MHEG in a Minute Keeping you up to date on MHEG in just a minute’s time. Volume 10, Issue 1
May 2017
MHDF Rural Housing Initiative
Inside this Issue: Recent Highlights
1
CEO Update
2
Region Updates
2, 3
Property Spotlight
4
Recent Events
4
Closed Acquisitions
5
Upcoming Events
6
Monthly LIHTC Rates 515 N. 162nd Ave., Ste. 202, Omaha, NE 68118
December 2016 30%PV
AFR
3.18%
2.26%
January 2017 30%PV
AFR
3.23%
2.75%
February 2017 30%PV
AFR
3.24%
2.81%
March 2017
Upcoming Events May
IFA Board Meeting: May 3rd Des Moines, IA - IFA Office
June
KHRC Board Meeting: Jun. 1st Topeka, KS - KDFA Board Room
IFA Board Meeting: Jul. 12th Des Moines, IA - IFA Office
MHEG Annual Meeting & Golf Outing: Jun. 5th Ashland, NE - Quarry Oaks Golf Course
OHFA Board Meeting: Jul. 12th Oklahoma City, OK - OHFA Office
OHFA Board Meeting: May 17th Oklahoma City, OK - OHFA Office
IFA Board Meeting: Jun. 7th Des Moines, IA - IFA Office
KHRC Board Meeting: Jul. 13th Topeka, KS - KDFA Board Room
ADFA Board Meeting: May 18th Little Rock, AR - ADFA Office
MHDC Annual Commission Meeting: Jun. 8th Columbia, MO - TBD
MHDC Annual Commission Meeting: Jul. 18th Columbia, MO - TBD
NIFA CRANE Meeting: May 24th Lincoln, NE - NIFA Board Room
NIFA Board Meeting: Jun. 9th Lincoln, NE - NIFA Board Room
NIFA CRANE Meeting: Jul. 26th Lincoln, NE - NIFA Board Room
CHFA Board Meeting: May 25th Denver, CO - CHFA Board Room TDHCA Board Meeting: May 25th Austin, TX - Capitol Extension Auditorium
ADFA Board Meeting: Jun. 15th Little Rock, AR - ADFA Office CHFA Board Meeting: Jun. 29th Denver, CO - CHFA Board Room
AFR
3.24%
2.78% April 2017
July
KHRC Board Meeting: May 4th Topeka, KS - KDFA Board Room
30%PV
30%PV
AFR
3.24%
2.82%
Please note we will no longer show the 70% PVC rate as it was permanently fixed at 9% in December 2015. For more information view the Protecting Americans from Tax Hikes Acot of 2015.
Portfolio Update Developments Units
CHFA Board Meeting: Jul. 27th Denver, CO - CHFA Board Room TDHCA Board Meeting: Jul. 27th Austin, TX - Capitol Extension Auditorium
484 14,813
Counties Represented
183
Cities Represented
222
Vacancy Percentage
5.99%*
Debt Coverage Ratio
1.67*
Midwest Housing Development Fund (MHDF) is launching the Midwest Housing Development Rural Workforce Housing Nebraska Initiative. MHDF is looking to collaborate with developers, builders or community leaders that are interested in bringing affordable workforce housing to rural Nebraska. Through the Initiative, MHDF will provide technical assistance and expanded loan products to developers and owners that are meeting locally identified housing needs. The Initiative is focused on the development of affordable, rural workforce housing (for sale and for rent) which may include open market housing that is not incomerestricted but is available at an affordable price for low and moderate income workers.
Contact Lara Huskey, Senior Vice President for more information. lhuskey@mhdfinc.com
At no cost MHDF will provide the following: - Project development team formation & financial packaging - Discussion of required steps to develop the project - Review of market studies, appraisals, environmental studies to determine feasibility of the project - Review of financing applications (i.e. government funding) - Assistance with obtaining construction & permanent financing with conventional lenders - Assistance utilizing MHDF loans in project financing - Consultation through all phases of the project
If you’re unable to obtain a traditional loan, MHDF may also be able to assist you with securing your financial needs through their loan program. MHDF Loans are made based on market needs, how the property will satisfy these needs, community support and the borrower’s ability to support the property. Their loans are not grants, they must be repaid.
NIFA Conference Awards
Save the Date
This past March the Nebraska Investment Finance Authority (NIFA) hosted their annual Housing Innovation Marketplace Conference. During the conference, NIFA recognized individuals who dedication to affordable housing has made a difference in Nebraska.
Save the date Monday, June 5th, 2017, for MHEG’s Annual Meeting & Golf Outing. We will again host our meeting and tournament at Quarry Oaks Golf Course in Ashland, Nebraska.
MHEG was happy to learn that two of our partners received awards this year recognizing them for their outstanding service. Innovative Project of the Year: Lofts on 24th Street developed by Arch Icon Development Corporation, located in Omaha, Nebraska.
This event is an enjoyable occasion for our Board of Directors, committee members, staff, investors, developers and many other associates to come together for an afternoon of friendly competition. We look forward to seeing you there!
Property Manager of the Year: Jamie Wilson, of Cypress Property Management Group, has partnered with MHEG on over a dozen developments located throughout Nebraska. Congratulations to these leading organizations on their achievements.
Information current as of 4/01/17 *Percentage compiled from 2/15/17 figures using stabilized developments only, vacancy percentage is using economic vacancy.
TDHCA Board Meeting: Jun. 29th Austin, TX - Capitol Extension Auditorium
If you would like to receive our newsletter by email, go to our homepage to sign-up. For past issues of MHEG in a Minute check our website under News & Events. For any other inquiries about the content of this newsletter, please contact Keely McAleer. 6
Left: Partners of 3101 S. 24th Street, LLC accepting the award are Cindy Koster (MHEG), Darin Smith (Arch Icon), Mindy Crook (Arch Icon), Tim Kenny (NIFA) and Teresa Kile (NIFA). Right: Jamie Wilson of Cypress Property Management Group with Tim Kenny (NIFA).
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