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Published byClaude Roger Maxwell Modified over 9 years ago
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Interfaith Housing Development Corporation of the Maryland Eastern Shore, Inc. 103 Gay Street Denton, Maryland 21629 Telephone: 410-479-3000 Fax: 410-479-4409 Paul J. Washo, Executive Director Paul @ ihdc.biz “By wisdom a house is built, and by understanding it is established”
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Interfaith Housing’s Mission “To help provide decent, safe, affordable housing and supportive services for those in need”
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Who & What ? Not-for-profit, 501(c)(3) Established in 1989 Affordable Housing Development Single Family & Multi-Family Housing Rehabilitation & New Construction Development Consultant, Partner, Owner CDHO for Caroline County Administrator of CDA Special Loans Other supportive housing services
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Interfaith’s Primary Roles and Achievements Affordable Housing Development Thirteen multi-dwelling projects completed 9 Maryland counties served to date 350 new or rehabilitated units $35 million in project construction to date Maryland Housing Rehabilitation and Lead Hazard Reduction Programs for qualified home owners Over $500K in Special Loans funds for 2 counties served during fiscal 2005 Several hundred families and individuals served
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Workforce/Affordable Housing Hurdles, Obstacles & Solutions
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Hurdles, Obstacles, Challenges Once the need for Workforce/Affordable Housing is clearly established within a community... Public opinion Fear of the unknown Local Support Land availability & cost Construction costs Funding Weather delays Marketing Operating Maintaining Sustaining
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Solutions?
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NIMBY Not in my back yard ! Share information early and often Offer a quality housing product that is well-planned and self-sustaining Clearly demonstrate how the community benefits... how is the project a “win-win” for everyone?
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Form Partnerships & Alliances Religious Organizations Citizen’s groups Local Government State Legislators Local Businesses
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The Funding Challege Ins, Outs, Ifs, Ands or... ! HOME MHRP RHPP LIHTC CDBG PILOT MAHT CITC AHP Rural Housing Development Loans Private Loans
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Typical funding structure HOME + LIHTC+ Private Loan State of Maryland Community Development Administration (CDA) Multifamily Rental Housing Development Program COMPETITIVE FUNDING ROUND
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Combined Resources = Leveraging CDBG Funds – Local governments CITC – Community Investment Tax Credits MAHT – Maryland Affordable Housing Trust MHTC – Maryland Historic Tax Credits AHP – The Federal Home Loan Bank of Atlanta’s Affordable Housing Program ESIC – Enterprise Social Investment Corporation Low Income Housing Tax Credit syndication. Innovative Venture Awards
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Some forms of local contribution Local resolution Land Tax reduction Fee waivers In-kind Business & private donations
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Making the competitive funding cut How is your affordable project unique? How affordable is “affordable”? Previously unmet or special needs? Green building design elements? Tenant services plan? Other innovations and/or meaningful partnerships that meet specific housing needs within the community?
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Calvert Street Chestertown, MD New Construction 26 Units, Sale/Lease-Purchase Total Project Cost: $1,400,000
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St. Martin House Ridgley, MD New Construction 12 Units, Transitional Housing Total Project Cost: $535,000
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Tanyard Branch Federalsburg, MD New Construction 25 Units, Family Rental Total Project Cost: $1,600,000
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Dayspring Town Homes Ridgley, MD New Construction 26 Units, Family Rental Total Project Cost: $1,600,000
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Dayspring Town Homes 2 Ridgley, MD New Construction 20 Units, Family Rental Total Project Cost: $1,700,000
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Henderson School House Henderson, MD Rehabilitation 4 Units, Family Rental Total Project Cost: $240,000
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Southern Pines Lusby, MD New Construction 76 Units, Seniors Rental Total Project Cost: $5,300,000
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East New Market East New Market, MD Rehabilitation 19 Units, Seniors Rental Total Project Cost: $1,900,000
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The Maples La Plata, MD New Construction 93 Units, Seniors Rent & Own Total Project Cost: $7,800,000
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Snow Hill Seniors Snow Hill, MD New Construction 30 Units, Seniors Rental Total Project Cost: $3,400,000
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The Lodges at Naylor Mill Salisbury, MD New Construction 65 Units, Seniors Rental Proposed Project Cost: $8,800,000
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Contacts Interfaith Housing 410-479-3000 Paul@ihdc.biz Maryland Department of Housing & CD http://www.dhcd.md.state.us The Federal Home Loan Bank of Atlanta http://www.fhlbatl.com Enterprise Social Investment Corporation http://www.esic.org
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Interfaith Housing Development Corporation Board and Staff – April 7, 2005
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Interfaith Housing Development Corporation of the Maryland Eastern Shore, Inc. 103 Gay Street Denton, Maryland 21629 Telephone: 410-479-3000 Fax: 410-479-4409 Paul J. Washo, Executive Director Paul @ ihdc.biz “By wisdom a house is built, and by understanding it is established”
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