Key RA Issues – January 2018 Will RD Make RA available for preservation and servicing during FY 2018 Gap between outlays and obligation $194 million during.

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Presentation transcript:

Reality #1 – It’s all about the RA (95% of RD’s MFH BA ) – mostly for annual RA contract renewal

Key RA Issues – January 2018 Will RD Make RA available for preservation and servicing during FY 2018 Gap between outlays and obligation $194 million during FY 2016 RD offered $50 million to be cut in FY 2017, stating that RA not needed for FY 2017 renewals – fortunately, the proposed cut was not made. Tremendous unmet need – tenants overburdened, projects struggling Even though the last prepayment UNL discouraged incentives, RA incentive waiting list now has over 1,000 RA units requested. “Unused” RA in active projects now being redeployed by some states, but RA in paid off projects has not been made available. Past success – every $1 million (225 units) of incentive RA saves 10 projects. Making RA available for preservation and servicing during FY 2018 and beyond Notes to President's proposed FY 18 budget indicates steady RA funds but zeros out 515, MPR for preservation, and 514/516 FLH. Losing 1,290 units RA units each year from paid off projects. Mortgage maturity losses coupled with prepayments increasing rapidly and latest study says $5.6 billion in accumulated capital needs – How to address without RA?

USDA occupancy reports show RA units being used peaked in FY13 – the portfolio is now losing roughly 1,290 RA units a year from projects that prepay or reach mortgage maturity

Outlays (red) peak at $1. 196 B and Obligations (green) peak at $1 Outlays (red) peak at $1.196 B and Obligations (green) peak at $1.390 million in FY2016 – Surplus used to forward fund replacements rather than on servicing or preservation Data in millions – Estimates for FY 17&18 obligations and outlays Rural Housing Preservation Associates, LLC - contact Larry Anderson at landerson@rhpallc.com

GAP between RA Outlays and Obligations (millions)

Key Voucher Questions – January 2018 Will vouchers be available for prepaid projects for FY 2018? FY 2015 $7 M available $15.6 M used FY 2016 $15 M available $19.4 M used FY 2017 $18 M available $22 M used FY 2018 $20 M available $25 M needed (estimate) Will there be enough funding? If not what will priorities be? Will they be made available for projects with maturing mortgages (change to appropriation bill required)? Will owner obligations to honor restrictions regardless of voucher funding be affected by legal action (WA State)?