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NJFuture Redevelopment Forum 2016 Schwager

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Presentation from Don't Wait for COAH

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NJFuture Redevelopment Forum 2016 Schwager

  1. 1. March 11, 2016 Developing Affordable Housing the financing process
  2. 2. Affordable Housing then...
  3. 3. Affordable Housing ...and now
  4. 4. Affordable Housing then... So what is a Tax Credit?  Tax reform Act of 1986 (§42)  9% versus 4%  $2.30 x population  Eligible Basis  Role of State Agencies
  5. 5. Typical Financing Structure Competitive 9% LIHTC 80.0% 10.0% 8.0% 2.0% 9% LIHTC Equity Permanent Mortgage Soft Financing Deferred Fee
  6. 6. Affordable Housing then... 9% Tax Credit Process Federal Tax Credit Allocation Pool State Allocating Agency Competitive application Developer 99.99% Investor Tax Credits + Losses $$$ Project Sponsor$$$
  7. 7. Affordable Housing then... How Competitive is “Competitive?” New Jersey Housing Mortgage Finance Agency (2015) Ranking 15 Municipal 5 30-yr PILOT 3 5% Municipal Contribution 5 Redevelopment Area 2 Housing Authority Waiting List 12 Location 6 Brownfield + transit + schools + jobs 6 Positive Land Uses 11 Developer 3 Experience 3 Commitment of Funds 5 MBE/WBE Subcontractors 18 Design 6 Unit Amenities 6 Community Amenities 6 LEED / Energy Star / NGBS 44 Affordability/Program 20 Extended Compliance 5 25% of units are 3BR 8 10% of units < 30% AMI 6 Social Service Provision 5 5 units or 5% Homeless
  8. 8. Affordable Housing then... How Competitive is “Competitive?” 6 Positive Land Uses New Jersey Housing Mortgage Finance Agency (2015) Ranking
  9. 9. Affordable Housing then... Positive Land Uses Example Current development: Raritan, NJ
  10. 10. Affordable Housing then... Benefits to the Municipality Significantly less cost to the municipality than if self-developed Helps satisfy COAH obligation Redevelops underutilized real estate Adds to municipal tax base Diversifies Housing Stock

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