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ACTION: Important Request from
HCD |
All affordable housing developers awaiting state
bond funds stalled by PMIB are encouraged to send the
following information to HCD's Chris Westlake as soon as
possible. HCD director Lynn Jacobs informed members of
California's affordable housing community Thursday that
HCD is trying to produce a complete and accurate list of
all projects by COB Wednesday, February 25.
HCD is concerned that they have outdated
predictions of timing on many projects and need to be in
contact with every developer to confirm information
before including it on their official list.
Please provide the following information on this matrix,
listing the amount of money you anticipate needing under
the month during which you will need it. (For example,
if you need $2 million in March, enter $2m in the March
box.)
- Identify project as referenced in HCD records (if
the name has changed and you are not sure the project
name on file at HCD, include all project names used
for that project)
- Name of funding program (e.g. Infill or MHP)
- When dollars are needed, in monthly increments for
one year, e.g. Immediate; March 30; April 30
....monthly thru Feb 28, 2010
- How much money is needed
- Name and phone number of person who HCD should
contact with any questions about the project
report.
Using the Subject Line "PMIB Projects", e-mail the
matrix to Chris Westlake at cwestlake@hcd.ca.gov. Please
copy doris@housingsandiego.org.
DEADLINE: E-mail your matrix to
Chris Westlake as soon as possible, but no later than 5
p.m., Tuesday, February 24, 2009.
Thank you so much for your
participation in this effort!
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PMIB Urged to Release Housing
Funds |
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More than 30 affordable-home developers, lenders,
and local housing agencies spoke at this week's meeting
of the State's Pooled Money Investment Board (PMIB)
highlighting the devastating effects of the frozen state
financing for affordable home developments.
They revealed the broad and specific impacts of the
stalled bond funds, including:
-- A halt in construction on 50,071
affordable rental and for-sale homes in 792 developments
throughout the state.
-- 93,400 lost jobs once
construction is halted or delayed.
-- High
monetary penalties for developers (and potentially, the
state) for failure to repay bank loans on
time.
-- Millions of additional expenditures
for developers (and potentially the state) in the form
of high interest rates on temporary bank
loans.
-- In the worse case, foreclosure of the
affordable homes by banks who provided construction
loans. In a foreclosure situation, millions of local and
state money already invested in homes will be lost and
the affordable rents or sales prices will convert to
market rates. Furthermore, the state may be held liable
for millions of dollars in private capital already
invested in the development.
Developers, lenders, and local housing agencies
urged the board to make affordable-home developments a
top priority for funding when bonds are sold.
(See above article about ACTION
NEEDED). |
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Solar Initiatives
Available |
The newest incentive program within the California
Solar Initiative was launched this week.
Multifamily Affordable Solar Housing (MASH) is designed
to bring the benefits of solar photovoltaic technology
to the low-income community. The program will be
available to existing multifamily buildings and will
significantly offset project costs. There are several
innovative components of MASH, including a new utility
tariff that will allow credits from a solar system to be
distributed to meters throughout an affordable housing
complex. Another new approach, set to launch later this
year, will allow applicants to bid for higher incentives
through a competitive grant proposal format.
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TCAC Offers Compliance
Workshops |
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The California Tax Credit Allocation Committee
(TCAC) will be providing seven one-day Basic Compliance
Monitoring workshops in various locations in the State
to provide updated information on CTCAC monitoring
policies, a thorough overview of the CTCAC monitoring
process from beginning to end, and an update on how
recent regulations (including Housing Bill 3221) impact
compliance monitoring and reporting.
The San Diego session is Friday, March 27 from 9
a.m. to 5 p.m. at the Courtyard San Diego Mission
Valley, 595 Hotel Circle South. The regiistration fee is
$90 and space is limited to two representatives per
organization with a total of 80 participants at each
workshop. Download the registration form here. |
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Understanding Consultant
Reports |
The next Affordable Housing Roundtable
is Thursday, March 5. The topic is "Understanding
Title Reports & Surveys". This Roundtable is a
lunchtime session sponsored by Hitzke Development
Corporation.
The program will cover deciphering a "typical"
title report for an affordable housing project,
including liens and encumbrances; survey basics; how the
survey and title report relate; and lender/investor
concerns including endorsements and survey requirements.
Speakers are Andréa Caruso, Townsend, Esq., Squire,
Sanders & Dempsey LLP; Marshal Scarr, Esq,. Peterson
& Price A.P.C.; and Susan Rykowski, Title Insurance
Expert, Sudberry Properties, Inc.
Space is limited; to sign up, click here.
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New TCAC Regs Set for Adoption
Wednesday |
Proposed TCAC
regulations will be considered and adopted at the
Committee's meeting Wednesday, February 25.
William Pavao, TCAC Executive Director, has asked
to meet with SDHF's Tax Credit Working Group regarding
the implementation of new funds expected from the
federal economic stimulus. If you are interested
in participating in the Working Group, contact Doris
Payne-Camp at
doris@housingsandiego.org.
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Learn About New Program for
Solar PV Retrofits |
The Calilifornia Public Utilities Commission has
established the Multifamily Affordable Solar
Housing (MASH) Program to
provide funding to retrofit affordable housing
developments with photovoltaic solar generation systems
for either common areas or all units. The
California Center for Sustainable Energy is
administering the program for San Diego County and will
be offering an introduction to the program on Thiursday,
February 26, 11:30 a.m. to 1 p.m.. Click here for
more information or to register for the limited
space. |
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| March
Roundtable |
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Understanding Title Reports &
Surveys
Affordable Housing Roundtable
Luncheon
Thursday, March 5
Noon-1:30 p..m.
NTC Command Center
Pt. Loma
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