Archive for category: Industry Highlights

ATTN Developers | Prince George’s County DHCD Request for Qualifications

January 6, 2022
January 6, 2022

 

Request for Qualifications: Right of First Refusal

The Prince George’s County Department of Housing and Community Development is seeking responses (“Qualification Statements”) from qualified non-profit and mission-oriented for-profit developers (“Developers”) with strong affordable rental housing track records and demonstrated experience in acquiring, owning, operating, rehabilitating, and developing quality rental housing with affordability covenants who are interested in serving in a pool of qualified parties to serve as assignees or designees (the “Roster of Responders”) to exercise DHCD’s Right of First Refusal (“ROFR”). For more information on the ROFR and to respond to this request, please review the ROFR developer bench application. The proposal closing date is January 31, 2022.

 

 

Didn’t Meet the District’s Building Energy Performance Standards? Help is Available

December 13, 2021
December 13, 2021

 

Didn’t Meet the District’s Building Energy Performance Standards (BEPS)? Help is Available.

The DC Sustainable Energy Utility, in partnership with the District Department of Energy & Environment and the DC Green Bank, launched an Affordable Housing Retrofit Accelerator program offering enhanced technical and financial assistance to owners and managers of qualifying District affordable multifamily buildings that do not meet the District’s Building Energy Performance Standards (BEPS). Apply today to find out if your building qualifies for the program, for the program, and join the DCSEU and DOEE for a webinar on December 15 to find out more.

 

 

Build Back Better Act Update

November 4, 2021
November 4, 2021
Last month, President Biden announced a final framework for the Build Back Better Act. The once $3.5 trillion plan now $1.75 trillion, outlines $150 billion in affordable housing investments including: 
  • $25 billion in rental assistance
  • $65 billion to preserve the public housing infrastructure
  • $15 billion for the national Housing Trust Fund to build and preserve over 150,000 homes affordable to extremely low-income households
Last week, an amended version of the Build Back Better reconciliation legislation was released. Despite pressure to bring down the cost of the legislation, the amended version proposes a historic investment and key measures to strengthen the Housing Credit. The following Housing Credit production proposals were included in the updated version:
  • Lowering the bond-financing threshold from 50 percent to 25 percent for five years, from 2022 to 2026,
  • Increasing the annual Housing Credit allocation at a rate of 10 percent per year plus inflation from 2022 to 2024, which amounts to a roughly 41 percent increase over current levels in 2024, followed by inflation adjustments after 2025,
  • Providing a permanent 50 percent basis boost for properties serving extremely low-income (ELI) households, along with an 8 percent minimum set-aside for properties taking advantage of the ELI basis boost, as well as a limitation on the amount of allocation and volume cap that can be used for properties receiving the ELI boost, and
  • Providing a permanent 30 percent basis boost for properties in Indian areas.
Read the NLIHCEnterprise and AHTCC e-blasts for more details. 

DC Green Buildings: The 2021 Market Leaderboards

November 2, 2021
November 2, 2021

Building Innovation Hub Released its 2021 Market Leaderboards 

Lowering building energy use is a key component to meeting local and global climate action goals. DC’s housing development community has produced some of the country’s most sustainable buildings and continues to model what’s possible. With support from Yardi Matrix, the Building Innovation Hub (Hub) took publically available benchmarking data and information from private industry to identify which buildings and companies lead in performance based on their ENERGY STAR score. The Hub’s team used that data to create the 2021 Market Leaderboards and identified the top 10 performers in each of the following categories: Top Office Buildings Overall, Top Office Buildings Class B & C Office, Top Office Buildings Built Prior to 1970, Top Office Buildings Larger than 400,000 Square Feet, and Top Multifamily Residential Buildings.

The full 2021 Market Leaderboards are now public at www.buildinginnovationhub.org/local-leaders/market-leaderboards. All the data is from 2020 and this information will be updated annually or as required.  It is an accomplishment to be recognized for being a contributor in helping the District’s buildings lead the way in improving their building energy use and reducing associated emissions. Congratulation to the HAND members who were recognized by HUB for having the highest performing buildings in DC:

  • Bozzuto Group
  • JBG Smith Properties

For additional details, view Hub’s press release. To view an interactive map of all buildings in the District’s benchmarking program, visit EnergyBenchmarkingDC.org. An array of additional benchmarking resources for property owners and operators is available on the Hub website at www.buildinginnovationhub.org

You’re invited to attend! Rent Reporting Implementation 101

October 19, 2021
October 19, 2021

As you know, unlike homeowners, renters don’t typically get credit for their largest bill: rent. Rent reporting, the reporting of resident’s rental payments to one or more of the main credit bureaus, addresses this disparity head on. Gaining traction across the country, affordable housing providers are well poised to offer rent reporting as an impactful economic mobility strategy for their residents, yet, many don’t know where to start. That’s why Kaiser Permanente and Credit Builders Alliance (CBA) are partnering to share the fundamentals of rent reporting. Join them for a 45-minute interactive informational session about rent reporting. They will cover:

  • The benefits of rent reporting
  • Indicators that your agency could be a good fit
  • Initial steps needed to undertake a rent reporting program
  • Future funding opportunities for affordable housing providers seeking to offer rent reporting to their tenants

Learn more about rent reporting and CBA’s why here. Register to join one of two info sessions linked below:

  • Monday, November 8 | 2:00pm – 2:45pm ET | Register here
  • Wednesday, November 10 | 3:30pm – 4:15pm ET | Register here

 

Richmond Racial Equity Essays

October 6, 2021
October 6, 2021

Richmond Racial Equity Essays is happy to announce the content of the Richmond Racial Equity Essays project. Richmond Racial Equity Essays is a multimedia project focused on advancing racial equity in Richmond, Virginia.  Click HERE to take a look.

Inspired by The Just City Essays, DEI consultant and urban planner, Ebony Walden teamed up Meghan Gough from VCU’s Wilder School of Government and Public Affairs and urban farmer and activist Duron Chavis, to create The Richmond Racial Equity Essays, a multimedia project comprised of a collection of 24 essays, 7 video interviews and an 8-episode podcast series focused on racial equity in Richmond, Virginia. The project captures nearly 50 voices from all walks of life and sectors that explore what an equitable Richmond would look like, especially as it relates to racial equity, and highlights the strategies that will help us get there. The hope is for this project to lead Richmond (the former capital of the Confederacy) toward a solid framework for how to advance racial equity and be a model for discussion in other cities.

Visit www.richmondracialequityessays.com for more information. Sign up for the newsletter and follow us on Twitter, FacebookInstagram and YouTube as well.

Housing Finance Professionals, Developers, Policymakers, Academics, & Other Affordable Housing Stakeholders: The NHP Foundation & Enterprise Wants You to Participate in Their Survey

September 28, 2021
September 28, 2021

 

The NHP Foundation & Enterprise Needs You!
The NHP Foundation and Enterprise invites you to participate in their survey. The goal of the survey is to offer a comprehensive look at lessons learned over the last 10 years of affordable housing policy challenges, starting from the Great Recession, up until now. Findings will be presented this fall at the NHP Foundation’s 5th Annual SymposiumA Decade of Rental Housing Vulnerability: Lessons Learned from Financial Crisis to Coronavirus. The survey should take only 15 minutes and is available hereThe survey deadline is September 24.

Five Minutes With EagleBank

September 27, 2021
September 27, 2021


Pictured:Rich Devaney and Dara Koller 

The HAND network is hard at work to address the growing housing affordability challenge across the Capital Region. Five Minutes With is a series highlighting these members and other stakeholders. This informal conversation delves into their recent projects, the affordable housing industry, and more. In the latest edition, we have a conversation with EagleBank‘s Rich Devaney, Senior Vice President and Dara Koller, SVP & Deputy Director. They chatted with us about their extensive experience in the affordable housing and community development industry and how they landed in this space. Rich highlights past challenges, lessons learned, and his advice to emerging leaders seeking to make an impact. Dara shares key takeaways from her experience, what she is bringing into her new role, and other her interest outside of affordable housing. Check out our dialogue below:

HAND: Both of you have extensive experience in the affordable housing and community development industry  – Can you tell us about your professional journey and how you landed in this space?
DK: I have 20 years of industry experience, working in leadership roles at Freddie Mac and agency lenders supporting Fannie Mae and Freddie Mac multifamily executions, primarily focused on affordable rental housing executions for both agencies, including new construction and preservation of affordable rental housing properties.  While at Freddie Mac, I was also involved in the development and roll-out of  a few new products supporting the affordable rental housing industry as well.  When I first began working on affordable rental housing transactions, it was not the most well understood or popular asset type in the industry compared to market rate rental housing, but I always believed it was extremely important and I was excited to be part of an industry focused on solving the growing need for affordable rental housing in the U.S.  
RD:  I began my career just after the passing of the CRA legislation and immediately prior to LIHTC legislation being rolled out, working with and for some of the most respected and innovative industry icons in the DC market.  It was an exciting time, fusing the tension between regulatory pressure in the banking industry and innovation and expansion of and in the community development and non-profit sector intent on increasing its impact in significantly underserved neighborhoods.  My focus and vision was grounded in building high-impact community development and affordable housing businesses within and with large institutions (Bank of America, Fannie Mae, top 5 Life Companies) under the rubric of profitability, sustainability and scalability.  My experiences took me through the capital stack and from neighborhoods to national presence.  Throughout, my greatest experience to date was setting up this FHA business within EagleBank, coupling the best of financial strength, innovation and flexibility in its ability to deliver capital within the community it serves. 

HAND: Rich, you launched EagleBank’s FHA Multifamily Lending Division in 2015, in addition to several other investment initiatives for the bank. Can you tell us about one of your largest challenges over the past six years and what you have learned?
RD: Our FHA Multifamily business is a product line that falls squarely within the Bank’s commercial real estate span of lending.  As such, our task was to integrate this business in a collaborative way, not competitive, with the balance sheet lending activity, getting the buy-in from the line lenders and alignment in goals and objectives…..”Enlightened self-interest”.  Having set up multiple businesses over my 35- year career, this one presented unique challenges, including how to integrate.  It took a solid 3 years of repetition, “proving the thesis” and trust building to get to the point where the value chain is clear and tangible.  Presently, every single transaction within the FHA pipeline will touch the Commercial Real Estate balance sheet.  Lesson learned was that you can get buy-in strategically at the highest level, but you must get buy-in tactically where the rubber hits the road with the people who make the business happen. 

HAND: Dara, you are fairly new to the bank – what key takeaway(s) from your experience thus far are you bringing into your new role?
DK:

  • There is a continuing need for safe, decent affordable rental housing and supportive services in our local communities and EagleBank has made a significant contribution to the growth across the Washington D.C. market and in communities throughout the Mid-Atlantic over the last 20 years. EagleBank continues to play an important role in financing affordable multifamily rental housing, which has helped build and maintain safe and economically stable communities which significantly improve the quality of life for its residents. 
  • We have a tremendous opportunity to continue to make a contribution to the local community to provide much needed affordable rental housing through our deep relationships with affordable housing developers and investors, as well as EagleBank’s FHA multifamily business, which allows us to do business anywhere in the U.S. We are a community bank, with national capabilities with our FHA multifamily licenses.  I think that is a powerful combination.
  • My strong affordable housing and multifamily experience will augment EagleBank’s growing FHA multifamily business. In this new role, I will be dedicated to FHA loan originations, business development as well as serving as a resource for the Bank’s focused efforts on affordable rental housing. 

HAND: Rich, do you believe there is a “secret sauce” to addressing housing affordability and creating more equitable communities in our region? If so, what do you think that is? What do you think is the largest obstacle?
RD: I believe the private financing vehicles and resources are readily accessible and in sufficient amounts to have great impact.  There needs to be, and always has been, focus on equity in the delivery and availability of affordable housing.  One of my greatest mentors emblazoned in my mind “you are what you measure”, so to solve issues related to equity, we need goals, transparency and accountability….period!  My perspective is that the largest obstacles in the production of affordable housing are the public entitlement process, zoning, planning, and permitting.  Some municipalities have processes that take up to 3-5 years which infuses risk, uncertainty and viability to the process. 

HANDRich, what advice would you give to emerging leaders who are seeking to make an impact in this space?
RD: Be flexible – issues are rarely binary choices, every situation is a learning experience – accept set-backs as a gift and surround yourself with diversity – holistically.

HAND: Rich and Dara, what are you most looking forward to over the coming months at EagleBank? Are there any projects or programs that you are particularly excited about?
RD & DK: Furthering the synergies within the Bank, our investment in the Washington Housing Initiative and further coupling our balance sheet and FHA business. 

The FHA Multifamily Group is an emerging contributor to the strategic goals and objectives of the CRE Group and EagleBank. 

EagleBank financed a handful of key affordable housing projects in the Washington D.C market including:

  • More than $81 million in financing to support a key affordable housing project in Bethesda MD, which includes 401 multifamily housing units situated on five separate land parcels.
  • Phase I of Addison Row Apartments, Capital Heights, MD a planned community consisting of a 321 unit multifamily building. The project is currently in lease-up. The community caters to workforce housing needs and in addition to affordability, offers large unit sizes compared to new construction in Washington, D.C. Phase II will add 327 units. 
  • A construction loan used in conjunction with 4% LIHTC to rehabilitate a 60 unit LIHTC affordable community located in the Barry Farms neighborhood of Southeast Washington, DC. After completion, a HUD FHA Section 223(f) refinance application to exit the bank construction loan.
  • A $50 million construction loan for a to-be-built low income housing project above retail space located in the Capital Hill area of Washington, DC. The project will utilize 4% LIHTC and a long-term rental subsidy contract with the DCHFA.
  • EagleBank is currently working on a few notable affordable housing transactions, including the renovation and recapitalization of a project-based Section 8 property located in the Anacostia neighborhood in Southeast Washington DC utilizing 4% LIHTC.

HAND: Rich and Dara, if you weren’t working in this space, what might you be doing?
DK:  I have always been interested in architecture and design, focused on creating and transforming spaces to meet the needs of a building’s occupants and looking for solutions to present and future issues, such as climate change.  Incorporating sustainable and green building design in construction projects is increasingly important to reduce the carbon footprint and use our energy and water resources more efficiently.
RD: I have been consistent in responding to this question when asked over the past 30 years.  I would be dedicating 100% of my time working in programs that focus on disadvantaged youth, focusing on education and financial literacy.  To me, one of the biggest gaps we have racially and socio-economically is knowledge of and access to financial tools, products and services. 

Congrulations HAND Members | New Market Tax Credit Program Award Recipients

September 13, 2021
September 13, 2021

 A lack of investments, an unstimulated economy, and inadequate access to healthy foods, education and healthcare is not an unfamiliar reality of low-income communities. The U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) created the New Market Tax Credit Program (NMTC Program) to reinvigorate struggling local economies of low-income communities by breaking the cycle of disinvestment. The NMTC Program accomplishes its goal by permitting investors to receive a tax credit against their federal income tax in exchange for making equity investments in specialized financial intermediaries called Community Development Entities. The credit totals 39 percent of the original investment amount and is claimed over a period of seven years. The CDFI Fund recently announced those awarded the 2020 NMTC allocation. We are excited to uplift and congratulate our members who have received this award:

  • Capital Impact Partners
  • Corporation for Supportive Housing
  • Enterprise 
  • Local Initiatives Support Corporation
  • Low Income Investment Fund
  • PNC Community Partners
  • Reinvestment Fund, Inc.
  • The Community Builders

For more information, please see the NMTC Program Fact Sheet (English / Español). A detailed overview of the NMTC Program, including information on eligible activities, can also be found in the Introduction to the NMTC Program presentation.

 

 

 

Kaiser Permanente Announces a New RFP

August 17, 2021
August 17, 2021

In June, Kaiser Permanente sponsored a Regional Forum on Homelessness to foster collaboration among cities and counties in Greater Baltimore, suburban Maryland, DC, and northern Virginia to reduce the prevalence of homelessness. This regional collaboration is Kaiser’s answer to homelessness since people experiencing homelessness often cross city and county boundaries. In an effort to continue working to provide solutions to end homelessness, Kaiser Permanente intends to award at least two grant awards of $50,000 each before the end of 2021 to nonprofit organizations that are working to address homelessness in more than one city or county. The grant term will be from January 1, 2022 through December 31, 2022. The deadline for applications is September 9, 2021. The Request for Proposals is here, and you can also access the project budget template and logic model template, referenced within the RFP.