Permanent Loans for Supportive Housing

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Presentation transcript:

Permanent Loans for Supportive Housing

Soft/Subordinate Debt Soft Debt = Junior to first mortgage Does not require repayment if program continues Requires adherence to program and income restrictions

DHCD’s Supportive Housing Resources Funded through general obligation bonds Managed by CEDAC under contract to DHCD Pair with local funds, bank loans, LIHTC, other DHCD resources, operating subsidy, etc. Awarded competitively in annual rental rounds and dedicated supportive housing rounds

Housing Innovations Fund (HIF) Established 1987 $257,048,239 awarded to 526 projects with 13,557 units For innovative housing, including limited equity co-ops, SPO housing, and service- enriched housing for veterans, seniors, formerly homeless families and individuals, and others. Non-profit developers only

HIF Populations (1000s)

Facilities Consolidation Fund (FCF) Established 1993 $142,697,542 awarded to 418 projects with 2,447 FCF units. Serves clients of the Department of Mental Health and Department of Developmental Disabilities, with group homes and integrated rental housing. Non-profit and for-profit developers

Community Based Housing (CBH) Established 2006 Awarded $50,328,869 to a total of 108 projects with 351 CBH units. Enhanced accessibility for persons whose disability places them at risk for institutionalization or homelessness Non-profit and for-profit developers