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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Rental Housing Manager
The Bank’s 5 state district includes:
More than 1,200 members which include:
Total funds awarded = $164.1 milion (1,040 projects)
Total development costs = $1.5 Billion (36,518 units)
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.
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.
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.
This is the third scoring category SponsorshipStep 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.
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.
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.
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
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!
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
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
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.
** 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.
The Annual Rent must equal the sum of the Gross Rent and the Rental Assistance line items on Year 1 of the Pro Forma.
Total Residential Sources must equal the Total Residential Uses (shown on the next screen)
Rehabilitation (or New Construction) must equal the Total Costs from the Cost Break equal Uses
Sources must equal Uses
Total must equal Rehabilitation (or New Construction) on Uses of Funding
Gross Rent plus Rental Assistance must equal Annual Rent from Rental Project Worksheet
Project costs should be less than AHP Maximum
Explain how costs were determined & why they are justified and reasonable
Explain why Developer & Consultant fees are justified and reasonable.
Explain why Builder’s fees are justified and reasonable.
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.
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
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
USDA projects have received more than $10 million in AHP funds to rehabilitate elderly rental units
Rental Housing Manager
Federal Home Loan Bank of Des Moines