Trends In HOME Monte Franke Franke Consulting Group
- Slides: 15
Trends In HOME Monte Franke, Franke Consulting Group
What We Will Discuss • • Recent allocation trends 2012 Appropriations Act Proposed Rule Resale/Recapture Notice 2012 Arizona Housing Forum 2
AZ HOME Allocations: 2003 2012 ADDI Stimulus $10 000 Post Article $9 000 $8 000 $7 000 $6 000 State Maricopa County $5 000 Mesa Phoenix $4 000 Tucson/Pima $3 000 Mesa Consortium $2 000 $1 000 2010 data $0 2003 2004 2012 Arizona Housing Forum 2005 2006 2007 2008 2009 2010 2011 2012 3
2012 • 38% cut nationally • But new data (2010 Census & 2005 -09 ACS) offset some of that loss in AZ; data impact • • • State: + 0. 7% Maricopa: + 26. 7% Tucson/Pima: + 1. 3% Mesa: + 12. 5% Phoenix: + 4. 5% 2012 Arizona Housing Forum 4
2013 Allocation? • Possible increase to $1. 2 Billion (+ 20%)? • Impact of sequestration? – HOME projected to lose $84 Million (- 8. 4%) 2012 Arizona Housing Forum 5
FY 2012 Appropriation Law Applies to activities that receive FY 2012 funds (set up in IDIS under 2012 Annual Plan) Requirements: 1. 2. 3. 4. Four-year project completion deadline Project underwriting certification Deadline for sale of homebuyer units CHDO development capacity 2012 Arizona Housing Forum 6
4 Year Project Completion Deadline • Projects must be completed & ready for occupancy within 4 years of written agreement execution – Projects will be ‘involuntarily terminated before completion’ & HOME funds must be repaid – Applies to 2012 Con Plan/ Annual Action Plan projects – HUD may grant a one-year extension 2012 Arizona Housing Forum 7
Project Underwriting • Before executing a legally binding written agreement, a PJ must: – conduct an underwriting review – assess developer’s capacity and fiscal soundness – examine neighborhood market conditions to ensure adequate need for project 2012 Arizona Housing Forum 8
Deadline for Sale of Homebuyer Units • Units not sold (or ratified sales contract) within 6 months of construction completion must be converted to HOME rental unit – HUD has no exception authority 2012 Arizona Housing Forum 9
CHDO Development Capacity • PJ may not reserve FY 2012 funds to a CHDO unless CHDO has staff with demonstrated development experience • Paid employees responsible for day-to-day operations (volunteers, board members, and consultants are not staff) • Projects of similar size, scope, complexity • Applies to FY 2012 CHDO set-aside funds 2012 Arizona Housing Forum 10
HOME Proposed Rule • Published: December 16, 2011 • Comments were due 2/14/12 • Addressing cumulative list of program concerns: • Enhance PJ accountability and oversight • Improve CHDO capacity and performance • Incorporate ‘best practices’ as requirements • Final Rule expected: Fall 2012 • Updates to trainings & certifications will follow 2012 Arizona Housing Forum 11
Proposed Rule Changes • Deadlines: completion, sales, rent-up • Underwriting – all projects • Physical standards expanded – energy, useful life, interim inspections, • CHDOs – no reservations, staff, independence • Owner price/value limit change • Rental project monitoring & workouts 2012 Arizona Housing Forum 12
Resale/Recapture Notice • CPD-12 -003 (January 2012) • HUD FOs must approve R/R plan (Con. Plan) • Written agreement separate from loan instruments • Repayment if non-compliance • PJ should have resubordination policy 2012 Arizona Housing Forum 13
Bottom Line 1. 2. 3. 4. 5. No commitment if you’re not ready No homebuyer units on spec CHDOs must have staff capacity If you can’t complete, you must remit Review your resale/recapture policy & docs 6. Perform or risk losing more funding for housing • The metric of HOME success is completed & occupied units 2012 Arizona Housing Forum 14
Links • HOME: www. hud. gov/homeprogram/ • 2012 requirements: • http: //hud. gov/offices/cpd/lawsregs/notices/2012/12 -007. pdf • https: //www. hometa. info/index. cfm? do=view. Webinar. Training s • Proposed rule: • http: //hud. gov/offices/cpd/affordablehousing/homeproposedru le/index. cfm • Resale/Recapture Notice: • http: //hud. gov/offices/cpd/lawsregs/notices/2012/12 -003. pdf • Mailing list • http: //www. hud. gov/subscribe/signup. cfm? listname=Office%2 0 of%20 Affordable%20 Housing%20 Programs&list=home-l 2012 Arizona Housing Forum 15
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