lis 217 stemming the tide - LISC

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LOCAL INITIATIVES SUPPORT CORPORATIONLocal Initiatives Support Corporation (LISC) is dedicatedto helping nonprofit community development corporations(CDCs) transform distressed neighborhoodsinto healthy communities of choice and opportunity –good places to work, do business, and raise children.LISC mobilizes corporate, government, and philanthropicsupport to provide CDCs with:■ loans, grants, and equity investments.■ technical and management assistance.■ local, statewide, and national policy support.LISC is a national organization with a community focus.Our program staff are based in every city and many ofthe rural areas where LISC-supported community developmenttakes shape. In collaboration with CDCs, LISCstaff help identify local priorities and challenges, deliveringthe most appropriate support to meet localneeds.Since 1980, LISC has marshaled more than $5.7 billionfrom 3,100 investors, lenders, and donors. In over 300urban and rural communities nationwide, LISC hashelped 2,400 CDCs build or rehabilitate more than147,000 affordable homes and almost 22 million squarefeet of retail, community, and educational space – totalingalmost $13 billion in development. As a result,hundreds of thousands of people have better lives andbrighter futures.Visit www.lisc.org for more informationabout LISC, and www.lisc.org/preservation for moreinformation about LISC’s Affordable HousingPreservation Initiative.
STEMMING THE TIDEA Handbook on PreservingMultifamily Subsidized HousingPrepared byEmily P. AchtenbergEdited byNeil Carlson and Vincent F. O’DonnellPublished by the Knowledge Sharing Initiativeof Local Initiatives Support CorporationSeptember 2002This publication and related resources areavailable at: www.lisc.org/resources.Cover Photo: Interfaith Apartments, Boston, a joint venture ofthe Madison Park Development Corporation and Haley House.Photo used by permission of Mostue & Associates Architects,Somerville, Massachusetts.
Page 1: LOCAL INITIATIVES SUPPORT CORPORATI
Page 5 and 6: CONTENTSIntroductioniChapter One 1S
Page 7 and 8: chapter oneSubsidized Housing Prese
Page 9 and 10: payments where the project would co
Page 11 and 12: The reaction to HUD's proposal was
Page 13 and 14: In addition, there are special rule
Page 15 and 16: Over the past few years, new federa
Page 17: tions. However, the nonprofit purch
Page 20 and 21: may construe the IRP as an "old and
Page 22 and 23: owner converts to non-rental use or
Page 24 and 25: 6. MARK-TO-MARKET INCENTIVESHUD/OMH
Page 26 and 27: PROFORMA 4: NONPROFIT PURCHASE WITH
Page 28 and 29: chapter threeState and Local Preser
Page 30 and 31: after refusing to accept the housin
Page 32 and 33: Owner Assessments. Assessment of th
Page 34 and 35: StrategiesAdvocates brought the own
Page 36 and 37: 3. STATE AND LOCAL FUNDING INITIATI
Page 38 and 39: chapter fourResearching the Propert
Page 40 and 41: insured projects, this date is 20 y
Page 42 and 43: 2. MARKETUltimately, the conversion
Page 44 and 45: 3. OWNERSHIPThe owner of a HUD-assi
Page 46 and 47: Phantom Income. If the property is
Page 48 and 49: 4. FINANCIALProject finances will a
Page 50 and 51: FINANCIAL INFORMATION SOURCESProjec
Page 52 and 53:
Most HUD-subsidized properties have
Page 54 and 55:
Social IssuesWhat is the nature and
Page 57 and 58:
EXHIBIT 3OPT OUT SUMMARYSTATETexasO
Page 59 and 60:
EXHIBIT 4OMHAR PAE and Assigned Pro
Page 61 and 62:
Total Units Assisted Units Program
Page 63 and 64:
EXHIBIT 8OPT OUT STATISTICS BY STAT
Page 65 and 66:
Owner Phone Agent Name Agent Addres
Page 67 and 68:
Amortized Principal Interest Rate H
Page 69 and 70:
Intermediary TechnicalAssistance Gr
Page 71 and 72:
Tenant-Based Section 8. Rentalassis
Page 73 and 74:
16 For background on the IRP subsid
Page 75 and 76:
iographiesEmily P. Achtenberg is a
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lis 217 stemming the tide - LISC

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