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MISSION: To increase the supply of decent affordable housing provided by nonprofit organizations to low and very low income families through coordination among nonprofits to enhance capabilities, expand funding opportunities, maximize training, and develop new partnerships.
Time (Min) Agenda Item 8:00-8:30 Networking between members and guests 8:30-8:35 Introduction of members/guests (Katie Porta) 8:35-8:40 Approval of minutes 8:40-9:20 Speaker — Federal Home Loan Bank of Atlanta (Karin Moore) 9:20-9:30 Other Items: County HAC Report (Judith Kovisars) City of Orlando HAC Report (Bob Ansley) Counseling Collaborative New Business: Review correspondence Next membership meeting -- Wednesday, August 30, 2000 @ 8:30 am Adjourn (TOTAL MEETING TIME -- 1 HOUR AND 45 MINUTES)
Future Meeting Schedule: August 30, September 27, October 25, and November 29. No meeting in December.
Goal 1. To educate the entire community on the role of the nonprofit sector as an important partner in the housing delivery process. a. Communicate housing and nonprofit needs to local area government b. Develop quantifiable goals for the Roundtable to allow for evaluation of this organization's effectiveness. c. Invite guest speakers to speak monthly. Pick out topic relevant to nonprofit housing providers (i.e. management, development, underwriting) and have speaker make 30 minute presentation. Goal 2. To pool skills and resources of nonprofit housing producers and housing support agencies a. To use the nonprofit Roundtable to gain organizational and functional strength to achieve our mission by convening regular meetings to share information, and to plan and coordinate activities of the participating nonprofits b. To evaluate and prepare an annual plan that quantifies projects and funding needs of the participating nonprofits and prepare joint funding support request to the various funding entities c. To promote and support emerging nonprofit housing organizations. Goal 3. To pursue various partnership opportunities and linkages with for-profit developers and builders. a. Strengthen relationships between nonprofits and private sector b. To become active participants in the Homebuilder's association to cultivate support of for-profit developers and builders and to seek out opportunities for joint-ventures, other business relationships and mentoring. Goal 4. To pursue activities that would increase the availability of low cost funds to nonprofits. a. Subscribe to legislative, funding resource. Monitor and report on upcoming funding programs. b. Develop calendar of funding source with contact, deadline and summary information. Goal 5. To pursue activities that would encourage governments to provide grants and loans to nonprofits for technical assistance and housing production.
Present: Adrienne deSouza, Wendi Herzman, George Herzman, Randy Fleming, Barbara Mata, John D. Huguenard, Michael D. Smith, Lee Alexander, Luis Yero, Fran James, Louis Laubscher, Jeanne Blackwell, Katherine O'Brien, Maria L. Gutierrez, Ken Gallant, Katie Porta, Lisa Pokrywa, Kathy Bryant, Steve Chitwood, Mary Myhill, Kini Lucas, Cynthia Smith, Julia Jones, Rolando Cintrow, Fred L. Maxwell, Victor Alvarado, Ron Dawson, Jason Howard, Cathy Staba, Pat Braaf, Wendi A. Heizman, Jerrie G. Magruder, Bob Ansley, Rosanna Jacobsen, Elizabeth Kelderitouse, Linda Larkin, Tyler Wesson, Leslie Smith
Agenda Item 1 -- Approval of Minutes
Minutes unanimously approved.
Agenda Item 2 – Karin Moore, Federal Home Loan Bank
The Federal Home Loan Bank is a wholesale funding source for short-term and long-term funding and is rated very high by Moody's and S&P. The 12 member banks across the country are stockholders.
Here are a couple of ways members can utilize the FHLBA program: 1) By wholesale funding source for liquidity needs, 2) asset/liability management 3) mitigation of interest rate risk 4) access to resources to support community development lending.
FLHBA Partnership Programs include: 1) Affordable Housing Program (AHP); 2) First-Time Homebuyer Program (FHP); 3) Community Investment Program (CIP); 4) Economic Development Program (EDP); 5) Economic Development Growth Enhancement (EDGE); 6) Historically Black Colleges Universities (HBCU); 7) Partnership Excellence Awards Program (PEA) and 8) Technical Assistance.
The First-Time Homebuyer Program (FHP) provider down payment and closing cost assistance for households with incomes not exceeding 80% of Area Median Income. FHP matches $3 to every $1 dollar of homebuyer's funds. Homebuyer's must contribute a $500 minimum. The maximum amount of FHP assistance is $5,000. The FHP has a quick and easy one-time registration process for FHLBA member financial institutions.
The Community Investment Program (CIP) provides access to cheaper money. Single family rental housing and households are eligible with income below 115% of AMI.
The advantages of the Economic Development Program Community Investment Program are a Flexible Loan Structuring, Lowest Rate, EDP-CIP advances are always available and Only FHLBA members can apply.
Ms. Moore coordinated the Partnership Excellence Awards Program (PEA). The program honors partnerships between FHLBA member financial institutions and nonprofit community development and housing organizations. Cash awards of at least $5,000 each and partnerships that serves low to moderate income households by providing affordable homeownership and/or rental housing or stimulating economic development through job creation or provision or human/social services.
Affordable Housing Program (AHP) is a competitive subsidized program, funded by 10% of FHLBA's Net Income. It assists single-family or multi-family housing. Beneficiaries income cannot exceed 80% of area median income. The AHP application deadlines are Mar 15 - Sep 15 of each year.
FHLBA has more than one type of subsidy. One is the fixed rate advance subsidy and the other is a direct subsidy with a $500,000 cap.
AHP subsidy can be used for acquisition, new construction or rehabilitation financing, permanent financing, principal reduction, down payment assistance, closing cost assistance and lease/purchase. Ineligible activities are funding the sponsor's operating budget, Non-housing related activities (e.g. commercial space, daycare centers, social services); Capitalizing reserve funds not directly related to the acquisition, rehabilitation or construction of housing; refinancing unless for purchase, construction or rehabilitation of housing units meeting the eligibility requirement and member processing fees.
All projects must demonstrate need for subsidy, must be financially feasible, AHP funding must be used within 12 months. 100% draw down of funds must be completed within 24 months and the project must comply with fair housing and affirmative marketing requirements.
Rental Project Stipulation: At least 20% of total units must be for persons 50% AMI or less. The Project must have a retention period 15 years and rent cannot exceed 30% of targeted income.
When AHP funds are used for downpayment or closing costs assistance they have a 5-year retention period that starts when property is sold and ownership project scoring guidelines apply. Upon sale of property, it can be converted from lease to purchase (ownership) and AHP funds must be drawn at time of closing.
To apply for the program, a member financial institution must underwrite you. Therefore, project sponsors should take applications to the member financial institution at least 30 days prior to the submission deadline. An applications process can be assessed through the Internet. Registration is required and a User ID and Bank-issued Password. Logon to register at the FHLBA website at www.fhlbatl.com/ahp/application.html
Application Review and Award Process: Score applications; conduct financial analysis; assess need for subsidy; determine awardees and alternates; review-pre-approval documentation; 90-day process; final approval by FHLBA Board of Directors and Affordable Housing Program Agreement.
Some of AHP benefits are: Written agreements between FHLBA members and owners which clarify roles and responsibilities, shorter retention period and self-enforcing deed restrictions for ownership projects eliminating long-term monitoring by members and sponsors.
Agenda Item 3 – Miscellaneous Business Remarks:
County: Comments on multi-family units special needs.
City: Ms. Larkin stated that Consolidated Plan was approved by MPB on July 18. City Council approved scheduled for July 24. Plan to be submitted to HUD on August 14.
Fran James spoke on Affordable /Rental Housing issues and strategies for helping low-moderate income persons.
HUD: FHA has been active in the community, providing 4.7 billion dollars in insured monies. The Agency continues to support the central Florida area by trying to assist low moderate-income people become homeowners.
Announcements:
The next meeting will be held Wednesday, Aug 30, 2000, at 8:30 a.m., Orlando City Hall, Conference Room U, 2nd Floor.
Meeting adjourned.
This concludes the end of the minutes. The next meeting will be held Wednesday, July 26th, 2000, at 8:30 am, at Orlando City Hall.
CORRECTION: Seminole County's sales price was incorrectly
reported in the last set of meeting minutes. It was reported that
the maximum sale's price was $101,707. This should be $95,820.
After several months, the Roundtable is pleased to roll out its web site. Annie Kidwell, the website designer, will on-hand to walk the members through this new tool for keeping up-to-date on housing activities in Central Florida.
Lewis Kellom, from Homes in Partnership, has been traveling
the County this past year as part of a Fannie Mae Scholarship.
Lewis will provide us with a synopsis of his travels and findings
in advance of his soon to be completed report.
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