Case Study Texas Rural Rental Housing Preservation Academy

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Presentation transcript:

Case Study Texas Rural Rental Housing Preservation Academy June 7, 2018

Case Study Acquisition of failing 515 project by mission driven NP Short sale, acquired for appraised value Small Complex (18 units) in very rural community Loss of subsidy and affordability can not be replaced Original construction/loan: 1975 Major rehab with LIHTC: 1998 Investor exit: 2013

Case Study RD had a loan in default, unpaid property taxes, out of state ownership, poor property maintenance Initiated foreclosure process Negotiations took some time, original owner difficult to work with NP made the case to funders to save the affordability

Case Study Total Project Cost $1,313,000 $830,000 physical improvements $175,600 for rehabilitation (12 units) $654,400 new construction (6 units) $315,000 property acquisition (short sale)

Case Study Sources of financing RD-USDA $315,000 West Virginia Trust Fund $215,000 Federal Home Loan Bank AHP $500,000 West Virginia HOME funds $150,000 Private bank loan $85,000 Owner equity $48,000 Total: $1,313,000

Case Study Reconfigured property now has 12 two bedroom units financed by RD-USDA with rental assistance One six unit building split off from deed allowing tear down of damaged building (water, settling issues) New building has 8 one bedroom units with no RD overlay, have HOME rents, affordable. County H.A. providing vouchers for one bedroom units

Case Study Factors for success Committed NP preserving affordable housing Local ownership Good relationship with H.A. for vouchers Supportive elective and public officials Strategy/plan for acq/rehab had flexibility Great communication between NP and funders Persistence Patience