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Published byTamsyn Ross Modified over 8 years ago
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1 Bending the Cost Curve – Strategies & Considerations New Construction Average TDC YearAverageNew York CaliforniaAlabama 2012$188,000$242,000$333,000$159,000 2013$183,600$246,000$381,000$164,000 2014$192,600$279,000$383,000$172,000 Hard to compare 2012 – 2014 increase –Nationally 4.9% –CA 15% –NY 15.3% –Al 8.1% RJTCF Recent Portfolio properties closed since 2012 –231 properties 157 New and 74 Rehab –35 states + DC –$3.1BN in TDC –17,049 units
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Promote Cost-Effectiveness through Consolidation, Coordination, and Simplification Coordinate and consolidate monitoring and due diligence activities Market studies, appraisals, ESAs, pre construction and construction monitoring Participation structure Typical in large loans Equity has different risk profile / recourse Remove Barriers to Reducing Construction Costs and Delays Implement smart parking Review unit size and amenity requirements Bending the Cost Curve – Strategies & Considerations 2
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3 Facilitate a More Efficient Deal Assembly and Development Timeline Adopt efficient deadlines for deal assembly and project development Specified closing dates Improve and Align Incentives Provide flexibility in housing credit allocation amounts i.e. lower allocations Bending the Cost Curve – Strategies & Considerations
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4 Improve the Flexibility of Existing Sources of Financing and Create New Financial Products to Better Meet Needs Reserves Substitute guarantees for a portion of reserves Explore opportunities for corporate-level or pooled reserves Provide greater flexibility in 4% LIHTC investments Support the Development and Dissemination of Information and Best Practices What is the appropriate way to measure cost? Per unit, square foot, per bedroom How about Bending the Cost Curve – Strategies & Considerations
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James Horvick VP, Director of Originations Office: (727) 567-1964 Mobile: (813) 503-6002 james.horvick@raymondjames.com ____________ rjtcf.com raymondjames.com ____________ Raymond James Tax Credit Funds, Inc. 880 Carillon Parkway I St. Petersburg, FL 33716 Toll Free: 800-438-8088 I Fax: 727-567-8455 Raymond James Tax Credit Funds Contact Information 5
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