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Consolidated 2019 Summer NOFA - Housing Stability Council Presentation

This presentation discusses the Consolidated 2019 Summer Notice of Funding Availability (NOFA) for housing projects, including large-scale new development, small-scale development, and veterans gap set-asides.

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Consolidated 2019 Summer NOFA - Housing Stability Council Presentation

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  1. Consolidated Summer NOFA • Large Scale New Development • Small Scale Development • Veterans Gap Set Aside 7/12/2019 Housing Stability Council Presentation Consolidated 2019 Summer NOFA

  2. Presentation Agenda • Review of policy questions posed to the council • Responses to feedback from council and framework updates • Motion for approval Consolidated 2019 Summer NOFA

  3. Membership and Mission Council Questions in June: Membership and Mission • Should we allow preservation / rehabilitation projects to apply for the Small Project offering? • Revised framework to allow preservation / rehabilitation in Small Project offering; established lower per unit caps for these projects. • Should we prioritize putting resources to develop units set-aside for Veterans into all projects, or should we restrict those resources to just the small project offering? • Revised framework to allow veterans leverage in family sized units in large projects as well as all small projects; targeting majority of these resources to small projects through soft set-aside. • Our current framework includes preference points for projects connected to several state agency capacity building efforts; do we want to expand this point incentive to projects participating in other, external, capacity building efforts? • Revised framework to limit these preference points to OHCS identified and collaborative capacity building program efforts. Consolidated 2019 Summer NOFA

  4. Overview: Funding • Resources: • Large Scale New Development with 4% LIHTC Leverage • $5 million Gap • $1 million in Veterans Gap • $10 million OAHTCs • Small Projects; $10 million • $7 million Gap & $2 million in Veterans Gap – Rural • $3 million Gap & $1 million in Veterans Gap – Urban • $3 million in Veterans Gap • $5 million OAHTCs Consolidated 2019 Summer NOFA

  5. Membership and Mission Overview: Criteria Membership and Mission Large Scale New Development Small Project Development • At least 80 units in urban areas and at least 60 units in rural areas • Must Leverage 4% LIHTC • Unit Limits (below) are based on leverage of 4% LIHTC • New Construction only • At least 5 and at most 35 units • Unit Limits (below) are based historic total development costs • New Construction or Acq/Rehab • Veterans subsidy boost only for new construction • Veterans subsidy boost incentivizes unit set-asides for Veterans populations; additionally, our point incentives for small projects prioritizing serving homeless veterans where there is reduced ability to take on debt. Consolidated 2019 Summer NOFA

  6. Next Steps Request to motion for NOFA framework approval. MOTION: To approve the presented framework for the Summer Gap NOFA as presented (or with noted revisions). • Application Timing: • July/August 2019 – Streamline Application formal announcement • October2019 – Application Due • December 2019 – Housing Stability Council Presentation Consolidated 2019 Summer NOFA

  7. FINAL THOUGHTS / CLOSING REMARKS Consolidated 2019 Summer NOFA

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