Developing Affordable Housing A Practical Guide for Nonprofit Organizations - Table of Contents:

• Part 1: Getting Started
  • Developing Affordable Housing in the Twenty-First Century
    • Introduction
    • The Current State of America's Affordable Rental Housing
    • The State of America's Working Poor Seeking Affordable Housing
    • Current Trends in Affordable Housing
    • Unique Opportunities for Nonprofit Organizations Rental and Homeownership
  • The Real Estate Development Process for Nonprofit Organizations An Overview
    • Nonprofit Organizations and the Real Estate Development Process
    • An Overview of the Real Estate Development Process
    • Addressing the Specific Needs of a Community and a Specific Project Site
  • Establishing the Development Team
    • In General
    • The Sponsor
    • The Financial Development Specialist
    • Attorneys
    • Accountant/Bookkeeper
    • Architect
    • Property Management Company
    • General Contractor
    • Construction Manager
    • Community Organizer
    • Appraiser
    • Conflicts, Multiple Roles, and Oversight
• Part 2: Projecting Costs, Income, and Expenses
  • Project Feasibility and Total Development Costs
    • Project Feasibility Defined
    • Determining Preliminary Project Feasibility
    • Estimating Total Development Costs
      • Appendix A Sample Letter of Value
      • Appendix B Summary of Key Federal Regulations Governing Underground Storage Tanks
      • Appendix C Summary of Relevant Laws and Regulations Governing Lead-Based Paint
  • Determining Projected Income and Expenses
    • Introduction
    • Projecting Income-Generally
    • Identifying Targeted Income Levels
    • Determining Affordability as a Percentage of Income and Market Rents
    • Income from Nonresidential Use
    • Projecting Expenses-Generally
    • Evaluating Past Operating Expenses
    • Projecting Expenses Where No Operating History Exists
    • Allowances and Reserves
    • The Role of Lenders
    • Appendix A Controllability of Expenses
• Part 3: Raising Capital
  • Raising Capital to Meet Total Development Costs
    • Introduction
    • Sources of Capital-Generally
    • Loans
    • Grants
    • Equity and Sales Proceeds
      • Appendix A Example of an Amortizing Loan
      • Appendix B Example of a Nonamortizing Loan
  • Sources of Capital Loans
    • Who are Possible Lenders?
    • Sources of Loan Funds from Public Lenders-Generally
    • Sources of Loans from State and Local Governments
    • Sources of Loans from the Federal Government
    • Sources of Loan Funds from Private For-Profit Entities
    • Sources of Loan Funds from Private Nonprofit Entities
      • Appendix A (c)() Bond Terminology
      • Appendix B List of Local CDFI Organizations Financing Housing
  • Sources of Capital Grants
    • Grants from the Federal Government
    • Grants from State and Local Governments
    • Grants from Private Nonprofit Foundations
    • Grants from For-Profit Corporations
  • Sources of Capital Equity
    • Creation of an Equity Fund for Housing Development
    • Use of the Low-Income Housing Tax Credit
    • Other Equity Sources
      • Appendix A Tax Credit Information Resources List of State and Regional Tax Credit Equity Funds
      • Appendix B Partial Listing of Low-Income Housing Tax Credit Tax Syndicators
  • Sources of Capital Public Housing Funds
    • How Public Housing Resources Contribute to Affordable Housing
    • Mixing Public Housing Capital with other Capital Mixed Finance
    • Uses of Public Housing Funds in Mixed-Finance Transactions
    • Considerations in Mixing Public Housing Development Funds with other Sources of Affordable Housing Funds
    • Elements of Public Housing Development Transactions
    • Conclusion
• Part 4: Enhancing Feasibility and Packaging
  • Enhancing the Feasibility of an Affordable Housing Project
    • Increasing Access to Capital-Credit Enhancement
    • Increasing Access to Capital-Loan Sales on Secondary Market
    • Reducing Total Development Costs
    • Increasing Income
    • Reducing Operating Expenses
  • Developing the Project Feasibility Report Six Case Studies
    • Introduction
    • The Feasibility Report and Financial Pro Formas
    • The Development of Affordable Housing Six Case Studies
    • Conclusion
      • Appendix A The Whitelaw Reference Information
      • Appendix B Friendship Court Reference Information
      • Appendix C Garden Terrace Reference Information
      • Appendix D The View Reference Information
      • Appendix E Kentucky Mountain Housing Reference Information
      • Appendix F Lease-Purchase Reference Information
• Part 5: Purchasing and Developing the Property
  • Securing Site Control over the Property Signing the Option or Purchase Agreement
    • Introduction
    • Site Control Must Be Secured in Writing
    • The Use of Purchase Contracts
    • The Use of Options
      • Appendix A Documents Pertaining to Purchase Contracts
      • Appendix B Documents Pertaining to Option Agreements
  • Prepurchase Considerations
    • Introduction
    • Applying for Financing and Operating Subsidies
    • Determining the Ownership Entity-Generally
    • Determining the Ownership Entity-Corporations
    • Determining the Ownership Entity-Partnerships
    • Determining the Ownership Entity-Factors
    • Establishing the Ownership Entity Divided Ownership and Leasehold Interests
    • Interviewing and Selecting the Management Company
    • Developing Plans for Renting or Selling Units
      • Appendix A Monthly Management Reports
  • Partnerships and Joint Ventures
    • Issues Concerning Organization's Tax-Exempt Status
    • Options for Structuring the Relationship
    • Partnerships and the Use of the Low Income Housing Tax Credit
      • Appendix A Joint Venture Checklist
        • In General
        • Board Involvement
        • Day-to-Day Management
  • Purchasing the Property Settling on Acquisition
    • The Settlement Process-Generally
    • The Role of the Settlement Agent
    • Title Insurance
    • Selecting the Settlement Agent
    • Preparing for Settlement
    • Settlement
    • Postsettlement
    • Lender Requirements
    • Governmental Regulations
      • Appendix A Settlement Checklist and Sample Documents
  • Constructing or Rehabilitating the Property Settling on the Construction Loan and Surviving the Construction Process
    • Introduction
    • Settling on the Construction Loan
    • The Construction Process-The Participants and Their Responsibilities
    • Technology in 21st Century Affordable Housing Construction and Rehabilitation
    • Negotiating the Construction Contract and Bidding
    • Elements of the Construction Contract
    • Rehabilitating an Occupied Property
    • Completion of Construction
      • Appendix A Construction Process Checklist and Sample Contractor Agreements
  • Selective Rehabilitation
    • Overview
    • Introduction to Selective Rehabilitation
    • Managing Selective Rehabilitation Formal Versus Informal Approaches
    • Implementing a Formal Approach to Selective Rehabilitation The Rehabilitation Specialist
    • Choosing A Property for Selective Rehabilitation Building Inspection Techniques of Rehab Specialists
    • Conceptualizing the Project Rehabilitation Standards
    • Designing the Project Work Write-Ups and Cost Estimates
    • Computerized Specification-Writing and Estimating Systems
    • Defining Methods and Materials Performance Specifications
    • Selective Rehabilitation and Construction Management
    • Selective Rehabilitation and the Contractor Pool
    • The Role of Government Agency/Public-Purpose Organizations in Selective Rehabilitation
    • Avoiding Gut Rehabilitation Tips of the Trade
    • Improving Energy Efficiency in Selective Rehabilitation
    • Dealing With Lead-Based Paint Hazards in Selective Rehabilitation
    • Dealing With Other Recurring Health and Safety Issues in Selective Rehabilitation
    • Applying Construction Codes and Existing Housing Codes to Selective Rehabilitation
    • Standards Issues with Funders and Selective Rehabilitation
    • Information Sources and Tools for Selective Rehabilitation
      • Appendix A Sample Documents Regarding Rehabilitation
• Part 6: Completing and Managing the Property
  • The Project Completion Phase Completing the Development and Maintaining an Ownership or Rental Community
    • Introduction
    • Settling on the Permanent Loan
    • Maintaining a Rental Property
    • Developing Additional Resident Services As Part of a Comprehensive Property Management Plan
    • Key Points on Setting Performance Standards for Comprehensive Property Management
    • Key Points on Deciding Whether to Contract for Management or Manage Directly
    • Key Points on Selecting a Good Management Company
    • Key Points on Evaluating Property Management Performance
    • Financial Management of Rental and Multifamily Homeownership
    • Converting the Property to Homeownership for Residents
    • Managing and Budgeting for Rental or Multifamily Ownership
      • Appendix A Sample Documents and Disclosure Statements
• Index