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Affordable Housing Loan Program and Underwriting Guidelines
Revised November 2021 2nd Revision (Chapter 3) January 3, 2022
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TABLE OF CONTENTS
Introduction
1
Program Overview
1
Types of Development Financial Assistance
2
Policy Background
3
Chapter 1
Affordable Multifamily Rental Housing -- Gap Loan Program
7
1.1 Citywide Affordability Projects
7
1.2 City-Designated Comprehensive Development Efforts
9
1.3 Availability of Funds
10
1.4 Loan Requirements.
10
1.5 Avoiding and Dealing With Project Performance Problems
15
1.6 Application Processing and Predictability
15
1.7 Basic Requirements for all Applications
15
1.8 Threshold Application Requirements
17
1.9 Additional Information Required for All Applications.
18
1.10 Evaluation Criteria
19
1.11 Overall Application Processing Procedure
20
1.12 Loan Documents
22
1.13 Loan Funding
23
1.14 Project Development
23
1.15 Compliance & Monitoring
23
1.16 Annual Reporting
23
1.17 Loan Servicing
24
Summary of Multifamily Rental Loan Programs
25
Chapter 2
Special Needs Housing -- Gap Loan Program
28
2.1 Availability of Funds
28
2.2 Loan Requirements
29
2.3 Avoiding and Dealing with Project Performance Problems
33
2.4 Application Processing and Predictability
33
2.5 Basic Requirements for All Applications
34
2.6 Threshold Application Requirements
35
2.7 Additional Information Required for All Applications
36
2.8 Evaluation Criteria
37
2.9 Overall Application Processing Procedures
39
2.10 Loan Documents
40
2.11 Loan Funding
41
2.12 Project Development
42
2.13 Project Compliance & Monitoring
42
2.14 Annual Reporting
42
2.15 Loan Servicing
42
Summary of Special Needs Housing Program
43
Affordable Housing Loan Program and Underwriting Guidelines
Revised November 2021 & January 2022
Page 1
Chapter 3
Homeownership Assistance Loan Programs
45
3.1 Homebuyer Assistance Programs
45
3.2 Homeownership Development Assistance Program
47
3.3 Assistance to Projects
50
3.4 Avoiding and Dealing with Project Performance Problems
50
3.5 Application Processing Flexibility and Predictability
51
3.6 Loan Requirements
51
3.7 Threshold Application Requirements
52
3.8 Additional Information Required for All Applications
53
3.9 Evaluation Criteria
53
3.10 Overall Application and Loan Agreement Processing Procedures
55
3.11 Loan Documents
57
3.12 Loan Funding
57
3.13 Project Development
58
3.14 Annual Reporting
58
3.15 Loan Servicing
58
3.16 Development Assistance in Redevelopment Areas
58
Summary of Homeownership Development Assistance Program
59
Chapter 4 Preserving Affordable Housing ? Rehabilitation Loans for Non-Profit Developers of
Affordable Housing
60
4.1 Eligible Projects
60
4.2 Availability of Funds
61
4.3 Loan Requirements.
61
4.4 Application Processing and Predictability
65
4.5 Basic Requirements for all Applications
65
4.6 Threshold Application Requirements
67
4.7 Evaluation Criteria
67
4.8 Additional Information Required for All Applications.
69
4.9 Overall Application Processing Procedure
70
4.10 Loan Documents
71
4.11 Loan Funding
72
4.12 Project Development
73
4.13 Compliance & Monitoring
73
4.14 Annual Reporting
73
4.15 Loan Servicing
73
Summary of Rehabilitation Loans for Non-Profit Developers of Affordable Housing
74
Attachments
Attachment A: Standard Underwriting Assumptions for Affordable Multifamily Rental or Special Needs Loans
Attachment B: Standard Underwriting Assumptions for Homeownership Project Loans
Attachment C: Standard Underwriting Assumptions for Rehabilitation Loans to Non-Profit Developers of Affordable Housing
Affordable Housing Loan Program and Underwriting Guidelines
Revised November 2021 & January 2022
Page 2
Attachment D: Developer Fee Guidelines for Affordable Multifamily Rental Projects
Attachment E: Developer Fee Guidelines for Special Needs Projects
Attachment F: Environmental Reviews
Attachment G: Rent & Occupancy Limits
Attachment H: Standard Documents
Attachment I: Affordable Housing Development Community Priorities
Attachment J: Property Sale and Transfer Process
Attachment K: Material Change Request Form
INTRODUCTION
Program Overview
The City of Phoenix Housing Department (Department) administers a variety of programs designed to foster housing choice and affordability for lower income residents while advancing important neighborhood revitalization and community development goals. The Department also carries out the City's responsibilities as a Public Housing Authority and provides staff support to the Phoenix Residential Investment Development Effort (PRIDE), a 501(c)(3) corporation created by the City of Phoenix.
Critical to the success of these programs is a shared understanding among the Department's stakeholders about the program goals, funding availability, and procedures used to evaluate and allocate the use of City resources. Key stakeholders include:
Mayor and City Council The Department and its funding partners Other City, county, state, and federal agencies involved with affordable housing development Non-profit and for-profit real estate developers, owners, and social service organizations Private sector lending institutions Local neighborhood, community, and advocacy groups
The purpose of the Affordable Housing Loan Program and Underwriting Guidelines is to describe the Department's housing policy objectives, the range of programs available to advance these objectives, and the manner in which transactions will be evaluated and selected for funding. The overall goal of these guidelines is to ensure prudent underwriting and achieve compliance with applicable Federal, State, and City laws, ordinances, regulations, and policy objectives.
Important policy objectives include:
Affordable Housing Loan Program and Underwriting Guidelines
Revised November 2021 & January 2022
Page 3
Preserve and create quality, sustainable affordable housing Ensure that resources promote affordable housing opportunities throughout all areas of the
community Assist geographically-based neighborhood revitalization efforts Further "smart growth" goals of the City including environmentally sensitive development and
transit-oriented development Leverage other available private, City, and federal funds in conjunction with Department gap
financing Assure that each development will be professionally managed Minimize City risks by encouraging high performing, sustainable projects that ensure future
Department subsidies are available for additional projects
The City of Phoenix provides financing for a range of housing programs utilizing funds from different sources including Federal HOME and CDBG funds, Federally authorized tax-exempt private activity bonds, and locally issued City of Phoenix Taxable General Obligation Bonds. Each funding source is subject to specific regulatory restrictions and requirements.
Affordable Housing Loan Program and Underwriting Guidelines
Revised November 2021 & January 2022
Page 4
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