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Florida Supportive Housing Coalition Lenders’ Panel
Orlando • September 23, 2019
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OUR VISION Opportunity and dignity exist for every person and community in Florida. OUR MISSION Our expertise and capital make projects successful and help organizations improve lives and communities.
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FCLF EXISTS ECONOMIC MAINSTREAM
to maximize opportunities for people and places outside of the ECONOMIC MAINSTREAM
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FCLF LENDS FOR… AFFORDABLE HOUSING COMMUNITY FACILITIES HEALTHCARE
FOOD ACCESS
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ALL FCLF LOANS… Must be in low- income communities or for low-income residents Must have a community development or social services purpose Loans are to organizations and businesses (not individuals)
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FCLF SUCCESS STORIES
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SUCCESS STORY: Wayne Densch Center Orlando
77 units of permanent supportive housing for formerly homeless, developed by Ability Housing $2.57 million FCLF financing, construction/term loan $8.9 million total project cost Orange County funding through SHIP and HOME programs
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SUCCESS STORY: Wayne Densch Center Orlando
Financing Structure/Partners: FCLF Construction / Term Loan (1st Mortgage) $2,570,000 Other Charitable Donations $500,000 Other Bank Financing $40,000 County SHIP Loan $1,000,000 County HOME Loan FHLB-Atl AHP Grant (FCLF sponsor) Equity / Deferred Development Fee $420,257 TOTAL PROJECT FUNDING $6,030,257
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SUCCESS STORY: Haley Park Apts., Tampa
80 apts, low-income seniors Developer Wendover Housing FCLF financing for new construction and permanent 15 year loan $15 million total project cost $960,000 total FCLF financing Additional funding from FHFC, County, LIHTC, & others Convenient to VA hospital, green- built, with amenities including pool, fitness center, hair salon, dog walk
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SUCCESS STORY: Haley Park Apts., Tampa
Financing Structure/Partners: HFAHC Tax Exempt Bond Proceeds $6,750,000 Bond Redemption Fund (6,750,000) FCLF Construction/Perm Loan ,000 FHFC SAIL Loan (2nd Mortgage) 2,300,000 FHFC SAIL ELI Loan (3rd Mortgage) ,000 County NSP Loan (6th Mortgage) 1,050,036 County HOME Loan (4th Mortgage) 2,425,280 County SHIP Loan (5th Mortgage) 1,703,720 LIHTC Equity ,947,582 Deferred Development Fee/Other ,092 TOTAL PROJECT FUNDING: $14,568,710
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SUCCESS STORY: SCLAD, Hialeah
24 affordable apartments, fully handicap accessible Developed by Spinal Cord Living Assistance Development (SCLAD) $790,000 FCLF financing, 2 loans $6.8 million total project costs Villa del Este (6 apts) and Le Jeune Gardens (18 apts) SCLAD has resource & service center nearby
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THE RESULT: HIGH SOCIAL IMPACT IN LOW-INCOME COMMUNITIES
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5,966 housing units 492,000+ FLORIDIANS
151 Facilities, 2.2 million sq ft 15,181 jobs created or retained 492,000+ FLORIDIANS receive essential social services every year cumulative through 12/31/2018
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WHY FCLF? We are willing to… Commit early in a project
Structure loan rate and terms to meet the cash flow needs of our borrower Access other conventional and nonprofit lenders Assume a higher risk
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OVERVIEW OF LOAN PROGRAMS
FCLF: OVERVIEW OF LOAN PROGRAMS
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COMMUNITY DEVELOPMENT
LENDING GUIDELINES LOAN SIZE $5 million maximum Larger may be available through partnerships LOAN TYPES Acquisition & pre-development Construction & rehabilitation Lines of credit Term & permanent loans Refinancing in certain situations COLLATERAL Loans must be secured Loan-to-value (LTV) will vary based on collateral type, typically 70% to 90% TECHNICAL ASSISTANCE Free technical assistance may be available in some cases; FCLF will cover the cost. Technical assistance may be delivered by FCLF staff, Florida Housing Coalition, or others.
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COMMUNITY DEVELOPMENT
LENDING GUIDELINES LOAN TERMS Fixed rates 4.625% to 6.0%, depending on term Origination fees typically 0.5% to 1% No prepayment penalties 1.15x minimum DSC based on stabilized NOI (1.30x for community facilities) No or minimal legal fees on typical transactions Terms up to 10 years (in some case up to years) Amortizations up to 35 years
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CONTACT US RICH ROLLASON OUR LENDING TEAM DEVELOPMENT OFFICER
Orlando OUR LENDING TEAM Cindy Ross, East & North Florida Jim Walker, South & Southwest Florida Rick Khan, Central Florida NELSON BLACK CHIEF LENDING OFFICER Tampa 800 N MAGNOLIA AVE • SUITE 106 • ORLANDO FL 32803
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THANK YOU! Questions?
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