RAY LANDRY DAVIS-PENN MORTGAGE CO. What’s New with HUD Processing.

Slides:

Advertisements

Similar presentations

Asset Management of Debt and Equity Investments Presented by: Armando Pérez Principal, Director of Asset Management.

Advertisements

The Ten Minute Guide to the 2008 Housing Act Forrest Milder

2008 Real Estate Update: Affordable Housing in Todays Market Ritz Carlton, San Juan Hotel, Spa & Casino 6961 Avenue of the Governors Isla Verde Carolina,

Presented May 8, Rental Production Program Competitive 9% credits Capital subsidy Special Needs Program Small scale Grant commitments Flexible Preservation.

Preserving Multifamily Housing

Yorkshire Manor & Canterbury Village Mike Bouchee, Rocky Mountain Development Group.

What Happens to Low-Income Housing Tax Credit Properties after 15 Years? September 12, 2012.

4/30/20151 Section 8 Project- Based Rental Assistance Program Fort Worth Multifamily HUB.

Preservation: HUD’s Re-Development Program Can be Part of Your Preservation Plan July 28-30, 2014 Hilton Hotel Austin, TX.

Florida Housing Coalition Annual Conference Preservation of Affordable Housing September 27, 2011.

A Brief Description of the Low Income Housing Tax Credit.

Downtown Hillsboro Development Bienestar The Nielson Group Housing Authority of Washington County Scott Edwards Architecture Walsh Construction Cascade.

Tax Exempt Bonds 1 Bonding 101 – Tax-Exempt Bonds as a Way to Finance Your Projects Vince O’Donnell, Vice President of Affordable Housing Preservation.

One Chase Manhattan Plaza | New York, NY | 60th Floor

Loan Execution Panel Discussion

Innovative Financing Approaches. Restoration Gardens.

Affordable Housing & the 223(f) Low- Income Housing Tax Credit (LIHTC) Pilot Program Recent Updates and Highlights Prepared by Laura Stutzman, Senior Underwriter.

Real Estate Markets Introduction. Real Estate Markets: Economic Determinants of New Construction.

How to make 4% LIHTC deal work: Case Study from Fairfax County Presented by: Aseem Nigam, Director, Real Estate Finance & Grants Management Division, Fairfax.

COMBINING TAXABLE RD/GNMA LOANS WITH TAX EXEMPT BONDS AND 4% TAX CREDITS June 2015.

Affordable Housing Preservation Summit An Overview of Financing and Servicing Options. Wells Fargo Bank Reine Yazbeck.

Module 8 – Eligible Use B Scenarios: Homebuyer and Rental Housing Purchase and Rehabilitation.

1 BASIC AFFORDABLE HOUSING FINANCE USING LOW-INCOME HOUSING TAX CREDITS Presentation for TAHRA Mixed Finance Training April 29, 2014.

Financing the Deal Presented By Rob Curry – Cleveland Housing Network J. David Heller – The NRP Group LLC May 20, 2004Page 1.

Multifamily Financing Programs Jim Weglarz Assisted Projects Session Manager of Business Development, Multifamily Finance December 3-4, 2012.

FHA Lending & RAD Susan Hall, CEO of HCM Sheri Davis, Deputy Chief UW of HCM July 30, 2014 Highland Commercial Mortgage

The Low Income Housing Tax Credit Program

Housing Partnership Network. Alliance of 87 high performing nonprofits 600,000 affordable homes created 2 million low - income families served Foster.

Villa Santa Fe Santa Barbara, CA LIHTC PILOT SAMPLE TRANSACTION.

NCSHA – Preservation Strategies. Homes for America (HFA)  Is a regional nonprofit working in 4 mid-Atlantic States  Create and preserve housing enhanced.

Rental Assistance Demonstration. This is RAD 2 ACCSection 8 At closing, funding is converted to a Section 8 contract rent.

RD’s Revitalization Strategy Components of all deals – Project is needed in market – Post transaction Owner is eligible Basic Feasibility Thresholds –

Tax Exempt Bond Options In North Carolina. Two Tax Exempt Bond Programs – Acquisition/Mod-Rehab Deals FHA 223(f) LIHTC Pilot – New Construction/Substantial.

Using Bifurcated Structures to Finance 80/20 or Mixed Income Housing NCSHA Conference – September 28, 2015.

Multifamily Financing Frontiers FFB Risk Sharing Karen E. Kelleher NCSHA Annual Conference & Showplace Nashville, September 28, 2015.

CASE STUDIES: CURRENT MULTIFAMILY BOND STRUCTURES Dan Dill, Managing Director Stifel, Nicolaus & Company, Incorporated.

Tax Exempt Bond Options In North Carolina. TAX EXEMPT BOND PROGRAMS MODERATE REHABILITATION DEALS  Fannie Mae/Freddie Mac  FHA 223(f) LIHTC Pilot NEW.

Imagine a World without HUD: A look at Alternative Financing Options Presented by Gates Dunaway and Amy Schectman LeadingAge Annual Meeting Nashville,

Investment Program Overview

Compliance Challenges in the RAD Portfolio June 22, 2017

Financing & Building Affordable Housing: A How To Session for Local Developers New to the Game

Housing Tax Credit Case Studies – Part 2: The Art of the Deal

Preservation Strategies at Year 15: Issues and Options

U.S. Department of Housing & Urban Development

Developer’s Perspective

Midwest Lenders’ Conference July 6, 2016 Dan Sullivan, Acting Director Multifamily Production, HUD HQ.

Cutting Edge Financing Options for Affordable Housing:

Midwest Regional update: LIHTC Pilot and RAD

AFFORDABLE HOUSING DEBT FINANCING

An Advanced View of HUD Multifamily Programs (HUD 201)

Multifamily Partnership Opportunities Annual Conference of the

Using LIHTCs to Preserve Rural Affordable Housing

National Housing & Rehabilitation Association Summer Institute

Case Study Texas Rural Rental Housing Preservation Academy

Seller considerations

The Development Team Texas Rural Rental Housing Preservation Academy Session #4 June 6 – Start w/ brief overview of Greystone – who we are and what.

Midwest Lenders Annual Conference

2018 Midwestern Lender’s Conference 221(d)(4) Panel

2018 Midwestern Lender’s Conference 221(d)(4) Panel

Getting the Most Out of Alternative Financing Sources

Putting It All Together

HFC Public-Private Partnership Basics

Preserving LIHTC Properties After Year 15: Considerations for HFCs

Repositioning Year Properties

Developing Cooperative HOusing

Affordable Housing Developers Survey

Lease and Real Estate Service in Austin, Texas.

Example of Public Private Partnership

Presentation transcript:

RAY LANDRY DAVIS-PENN MORTGAGE CO. What’s New with HUD Processing

Transformation Transformation of the Ft. Worth HUB is complete  Houston and San Antonio Production Offices were eliminated Single Underwriter Model now in place for all loan programs Processing times greatly reduced  221(d)4 New Construction or Substantial Rehabilitation – 54 days  223(f) LIHTC Pilot – 38 days  Rehabs up to $40,000/unit for 90%+ HAP Properties and Year-15 LIHTC Re-syndications  New Construction deals to be added to the Pilot in the near future

2015 MAP Guide More lenient underwriting requirements  221(d)4 – 1.15:1 Debt Coverage Ratio and 87% of Mortgagable Costs  1.11:1 Debt Coverage Ratio for 90%+ HAP Properties  223(f) LIHTC Pilot – 1.15:1 Debt Coverage Ratio and 87% of Appraised Value

Affordable Housing Real World Affordable Housing  A LIHTC 4% Tax-exempt Bond transaction does not work in any Texas market without some type of subsidy, grant or tax abatement What can the HFC or HA do to eliminate or reduce that gap  By becoming a member of the General Partner entity, the development Partnership is exempt from sales taxes on construction materials  150 units X $125,000/unit Construction Cost= $18,750,000 X 65% Materials Cost X 8.25% Sales Tax = $1,005,469  By owning the development site and leasing it to the Partnership, the property is exempt from property taxes

Property Tax Exemptions Austin - $800/unit  150 Units X $800 / % = $2,180,771 in additional mortgage proceeds Brownsville - $680/unit - $2,029,277 additional mortgage proceeds Dallas - $720/unit - $1,962,694 additional mortgage proceeds Houston - $1,030/unit - $2,807,742 additional mortgage proceeds Laredo - $935/unit - $2,548,776 additional mortgage proceeds Tyler - $535/unit - $1,458,390 additional mortgage proceeds

Questions Ray Landry Davis-Penn Mortgage Co N. Featherwood, Suite 120 Houston, Texas (281)