Post on 26-Dec-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.
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Division of Housing
Mission and RolesGap FinancingStatewide Housing AuthorityCodes & Manufactured
Housing
4 State Housing Board
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
Division of Housing
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Division of Housing
DOH Budget
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
7 Funding Sources
FederalCDBG: DPA and SFOO Rehab, Land
Acquisition, or acq/rehab of propertyHOME: CHDO, acq/rehab, new
construction, DPA and SFOO RehabNSP (Neighborhood Stabilization):
Eligibility by neighborhoodESG: Homeless AssistanceCDBG-DR – Federally designated counties
Division of Housing
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Division of Housing
StateHDG - Housing Development Grant, state
general fund
HDLF - Housing Development Loan, state general fund
Funding Sources
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Division of Housing
CHIF
• 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
Custodial Funds
$36 Million Revolving Loan Pool
• Low interest, short-term loan pool
10What we fund
Preservation of affordable housingAcquisition and RehabilitationNew Construction Rental and SF HousingDownpayment Assistance and Owner RehabSpecial Needs HousingPermanent Supportive HousingHomeless SheltersTransitional housingTBRAOperating for CHDOs
Division of Housing
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Division of Housing
Application Process
• 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
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
Division of Housing
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Division of Housing
Underwriting Principles
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
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Division of Housing
Underwriting Criteria
Development and Management capacity Compliance –
HUD regulationsDOH guidelines
Production – # units/year completed Local $ or other soft money grants Pro/Cons & Matrices
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Division of Housing
Underwriting the Gap
<$10,000 / unitSource is determined by use, location
& fund availabilityUnderwriting rangesLong-term financial feasibility
IS THERE A GAP???
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Division of Housing
Programs
1. Single Family Owner Occupied (SFOO) Rehabilitation
2. Down Payment Assistance (DPA) Either CDBG or HOME funds Ongoing programs (not one-time
development projects)
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Division of Housing
Programs
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
o DOH RLF Guidelines
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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
MF Underwriting
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Division of Housing
DOH staff contacts
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