chfa/doh consolidated application for housing development finance

CHFA/DOHCONSOLIDATED APPLICATION FOR HOUSING DEVELOPMENT FINANCE

2014

Agenda• Backdrop to New and Improved ConApp• Funds & Funding Schedule• Overview of Updated ConApp• Lean Objectives & Goals• Key Changes• Submission• Scheduled Training Sessions• Questions and Answers

Background to the New ConApp

• Preparing for the Web-based Application

• Proliferation of One-off applications

• Continued Leaning

• Ease of Applicant Use

Funds & Funding Schedule• 9% Low-Income Housing Tax Credits – Nov. 3, 2014

– New construction or substantial rehabilitation developments of 25 or more rental units, meeting threshold requirements consistent with the current Qualified Allocation Plan

• 4% Low-Income Housing Tax Credits– New construction or substantial rehabilitation of rental properties,

frequently combined with DOH CHAMP and Tax Exempt Bonds

• Tax Exempt Bonds– Available through CHFA for rental developments

• Housing Innovations – Oct. 15, 2014– Small projects that address specific unmet affordable housing needs,

especially through innovative, scalable and replicable approaches

Funds & Funding Schedule• Competitive Housing Assistance for Multifamily Projects

(CHAMP) – Dec. 3, 2014– Gap financing for housing rehabilitation or development

• HomeCT – Rolling, beginning Sept. 2, 2014– Incentive Housing Zones

• Just in Time Funding – Rolling, beginning Oct. 15, 2014– Fully funded, fully approved market-rate projects seeking assistance to

add affordable units

• CDBG – Small Cities – April 6, 2015

State Sponsored Housing Portfolio (SSHP) Funding

• Projects seeking predevelopment Funds (ONLY)– Rolling, beginning September 30, 2014

• Projects that need funding for interim capital needs– February 4, 2015

• Projects seeking State capital funds (with or w/o 4% LIHTCs)– April 20, 2015

Lean Objectives and Goals • Make ConApp more user friendly.• 360 Customer Input – Internal staff and external

users• Identify necessary information required at application

phase and eliminate other requirements.• Reorient the ConApp to more broadly finance

projects with different sources of financing or types of transactions.

• Increase thoroughness & quality of all applications submitted for review.

Overview of the Updated ConApp • Navigation

– One Excel Workbook– Program/Funding Source

Buttons– Exhibit Checklist– Appendices

• Accessible – www.chfa.org– www.ct.gov/doh

A Leaner Streamlined Application

• Notification Tab• Certification Page• No Zip File• 70 appendices reduced to 6• New ConApp is the model for the

upcoming web-based application

Notable Forms Removed• Previous Participation Form• Development Schedule• Drawing Review Checklist• Specification Review Checklist• Outline Specifications• Resident Participation Plan• Owners Affidavit• Architect Certification form• Assurance of Utilities form

Notification Page• Notification page outlines material that will

be required to do by each agency 4 weeks after receiving an award or approval:

• Fair Housing Marketing Plan• Relocation Plan• Management Agency Confirmation

Key Changes• Income & Expense Calculation

• Enter income and expenses for Proforma Stabilized Year.

• “Income and Expenses” (on the Cash Flow exhibit) will automatically trend annually at 2% and 3% respectively.

• The Equity, Capital, and Grant section of the Sources of Funds exhibit now includes:• Energy Rebates • Existing Property Reserves

Key Changes – cont.• Organizational Documents – Only Certification of Legal

Existence for the current year will be required.• Exploded Trade Payment Breakdown

• Only one “Trade Payment Breakdown” tab.• Will be a threshold item for all funding types.• There is only one ”Project Cost Summary” which is automatically

populated from the “Exploded Trade Payment Breakdown”

• Energy Conservation• Captures proposed energy savings as a result of rehabilitation or

development activities. All terms and definitions can be found in the “CHFA Standards of Design & Construction”

• Complete the relevant section the form for:• Minor, Moderate and Substantial rehabilitation• Gut Rehabilitation/New Construction

Key Changes – cont.• Prevailing Wage Information• Narrative simplification• Relocation• Fair Housing

Signature Pages• Application• Relocation Guide form• Detailed Income and Expenses• Statutory Checklist• Environmental Assessment• Certifications Page• SEEC-10• Affirmative Action Policy Statement• Fair Housing Policy Statement• Certification to Affirmatively Further Fair Housing• HTCC Certification

Signature Pages – cont.1. Complete signature pages

2. Print and sign

3. PDF as one single document

4. Upload as Signature Page

Funding Buttons

New Funding Buttons Tailor Application to Your Needs

Core Items

Click “Core Items” button before starting Application

Click on the Program Type you are applying for (For example “LIHTC”)

Program Type will appear in yellow box(In this case no program type has been selected)

Boxes highlighted in yellow have drop-down choices

New Certification Page

Applicant must check off the appropriate box and sign page

Submission• Applications must be submitted electronically through the

State of Connecticut BizNet Portal.

www.biznet.ct.gov• Applicants may not submit applications as hardcopy.• No Application materials will be accepted via email.• Deficiency responses must also be submitted through

BizNet Portal.• Only hard copy requirements are:

– Plans & Specs– CHFA Application Fee

BizNet Portal• Account Set-up

– Owner– Team members

• “Program Cycles”• Multiple Applications• Signature Pages • Uploading Documents • Send

CHFA/DOH ConApp

Training Schedule• CHFA/DOH Staff August 14th @ CHFA• August 27th @ the Lyceum • September 10th @ the Lyceum • Webinar in November

Consolidated Application

Questions?

CTConsolidatedApplication@CHFA.org