8. Meeting the Parents • Concept meeting with HUD • Timing • APPS • Waivers?

  9. A pre-engagement ring? • Preapplication submission Market Environmental Rents / Expenses

  10. Getting ready to pop the question • Preparation of Firm Commitment application • A&E • Cost – (Davis who?) • Valuation • Mortgage Credit

  11. Getting ready to pop the question • Preparation of Firm Commitment application • Asset Mgt issues • Fair Housing • Legal

  12. The ring . . . • Firm Commitment application submitted to HUD • Deficiencies? • Firm Commitment issued

  13. Planning the big day • Firm Commitment accepted • Rate lock – GNMA security • Prep the closing documents

  14. The Happy Day • Conditions to the Firm? • Pre-closing passing papers • Pre-Construction conference • Meet with Asset Mgt • Bring Donuts

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