The Development Team Texas Rural Rental Housing Preservation Academy Session #4 June 6 – 7 2018 Start w/ brief overview of Greystone – who we are and what.

Slides:

Advertisements

Similar presentations

Ownership Changes During the Compliance Period: structuring general partner transfers and secondary market sales Tom Mangum Vice President National Tax.

Advertisements

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

How Credits Become Capital: When and How to Syndicate Incentives for Historic Preservation in Detroit Thursday, June 5, 2008 The Detroit Athletic Club.

Structuring General Partner Transfers During the Compliance Period By: Thomas A. Giblin Nixon Peabody LLP.

Turning Your Tax Credits into Cash Iped Tax Credits 101, October 16, 2008 Presenter: Gayle Manganello Ellis, PNC MultiFamily Capital.

PREPARING FOR YEAR 15 By: Thomas A. Giblin Nixon Peabody LLP

Business and Legal Issues in Developing Vacant Land and Underutilized Existing Buildings Jeffrey G. Wright Nixon Peabody LLP June 28, 2007.

Commercial Real Estate Services P.O. Box 997 Snoqualmie, WA Phone (425) Fax (425)

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

September 13, 2013 NALHFA Workshop The Trustee Role on 4% Tax Credit Multi-Family Housing Bonds Presented by: Greg Hasty, Vice President.

HUD 202 Recapitalization Utilizing Tax Exempt Bonds and Tax Credits to Meet Your Financing Needs.

Neighborhood Stabilization Program (NSP) Orange County, Florida.

A Brief Description of the Low Income Housing Tax Credit.

U.S. Dept. of Agriculture Rural Development 538 Program Offering Financial Advice and Solutions to Health Care, Senior Living, and Housing Providers. Brian.

Tax Credit Basics Nebraska Investment Finance Authority.

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

Navigating your entitlement to buy and/or sell a residence under Permanent Change of Station orders.

ADC Financing Robert Canter Vice President The Columbia Bank October 17, 2007.

Rural Housing Service Multi-Family Housing Program Overview NCSHA’s HFA Institute Conference Washington, DC January 15, 2015.

Nebraska Investment Finance Authority © 2007 Tax Credit Basics.

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

U.S. Dept. of Agriculture Rural Development 538 Program Offering Financial Advice and Solutions to Health Care, Senior Living, and Housing Providers. Brian.

How to Finance Affordable Housing with Low Income Housing Tax Credits July 10, 2007.

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

Year 15: Nonprofit Transfer Strategies for Expiring LIHTC Properties Supportive Housing Network of New York May 5, 2009 Presenters: Gregory Griffin, Director,

Confidential # v1 Issues in Real Estate Transactions Involving Affordable Rental Housing For Urban Re-Development Stephanie M. M. Smith 500.

SBA 504 Loan Program Growing Small Businesses, Jobs, Communities.

How Credits Become Capital: When and How to Syndication Incentives for Historic Preservation in Seattle Conference Thursday, July 12 Seattle, WA.

Tax Exempt Bonds with 4% Low- Income Housing Tax Credits September 3, 2014 Presented by: KENT S. NEUMANN, ESQ. (202) EICHNER.

SERC 2014 Judy Vandyke, CEO/Managing Partner, BGC Holly Knight, Vice President of Development, BGC

Shelters CAN become Landlords… But it isn’t EASY!! Presenters: Deb Chausse, Executive Director Jennifer Sharkey, Assistant Director, Business and Development.

Nebraska Investment Finance Authority © 2005 Tax Credit Basics.

Asset Management’s Seat at the Table or Creating an Asset Management Organizational Culture Presented by: Molly Rogers Director of Asset Management May.

Wyoming Community Development Authority Financing Affordable Housing in Wyoming Housing Trust Fund (HTF) Public Hearing June 9, 2016 State of Wyoming Citizen.

OVERVIEW OF THE AFFORDABLE MULTIFAMILY HOUSING DEVELOPMENT PROCESS.

Investment Program Overview

LIHTC: Real World Considerations and Advocacy Issues

Compliance Challenges in the RAD Portfolio June 22, 2017

Agenda Introductions Overview of Tax Exempt Bonds

Mortgage 101 Training for The ________ Team

Understanding Investor Exits

Solar Market Pathways Leadership Academy

City of dayton department of economic development

National Council of State Housing Boards

TRANSACTION DISCUSSION

AFFORDABLE HOUSING DEBT FINANCING

Overview of Stakeholders and Key Roles

Multifamily Partnership Opportunities Annual Conference of the

Using LIHTCs to Preserve Rural Affordable Housing

Tax credit transactions

LIHTC Basics: Affordable Housing 101

Partnerships & Joint Development

Seller considerations

Successful efforts need coordinated and cooperative stakeholders

Texas Community College District Financing Options and Process

Oakland Housing Authority MTW Conference May 2, 2018

Balanced deal Rehab cost ($20K) Seller payment ($20K)

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

Portfolio transactions – Case study

Getting the Most Out of Alternative Financing Sources

Putting It All Together

San Diego Housing Commission Final Bond Authorization for West Park

HFC Public-Private Partnership Basics

Single Family Housing Opportunities. . .

Preserving LIHTC Properties After Year 15: Considerations for HFCs

NAVIGATING THE RAD PROCESS

Example of Public Private Partnership

Negotiating the Partnership Agreement

Presentation transcript:

The Development Team Texas Rural Rental Housing Preservation Academy Session #4 June 6 – 7 2018 Start w/ brief overview of Greystone – who we are and what we do. And more importantly, what my team does in ways of preservation of affordable housing in the rural space across the country … Also hope it will put into context a little about us and our mission, our passion. Copyright © 2017 Greystone & Co., Inc. All rights reserved.

TEAM Defined A group of people with a full set of complementary skills required to complete a task, job, or project Copyright © 2017 Greystone & Co., Inc. All rights reserved.

The Development Team: The Players Owner / Borrower Manager / Operator The Developer Development Partner / Consultant Legal Counsel – Developer / Borrower Equity Investor Lender General Contractor Architect Issuer – Tax-Exempt Bond Investment Banker / Bond Underwriter Third-Party Report Providers Rural Development State Housing Finance Agency Copyright © 2017 Greystone & Co., Inc. All rights reserved.

Owner/Borrower & Operator/Manager Control Real Estate & Property Operations Origins - Developed and/or Acquired Legal Structure – Partnership & LLCs Financial Strength & Ownership Experience Property Management Owner Managed and/or Third-Party Marketing & Leasing Staffing – On-site Staff, Regional Manager Housing Credit Experience Communication is Key! Built, owned, or through acquisition Owned via legal entities, not in individual names Financial Strength – guarantees as required by lender / investor, operating deficit reserve; HFA ownership requirements Strong Property Management NEEDED Marketing Leasing - occupancy tied to financial commitments to investor, credit delivery Housing Credit Experience – compliance, tenant files, qualifying tenants Communications with residents Copyright © 2017 Greystone & Co., Inc. All rights reserved.

The Developer & Development Partner / Consultant “The Quarterback” Affordable Housing Development Experience Due Diligence through Construction Closeout and Place In Service Financial Strength Human Capital “The Outsourced Quarterback” - fill Gaps and/or Shortfalls Turn-Key Developer Specific Skill Sets Underwriting, Applications, Construction Management, etc. Add Capacity – High Volume Experience, often threshold requirement by HFAs From beginning to end DD, Underwriting, Initial Closing, Construction Management, Close-out, CC, PIS, stabilization Financial, predevelopment expenses, bond allocation fees, application fees, third-party reports Financial, requirements from investor construction completion, tax credit delivery, ODR? Human Capital, day jobs Fee developer Specific skill set High Volume, not brain surgery, timing…stale reports, dollars etc. Copyright © 2017 Greystone & Co., Inc. All rights reserved.

Developer / Borrower Counsel “The Legal Quarterback” Experience and Capacity Typical Scope of Services Title and Survey Real Estate Draft Organizational Documents Review, Advocate, and Negotiate Terms Debt Bond Equity Draft Legal Opinions Copyright © 2017 Greystone & Co., Inc. All rights reserved.

Equity Investor Provide Equity Funds Direct Investor / Syndicator Investor Type: Financial/Yield & CRA(Community Reinvestment Act) Identify & Market to Potential Investors Review Offers Pricing (& Terms!) Portfolio – Ability to Execute Copyright © 2017 Greystone & Co., Inc. All rights reserved.

Lender Provide Debt Local / Community Bank HUD / FHA Debt Agency Debt FNMA FRE Rural Housing Service, 538 Loan Program Copyright © 2017 Greystone & Co., Inc. All rights reserved.

General Contractor All Things Construction Experience Rehab vs. New Construction Rehab, Single Site Rehab, Tenant In-Place Rehab, Tenant In-Place, PORTFOLIO Financial Resources Human Capital Pre-Closing / Post-Closing Copyright © 2017 Greystone & Co., Inc. All rights reserved.

Architect Construction Oversight & Contract Administrator Experience & Capacity Rehab vs. New Construction Plans and Specs Pre-Closing & Post-Closing Responsibilities Construction Draw Inspections Change Orders Copyright © 2017 Greystone & Co., Inc. All rights reserved.

Issuer of Bonds & Investment Bank/Bond Underwriter Tax-Exempt Bonds Access Multifamily Volume Cap Issuer Type Local Relationships for State-Wide Issuance State-wide Investment Bank Selection Process Experience Copyright © 2017 Greystone & Co., Inc. All rights reserved.

Third-Party Report Provider CNA, Appraisal, Market Study Contract & Engagement Letters approved by state Experience & Capacity Communication & Transaction Timeline Copyright © 2017 Greystone & Co., Inc. All rights reserved.

Rural Development & Housing Finance Agency State Office National Preservation Team Keys to Castle TDHCA Access Housing Credits Access MF Volume Cap Copyright © 2017 Greystone & Co., Inc. All rights reserved.

Thank you Will Eckstein Senior Vice President Greystone Affordable Development 4025 Lake Boone Trail, Suite 209 Raleigh, NC 27607-2986 (919) 573.7516 Will.Eckstein@greyco.com Copyright © 2017 Greystone & Co., Inc. All rights reserved.