interfaith housing development corporation of the maryland eastern shore, inc. 103 gay street...

Interfaith Housing Development Corporation of the Maryland Eastern Shore, Inc.

103 Gay Street

Denton, Maryland 21629

Telephone: 410-479-3000

Fax: 410-479-4409

Paul J. Washo, Executive Director

Paul @ ihdc.biz

“By wisdom a house is built, and by understanding it is

established”

Interfaith Housing’s

Mission

“To help provide decent, safe, affordable housing and supportive services for those in need”

Who & What ?• Not-for-profit, 501(c)(3)• Established in 1989• Affordable Housing Development • Single Family & Multi-Family Housing• Rehabilitation & New Construction• Development Consultant, Partner, Owner• CDHO for Caroline County• Administrator of CDA Special Loans• Other supportive housing services

Interfaith’s Primary Roles and Achievements

• Affordable Housing Development• Thirteen multi-dwelling projects completed• 9 Maryland counties served to date• 350 new or rehabilitated units • $35 million in project construction to date

• Maryland Housing Rehabilitation and Lead Hazard Reduction Programs for qualified home owners

• Over $500K in Special Loans funds for 2 counties served during fiscal 2005

• Several hundred families and individuals served

Workforce/Affordable Housing

Hurdles, Obstacles & Solutions

Hurdles, Obstacles, ChallengesOnce the need for Workforce/Affordable Housing is clearly established within a

community . . .

• Public opinion • Fear of the unknown• Local Support

• Land availability & cost• Construction costs• Funding• Weather delays

• Marketing

• Operating

• Maintaining

• Sustaining

Solutions?

NIMBYNot in my back yard !

• Share information early and often

• Offer a quality housing product that is well-planned and self-sustaining

• Clearly demonstrate how the community benefits . . . how is the project a “win-win” for everyone?

Form Partnerships & Alliances

• Religious Organizations

• Citizen’s groups

• Local Government

• State Legislators

• Local Businesses

The Funding ChallegeIns, Outs, Ifs, Ands or . . . !

• HOME• MHRP• RHPP• LIHTC• CDBG• PILOT

• MAHT• CITC• AHP• Rural Housing

Development Loans• Private Loans

Typical funding structure

HOME + LIHTC+ Private Loan

State of Maryland Community Development Administration (CDA) Multifamily Rental

Housing Development Program

COMPETITIVE FUNDING ROUND

Combined Resources = Leveraging

• CDBG Funds – Local governments • CITC – Community Investment Tax Credits• MAHT – Maryland Affordable Housing Trust• MHTC – Maryland Historic Tax Credits• AHP – The Federal Home Loan Bank of

Atlanta’s Affordable Housing Program• ESIC – Enterprise Social Investment

Corporation Low Income Housing Tax Credit syndication. Innovative Venture Awards

Some forms of local contribution

• Local resolution

• Land

• Tax reduction

• Fee waivers

• In-kind

• Business & private donations

Making the competitive funding cut

• How is your affordable project unique?

• How affordable is “affordable”?

• Previously unmet or special needs?

• Green building design elements?

• Tenant services plan?

• Other innovations and/or meaningful partnerships that meet specific housing needs within the community?

Calvert StreetChestertown, MD

New Construction

26 Units, Sale/Lease-Purchase

Total Project Cost: $1,400,000

St. Martin House

Ridgley, MD

New Construction

12 Units, Transitional Housing

Total Project Cost: $535,000

Tanyard Branch

Federalsburg, MD

New Construction

25 Units, Family Rental

Total Project Cost: $1,600,000

DayspringTown Homes

Ridgley, MD

New Construction

26 Units, Family Rental

Total Project Cost: $1,600,000

DayspringTown Homes 2

Ridgley, MD

New Construction

20 Units, Family Rental

Total Project Cost: $1,700,000

Henderson School House

Henderson, MD

Rehabilitation

4 Units, Family Rental

Total Project Cost: $240,000

Southern Pines

Lusby, MD

New Construction

76 Units, Seniors Rental

Total Project Cost: $5,300,000

East New Market

East New Market, MD

Rehabilitation

19 Units, Seniors Rental

Total Project Cost: $1,900,000

The MaplesLa Plata, MD

New Construction

93 Units, Seniors Rent & Own

Total Project Cost: $7,800,000

Snow Hill Seniors

Snow Hill, MD

New Construction

30 Units, Seniors Rental

Total Project Cost: $3,400,000

The Lodges at Naylor MillSalisbury, MD

New Construction

65 Units, Seniors Rental

Proposed Project Cost: $8,800,000

Contacts• Interfaith Housing 410-479-3000

Paul@ihdc.biz

• Maryland Department of Housing & CD http://www.dhcd.md.state.us

• The Federal Home Loan Bank of Atlanta

http://www.fhlbatl.com • Enterprise Social Investment Corporation

http://www.esic.org

Interfaith Housing Development Corporation Board and Staff – April

7, 2005

Interfaith Housing Development Corporation of the Maryland Eastern Shore, Inc.

103 Gay Street

Denton, Maryland 21629

Telephone: 410-479-3000

Fax: 410-479-4409

Paul J. Washo, Executive Director

Paul @ ihdc.biz

“By wisdom a house is built, and by understanding it is

established”