PowerPoint Presentation 2_26 - Arlingtonva
Affordable Housing Investment Fund (AHIF)
Notice of Funding Availability (NOFA) for FY 2018 Advisory Group Kick-Off Meeting February 26, 2016
1
Background • AHIF is main program for affordable development. • AHIF created/preserved ~7,000 CAFS. • Applications received on a rolling basis.
2
NOFA Rationale • Concurrent review improves decision making • More competitive applications • Clarifies process and schedule for all developers • Desire for AHIF tools that address geographic distribution
3
Current Process - AHIF Guidelines • AHIF Guidelines guide evaluation of AHIF loan requests. •
Can be found on website: https://arlingtonva.s3.am azonaws.com/wpcontent/uploads/sites/15/ 2013/09/AHIF-FundingGuidelines-FY161.pdf
•
Guidelines will be revised for consistency with AHMP
•
Advisory Group to discuss criteria throughout process
4
Current Application Process
Preliminary Proposal (Rolling Basis)
Staff Review/ Invitation to Submit App.
AHIF Negotiation
Bricks and Mortar
Housing Commission
(Info and Action)
County Board Meeting
5
Potential NOFA Application Process
Submit App. (9% LIHTC, others on rolling basis?)
Staff Review/ Invitation to Submit App.
AHIF Negotiation
Bricks and Mortar
Housing Commission
(Info and Action)
County Board Meeting
6
Difference Between Current Process and Potential NOFA Process CURRENT PROCESS
Preliminary Proposal (Rolling Basis)
Staff Review/ Invitation to Submit App.
AHIF Negotiation
Bricks and Mortar
Housing Commission (Info and Action)
County Board Meeting 7
Difference Between Current Process and Potential NOFA Process POTENTIAL NOFA PROCESS
Submit App. (9% LIHTC, others on rolling basis?)
Staff Review/ Invitation to Submit App.
AHIF Negotiation
Bricks and Mortar
Housing Commission (Info and Action)
County Board Meeting 8
Other Jurisdictions with NOFA/RFP
• Many communities of all sizes throughout country have a NOFA/RFP process. Examples Include: • • • • • •
Washington, DC Philadelphia, PA San Francisco, CA Los Angeles, CA Miami, FL Madison, WI
• • • • • •
East King County, WA Seattle, WA Portland, OR Cleveland, OH Austin, TX Tompkins County, NY
9
A Regional Coalition for Housing (ARCH) • East King County, Washington • RFP process for Housing Trust Funds •
Accept “out-of-cycle” applications for preservation projects and land acquisitions
•
Do not specifically reserve funds for out-of-cycle applications
• Selection process •
City Councils confirm recommendation or return recommendations
•
Do not assign scores to criteria
10
Washington, DC • RFP process for Housing Production Trust Funds •
•
•
Selections are made twice per year •
They do not specifically reserve funds for the second round, but they may “forward allocate” funding
•
Legislation requires minimum of $100 million budget for HPTF per year
Selection process is completed by staff •
Post categories for scoring
•
Do not post final scores
Selections are not a financial commitment. •
Any project over $1 million is heard by the City Council.
•
The RFP helps set the pipe-line
11
Washington, DC – 2015 RFP Scorecard
12
Discussion – Draft Potential Arlington Scoring Criteria Affordable Housing Master Plan Goals, Objectives and Policies Supply/Need Green Building/Sustainability Risk and Opportunity
Geographic Distribution Experience and Readiness Project Team Experience Project Readiness Budget Capital Budget Operating Budget
13
Discussion – In-Cycle or Out-of-Cycle? • Continue rolling-basis application for 4%/acquisition projects? •
•
If so, reserve funds for 4%/acquisition projects? •
May preclude funding a 9% tax credit project which better leverage County Funds
•
May not receive any 4%/acquisition Projects in a given year
Or allow any funds that may be unused from 9%/hybrid tax credit selection process be available to 4%/acquisition projects?
• Or alternatively, one application period for all types of projects requesting AHIF?
14
Discussion – Draft Potential Timing • Would like to align with Virginia Housing Development Authority’s (VHDA’s) Low Income Housing Tax Credit (LIHTC) Schedule
• Application packet posted to website January 2017 or earlier •
Will allow time for applicants to review material before application period opens
• Developers submit application March through April 2017 • Notification July 2017
15
Discussion – Potential Draft Schedule Potential Schedule for Application Process Jan.
Feb.
2017 March April
May
June
Nov.
Dec.
Add Application Packet to Website (by January 15, 2017) Pre-meeting with Planning/Housing for interested applicants Developers Submit Application (March 1 - mid-April 2017) Q&A Session with Developers (March 15, 2017) Staff Review Year 2017 2017 July
August
Sept.
Jan.
2018 Feb.
March
Oct.
Developer Notification (July 1, 2017) Debrief meeting with applicants who did not get selected AHIF Negotiations/Site Plan/FBC Review (July - December, 2017) Commission Meetings (November - January, 2017) Year 2018
Commission Meetings (November - January, 2018) County Board Meeting (January 2018) Tax Credit Deadline (March 2018)
16
Questions • Is there feedback on the draft timeline for applications? • What should the point system be for the draft categories within our AHIF Guidelines? What should be prioritized? • Should the County accept “out-of-cycle” applications? If so, should a portion of the budget be reserved for “out-of-cycle” applications?
17
Next Steps • Housing Commission Update (March 3) • Set Regular Meeting Schedule •
Prefer Morning or Night Meetings?
•
Meet every last X day of the month for the next five months?
• Topics for Next Meeting • Will provide an additional “AHIF 101” information session at future Housing Commission meeting
18
Notice of Funding Availability (NOFA) for FY 2018 Advisory Group Kick-Off Meeting February 26, 2016
1
Background • AHIF is main program for affordable development. • AHIF created/preserved ~7,000 CAFS. • Applications received on a rolling basis.
2
NOFA Rationale • Concurrent review improves decision making • More competitive applications • Clarifies process and schedule for all developers • Desire for AHIF tools that address geographic distribution
3
Current Process - AHIF Guidelines • AHIF Guidelines guide evaluation of AHIF loan requests. •
Can be found on website: https://arlingtonva.s3.am azonaws.com/wpcontent/uploads/sites/15/ 2013/09/AHIF-FundingGuidelines-FY161.pdf
•
Guidelines will be revised for consistency with AHMP
•
Advisory Group to discuss criteria throughout process
4
Current Application Process
Preliminary Proposal (Rolling Basis)
Staff Review/ Invitation to Submit App.
AHIF Negotiation
Bricks and Mortar
Housing Commission
(Info and Action)
County Board Meeting
5
Potential NOFA Application Process
Submit App. (9% LIHTC, others on rolling basis?)
Staff Review/ Invitation to Submit App.
AHIF Negotiation
Bricks and Mortar
Housing Commission
(Info and Action)
County Board Meeting
6
Difference Between Current Process and Potential NOFA Process CURRENT PROCESS
Preliminary Proposal (Rolling Basis)
Staff Review/ Invitation to Submit App.
AHIF Negotiation
Bricks and Mortar
Housing Commission (Info and Action)
County Board Meeting 7
Difference Between Current Process and Potential NOFA Process POTENTIAL NOFA PROCESS
Submit App. (9% LIHTC, others on rolling basis?)
Staff Review/ Invitation to Submit App.
AHIF Negotiation
Bricks and Mortar
Housing Commission (Info and Action)
County Board Meeting 8
Other Jurisdictions with NOFA/RFP
• Many communities of all sizes throughout country have a NOFA/RFP process. Examples Include: • • • • • •
Washington, DC Philadelphia, PA San Francisco, CA Los Angeles, CA Miami, FL Madison, WI
• • • • • •
East King County, WA Seattle, WA Portland, OR Cleveland, OH Austin, TX Tompkins County, NY
9
A Regional Coalition for Housing (ARCH) • East King County, Washington • RFP process for Housing Trust Funds •
Accept “out-of-cycle” applications for preservation projects and land acquisitions
•
Do not specifically reserve funds for out-of-cycle applications
• Selection process •
City Councils confirm recommendation or return recommendations
•
Do not assign scores to criteria
10
Washington, DC • RFP process for Housing Production Trust Funds •
•
•
Selections are made twice per year •
They do not specifically reserve funds for the second round, but they may “forward allocate” funding
•
Legislation requires minimum of $100 million budget for HPTF per year
Selection process is completed by staff •
Post categories for scoring
•
Do not post final scores
Selections are not a financial commitment. •
Any project over $1 million is heard by the City Council.
•
The RFP helps set the pipe-line
11
Washington, DC – 2015 RFP Scorecard
12
Discussion – Draft Potential Arlington Scoring Criteria Affordable Housing Master Plan Goals, Objectives and Policies Supply/Need Green Building/Sustainability Risk and Opportunity
Geographic Distribution Experience and Readiness Project Team Experience Project Readiness Budget Capital Budget Operating Budget
13
Discussion – In-Cycle or Out-of-Cycle? • Continue rolling-basis application for 4%/acquisition projects? •
•
If so, reserve funds for 4%/acquisition projects? •
May preclude funding a 9% tax credit project which better leverage County Funds
•
May not receive any 4%/acquisition Projects in a given year
Or allow any funds that may be unused from 9%/hybrid tax credit selection process be available to 4%/acquisition projects?
• Or alternatively, one application period for all types of projects requesting AHIF?
14
Discussion – Draft Potential Timing • Would like to align with Virginia Housing Development Authority’s (VHDA’s) Low Income Housing Tax Credit (LIHTC) Schedule
• Application packet posted to website January 2017 or earlier •
Will allow time for applicants to review material before application period opens
• Developers submit application March through April 2017 • Notification July 2017
15
Discussion – Potential Draft Schedule Potential Schedule for Application Process Jan.
Feb.
2017 March April
May
June
Nov.
Dec.
Add Application Packet to Website (by January 15, 2017) Pre-meeting with Planning/Housing for interested applicants Developers Submit Application (March 1 - mid-April 2017) Q&A Session with Developers (March 15, 2017) Staff Review Year 2017 2017 July
August
Sept.
Jan.
2018 Feb.
March
Oct.
Developer Notification (July 1, 2017) Debrief meeting with applicants who did not get selected AHIF Negotiations/Site Plan/FBC Review (July - December, 2017) Commission Meetings (November - January, 2017) Year 2018
Commission Meetings (November - January, 2018) County Board Meeting (January 2018) Tax Credit Deadline (March 2018)
16
Questions • Is there feedback on the draft timeline for applications? • What should the point system be for the draft categories within our AHIF Guidelines? What should be prioritized? • Should the County accept “out-of-cycle” applications? If so, should a portion of the budget be reserved for “out-of-cycle” applications?
17
Next Steps • Housing Commission Update (March 3) • Set Regular Meeting Schedule •
Prefer Morning or Night Meetings?
•
Meet every last X day of the month for the next five months?
• Topics for Next Meeting • Will provide an additional “AHIF 101” information session at future Housing Commission meeting
18
