Energy Star ConferenceOctober 28, 2008

Housing Credits and Energy Star

• Who is the NC Housing Finance Agency?

Housing Credits and Energy Star

Who is the NC Housing Finance Agency?

• What is the Housing Credit program?

Wh d f d?• What do we fund?

• Where are they located?

• How is it tied to Energy Star?

• What’s the construction timeline?What s the construction timeline?

www.nchfa.com

Who is the

O Mi i

North Carolina Housing Finance Agency?

Our Mission

To create affordable housing

opportunities for North Carolinians pp

whose needs are not met by the market.

www.nchfa.com

Housing Credits and Energy Star

• What is the Housing Credit program?

Housing Credits and Energy Star

What is the Housing Credit program?– The largest affordable housing production

program in the countryprogram in the country

– IRS Section 42 • tax credits are sold to investors to generate equity tax credits are sold to investors to generate equity

• Equity = less debt = lower rents

– Works well because of leveraging fundso s e because o e e ag g u ds• State tax credits, Agency loan, local investment

www.nchfa.com

What do we fund?What do we fund?

• In 2008 we awarded tax credits to 44 In 2008, we awarded tax credits to 44 rental developments

35 new construction (1 850 units)– 35 new construction (1,850 units)

– 9 rehabs (523 units)

Total of 2 373 units located in 29 counties– Total of 2,373 units located in 29 counties

– $263 million in total developments costs

Eld l j• 21 Elderly projects

• 23 Family projects

www.nchfa.com

Where are they?Where are they?• Boiling Springs

C• Pollocksville

R f d• Greensboro

G ill• Canton• Carrboro• Cary

• Raeford• Raleigh• Roanoke Rapids

• Greenville• Henderson• High Pointy

• Charlotte• Cherokee • Clinton

p• Shelby• Spring Lake• Statesville

g• Hillsborough• Jacksonville• Laurinburg• Clinton

• Concord• Edenton

Eli b th Cit

• Statesville• Warsaw• Wendell

Whit ill

• Laurinburg• Lenoir• Lillington

M ill• Elizabeth City• Enfield• Fayetteville

• Whiteville• Wilson• Yadkinville

• Mooresville• Morganton• Nashvilley

• Fuquay-Varina • Pembroke

Housing Credits and Energy StarHousing Credits and Energy StarHousing Credits and Energy Star

• NCHFA requires all tax credit projects to

Housing Credits and Energy Star

q p jmeet or exceed specific design standards for all tax credit projects with special

h i ffi i demphasis on energy efficiency and sustainable building

i i i b• Beginning in 2007, NCHFA began providing incentives for Energy Star

j i h i o2007 - 20 projects with 1,043 units o2008 - 33 projects with 1,733 unitso2009 – all new construction projects

www.nchfa.com

Housing Credits and Energy StarProject Name City CountyGlen Rock Asheville BuncombeSkyland Apartments Asheville BuncombeChowan Court I Apartments Edenton ChowanEastside Green II Apartments Fayetteville Cumberland

Project Name City CountySmokey Meadows Canton HaywoodThe Arbors at Winmore Carrboro OrangeHighland Terrace Cary WakeStatesville Avenue Apartments Charlotte Mecklenburg

Southview Villas Hope Mills CumberlandStewart's Creek I Apartments Warsaw DuplinMaplewood Square Durham DurhamGateway Village Gastonia GastonRankin School Place II Greensboro GuilfordLife House of Greensboro Greensboro Guilford

Gables Phase II Charlotte MecklenburgCherry Gardens Charlotte MecklenburgSoco Creek Village, LLC Cherokee JacksonSampson Square Clinton SampsonThe Villas at Logan Gardens Concord CabarrusRiver's Edge at Elizabeth Crossing Elizabeth City Pasquotank

Parkside Apartments Greensboro GuilfordFairview Pointe Lillington HarnettCurlin Commons Mooresville IredellLions Spring Clayton JohnstonCleveland Green Apartments Garner JohnstonCherry Gardens Charlotte Mecklenburg

River's Retreat at Elizabeth Crossing Elizabeth City PasquotankEnfield School Apartments Enfield HalifaxMaple Ridge Apartments - Phase 3 Fayetteville CumberlandBunce East Apartments Fayetteville CumberlandChurchview Place Phases I & II Greensboro GuilfordCrystal Springs Apartments Greenville Pitt

Creekside Crossing Apartments Spindale RutherfordMingo Creek Apartments Knightdale WakeBrookridge Raleigh WakeSpringbrook Wilson Wilson

Vance Commons Henderson VanceClara Cox Apartments High Point GuilfordFairview Manor Lillington HarnettCurlin Commons Mooresville IredellGlenwood Hills Morganton BurkeArrowpoint Acres Pembroke RobesonCedarwood Pollocksville JonesAutumn Spring Raleigh WakeChapel Ridge Manor Roanoke Rapids HalifaxLanier Pointe Shelby ClevelandSpring Lake Green Apartments Spring Lake CumberlandGreylin Ridge Apartments Statesville IredellS d Rid A W d ll W k

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Sandy Ridge Apartments Wendell WakeCovey Run Apartments Whiteville ColumbusCottages at Glendale Wilson WilsonSpringbrook Apartments Wilson WilsonRidgeland Terrace Yadkinville Yadkin

Housing Credits and Energy StarHousing Credits and Energy Star

• Project timelines and deadlinesProject timelines and deadlines– Tax credits awards are announced in August

Project meets Carryover requirements by end – Project meets Carryover requirements by end of year which gives them two years to complete constructioncomplete construction

– Projects must be placed in service by the end of the 2nd year after funding y g

– Example: 2007 awards must be placed in service by 12/31/2009 y / /

www.nchfa.com

Housing Credits and Energy StarHousing Credits and Energy Star

• Other informationOther information• EPA Energy Star Case Study

• www energystar gov/ia/partners/bldrs lenders r• www.energystar.gov/ia/partners/bldrs_lenders_raters/downloads/NC_CaseStudy.pdf

• 2009 Qualified Allocation Plan 9 Q• Appendix B – Design Standards

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Berkeley Spring, RaleighSenior ApartmentsSenior Apartments

www.nchfa.com

Glenwood Place, HickoryFamily Apartmentsy p

www.nchfa.com

Club Nova, CarrboroApartments for the Mentally IllApartments for the Mentally Ill

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Randleman School, RandlemanSenior ApartmentsSenior Apartments

www.nchfa.com

White Oak Apartments, WilmingtonEld l A t tElderly Apartments

www.nchfa.com

George E’s, TarboroSenior ApartmentsSenior Apartments

www.nchfa.com

Parkview Manor, RaleighS i A t tSenior Apartments

www.nchfa.com

Stokesburg Meadows, Walnut CoveFamily ApartmentsFamily Apartments

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Lennox Chase, RaleighApartments for People Moving Out of Transitional Housing

www.nchfa.com

The Villas at Willow Oaks, GreensboroSenior ApartmentsSenior Apartments

www.nchfa.com

Arbor Glen II, Charlotte,Family Apartments

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Mountain View, KernersvilleSenior Apartments

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Weatherstone Spring, CarySenior Apartments

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QUESTIONS?QUESTIONS?

Contact Information:

Scott Farmer

Director of Rental Investment

North Carolina Housing Finance Agency

3508 Bush Street

Raleigh, NC 27609

919-877-5641

sfarmer@nchfa.com

www.nchfa.com