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

Slides:



Advertisements
Similar presentations
Working with HUD Randall Kelly, Esq. Nixon Peabody LLP Washington, DC.
Advertisements

BASICALLY CDBG Kathleen M. Bialas OGC/HHQ/HUD Pages in Book: None 1.
HOUSING TAX CREDIT MODERNIZATION PROPOSALS Richard S. Goldstein Nixon Peabody LLP October 19, 2007.
2010 WAP State Managers’ Meeting Multifamily Buildings Weatherization and Intergovernmental Program Office of Energy Efficiency and Renewable Energy September.
HOPE VI Main Street Contact Lawrence Gnessin Office of Public Housing Investments, Washington Presented by Shawn M. Sweet Cleveland.
U. S. Department of Housing and Urban Development September 13, 2005.
Advocating for Persons with Disabilities as a Housing Priority: Discussion of Proactive Ways to Providing Accessible Housing Presented by Barbara Chandler.
Preservation: HUD’s Re-Development Program Can be Part of Your Preservation Plan July 28-30, 2014 Hilton Hotel Austin, TX.
Rental Assistance Demonstration (RAD) PIH Notice , REV-1
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.
NEIGHBORHOOD STABILIZATION PROGRAM A Component of HUD’s Community Development Block Grant (CDBG) Program.
HOUSING CHOICE VOUCHER PROGRAM PROJECT-BASED ASSISTANCE.
Rental Assistance Demonstration (RAD) PIH Notice
HOME INVESTMENT PARTNERSHIPS PROGRAM 24 CFR Part 92.
Affordable Housing Changing Policy Focus Need for Affordable Housing From Supply to Demand Side From Federal to State & Local Governments Dominant Policy.
Affordable Housing Preservation Summit An Overview of Financing and Servicing Options. Wells Fargo Bank Reine Yazbeck.
Housing 101. Section 8 of the Housing and Community Development Act of 1974 Types of Section 8  New Construction and Substantial Rehabilitation  Moderate.
Rental Assistance Demonstration (RAD) Opportunity July 13, 2015 Resident Information Meeting Housing Authority of the City of Milwaukee.
Chapter 15 Federal Subsidies and Grants for Housing.
Emily Cooper Technical Assistance Collaborative, Inc. Key Features of HUD’s Low Income Programs.
2008 Real Estate Update Public Housing Authority Capital Grants and Other Funding Michael Hawes Reardon Nixon Peabody LLP December 12, 2008 San Juan, Puerto.
Commonwealth Housing Forum 2004 Presentation by Milton R. Pratt, Jr. HUD Regional Director Wednesday, December 15, 2004.
1 Area Development The Entergy name and logo are registered service marks of Entergy Corporation and may not be used without the express, written consent.
 Pat Compton – Housing Development Specialist  DEPT OF ECONOMIC DEVELOPMENT  
The Low Income Housing Tax Credit Program
11/12/13 RAD FOR MOD REHAB PROPERTIES MTM Consulting LLC.
Millennial Housing Commission Housing Program Tutorial, June 2002 Millennial Housing Commission Federal Housing Assistance Millennial Housing Commission.
1 Acquisition, Relocation and Displacement For Local Officials.
Low Income Housing Tax Credits, Tax Exempt Bonds, and Partnership Agreements Workshop HAND Educational Presentation January 15, 2015 Margo BeVier. Stern,
Property Acquisition, Demolition, Rehabilitation & Relocation The Uniform Act, and Section 104(d) – What you need to know for the Neighborhood Stabilization.
Permanent Supportive Housing with Project Based Voucher Assistance June 13, 2008.
Housing Vouchers By Schanda Butcher. Housing Vouchers effect all of us and plays an important role in the growth and development of our communities.
Utah Housing Corporation Low-Income Housing Tax Credit Program Presentation By W. Robin Kemker LIHTC Technical Specialist Utah Housing Corporation.
H.C. Peck & Associates, Inc. A National Land Service Company Relocation Under HUD Section 18 (P.S. - it’s not the URA ) Relocation Under HUD Section 18.
Montgomery County Affordable Housing PILOTs.  Why Have PILOTs? – Benefits: –They lower the on-going operating expenses of a property –Allows an owner.
The American Recovery and Reinvestment Act of 2009 Low-Income Tax Credit Provisions Beth Mullen March 5, 2009.
MFP Qualified Housing Home owned or leased Apartment with individual lease, secure access, as well as living, sleeping, bathing and cooking areas over.
Community Planning and Development Programs. CPD Terms Office of Community Planning and Development – We provide funding to local governments and States.
OneMECK Affordable Housing Overview January 5, 2016.
RAD-All the Latest News! Texas Housing Conference July 28-30, 2014 Hilton Hotel Austin, TX.
Asset Management’s Seat at the Table or Creating an Asset Management Organizational Culture Presented by: Molly Rogers Director of Asset Management May.
CT811 Informational Overview Session MAY 10, 2016 HARTFORD, CT.
Section 811 Webinar During the webinar, we will be holding a Q and A session through the GoToWebinar phone system. If you would like to ask questions.
Reforming the HUD Section 811 Program Andrew Sperling – NAMI Ann O’Hara February 15, 2011.
Ann O’Hara Technical Assistance Collaborative
Wyoming Community Development Authority Financing Affordable Housing in Wyoming Housing Trust Fund (HTF) Public Hearing June 9, 2016 State of Wyoming Citizen.
Imagine a World without HUD: A look at Alternative Financing Options Presented by Gates Dunaway and Amy Schectman LeadingAge Annual Meeting Nashville,
Housing Options 101 Workshop September 9, Housing Options 101 Workshop2.
Wyoming Community Development Authority Financing Affordable Housing in Wyoming Wyoming Community Development Authority National Housing Trust Fund (NHTF)
National Housing Trust Fund Allocation Plan Input Meeting Brittney Daise  07/13/2016.
HOUSING POLICIES UPDATE & CALENDAR A BRIEFING TO THE HOUSING COMMITTEE JUNE 6, 2016.
Affordable Housing What is affordable housing?.
Recommended Practices in Housing Credit Compliance
Oklahoma Housing Finance Agency
U.S. Department of Housing & Urban Development
ARRA and HUD: Promoting Energy Efficiency & Creating Green Jobs
Low Income Housing Tax Credits
AFFORDABLE HOUSING OUTLOOK: FEDERAL BUDGET, POLICY & TAX REFORM
Using LIHTCs to Preserve Rural Affordable Housing
LIHTC Basics: Affordable Housing 101
TX Rural Housing Preservation Academy Housing Tax Credits
Rental Assistance Demonstration (RAD) Final Notice Overview
CDBG-DR Affordable Rental Housing Program
RAD Program Overview.
National Housing Trust Fund (NHTF) Public Hearing August 4, 2016
Housing & Economic Development Committee May 5, 2009
Hurricane Harvey Affordable Rental Housing Program
The American Recovery and Reinvestment Act of 2009 Low-Income Tax Credit Provisions Beth Mullen March 5, 2009.
2019 CDBG and HOME Applications
Presentation transcript:

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

4/30/20152 Basic Definitions  HUD-subsidized project means a project whose owners or tenants receive payments for rent or operating expenses.  Subsidy provides qualified tenants a way to pay less rent for their units. The Major program is called Section 8 and includes Project Based and Tenant Based Rental Assistance.  Carries use and affordability restrictions. Assistance contracts are common.  Projects can be both HUD-subsidized and HUD- insured. They also can be one or the other.

The Section 8 Program was authorized by Congress in  Provides Rental Subsidies for eligible tenant families (including single persons) residing in newly constructed, rehabilitated and existing rental apartments.  Code of Federal Regulations Under 24 CFR Provide Guidance Relative Section 8 Program.  880 Section 8 New Construction  881 Section 8 Substantial Rehabilitation  882 Section 8 Moderate Rehabilitation  883 Section 8 State Housing Agencies  884 Section 8 New Construction Set-Aside for Section 515 Rural Rental Housing Developments 4/30/20153

Code of Federal Regulations (continued)  886 Section 8 Special Allocations  888 Section 8 Fair Market Rents and Contract Rent Annual Adjustment Factors  891 Supportive Housing for the Elderly and Persons with Disabilities 4/30/20154

Multifamily Assisted Housing Reform and Affordability Act of 1997 (MAHRA)  Renewal rents based on market instead of Fair Market Rent (FMR)  Multi-year contract subject to appropriations  Authority to renew project based contracts  With or without restructuring  Most rents set at market  Exception rents for certain projects 4/30/20155

6 Project (Asset) Management Function  Project (Asset) Management administers both HUD-insured and HUD-subsidized projects.  Each project is assigned to a project manager. Fort Worth Multifamily HUB jurisdiction covers the State of Texas.

Example of 9% HTC Leveraged Deal Gulf Coast Arms Apartments, Houston, TX; Section 221d3, 160 Units, 100% Section 8 Subsidized, % HTC Award with other Funding Sources, Total Reconstruction Funding Sources: HTC $1,750,000, CDBG $6,750,000, Conventional Financing $3,750,000 Relocation of Residents for months Project reconstructed Platinum LEED Green Residents moved back in first building June /30/20157

8

9

10

4/30/201511

4/30/201512

4/30/201513

4/30/201514

4/30/ Project (Asset) Management Function  Region VI Web site can be found at:

4/30/ Other Funding Considerations State (TDHCA) Low Income Housing Tax Credits (LIHTC) State Bonds City/County HOME & CDBG Funds TDHCA HOME & CDBG Funds

4/30/ Housing Tax Credits Created by the TAX Reform Act of Section 42 of the Internal Revenue Code of Used to direct private capital towards affordable housing To qualify development must be new construction or substantial rehabilitation. A total of four or nine percent based on rent restricted units offered.

4/30/ State Bonds Multifamily Housing Revenue Bond Rule, Title 10, Par 1, Chapter 35, Texas Administrative Code. Used to construct, acquire, rehabilitate, operate, manage, or maintain a Development. Tenants must be low income, very low income, or extremely low income.. Issued in varying denominations. docs/07-BondRule.pdf

4/30/ State of Texas HOME Funds Funds are provided to States, City, and local government on a formula allocation base. Funds can be used to acquire property, construct new housing, moderate or rehabilitate housing, site improvements, demolition of dilapidated housing, pay for relocation, and other reasonable expanses. Bricks and mortar program for affordable housing. City or Local Government administered. home/index.pdf

4/30/ Questions