1. National Housing & Rehabilitation Association Summer Institute
July 18-21, Martha’s Vineyard, MA
Sponsors:

2. Freddie Mac TAH Express Eligible Transactions: Up to 1.20x/80% LTV
$10MM or less
Year 11+ LIHTC properties;
Long-Term HAP
Inclusionary Zoning
Up to 1.20x/80% LTV
30 Year Amortization
Lower Transaction Costs/Limited 3rd Parties
Single Counsel (same counsel for Lender & Freddie)
NH&RA Summer Institute 

3. Freddie Mac Workforce Housing Forwards
Partial Funding from Public or NFP Source (10% of UPB) – Soft Debt, Tax Abatement/PILOT, Ground Lease
80% of the Units at or below % of AMI
1.25x/80% LTV (max 90% LTC) / 30 Year Amortization
Mezzanine for Preservation/Workforce
Estimated Pricing – 500 bps over relevant index;
90% LTV/1.05x DSCR / Full Term Interest Only
Must Enter into PRAC (Freddie regulatory agreement) – Rent Limitations on a minimum of 80% of units
Minimum Affordability of 50% at 100% of AMI
Security includes a pledge of equity interests
Not available for new LIHTC transactions

4. Freddie Mac TEL (Tax Exempt Loan)
1.15x DSCR/90% LTV/35 Year Amortization
Lower Cost than Typical Bond Transactions;
Immediate Funding & Forwards
Fixed & Variable
Widely Accepted
$3.2B+ in UPB
200 Transactions
33 States

5. Fannie Mae M.Teb Reduced Occupancy Affordable Rehab (ROAR)
1.15x DSCR/90% LTV/35 Year Amortization
Immediate Funding (can be used on forwards)
Excellent Rates
Public Offering of Bonds
Reduced Occupancy Affordable Rehab (ROAR)
1.15x / 90% LTV / 35 Year Amortization
Fixed and/or Variable
Up to $120,000/unit in Rehab, up to 18 months
Occupancy Floor of 50% LTV / 1.0x DSCR I/O during Rehab

6. Estimated Rates (as of 7/16/18) for Both Fannie/Freddie
Bonds (assumes 15 Year + Term)
Immediate: %-4.90%
Forward: %-5.40%
10 Year Preservation 4.25%-4.75%
7 Year Preservation 4.25%-4.75%
7 Year ARM L