Integrating Services into Housing CORESsahfnet org Resident Services

Integrating Services into Housing CORES@sahfnet. org

Resident Services Coordination A Resident Services Coordination System includes all functions tied to the coordinated mission to implement resident services in affordable housing rental properties, including: • • corporate and site-based staff funding technology systems services and programs research and evaluation organizational knowledge the tools necessary to support resident services CORES@sahfnet. org

Framework for a System of Resident Services Coordination

What is CORES? Certified Organization for Resident Engagement & Services (CORES) Certification recognizes owners that have developed a robust commitment, capacity, and competency in providing resident services coordination in affordable rental homes. www. CORESonline. org CORES@sahfnet. org

Desired Outcomes • Stable funding for resident service coordination and implementation • Demonstrated impact of stable affordable housing enriched with services • Continued culture and systems change at the practitioner, policy maker, and investor level • Start to establish guidelines, common language and standards for residents services www. CORESonline. org CORES@sahfnet. org

Healthy Housing Rewards™ Fannie Mae Multifamily offers Healthy Housing Rewards, a financial incentive to Multifamily Affordable borrowers that invest in health-promoting design elements or resident services for their tenants. Fannie Mae affordable borrowers receive a pricing incentive and reimbursement of the cost of certification. Healthy Housing Rewards Healthy Design Healthy Housing Rewards Lender Training | July 2018 Enhanced Resident Services™ 6

Healthy Housing Rewards offers preferred pricing and reimbursed certification costs Enhanced Resident Services 1. Up to 30 bps off of MAH pricing grid o Amount equivalent to UPB x BPS discount must be used for resident services o Borrower must include resident services expenses in operating budget o Underwritten expenses must be equal to or greater than the annual dollar amount of the incentive o Max discount of $75, 000 2. Fannie Mae pays for CORES Certification upfront ($5, 500) and reimburses the cost of initial ERS Certification ($750) after loan delivery *Lender must adhere to Fannie Mae Multifamily Underwriting Standards for preferred pricing Healthy Housing Rewards Lender Training | July 2018 7

Borrower must secure Certifications to qualify Enhanced Resident Services CORES Certification • What is it? Sponsor certification • How to achieve it? Borrower must demonstrate its organization’s commitment to, capacity for, and competency in providing resident services ERS Property Certification • What is it? Property certification • How to achieve it? Borrower must detail plan for resident services at property, such as: o On-site health services o Financial literacy/budgeting classes o After school programs • Certification awarded by: Stewards of Affordable Housing for the Future (SAHF) Healthy Housing Rewards Lender Training | July 2018 8

Eligibility: how do deals qualify? Enhanced Resident Services Must be a Multifamily Affordable Housing property where at least 60% of units are serving tenants at 60% of AMI or less • Obtain CORES Certification and ERS Property Certification • Borrower commits to annual property recertification • Borrower maintains CORES Certification for the duration of the loan (renew every 5 years) Borrower commits to annual reporting requirements Healthy Housing Rewards Lender Training | July 2018 9

CORES Certification • Approximately 50 questions in the application (regardless of the RS Model). These can be found on the CORES website along with our scoring rubric. • Variety of formats: Text Boxes, Drop Down, Select All, Requested Documents, Required Documents • Will be asked for information about organizational staffing structure and some information about affordable housing/resident services portfolio. • Most questions deal with organization’s demonstrated process and approach to RS Coordination • There are 9 threshold/minimum requirements that come from the framework for a system of RS Coordination www. CORESonline. org CORES@sahfnet. org

Property Level ERS Certification Requirements Property Level ERS Certification Describe. Requirements the relationship between the CORES-certified organization and the property/owner (and provide copy of Contract/MOU (if third party)) Describe how community spaces/amenities/design of the property meets the needs of residents To qualify for Fannie Mae’s ERS financing incentives: Provide a Community Scan for the community in which the property is located or submit it in the first-year report An organization is required to be CORES Certified and submit an ERS Property Certification through the CORES application portal. Provide a Resident Opportunities & Needs Assessment or submit in first-year report (If relevant) Describe if there are co-located programs, services, and/or partners that provide ongoing support to residents Describe the roles of both on-site RSCs and corporate/regional resident services staff that will support on-site staff Complete a budget template that shows the anticipated budget for RSC www. CORESonline. org CORES@sahfnet. org

Enhanced Resident Services Process • Certifications awarded by Stewards of Affordable Housing for the Future (SAHF) • Borrower is required to receive both the CORES and ERS certifications prior to Rate Lock • Fannie Mae does not manage or influence the certification process CORES Certification: about 4 weeks ERS Certification: about 2 weeks Owner Submit CORES Certification application to SAHF Owner Lender Submit ERS Submit deal Property as pre. Certification review and application obtain ERS to SAHF pricing quote Healthy Housing Rewards Lender Training | July 2018 SAHF CORES and ERS Certifications issued Owner Submit certification to lender Lender Upload certifications to DUS Gateway Rate lock 12