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Virginia Housing Development Authority 601 S. Belvidere St. Richmond, VA 23220-6500 PowerPoint Presentation
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Virginia Housing Development Authority 601 S. Belvidere St. Richmond, VA 23220-6500

Virginia Housing Development Authority 601 S. Belvidere St. Richmond, VA 23220-6500

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Virginia Housing Development Authority 601 S. Belvidere St. Richmond, VA 23220-6500

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  1. Virginia Housing Development Authority 601 S. Belvidere St.Richmond, VA 23220-6500 877-VHDA-123 |

  2. Our Mission is to help low and moderate-income Virginians attain quality, affordable housing.

  3. JAMES M. CHANDLERDirector, LIHTC ProgramsPhone: (804) JAYNELL PITTMAN-SHAW Sr. LIHTC Allocation Officer Phone: (804) 343-5733 ALENA HENDERSON Rental Housing Business Analyst Phone: (804) 343-5908 CARA WALLO Assistant Dir., LIHTC Programs Phone (804) 343-5714 J.D. BONDURANT Strategic Business Planner Phone: (804) 343-5725 HOPE COLEMAN RUTTER Tax Credit Allocation Coordinator Phone: (804) 343-5518

  4. This PowerPoint presentation will be posted to our website ( after workshops have been completed.

  5. First we’ll discuss… • 2014 QAP (general) • Cost Limits • Minimum Threshold Scores • Providing job opps to residents of low-income communities

  6. 2014 QAP • Cost Limits Enforcement:developments seeking 2014 LIHTCs that exceed the published cost limits will not be funded • Cost Limits adjusted annually in the 4th Quarter (Dec) in accordance with Marshall & Swift cost factors • Prince William, Loudoun and Fauquier Counties have specific cost limits • A 50-point penalty may apply if the development exceeds the cost limit when costs certified. This penalty will apply for 3 calendar years (beginning on January 1 after costs are certified). This Penalty may be waived for extenuating circumstances by the Board of Commissioners.

  7. * 2014 Cost Limits * • Inner Northern Virginia (Arlington County, Fairfax County, City of Alexandria, City of Fairfax and City of Falls Church) • New construction or adaptive reuse – $347,552/unit, plus • up to an additional $38,617/unit if there is underground or structured parking • Acquisition/rehab: $303,419/unit

  8. *2014 Cost Limits* cont’d • Prince William County, Loudoun County and Fauquier County • New construction or adaptive reuse - $258,182/unit • Acquisition/rehab - $182,051/unit • Balance of State • New construction or adaptive reuse - $193,085/ unit • Acquisition/rehab - $148,951/unit

  9. 2014 QAP • Removed: points for Locality ‘support’ or ‘no comment’ letters • -25 points will be applied if the locality submits an opposition letter and the locality’s attorney opines that the locality’s opposition does not have a discriminatory intent or effect that is not supported by a legally sufficient justification in violation of the Fair Housing Act and the HUD implementing regulations

  10. 2014 QAP • Added: allow subsidized funding to incl Virginia Housing Trust Fund, funding from VOICE and other unrelated private foundation donations. VHDA REACH funds will not be eligible for points in this category • Clarification:25-point category for developments located in a census tract with <10% poverty rate and no other similar LIHTC development

  11. 2014 QAP • Revised: Use efficiency rating for points instead of Energy Star designation for hot water heaters • Energy Star Bath Vents: points available for new construction developments ONLY

  12. 2014 QAP • Continuous R-3 or higher wall sheathing insulation (5-point category): points also awarded for existing developmentsthat at the time of application have this feature • Reduced: points to 2 for fire prevention (still 2 points for fire suppression) • Removed: maximum points for amenities (previously 70-point maximum)

  13. 2014 QAP • Accessibility : removed ‘elderly’ as a qualifier for the points and clearer documentation for project based subsidy, e.g. binding documentation, marketing to persons with disabilities, etc. • Accessibility (15-point category): requirement that 5% of the units conform to 504 accessibility requirements (previously 4%)

  14. 2014 QAP • Experienced LIHTC Developer: allow experienced developer points for a principal who has developed at least three LIHTC deals and has at least $500,000 in liquid assets • Bonus Point Categories (50% incomes): use 80% of the units for maximum points (previously 100% required)

  15. 2014 QAP • Points Revised: 30% Brick or other low-maintenance material - points lowered to 10; however: • An additional 1/5th point will be awarded for each % above 30% of exterior wall covered by brick or other similar low-maintenance material - approved by VHDA (up to 10 points); or • An additional 1/10th point for each % of exterior wall covered by fiber-cement board (up to 7 points)

  16. Brick: Example 1

  17. Brick: Example 2

  18. Minimum Threshold Scores New in 2014! 425 = 9% applications 325 = 4% applications

  19. Jobs Opportunities toLow-Income Residents VHDA encourages developers to provide job training, employment and/or contracting opportunities to low/very low-income residents in communities where LIHTC developments will be rehabbed/constructed

  20. Next we’ll discuss… • Available Credits/Pools • Rules of Ranking • Points (Scoring Items) • Parameters

  21. Credit Pools

  22. 2014 Pool Percentages

  23. Pre-AllocationsFunded From Non-Competitive Pool

  24. 2014 Available Credits • Per Capita Credits$2.30 per person* • Previous Allocations: • National Pool: • 5% of 2015 Credits: • Non-competitive pool: • Estimated 2014 Credits: *Population Estimate = 8,260,405 (U.S. Census Bureau7/1/13)

  25. 2014 Estimated Credits

  26. Non-Profit Credit Pool • Authorized to do business in Virginia • Material participation in the project • Substantially based or active in the community • 100% share of general partnership or managing member interest if LLC • Not controlled by for-profit • Board and staff not involved as for-profits

  27. Non-Profit Credit Poolcont’d • Not formed for purpose of Non-Profit Pool • Not a joint venture unless 100% non-profit • $750,000 limit unless all Non-Profit Pool developments funded • Non-Profit Questionnaire - submit supporting documents ONLY upon request by VHDA - LHAs not required to submit NP Questionnaire

  28. Non-Profit Credit Poolcont’d • Each new construction or adaptive re-use development eligible for the New Construction Pool (PD8) that is not funded in this NP Credit Pool will move to the New Construction Pool • All other developments not funded in this NP Credit Pool will move to their applicable geographic pool

  29. Local Housing Authority (LHA) Credit Pool • 100% Local Housing Authority (LHA) ownership within the LHA’s jurisdiction or is a HOPE VI development • Local IDA may compete in pool if no LHA in the jurisdiction • LHA-sponsored developments may only compete in the LHA pool

  30. New Construction Pool • New construction or adaptive re-use developments • Located in: Alexandria Manassas Arlington Loudoun County Fairfax City Manassas Park Fairfax County Prince William County Falls Church • Developments are funded with 15.00% of next year’s annual credit authority

  31. Credit Pools • N.Va/Planning District 8 • NW/North Central • Richmond • Tidewater • Balance of State

  32. Non-Competitive Credit PoolPersons with Disabilities6% of Per Capita Total • Apps accepted no earlier than April 21 and due no later thanOctober 15, 2014 (New for 2014!) and will NOT be funded based on date and time of application • Coordination with DHCD for any applications requesting Housing Trust Funds • Minimum threshold score of non-funded competitive round geographic pool score • Additional application fee required if application is re-submitted (updating development characteristics or correcting data resulting in a change in the credit amount)

  33. Non-Competitive Credit PoolPersons with Disabilities, cont’d6% of Per Capita Total • No more than 25% of the units use HUD Section 811 funds for rent subsidies • At least 50% of the units provide: • Fully accessible housing for persons with disabilities • With incomes at or below 40% AMI and • Providing project-based rent subsidy

  34. Rules of Ranking • Developments qualifying to compete in the Non-Profit Pool compete there first • Developments qualifying to compete in the New Construction Pool compete there next; thereafter the application will compete in the Northern VA Geographic Pool • If not ranked high enough to receive credits in the NP Pool, developments then drop into the appropriate geographic pool • Developments will not receive partial credits from any pool; those credits drop into the At-Large Pool (except New Construction Pool)

  35. Rules of Rankingcont’d • No more than 20% of the credits in any pool will go to an elderly development Exception:existing subsidized elderly properties • Once the limit is reached, all other elderly deals become “ineligible” and drop to bottom of the pool ranking, unless all non-elderly applications have been fully funded

  36. Rules of Rankingcont’d • At-Large Pool: created for all applications not ranking high enough to be fully funded with credits in geographic pools - 2 tiers • Tier 1 – Highest-ranking “eligible” developments not fully funded from the geographic pools • Tier 2 - All other developments above threshold not funded

  37. Point Categories

  38. Readiness

  39. Housing Needs Characteristics

  40. Housing Needs Char. cont’d

  41. Housing Needs Char. cont’d

  42. Development Characteristics (Amenities)

  43. Development Characteristics (Amenities) *N/A if locality prohibits sub-metering *N/A if owner is paying for water

  44. Development Characteristics (Amenities)

  45. Development Characteristics (Amenities), cont’d If points rcvd for these 4 amenities, they must be present in 100% of units *These points are for properties serving the elderly

  46. Development Characteristics (Accessibility) • Submit a project-specific marketing plan! • Plan must state that the development will be listed on *These points now available for all developments

  47. Development Characteristics (Accessibility), cont’d • Follow fully/permanently accessible Uniform Federal Accessibility Standards (UFAS) and specifics for point category • Hold vacant 60 days (retroactive for all deals receiving these points) • Document marketing efforts to find household with qualified disability; submit that evidence to VHDA Program Compliance Officer • Then may accept applicant agreeing to a lease provision to move to another vacant unit if/when a qualified household is found (move to be paid for by owner) • Click here to access UFAS Requirements

  48. Development Characteristics (Proximity to Publ. Transportation)

  49. Development Char., cont’d

  50. Development Char., cont’d