Nsp Rentals Eskra And Humburg
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Nsp Rentals Eskra And Humburg
- 1. Top Ten List for NSP Rental Projects Hana Eskra and Jack Humburg
- 2. # 10. Working with Local Governments and Their NSP Rules
- 3. #9 NSP Requirements for Multifamily
- 4. #8. NSP $$ per Unit Needed
- 5. #7. Do the Numbers Work?
- 6. # 6 The Sorry Condition…
- 7. #5. Can You Lease the Units?
- 8. # 4. What Do You Do With the Existing Tenants? Or Why Are These People Smiling?
- 9. # 3. You Thought Tax Credits Were Hard…
- 10. #2. Who Do You Know?
- 11. #1 Beware of Vultures
Notas del editor
- RFP and procurement; acquisition; sales contracts;
- Income compliance- program income; environmentals;
- Will the local government kick in- what are the rents- will it cash flow. Local governments need to kick in a large subsidy – no tax credits or other money available. Once an affordable property goes through foreclosure, the restrictions are erased- the LURAs etc that were in the mortgages. If you do a deed in lieu, the restrictions stay in place. Vultures will pay more money if the restrictions fall away.
- What are the operating expenses? Development budget issues. How will you fund it? What is the timing? Do you need bridge financing? From where? What are the risks?
- Sorry state of these properties- code problems, appliances and copper missing, mold, water damage, elevators don’t work, flood zone- rehab requirements or trigger new codes. Previous owner removed computers, etc. Wood frame.
- Income levels of current occupants- if they are over 50% ami… Just because its foreclosed and you have money does not mean you want to own this property. Soft market all over the state.
- 50% AMI requirements – Do you have to move existing tenants out? Relocation during rehab.
- Nonprofits don’t know what they don’t know. This is new territory for many- owning and managing supportive or LI housing property PLUS the foreclosure difficulties.
- Need to have relationships with REO departments, RE agents, lenders