Assisted Housing Inventory User Guide

Introduction

The Assisted Housing Inventory (AHI) is a database of subsidized developments that provide affordable rental housing in Florida. The AHI includes traditional public housing and properties subsidized by Florida Housing Finance Corporation, U.S. Department of Housing and Urban Development (HUD) multifamily programs, U.S. Department of Agriculture Rural Development (RD), and local housing finance authorities (LHFA). In exchange for subsidies, property owners provide affordable ("assisted") units with limits on tenant incomes and rents.

The AHI application provides four tables for the state, counties, and cities in Florida:

• Assisted Properties and Units by Funder, Summary shows the number of properties and units receiving funding from each source.
• Assisted Housing Inventory: Property List provides information about location, property characteristics, funding sources, tenant characteristics, and neighborhood for each AHI development. Using the box to the left of the tables, the Property List can be filtered by the name of the development, funder, population served, year built, and subsidy expiration dates.
• Lost Properties Inventory is a list of formerly subsidized properties that now operating as market-rate housing or another land use, or that have been demolished.
• Public Housing Agencies provides contact information for local agencies administering the federal public housing and Housing Choice Voucher programs.

Data Dictionary: AHI Property List

Data Dictionary: Lost Properties Inventory

Description of Programs Reported on in the Assisted Housing Inventory

Programs Administered by the U.S. Department of Housing and Urban Development (HUD)

• Refi Section 221(d)(3) MR: A mortgage that is insured under Section 221(d)(3) Market Rate can be refinanced under Section 223(a)(7). This program has no incomeor rent restrictions and is therefore only reported in the Assisted Housing Inventory if a development also has HUD project-based rental assistance.
• Refi Section 221(d)(4): A mortgage that is insured under Section 221(d)(4) can be refinanced under Section 223(a)(7). This program has no income or rent restrictions and is therefore only reported in the Assisted Housing Inventory if a development also has HUD project-based rental assistance.
• Rental Assistance/HUD: HUD provides project-based rental subsidies for units in multifamily developments under programs such as the Section 8 Loan Management Set-Aside, Section 8 New Construction and Substantial Rehabilitation programs.Rental assistance is typically restricted to households with incomes at or below 50 percent of the area median income. It provides a subsidy so that income-qualified households do not spend more than 30 percent of their monthly gross income on rent and utilities. Many rental assistance contracts now have a one year term and are typically renewed annually, subject to Congressional appropriation.
• Section 202 Capital Advance: The Section 202 Supportive Housing for the Elderly program started in 1991 and provides a 40-year interest-free capital advance to private, nonprofit sponsors tofinance development, rehabilitation or acquisition of supportive housing for very low-income elderly persons (at least 62 years of age) at or below 50 percent of the area median income. The program also has a project-based rental assistance component that limits the rent payments of residents to 30 percent of income; in the Assisted Housing Inventory this is categorized as 'Rental Assistance/HUD'.
• Section 202 Direct Loan: The Section 202 Direct Loan Program for the Elderly or Handicapped provided direct loans to private developers for the construction of housing for the elderly or persons with disabilities. In 1990, this program was replaced by the Section 202 Capital Advance and Section 811 Capital Advance programs. Florida still has many properties that were originally funded under the Section 202 Direct Loan program. Many of these properties also receive HUD project-based rental assistance that limits the rent payments of residents to 30 percent of income; in the Assisted Housing Inventory this is categorized as 'Rental/Assistance/HUD'.
• Section 207: Section 207 insures mortgage loans to finance the construction or rehabilitation of a broad range of rental housing. Section 207 mortgage insurance, although still authorized, is no longer used for new construction and substantial rehabilitation. It is however, the primary insurance vehicle for the Section 223(f) refinancing program. Section 207 has no income or rent restrictions and is therefore only reported in the Assisted Housing Inventory if a development also has HUD project-based rental assistance.
• Section 221(d)(3) MR: The Section 221(d)(3) Market Rate program insures mortgage loans for non-profit developers to facilitate the new construction or substantial rehabilitation of multifamily rental developments. This program has no income or rent restrictions and is therefore only reported in the Assisted Housing Inventory if a development also has HUD project-based rental assistance.
• Section 221(d)(4): Section 221(d)(4) insures mortgage loans to for-profit developers to facilitate the new construction or substantial rehabilitation of multifamily rental developments Thisprogram has no income or rent restrictions. This program has no income or rent restrictions and is therefore only reported in the Assisted Housing Inventory ifa development also has HUD project-based rental assistance.
• Section 223(f) Refi/Purchase: Section 223(f) insures mortgage loans to facilitate the purchase or refinancing of existing multifamily rental housing. Developments may have been financed originally with a conventional mortgage or a mortgage insured by the Federal Housing Administration. This program has no income or rent restrictions and is therefore only reported in the Assisted Housing Inventory if a development also has HUD project-based rental assistance.
• Section 231: The Section 231insures mortgage loans to facilitate the construction and substantial rehabilitation of multifamily rental housing for elderly persons (62 or older) and/or persons with disabilities. This program has no income or rent restrictions and is therefore only reported in the Assisted Housing Inventory if a development also has HUD project-based rental assistance.
• Section 236: The Section 236 program provided mortgages at a one percent interest rate to private for-profit and non-profit developers during the late 1960s to early 1970s. The mortgage term was 40 years with the option for many for-profit developers to prepay after 20 years.Income limits are set at 80 percent of area median income, although the majority of units serve households at or below 50 percent of area median income. Many properties built under this program also receive HUD project-based rental assistance; in the Assisted Housing Inventory this is categorized as 'Rental Assistance/HUD'.
• Section 542: Section 542 is a risk-sharing program that provides credit enhancement through mortgage insurance for multifamily housing developments. HUD enters into risk-sharing agreements with state and local housing finance agencies and with Qualified Participating Entities. This program has no income orrent restrictions and is therefore only reported in the Assisted Housing Inventory if a development is also funded under programs that do impose restrictions.
• Section 811 Capital Advance: The Section 811 Supportive Housing for Persons with Disabilities program started in 1991 and provides a 40-year interest-free capital advance to nonprofit organizations for construction, rehabilitation or acquisition of rental housing with the availability of supportive services for adults with disabilities at or below 50 percent of the area median income. Section 811 also has a project-based rental assistance component that limits the rent payments of tenants to 30 percent of income; in the Assisted Housing Inventory this is categorized as 'Rental/Assistance/HUD'.
• HUD Use Agreement: Properties with this designation have terminated HUD-insured mortgages but may still be required to set income restrictions.
• Public housing: Affordable rental housing owned and operated by local public housing authorities and subsidized by HUD. Tenants generally pay 30% of income for gross rent. HUD provides operating and capital funds to PHAs. While some public housing tenants may have incomes up to 80 percent of AMI, in practice most tenants have incomes below 30 percent of AMI.

Programs Administered by the U.S. Department of Agriculture Rural Development (RD)

• Rental Assistance/RD: Section 521 Rental Assistance is a project-based tenant subsidy program that is used in conjunction with Section 515 and Section 514/516.It imposes both income and rent restrictions.
• Section 514/516: Section 514/516 can be used to finance on-farm rental housing as well as off-farm rental housing outside rural areas where needed to house those who work on nearby farms. Loans and grants are provided to farm workers, family farm organizations, state and local public agencies, and non-profit and for-profit organizations. This program can be combined with Section 521 Rental Assistance. Tenants must be income eligible. They receive priority based on the proportion of income received from farm work.
• Section 515: Section 515 is a direct loan program that provides mortgages at a one percent interest rate to non-profit and for-profit developers to build rural multifamily rental housing. Loans currently have 30 year terms andan amortization period of 50 years. Eligible tenants include very low, low and moderate-income households, with priority to families living in substandard housing. More than 94 percent of residents have incomes at or below 50 percent of the area median income and more than half are elderly or persons with disabilities. Tenants can receive rental assistance to restrict their rent payments to 30 percent of their gross household income under the Section 521 Rental Assistance program.

Programs Administered by the Florida Housing Finance Corporation (Florida Housing or FHFC)

• Demonstration Project: A development is designated a Demonstration Project to provide funds for housing of various special needs groups, including persons with disabilities, farm workers, extremely low-income or homeless Floridians, and elders in need of assisted living.
• DVF: Development Viability Loan Funding (DVF) provides gap financing for projects in the development pipeline experiencing cost increases related to market inflation.
• Elderly Housing Community Loan Program: The Elderly Housing Community Loan (EHCL) program provides loans to developers that are making improvements to elderly housing. These include sanitation repairs or improvements required by federal, state or local regulation codes, as well aslife safety or security-related improvements.
• Federal Deposit Insurance Corporation (FDIC): The developments under FDIC were part of the remaining balance of real estate assets of the Resolution Trust Corporation. These developments have 40 year use restriction periods and are monitored by the Florida Housing Finance Corporation.
• Guarantee: The Florida Affordable Housing Guarantee Program is a credit enhancement program that works in concert with federal, state and local government financing sources, as well as other qualified lending institutions. The Guarantee effectively lowers the overall cost of borrowing capital for the construction and rehabilitation of affordable multifamily rental housing by guaranteeing payment of mortgages that secure multifamily mortgage revenue bonds.
• Housing Credits 4%: The Low Income Housing Tax Credit Program - 4% provides a dollar-for-dollar tax credit over ten years against federal tax liability in exchange forthe new construction or acquisition and substantial rehabilitation of affordable rental housing units by nonprofit and for-profit organizations. This is a non-competitive allocation of tax credits paired with state and local bonds. At least 20 percent of units are to be set aside for households at or below 50 percent of AMI, or at least 40 percent of units are to be set aside for households at orbelow 60 percent AMI. Rent restrictions are also in place.
• Housing Credits 9%: The Low Income Housing Tax Credit Program - 9% provides a dollar-for-dollar tax credit over ten years against federal tax liability in exchange for the new construction or acquisition and substantial rehabilitation of affordable rental housing units by nonprofit and for-profit organizations. This is a competitive allocation of tax credits. At least 20 percent of units are to be set aside for households at or below 50 percent of AMI, or at least 40 percent of units are to be set aside for households at or below 60 percent AMI. Rent restrictions are also in place.
• Legislative Appropriation: Special appropriations from the Florida Legislature. Includes Rental Recovery Loan Program for construction and rehabilitation of affordable rental housing to respond to hurricane recovery needs and National Mortgage Settlement funds used for affordable rental housing development, homeless housing, and housing for persons with developmental disabilities.
• Predevelopment Loan Program (PLP): The Predevelopment Loan Program (PLP) provides below-market interest rate financing and technical assistanceto non-profit organizations for pre-development activities to plan, finance anddevelop affordable housing. This program has no income or rent restrictions andis therefore only reported in the Assisted Housing Inventory if a development is also funded under programs that do impose restrictions.
• SAIL: The State Apartment Incentive Loan (SAIL) program provides low-interest loans on acompetitive basis to affordable housing developers to bridge the gap between the development's primary financing and the total cost of the development. SAIL isfunded through the State Housing Trust Fund. A minimum of 20 percent of units must be set aside for families earning 50 percent or less of area median income. Developments that also have housing credits may use a minimum set-aside of 40 percent of the units for residents earning 60 percent of area median income. Thereare no rent restrictions.
• State Bonds: The Multifamily Mortgage Revenue Bond program (MMRB) uses both taxable and tax-exempt bonds to provide below market rate loans to nonprofit and for-profit developers who set aside a certain percentage of their apartment units for low-income families. The program requires thatat least 20 percent of the units be set aside for households earning at or below 50 percent of the area median income. The developer may also opt to set aside 40 percent of the units for households earning at or below 60 percent of area median. There are no rent restrictions.
• State HOME: The HOME Investment Partnerships Program provides non-amortized, low interest loans to developers for acquisition and/or new construction or rehabilitation of affordable rental housing to low-income families. Twenty percent of the units are occupied by families withannual incomes at or below 50 percent of area median income; the balance of theunits must be occupied by families with income that do not exceed 60 percent ofarea median. Rent restrictions are also in place.

Program Administered by Local Housing Finance Authorities (LHFAs)

• Local Bonds: Local housing finance authorities may issue tax-exempt Multifamily Mortgage Revenue Bonds. These tax-exempt bonds provide financing at lower-than-market rates for affordable multifamily housing developments. Income restrictions are imposed, but no rent restrictions.

Sources and Last Updates