capital improvement loan program 2014 ncsha conference october 21, 2014 anne berman, assistant...
TRANSCRIPT
![Page 1: Capital Improvement Loan Program 2014 NCSHA Conference October 21, 2014 Anne Berman, Assistant Director Development](https://reader035.vdocuments.us/reader035/viewer/2022062517/56649f155503460f94c2b2ae/html5/thumbnails/1.jpg)
Capital Improvement Loan Program
2014 NCSHA ConferenceOctober 21, 2014
Anne Berman, Assistant Director Development
![Page 2: Capital Improvement Loan Program 2014 NCSHA Conference October 21, 2014 Anne Berman, Assistant Director Development](https://reader035.vdocuments.us/reader035/viewer/2022062517/56649f155503460f94c2b2ae/html5/thumbnails/2.jpg)
History• Started program in 2001– various projects over the years
• Dormant 2008-2012– Lack of resources; funded from corporate earnings
• Impetus for revival – Conscious decision not to use 9% credits– Deferred capital improvements of older
developments
![Page 3: Capital Improvement Loan Program 2014 NCSHA Conference October 21, 2014 Anne Berman, Assistant Director Development](https://reader035.vdocuments.us/reader035/viewer/2022062517/56649f155503460f94c2b2ae/html5/thumbnails/3.jpg)
Need• Preserving our scarce
inventory of affordable apartments is a priority
• Need upgrades to meet health and safety standards
![Page 4: Capital Improvement Loan Program 2014 NCSHA Conference October 21, 2014 Anne Berman, Assistant Director Development](https://reader035.vdocuments.us/reader035/viewer/2022062517/56649f155503460f94c2b2ae/html5/thumbnails/4.jpg)
Response to Need• Capital Improvement Loan
Program – Funds capital improvement work in
Rhode Island Housing financed developments
– Provides deferred loans to conduct code-related repairs and maintenance improvements to developments without feasible refinancing plan
![Page 5: Capital Improvement Loan Program 2014 NCSHA Conference October 21, 2014 Anne Berman, Assistant Director Development](https://reader035.vdocuments.us/reader035/viewer/2022062517/56649f155503460f94c2b2ae/html5/thumbnails/5.jpg)
Eligible Properties
• Category 1 – Critical repairs and improvements to address
immediate health and safety violations
• Category 2 – Deferred maintenance repairs for which
development lacks adequate replacement reserves
![Page 6: Capital Improvement Loan Program 2014 NCSHA Conference October 21, 2014 Anne Berman, Assistant Director Development](https://reader035.vdocuments.us/reader035/viewer/2022062517/56649f155503460f94c2b2ae/html5/thumbnails/6.jpg)
Process
• Application Requirements• Ranking Criteria– Funding Priority– Need– Readiness to Proceed– Cost Effectiveness– Creditworthiness
![Page 7: Capital Improvement Loan Program 2014 NCSHA Conference October 21, 2014 Anne Berman, Assistant Director Development](https://reader035.vdocuments.us/reader035/viewer/2022062517/56649f155503460f94c2b2ae/html5/thumbnails/7.jpg)
Summary• Addresses Year 15 tax credit developments and
rental housing not able to refinance or recapitalize• Preserves older tax credit developments not able to
refinance due to feasibility concerns• Avg. investment: $5,724 per affordable apartment • Cost effective investment vs. the average per unit
cost to preserve with a new tax credit investment
![Page 8: Capital Improvement Loan Program 2014 NCSHA Conference October 21, 2014 Anne Berman, Assistant Director Development](https://reader035.vdocuments.us/reader035/viewer/2022062517/56649f155503460f94c2b2ae/html5/thumbnails/8.jpg)
After
![Page 9: Capital Improvement Loan Program 2014 NCSHA Conference October 21, 2014 Anne Berman, Assistant Director Development](https://reader035.vdocuments.us/reader035/viewer/2022062517/56649f155503460f94c2b2ae/html5/thumbnails/9.jpg)
After
![Page 10: Capital Improvement Loan Program 2014 NCSHA Conference October 21, 2014 Anne Berman, Assistant Director Development](https://reader035.vdocuments.us/reader035/viewer/2022062517/56649f155503460f94c2b2ae/html5/thumbnails/10.jpg)
Thank You!
Contact Information:Anne Berman, Assistant Director DevelopmentPhone: 401-457-1269Email: [email protected]
![Page 11: Capital Improvement Loan Program 2014 NCSHA Conference October 21, 2014 Anne Berman, Assistant Director Development](https://reader035.vdocuments.us/reader035/viewer/2022062517/56649f155503460f94c2b2ae/html5/thumbnails/11.jpg)