JANUARY 2014 BROWNBAG: GOVERNMENT BACKED FINANCING IN A POST REDEVELOPMENT WORLD
WEDNESDAY, JANUARY 29
12:00 PM to 1:30 PM
281 S. Figueroa Street, Suite 100, Los Angeles, CA 90012
If you are interested in attending this brownbag, please email firstname.lastname@example.org to be placed on the waiting list.
Kelly Boyer, Partner/Chief Operating Officer, Preservation Partners Development
Erich Yost, Supervisory Project Manager, Los Angeles HUD
James Morgan, Chief, Multifamily Programs (acting), CalHFA
Sean L. Spear, Executive Director, CDLAC
Ted Chandler, Chief Operating Officer, AFL-CIO Housing Investment Trust (moderator)
With the demise of redevelopment, affordable housing developers and owners are looking for ways to close the gaps in project finance previously filled by local affordable housing set-aside dollars. Two of the most promising government programs to emerge are FHA construction/permanent financing programs for affordable housing, and CalHFA's Preservation Loan Program. Participants will learn about FHA's processing priorities and requirements for affordable housing, and underwriting guidelines; about CalHFA's recent expansion of its Preservation Loan Program to all existing affordable housing projects in the state; and trends in use of tax exempt of bonds, and CDLAC's forward commitment program.
In the wake of losing local redevelopment dollars to support affordable housing development,, FHA's construction/perm loan programs and CalHFA's Preservation Loan Program are helping to fill the gaps. In this workshop, participants will learn what kinds of deals are being done, both new construction and resyndications. You'll hear the latest about FHA's processing priorities and underwriting guidelines for tax credit projects, and about CalHFA's newly expanded Preservation Loan Program for rehabilitation and resyndication of existing projects, from the people running those programs. The head of CDLAC will describe its forward commitment program, and the latest trends in bond financing for these developments. A developer expert in the latest loan structures will discuss the key considerations when using them. Participants will also learn how to customize the financing to make projects work from a pension fund investor specializing in government-backed debt.