Finance Toolbox

Debt

Enterprise Community Loan Fund

HOME Multifamily Financing ? Invest Atlanta

Multifamily HOME Loan Program ? City of Atlanta

Green Preservation Plus ? Fannie Mae/FHA

ANDP Loan Fund ? Atlanta Neighborhood Development Partnership

Equity

Enterprise Multifamily Opportunity Fund

Low Income Housing Tax Credit (LIHTC) 9% – GA Department of Community Affairs

Low Income Housing Tax Credit (LIHTC) 4% – GA Department of Community Affairs

Tax Exempt Bond Financing ? Invest Atlanta

Program

Housing Enterprise Zone ? City of Atlanta

Home Energy Improvement Program ? GA Power

Project Based Rental Assistance ? Atlanta Housing Authority

City of Atlanta ? Toilet Rebate Program

This document is intended to serve as a resource guide for potentially available financial and programmatic resources in support of affordable housing development and preservation. Inclusion on this page does not imply resource availability.?Please contact us at shaas@enterprisecommunity.org with any updates needed, or missing resources.

Sponsor Eligibility	Dependent on project and product selected. – Nonprofit organizations – Limited partnerships and single asset entities with nonprofit sponsors – Mission aligned for profit entities
Types of Projects Funded	Predevelopment, Bridge Financing, Construction Financing, Acquisition, Permanent Financing(CDFI Bond Guarantee Program).
Affordability Requirements	Only on the CDFI Bond Guarantee Program (affordable at or below 80% AMI)
Funds Available Per Project	Dependent on Product Type.
Primary Contact	Meaghan Vlkovic Vice President and Market Leader Enterprise Community Partners 50 Hurt Plaza, Suite 649 Atlanta, GA 30303 404-698-4612 mvlkovic@enterprisecommunity.org
Link	Click for more?information.

Sponsor Eligibility	15% of HOME funds Set-Aside of HOME funds for CHDO’s as owner, developer, sponsor with 10% available for soft costs.
Types of Projects Funded	May finance, in part, the acquisition, construction, or renovation of multifamily housing for low and moderate income families. Second mortgage loans (gap financing) Projects must be in the City of Atlanta.
Affordability Requirements	Rental: All units must be occupied by households earning no more than 80% of AMI. 20% of units for 50% of AMI, 20% of units for 60% of AMI. 20 years for new rental construction. 5-15 years for rehabilitation of existing units; affordability period based on HOME investment per unit.
Funds Available Per Project	Max = $1,000,000 per development. Maximum of $40,000 per HOME assisted unit. Will have an interest rate of up to 3%. ***Invest Atlanta is a subrecipient of City of Atlanta Home Funding; Funds are not always available.
Primary Contact	Alan Ferguson Vice President, Housing and Special Initiatives Community Development Division Invest Atlanta 133 Peachtree Street, Suite 2900 Atlanta, GA 30303 404-614-8290 aferguson@investatlanta.com
Link	Click for more information.

Sponsor Eligibility	Agency must have had 501(c)(3) non-profit status at least 2 full years or have 2 full years of operating experience under another non-profit entity that meets this criteria. A minimum of 15% of HOME funding must be set aside for capital projects carried out by Community Housing Development Corporations (CHDOs).
Types of Projects Funded	New Construction or Rehabilitation. Multi-unit projects (e.g. 3 or more units) located within the City of Atlanta?s designated Community Development Impact Area.
Affordability Requirements	At or below 60% AMI. For projects larger than 3 units, 20% must be occupied by families at or below 50% AMI. 20 years for new rental construction. 5-15 years for rehabilitation of existing units; affordability period based on HOME investment per unit.
Funds Available Per Project	All HOME funds must be matched by at least 12% non-federal resources.
Primary Contact	Theresa Hill HOME Program Manager Office of Housing City of Atlanta 68 Mitchell Street SW, Suite 1200 Atlanta Georgia 30303-0310 404-330-6390 thhill@atlantaga.gov
Link	Click for more information.

Sponsor Eligibility	Fannie Mae?s DUS? underwriting requirements. Borrowers must have sufficient assets, liquidity and experience to support the mortgage loan and perform sponsorship responsibilities, as determined by underwriting.
Types of Projects Funded	?Provides funding for the refinance, preservation and energy efficient retrofits of older affordable multifamily housing properties. Property must be at least 10 years old, with a At least 5 percent of the refinance loan proceeds must be applied to property renovation or energy retrofit. As a requirement for underwriting, Fannie Mae will adopt a Green Property Needs Assessment (Green PNA) as a standard required for all Green refinancing Plus loans. All rehabilitation and energy improvements must enhance value and improve property operations.
Affordability Requirements	Recorded use agreement of the affordability restrictions that extends for at least the term of the new loan to help preserve affordable housing must be in place.
Funds Available Per Project	?No minimum or maximum, but loans over $50 million require HUD consent.
Primary Contact	Bellwether Enterprise Duluth and Atlanta, GA Website Other Fannie Mae designated Affordable Lenders: Website
Links to More Information	Fannie Mae Green Initiative Financing Bellwether Enterprise Lending Programs Bellwether Green Preservation Plus

Sponsor Eligibility	Nonprofit and mission-driven for-profit affordable and mixed-income housing developers, with a focus on projects that serve neighborhoods highly impacted the foreclosure crisis.
Types of Projects Funded	Acquisition/rehab and construction financing for affordable single-family projects as well as bridge and construction financing for high-mission affordable multi-family projects.
Funds Available Per Project	Dependent on project specifics.
Primary Contact	Ashani O’Mard Senior Director of Capital Development Atlanta Neighborhood Development Partnership 229 Peachtree St NE, Suite 705 Atlanta, GA 30303 404-522-2637 aomard@andpi.org
Link	Click for more information.

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Sponsor Eligibility	For-profit or not-for-profit housing developers Substantial prior experience and a demonstrated track record of successfully owning and operating multifamily properties. Minimum of $1 million in liquidity and $5 million in net worth.
Types of Projects Funded	Existing multifamily residential rental projects with 100 or more units, a minimum current occupancy rate of 80% a projected debt coverage ratio of at least 1.30 Properties will generally be ?B? and ?C? class
Affordability Requirements	Rents for at least 75% of their units affordable to households at or less than 80% AMI
Funds Available Per Project	Minimum investment of $1 million and maximum investment of $5 million per project The Sponsor will be responsible for investing a minimum of 10% ? 20% of the total equity
Primary Contact	Chris Herrmann Vice President, Fund Manager cherrmann@enterprisecommunity.com
Link	Click for more information.

Sponsor Eligibility	10% of the available 9% Credits are set aside for non-profit- sponsored Applications. – 51% ownership of GP Interests – NPO must materially participate Each Project Team must demonstrate the qualifications necessary to successfully own, develop and operate a proposed tax credit project. Applicants will be limited to direct or indirect Ownership/Development interest in a maximum of two (2) selected projects.
Types of Projects Funded	New Construction Preservation – DCA will award five (5) points to up to seven (7) Applications that best meet DCA?s preservation priority.
Affordability Requirements	15 year initial affordability + 15 year extended use period. Qualified Contract opt out option. 20-50 Minimum Tax Credit Set-aside: At least 20% of the units affordable at 50% or less AMI. 40-60 Minimum Tax Credit Set-aside: At least 40% of the units affordable at 60% or less AMI.
Funds Available Per Project	DCA will not award more than $1,000,000 of Credits to any project in the competitive round.
Primary Contact	Email?the Multifamily Housing Finance and Development Programs about the 2016 Funding Round. Georgia Department of Community Affairs 60 Executive Park South, N.E. Atlanta, Georgia 30329-2231
Link	Housing Tax Credit Qualified Allocation Plan Documents

Sponsor Eligibility	Each Project Team must demonstrate the qualifications necessary to successfully own, develop and operate a proposed tax credit project.
Types of Projects Funded	New Construction Preservation
Affordability Requirements	15 year initial affordability + 15 year extended use period. Qualified Contract opt out option. 20-50 Minimum Tax Credit Set-aside: At least 20% of the units affordable at 50% or less AMI. 40-60 Minimum Tax Credit Set-aside: At least 40% of the units affordable at 60% or less AMI.
Funds Available Per Project	Qualified Basis x Applicable Credit Percentage = Maximum Credit Amount
Primary Contact	Email the Multifamily Housing Finance and Development Programs about the 2016 Funding Round. Georgia Department of Community Affairs 60 Executive Park South, N.E. Atlanta, Georgia 30329-2231
Link	Housing Tax Credit Qualified Allocation Plan Documents

Sponsor Eligibility	Developer must have experience commensurate with scope of project and financial capacity.
Types of Projects Funded	New Construction or Acquisition and Rehabilitation. Minimum of 75 units and $5MM in Total Development Costs. Any tax-exempt bond funds allocated pursuant to this program must be used to provide permanent financing for the development. City of Atlanta only. Can be coupled with 4% Tax Credits.
Affordability Requirements	40% of units must be set aside to persons at 60% AMI or 20% of units set aside at 50% AMI. 5% of units must be set aside for market rate tenants with no income restrictions. Affordability period is the greater of 15 years or as long as bonds are outstanding.
Funds Available Per Project	Dependent on project size. Tax exempt bonds provide low interest rates on borrowing.
Primary Contact	Alan Ferguson Vice President, Housing and Special Initiatives Community Development Division Invest Atlanta 133 Peachtree Street, Suite 2900 Atlanta, GA 30303 404-614-8290 aferguson@investatlanta.com
Link	Click for more information.

Sponsor Eligibility	No requirements noted; project/property requirements below.
Types of Projects Funded	Automatic Eligibility method, the parcel must be located in one of the Economic Development Priority Areas, as adopted in the New Century Economic Development Plan. OR Property must be located in an area demonstrating pervasive poverty, unemployment, general distress and underdevelopment. New Construction or Rehab – Tax abatements are allowed on the assessed value of the improvements (new development or renovations) only.
Affordability Requirements	Minimum of 20% of the total number of units must be designated as being affordable. Five percent (5%) of available affordable units may be offered to Atlanta Police officers and their families
Funds Available Per Project	After the first year of UEZ designation, tax abatements occur via a sliding scale of reduced percentages. UEZ designation of a parcel(s) results in tax abatement for City of Atlanta taxes as well as Atlanta Public School taxes. The UEZ is created to exist for a period of ten years, after which it is abolished.
Primary Contact	City of Atlanta Office of Planning 55 Trinity Ave, SW, Suite 3350 Atlanta, Georgia 30335?0310 Phone: 404?330?6145
Link	Click for more information.

Sponsor Eligibility	Must be a GA Power Customer. Must use an approved contractor and assessor
Types of Projects Funded	Existing SF or MF in GA Power territory
Funds Available Per Project	20%, 25%, 30% energy reduction goals; $925 in incentive per unit maximum or 50% installed cost; whole house approach – 30% savings, $1100 per unit maximum total incentive = whole house ($925, 30% savings) + energy assessment ($100) + programmable thermostat ($50) + electric water heater tank wrap ($25) Additional incentives for water heaters and water heat pumps; incentives are tied to achieving efficiency improvements.
Primary Contact	Contacts by Region
Link	Click for more information.

Sponsor Eligibility	AHA will evaluate the relevant previous experience and qualifications of the Owner in owning or developing multifamily real estate. The proposed Owner must demonstrate prior ownership experience in multi-family rental housing projects.
Types of Projects Funded	City of Atlanta, or 10 miles outside The Project Proposal must cover at least ten units. The rental community must meet AHA Enhanced Inspection Standards.
Affordability Requirements	Currently, at or below 60% AMI rent levels AHA will enter into a PBRA Agreement for an initial term of up to ten (10) years, with possible extensions for a maximum term of fifteen (15) years
Funds Available Per Project	No more than forty percent (40%) of the units in a multifamily residential community for occupancy by eligible households will be assisted under the PBRA program.
Primary Contact	Shirley A. Green Acquisition Analyst The Housing Authority of the City of Atlanta 230 John Wesley Dobbs Avenue, NE, 5th Floor Atlanta, Georgia 30303-2421 shirley.green@atlantahousing.org
Link	Click for more information.

Sponsor Eligibility	Apartment and condominium communities that are City of Atlanta water customers. – Up-to-date on water bill payments – Has water and sewer account with DWM – Complete a multifamily toilet rebate application – Purchase all fixtures and arrange for/pay for installation – Provide proof of purchase for 1.28 gpf or less, WaterSense replacement toilets – Agrees to transport used porcelain toilets to one of two porcelain recyclers in the Atlanta area – Agree to a post-installation verification site visit by DWM
Types of Projects Funded	Property owner/manager agrees to a pre-installation toilet inspection by DWM The property was built prior to 1993 Existing toilets use more than 1.6 gallons per flush
Funds Available Per Project	$100 rebate for each toilet replaced with a 1.28 gallon-per-flush or less EPA WaterSense toilet.
Primary Contact	Jennifer Carlile Water Policy and Waste Reduction Specialist Office of Sustainability City of Atlanta 55 Trinity Ave SW, Suite 3420 Atlanta, GA 30303 jcarlile@atlantaga.gov 404-546-1265 Dept. of Watershed Management Administrative Offices 404-546-1290
Link	Click for more information.

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