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| Getting Started | |
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| Developing Affordable Housing in the Twenty-First Century | |
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| Introduction | |
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| The Current State of America's Affordable Rental Housing | |
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| The State of America's Working Poor Seeking Affordable Housing | |
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| Current Trends in Affordable Housing | |
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| Unique Opportunities for Nonprofit Organizations: Rental and Homeownership | |
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| The Real Estate Development Process for Nonprofit Organizations: An Overview | |
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| Nonprofit Organizations and the Real Estate Development Process | |
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| An Overview of the Real Estate Development Process | |
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| Addressing the Specific Needs of a Community and a Specific Project Site | |
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| Establishing the Development Team | |
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| In General | |
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| The Sponsor | |
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| The Financial Development Specialist | |
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| Attorneys | |
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| Accountant/Bookkeeper | |
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| Architect | |
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| Property Management Company | |
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| General Contractor | |
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| Construction Manager | |
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| Community Organizer | |
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| Appraiser | |
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| Conflicts, Multiple Roles, and Oversight | |
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| Projecting Costs, Income, and Expenses | |
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| Project Feasibility and Total Development Costs | |
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| Project Feasibility Defined | |
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| Determining Preliminary Project Feasibility | |
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| Estimating Total Development Costs | |
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| Sample Letter of Value | |
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| Summary of Key Federal Regulations Governing Underground Storage Tanks | |
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| Summary of Relevant Laws and Regulations Governing Lead-Based Paint | |
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| Determining Projected Income and Expenses | |
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| Introduction | |
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| Projecting Income-Generally | |
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| Identifying Targeted Income Levels | |
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| Determining Affordability as a Percentage of Income and Market Rents | |
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| Income from Nonresidential Use | |
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| Projecting Expenses-Generally | |
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| Evaluating Past Operating Expenses | |
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| Projecting Expenses Where No Operating History Exists | |
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| Allowances and Reserves | |
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| The Role of Lenders | |
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| Controllability of Expenses | |
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| Raising Capital | |
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| Raising Capital to Meet Total Development Costs | |
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| Introduction | |
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| Sources of Capital-Generally | |
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| Loans | |
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| Grants | |
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| Equity and Sales Proceeds | |
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| Example of an Amortizing Loan | |
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| Example of a Nonamortizing Loan | |
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| Sources of Capital: Loans | |
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| Who are Possible Lenders? | |
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| Sources of Loan Funds from Public Lenders-Generally | |
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| Sources of Loans from State and Local Governments | |
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| Sources of Loans from the Federal Government | |
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| Sources of Loan Funds from Private For-Profit Entities | |
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| Sources of Loan Funds from Private Nonprofit Entities | |
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| 501(c)(3) Bond Terminology | |
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| List of Local CDFI Organizations Financing Housing | |
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| Sources of Capital: Grants | |
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| Grants from the Federal Government | |
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| Grants from State and Local Governments | |
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| Grants from Private Nonprofit Foundations | |
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| Grants from For-Profit Corporations | |
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| Sources of Capital: Equity | |
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| Creation of an Equity Fund for Housing Development | |
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| Use of the Low-Income Housing Tax Credit | |
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| Other Equity Sources | |
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| Tax Credit Information Resources List of State and Regional Tax Credit Equity Funds | |
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| Partial Listing of Low-Income Housing Tax Credit Tax Syndicators | |
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| Sources of Capital: Public Housing Funds | |
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| How Public Housing Resources Contribute to Affordable Housing | |
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| Mixing Public Housing Capital with other Capital: Mixed Finance | |
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| Uses of Public Housing Funds in Mixed-Finance Transactions | |
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| Considerations in Mixing Public Housing Development Funds with other Sources of Affordable Housing Funds | |
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| Elements of Public Housing Development Transactions | |
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| Conclusion | |
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| Enhancing Feasibility and Packaging the Project | |
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| Enhancing the Feasibility of an Affordable Housing Project | |
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| Increasing Access to Capital-Credit Enhancement | |
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| Increasing Access to Capital-Loan Sales on Secondary Market | |
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| Reducing Total Development Costs | |
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| Increasing Income | |
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| Reducing Operating Expenses | |
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| Developing the Project Feasibility Report: Six Case Studies | |
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| Introduction | |
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| The Feasibility Report and Financial Pro Formas | |
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| The Development of Affordable Housing: Six Case Studies | |
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| Conclusion | |
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| The Whitelaw Reference Information | |
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| Friendship Court Reference Information | |
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| Garden Terrace Reference Information | |
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| The View Reference Information | |
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| Kentucky Mountain Housing Reference Information | |
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| Lease-Purchase Reference Information | |
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| Purchasing and Developing the Property | |
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| Securing Site Control over the Property: Signing the Option or Purchase Agreement | |
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| Introduction | |
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| Site Control Must Be Secured in Writing | |
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| The Use of Purchase Contracts | |
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| The Use of Options | |
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| Documents Pertaining to Purchase Contracts | |
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| Documents Pertaining to Option Agreements | |
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| Prepurchase Considerations | |
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| Introduction | |
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| Applying for Financing and Operating Subsidies | |
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| Determining the Ownership Entity-Generally | |
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| Determining the Ownership Entity-Corporations | |
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| Determining the Ownership Entity-Partnerships | |
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| Determining the Ownership Entity-Factors | |
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| Establishing the Ownership Entity: Divided Ownership and Leasehold Interests | |
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| Interviewing and Selecting the Management Company | |
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| Developing Plans for Renting or Selling Units | |
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| Monthly Management Reports | |
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| Partnerships and Joint Ventures | |
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| Issues Concerning Organization's Tax-Exempt Status | |
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| Options for Structuring the Relationship | |
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| Partnerships and the Use of the Low Income Housing Tax Credit | |
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| Joint Venture Checklist | |
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| In General | |
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| Board Involvement | |
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| Day-to-Day Management | |
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| Purchasing the Property: Settling on Acquisition | |
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| The Settlement Process-Generally | |
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| The Role of the Settlement Agent | |
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| Title Insurance | |
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| Selecting the Settlement Agent | |
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| Preparing for Settlement | |
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| Settlement | |
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| Postsettlement | |
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| Lender Requirements | |
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| Governmental Regulations | |
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| Settlement Checklist and Sample Documents | |
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| Constructing or Rehabilitating the Property: Settling on the Construction Loan and Surviving the Construction Process | |
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| Introduction | |
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| Settling on the Construction Loan | |
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| The Construction Process-The Participants and Their Responsibilities | |
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| Technology in 21st Century Affordable Housing Construction and Rehabilitation | |
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| Negotiating the Construction Contract and Bidding | |
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| Elements of the Construction Contract | |
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| Rehabilitating an Occupied Property | |
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| Completion of Construction | |
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| Construction Process Checklist and Sample Contractor Agreements | |
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| Selective Rehabilitation | |
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| Overview | |
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| Introduction to Selective Rehabilitation | |
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| Managing Selective Rehabilitation: Formal Versus Informal Approaches | |
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| Implementing a Formal Approach to Selective Rehabilitation: The Rehabilitation Specialist | |
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| Choosing A Property for Selective Rehabilitation: Building Inspection Techniques of Rehab Specialists | |
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| Conceptualizing the Project: Rehabilitation Standards | |
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| Designing the Project: Work Write-Ups and Cost Estimates | |
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| Computerized Specification-Writing and Estimating Systems | |
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| Defining Methods and Materials: Performance Specifications | |
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| Selective Rehabilitation and Construction Management | |
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| Selective Rehabilitation and the Contractor Pool | |
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| The Role of Government Agency/Public-Purpose Organizations in Selective Rehabilitation | |
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| Avoiding Gut Rehabilitation: Tips of the Trade | |
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| Improving Energy Efficiency in Selective Rehabilitation | |
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| Dealing With Lead-Based Paint Hazards in Selective Rehabilitation | |
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| Dealing With Other Recurring Health and Safety Issues in Selective Rehabilitation | |
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| Applying Construction Codes and Existing Housing Codes to Selective Rehabilitation | |
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| Standards Issues with Funders and Selective Rehabilitation | |
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| Information Sources and Tools for Selective Rehabilitation | |
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| Sample Documents Regarding Rehabilitation | |
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| Completing and Managing the Property | |
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| The Project Completion Phase: Completing the Development and Maintaining an Ownership or Rental Community | |
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| Introduction | |
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| Settling on the Permanent Loan | |
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| Maintaining a Rental Property | |
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| Developing Additional Resident Services As Part of a Comprehensive Property Management Plan | |
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| Key Points on Setting Performance Standards for Comprehensive Property Management | |
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| Key Points on Deciding Whether to Contract for Management or Manage Directly | |
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| Key Points on Selecting a Good Management Company | |
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| Key Points on Evaluating Property Management Performance | |
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| Financial Management of Rental and Multifamily Homeownership | |
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| Converting the Property to Homeownership for Residents | |
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| Managing and Budgeting for Rental or Multifamily Ownership | |
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| Sample Documents and Disclosure Statements | |
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| Index | |