Tools You Can Use: Affordable Housing Finance Programs
There are a variety of funding sources that affordable housing developers can access or leverage. Our 2016 kick-off workshop, Tools You Can Use was held January 13 and provided an overview/refresher of several affordable housing financing programs offered by the Federal Home Loan Bank of Atlanta and Florida Housing Finance Corporation. Both entities also provide technical assistance in putting together affordable housing deals.
FHLBank Atlanta is a cooperative bank that offers competitively priced financing, community development grants, and other banking services to help member financial institutions make affordable home mortgages and provide economic development credit to neighborhoods and communities. FHLBank Atlanta also serves the economic and housing needs of communities by providing local financial institutions with flexible options for community development initiatives. The Florida Housing Coalition is commonly acknowledged as the foremost statewide authority in Florida on affordable housing, community development and related issues, as a clearinghouse for information, a provider of training and technical assistance, and an advocate at the state and national levels for people in need of affordable housing. The Florida Housing Coalition provided an overview of the programs offered by the Florida Housing Finance Corporation and the technical assistance FHC can offer organizations. Our guest presenters were: Joel Brockman, Assistant Vice President, Rental Production Manager, FHLBank Atlanta, Lisa Hoffmeyer, Technical Advisor, Florida Housing Coalition.
Joel provided an overview of FHLBank Atlanta’s Affordable Housing Program and the application process. Each year, FHLBank Atlanta sets aside 10 percent of its annual net income to invest back into members’ communities through the Affordable Housing Program (AHP). These resources help members provide critical funding for affordable housing development. Joel’s detailed presentation can be found here.
Lisa stressed the importance of advocating for full funding of Florida’s Statewide Affordable Housing Trust Fund, which funds the State Housing Initiative Partnership (SHIP) and other programs. She showed participants where they could access Local Housing Assistance Plans for each city and county that received SHIP funding. The LHAP identifies funded strategies and approved incentives to promote the development of affordable housing. Lisa also navigated attendees through FHFC’s site, where you can find information on Request for Applications (RFAs) released by the state for affordable housing development including accessing tax credits, State Apartment Incentive Loan (SAIL) program and others. The Pre-development Loan Program is another resource Lisa discussed. The PLP is underutilized tool available to nonprofit and community based organizations. The program offers technical assistance and below rate flexible financing for affordable housing.