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