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