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Rental Assistance Demonstration. HUD Office of Public & Indian Housing Conference Meridian, Mississippi, April 23, 2012 Vincent O’Donnell Vice President, Affordable Housing Preservation Local Initiatives Support Corporation. What is LISC?. Local Initiatives Support Corporation

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rental assistance demonstration
Rental Assistance Demonstration

HUD Office of Public & Indian Housing


Meridian, Mississippi, April 23, 2012

Vincent O’Donnell

Vice President, Affordable Housing Preservation

Local Initiatives Support Corporation

what is lisc
What is LISC?
  • Local Initiatives Support Corporation
    • LISC is dedicated to helping nonprofit community development organizations transform distressed communities into healthy and sustainable communities of choice- good places to work, do business, and raise children.
    • LISC local offices serve 30 urban areas and Rural LISC works with 74 partner CDCs in 36 states nationwide
  • LISC’s Preservation Initiative
    • Provided $80 million in financing since 2002 to preserve 15,000 homes
    • Supports LISC local offices and our nonprofit partners with financing, project-specific TA, creation of preservation strategies and partnerships, and policy analysis
    • Produces information products: guides, webcasts, trainings
section 8 expiration and opt out mahra
Section 8 Expiration and Opt-out: MAHRA
  • Basic rules for renewal of project-based Section 8 (but not Rent Supplement or §236 RAP)
  • Options depend on type of Section 8 and property’s history
  • Most renewal rents at or below market level
  • Exception: non-FHA-insured
  • If FHA-insured and above market, must restructure mortgage (OAHP, née OHMAR)
section 8 expiration and opt out mahra1
Section 8 Expiration and Opt-out: MAHRA
  • Enacted in 1997; amended in 2000, clarifying that “renewal rents no higher than market” can also mean mark up to market (or budget).
  • Long-term HAPs permitted, but subject to annual appropriations.
madison park iii madison park development corporation boston ma
Madison Park IIIMadison Park Development Corporation, Boston MA
  • 120 units of nonprofit-controlled family housing.
  • New Construction in 1975 – dense inner core neighborhood.
  • High Utility, Property Tax, Resident Services and Security Costs.
  • Pre-LIHTC Equity Syndication (accelerated depreciation); Nonprofit parent has purchased investor interests.
  • Section 236 with Interest Reduction Payments; Mortgage Matures in 2020.
  • Section 236 Rental Assistance Payments (RAP); Contract expires in 2015 (prior to mortgage maturity) and is not renewable.
  • Rents are $500 below market.
  • Well-maintained, but significant capital needs, due to low Section 236 rents and land settling.
  • Section 236 mortgage can be prepaid, generating Enhanced Vouchers.
lisc s preservation resources
LISC’s Preservation Resources

lisc s green preservation resources
LISC’s Green Preservation Resources