Transcript Document
Department of Local Affairs Division of Housing May 13, 2015 2 Division of Housing The Division of Housing (DOH) was created by statute in 1970 to improve the access of all Coloradoans to decent, affordable housing. DOH has an Advisory Board, Division Director and Staff to manage allocation of federal and state funds, manage Section 8 programs and certify all manufactured housing in Co. 3 Division of Housing Mission and Roles Gap Financing Statewide Housing Authority Codes & Manufactured Housing 4 State Housing Board Division of Housing A seven member board that advises Governor, and General Assembly on state housing issues Reviews requests for funding from across the state at monthly board meetings 5 DOH Budget Division of Housing 2013 2014 HDG (state) $4,200,000 $8,200,000 HDLF (state) $1,214,000 $1,214,000 HOME $4,542,000 $4,638,500 CDBG $2,685,000 $2,730,000 ESG $1,420,000 $1,674,830 NSP PI up to $8 M CHIF (state) $13.2 $23 M 6 Funding Sources Division of Housing Funding Affordable Housing in Colorado 7 Funding Sources Division of Housing Federal CDBG: DPA and SFOO Rehab, Land Acquisition, or acq/rehab of property HOME: CHDO, acq/rehab, new construction, DPA and SFOO Rehab NSP (Neighborhood Stabilization): Eligibility by neighborhood ESG: Homeless Assistance CDBG-DR – Federally designated counties 8 Funding Sources Division of Housing State HDG - Housing Development Grant, state general fund HDLF - Housing Development Loan, state general fund 9 CHIF Division of Housing Custodial Funds $36 Million Revolving Loan Pool • Low interest, short-term loan pool • 30% of fund can convert to long-term debt (housing for people with special needs can exceed 30% cap) • $3 million max loan • Preference for projects using CDFI funding What we fund 10 Division of Housing Preservation of affordable housing Acquisition and Rehabilitation New Construction Rental and SF Housing Downpayment Assistance and Owner Rehab Special Needs Housing Permanent Supportive Housing Homeless Shelters Transitional housing TBRA Operating for CHDOs 11 Application Process Division of Housing • Pre-application meetings with Development Specialist • Submit a full application at beginning of any month (development projects only) • Staff Pro/Con • State Housing Board Presentation • Award Letter • Approximately 90-120 days to funding 12 Calendar Division of Housing Application Deadlines by type: July 1st – Owner Occupied Rehab (SFOO) September 1st – CHDO Operating November 1st – Down Payment Assistance (DPA) Accepted monthly - Rental, Special Needs, Ownership Development, Pre-Development Underwriting Principles 13 Division of Housing GAP financing Underwriting parameters by unit count Local contribution or support is important Use covenant for long term affordability Monitoring of property (on-going?) Outcome based programs Federal cross cutting requirements may apply 14 Underwriting Criteria Division of Housing Development and Management capacity Compliance – HUD regulations DOH guidelines Production – # units/year completed Local $ or other soft money grants Pro/Cons & Matrices 15 Underwriting the Gap Division of Housing <$10,000 / unit Source is determined by use, location & fund availability Underwriting ranges Long-term financial feasibility IS THERE A GAP??? Revolving Loan Funds 16 Division of Housing RLF 17 Programs Division of Housing 1. 2. Single Family Owner Occupied (SFOO) Rehabilitation Down Payment Assistance (DPA) Either CDBG or HOME funds Ongoing programs (not one-time development projects) 18 Programs Division of Housing o o DOH grants funds to agencies for administration & cost of 15-30 homes • Agency loans funds to clients • Clients’ repayments to agency are “Program Income,” reused for new clients • As revolving loan pool grows, DOH only needs to fund administration DOH RLF Guidelines 19 Division of Housing MF Rental 20 MF Underwriting Division of Housing DOH reviews all developments to determine financial need based on gap analysis Provide funds necessary to complete the project while not providing undue enrichment to the owner/developer Requires review of other funding sources and verification of owner developer assumptions 21 DOH staff contacts Division of Housing CHDOs-Denise Selders Revolving Loan Funds-Ann Watts Flood Recovery Efforts-Alison O’Kelly Homeless Prevention Team Policy and Legislation-Alison George Rural Preservation-Bill Simpson Asset Management Team-Carrie Kronberg Underwriting-Development Specialists by Region Training Programs-Denise Selders 22 GOAL: HOME Division of Housing A place where one lives; a residence. A dwelling place together with the family or social unit that occupies it; a household. An environment offering security and happiness.