Housing Resources October 28, 2015 Laura Rye – Community Investment Relationship Manager

Funding Resources First Front Door Up to $5,000 per home Approx. $6 million available in 2015 Affordable Housing Program Up to $500,000 per project Approx. $24 million available in 2015 Income Limits 80% of Area Median Income (AMI) Family of 4 - $51,700 50% of Area Median Income (AMI) Family of 4 - $32,300

First Front Door (FFD) Member enrollment Funds reimbursement Homebuyer registration Loan closing First Front Door (FFD) provides grant assistance toward down payment and closing costs to families at or below 80 percent of the area median income. The FHLBank will match the homebuyer's contribution $3 for every $1 provided by the homebuyer, up to $5,000. 3

AHP Process: How Does it Work? AHP is a subsidy program that supports the development of affordable housing –Households at or below 80 percent of area median income –Grants up to $500,000 or low-interest loan options –Competitive application process Various project types: –Rental, homeownership or owner-occupied –New construction and/or rehabilitation –Competitive application process AHP funds are applied for by a participating member on behalf of a project sponsor 4

Helping Your Community Grow: Real Life Story Wayne, West Virginia United Bank “Our community will be strengthened by this… …We’ve taken what once was an empty building and converted it into a productive place again, spurring investment and development. You can see other building owners throughout town following suit.” – Brett Jones, Executive Director of Housing Authority of Wayne County 5

Fairmont City Rehab: Owner Occupied Rehab Fairmont Morgantown Housing Authority Fairmont, WV United Bank TDC: $149,417 AHP: $146,917

Carewood Apartments: New Construction for Homeless and Special Needs Housing Authority of Mingo Delbarton FNB Williamson AHP: $329,000 TDC: $548,849

Negley Neighbors Andy Haines, S & A Homes East Liberty Development, Inc. Citizens Bank of Pennsylvania AHP: $180,000 TDC: $6.7 million The Negley Neighbors project turned 14 vacant or blighted properties into 49 low-income rental units in a historic neighborhood on the cusp of transformation.

Negley Neighbors (Before pic below) Image Source:

Case Study: AHP/LIHTC Negley Neighbors Financing Plan Equity from investor leveraged from Low Income Housing Tax Credits, and Historic Tax Credits Bank loan (Conventional Loan) FHLBank AHP ($180,000) Urban Redevelopment Authority of Pittsburgh LISC Funds Total: $ 8,200,000

Negley Neighbors (post pic below) (After)

Iroquois Hotel Conversion Image Source:

Case Study: AHP/LIHTC Iroquois Hotel Conversion Image Source: Financing Plan Equity from investor leveraged from Low Income Housing Tax Credits Bank loan FHLBank AHP ($250,000) Cumberland County HOME Donated property (CDBG) ARRA (Tax Credit Assistance Program) Total: $ 3,105,569

Iroquois Hotel Conversion Image Sources: ;

Questions? Contact us: Laura Website: under Housing and Community First Front Door website: