Housing Blueprint Funding Opportunity Fairfax County Department of Housing and Community Development

1. HOUSING BLUEPRINT
FUNDING OPPORTUNITY
FAIRFAX COUNTY DEPARTMENT OF HOUSING AND
COMMUNITY DEVELOPMENT DEVELOPER DIALOGUE

2. Housing Blueprint Funds Overview
 History of the Blueprint Funds
 FY2014
 Goals/Metrics
 Changes in FY 2014
 Funding availability
 $3.6 million budgeted for FY 14
 $1.4 million in Carryover requested
 Carryover request approval expected by BOS 9/10/13

3. Applying for Funding
 Funds are meant to be GAP financing
 Encouraging innovative approaches to meet the
underwriting and housing goals
 Flexibility may be offered
 Encourage all applicants to meet with HCD staff
prior to submitting applications

4. Applying for Funding
 Maximum funding per project
 The maximum available is $5M
 Eligible Applicants
 Eligible Activities
 Projects must be located in Fairfax County
 Capital purposes-NO predevelopment/operating funds
 Preference for mid-large projects
 Multifamily rental housing preferred

5. Threshold Criteria
 Housing Blueprint Funds Income Targeting
Requirements
 20% of units @ 30%AMI or below
 60% of units @ 50% AMI or below
 20% of units between 51%-100% AMI

6. Threshold Criteria cont.
 Financial Feasibility
 Review income and expense assumptions
 This includes assessing whether rents are reasonably
targeted to the market, within affordability guidelines
 Project’s ability to support must-pay debt, reviewing
a 15-year proforma
 Percentage of County funds to TDC and percentage
of additional funding is leveraged
 Ability to pay County funds from surplus cash

7. Loan Structure
 Cash flow, deferred loans
 Non-recourse, secured loans only
 Interest rate: 2%
 Maximum term: co-terminus with the first mortgage
 Leveraged with other private/public debt and
equity sources
 Loan monitoring fees apply

8. Readiness to Proceed
 Preference for projects that can close by December
31, 2014
 Demonstrate site control
 Advised Local Area Supervisor
 HCD will also advise the Local Area Supervisor
 Process and timeline of securing other financing

9. Processing Timelines
 Applications accepted on a rolling September 11,
2013- December 31, 2013
 Funding awards will be made based on threshold
affordability and underwriting goals on a first-come,
first-served basis
 Applicants must complete the Affordable Housing
Partnership Program (AHPP) application
 http://www.fairfaxcounty.gov/rha/ahpp.htm
 A minimum score of 75 points will be required to be
considered for funding

10. Questions?
Tom Fleetwood, Associate Director of Administration
703.246.5103
Thomas.Fleetwood@fairfaxcounty.gov
Aseem Nigam, Director, Real Estate Finance and Grants Management
703.246.5167
Aseem.Nigam@fairfaxcounty.gov
Deepthi Jain, Sr. Real Estate Finance Officer, Real Estate Finance
703.246.5017
Deepthi.Jain@fairfaxcounty.gov