Lowcountry housingtrustlocalbankersmeetingpresentation
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Transcript of Lowcountry housingtrustlocalbankersmeetingpresentation
September 16, 2011 Beaufort Presentation to Financial Institutions
Non Profit 501(c)3 community development loan fund
U.S. Treasury certified Community Development Financial Institution (CDFI)
Mission is to be an affordable housing advocate and lender
Goal is to leverage local government funding with federal, state, and private market funds to finance affordable housing development
Staff of 4 20 member Board of Directors 10 member Loan Review Committee
Local Governments
$500K
State Government
$500K
Other Grants $500K
Financial Institutions
$500K
Foundations $500K
Opportunity Finance
Network $500K
U.S. Treasury $2M
Lowcountry Housing Trust
Revolving Loan Fund DEBT EQUITY
Equity Debt
EQ2
PRI
Notes
Contributions
Grants
40% 60%
Local City of Charleston $889,000 Charleston County $650,000 City of North Charleston $325,000 Town of Mount Pleasant $100,000 Georgetown County $100,000
State South Carolina State Housing Finance $1,000,000 NSP $7,409,679
Federal HUD $396,800 U.S. Treasury $3,742,000
Private Foundations/Business $575,000 Financial Institutions $300,000
94 loans to developers
100 loans to homebuyers
$13.2 million in community development financing
$101 million in affordable housing developments
750 affordable housing units
1,615 families and individuals served
2,125 jobs created
Type - acquisition, infrastructure, construction, mini-perm
Units – homeownership, rental, transitional
Borrowers – for profit, non profit, government entities
Size - $10,000 to $250,000
Terms - 12 to 60 months
Rates – prime up to 2 points over prime
Security – Note, Mortgage, & Restrictive Covenant
Loans to Developers • Construction and Permanent Loans • Blended Rate Loans • Loan Participation Pool • LIHTC and NMTC Financing
Loans to Lowcountry Housing Trust • Increase Capital Available in Revolving Loan Fund • Program Related or Equity Equivalent Investment • $100,000 for 10 years at 2% interest • $25,000 operating grant • CRA Investment and Lending Credit
Service on LHT Board or Loan Committee
CDFI Bond Guarantee Program • $3B allocated in bond financing to CDFIs • LHT will make larger loans • LHT will make longer term loans • LHT will seek coordinated housing efforts in targeted
communities • LHT will seek broader community impacts
Project Rebuild • $15B for community redevelopment • Similar to Neighborhood Stabilization Program (NSP) • LHT awarded $7.4M in NSP1 funds • Vacant, Abandoned, Blighted, & Foreclosed Properties • Residential, Commercial, and Mixed Use Properties
Community Development
Financing
Housing Finance
Energy Efficiency Finance
Commercial Finance
Healthy Food
Finance
Business Finance
Financing of Mixed Use
Developments
Financing of Affordable Housing
Financing of Food
Enterprises
Financing of Working Capital to
Developers
Financing of Energy Efficient Improvements
Homebuyer Assistance Program $25,000
Down Payment & Closing Costs
Rosemont NSP Redevelopment Properties
by City of Charleston
Willow Trace at Windsor Hill Multi Family Rental Development
By Douglas Company
Peecksens Court Single Family Development by Humanities Foundation
Builders Blitz Single Family Development
by East Cooper Habitat for Humanity
Seven Farms Apartments and Seven Farms Village LIHTC Family and Senior Development
Daniel Island
4224 Grimke Street NSP Rehabilitation Property by Charleston Area CDC
HOPE IV Project Spring Creek at Horizon Village
Mixed Income Homeownership Development By North Charleston Housing Authority
Michelle A. Mapp, Executive Director [email protected]
Patrick King, Lending Director [email protected]
843.973.7285