Funding Your Projects: Innovative Approachesfor NIFA Conference – January 2009

Workforce Development Housing Project – New Housing Subdivision

Mixed income – ≦60% AMI to No Income Limits

High quality and high energy efficiency19 single-family homes with unfinished

basements (approx 1,300 sq ft 1st floor)11 CROWN Rent-To-Own (≦60% AMI)6 Downpayment Assistance (≦100% AMI)2 Market Rate (no income limits)

$420,200 – DED/NAHTF (Infrastructure, DPA)◦ Received 2007

$54,000 – City of O’Neill (Infrastructure)◦ Received 2007

$1.55 million - NIFA LIHTC◦ Received January 2008

$71,000 - FHLBank –AHP Funds◦ Received December 2008

$68,000 – Permanent Financing $50,000 (est) – Donated Community Services and

Programs Up to $40,000 – Employer Assisted DPA ($5,000/home) $590,000 - DED/HOME

NOT FUNDED – BIG GAP!!!

Funding ideas from DED and other housing organizations?

Additional city support? Deferred Developer fees? Donations from Lending Institutions? Peter Kiewitt Foundation Grant Application? Land Donation? Other Philanthropic Foundation support?

NIFA & DED Support for project

MHEG Support

City Support

Limits on project debt ratios

Limits on fees that developers can defer

Future decreasing syndicator pricing

Increasing building supply costs

Local banks already committed to other community projects

Develop relationships and partnerships early, to garner support for the project and deployment of alternative funding sources.

Have a Plan B ready, in case Plan A doesn’t work

Your partners are your greatest allies!!

IMAGINATION – Dream about what can be.

COMPASSION – Who are you helping, and how can you best impact.

DETERMINATION – Accept challenges. If it’s worth doing, don’t give up.

PARTNERING –Team up with others and share successes – no one person can think of everything.

COMMITMENT – Devote yourself to making a positive difference.

FLEXIBILITY – Be open to new ideas and possibilities.

ENERGY – Focus on what you can do, maximize your energy, but don’t burn out.

ENTHUSIASM – Love what you do.

ANALYTICAL – Is this the right project, for the right people, at the right time, at the right cost?

EXCEDRIN Headache Medicine– Vitally important!!

IMAGINATION DETERMINATION PARTNERING EXCEDRIN COMPASSION   FLEXIBILITY COMMITMENT ENERGY ENTHUSIASM ANALYTICAL