capital improvement loan program 2014 ncsha conference october 21, 2014 anne berman, assistant...
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Capital Improvement Loan Program
2014 NCSHA ConferenceOctober 21, 2014
Anne Berman, Assistant Director Development
History• Started program in 2001– various projects over the years
• Dormant 2008-2012– Lack of resources; funded from corporate earnings
• Impetus for revival – Conscious decision not to use 9% credits– Deferred capital improvements of older
developments
Need• Preserving our scarce
inventory of affordable apartments is a priority
• Need upgrades to meet health and safety standards
Response to Need• Capital Improvement Loan
Program – Funds capital improvement work in
Rhode Island Housing financed developments
– Provides deferred loans to conduct code-related repairs and maintenance improvements to developments without feasible refinancing plan
Eligible Properties
• Category 1 – Critical repairs and improvements to address
immediate health and safety violations
• Category 2 – Deferred maintenance repairs for which
development lacks adequate replacement reserves
Process
• Application Requirements• Ranking Criteria– Funding Priority– Need– Readiness to Proceed– Cost Effectiveness– Creditworthiness
Summary• Addresses Year 15 tax credit developments and
rental housing not able to refinance or recapitalize• Preserves older tax credit developments not able to
refinance due to feasibility concerns• Avg. investment: $5,724 per affordable apartment • Cost effective investment vs. the average per unit
cost to preserve with a new tax credit investment
After
After
Thank You!
Contact Information:Anne Berman, Assistant Director DevelopmentPhone: 401-457-1269Email: Aberman@rhodeislandhousing.org
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