Recap Plans for LIHTC Properties at Year 15 - Analysis and Outcomes
Explore recap plans stated by General Partners for LIHTC properties at Year 15, based on data from exiting NEF funds. With insights gathered from 584 projects across 42 states and approximately 35,600 units, follow-up on the feasibility of initial objectives. Evaluate options such as refinancing, operating from cash flow, and selling based on NOI and income to expense ratios. Dive into the Mission Profit Matrix and Risk Assessment Tool for a comprehensive review of multi-family portfolio risks and property-specific assessments.
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Presentation Transcript
Recap plans GP stated for LIHTC properties at Y15 Taken from conversations with General Partners exiting NEF funds during the past 5 years. Sample size is 584 projects in 42 states and approximately 35,600 units. The information presented is Subjective. We would like to follow up on whether the initial objectives turned out to be feasible.
Options Reported Refinance 4% LIHTC and new Gap Financing Operate and maintain from cash flow 9% LIHTC allocation Sold
NOI Dictates Options If the income to expense ratio looks like West or Columbus stay the course or refinance If the income to expense ratio looks like Harvard or RNE III preservation will require new gap debt and possibly a 9% allocation $600,000 $500,000 $400,000 $300,000 $200,000 $100,000 $- West Park Columbus Park I Harvard Park II RNE III Gross Income Operating Expense
Mission Profit Matrix Mission Profit Matrix 6 5 5 5 5 5 5 5 5 5 5 5 5 5 5 M i s s i o n 4 4 Each bubble represents a property. 4 4 4 4 4 4 4 4 4 4 4 4 4 Size of bubble depicts the number of years until the property needs refinancing (1-20). 3 3 3 3 3 3 3 3 3 3 3 3 2 2 2 1 -$200,000 -$150,000 -$100,000 -$50,000 $0 $50,000 $100,000 $150,000 $200,000 1 0 Axis Title
Risk Assessment Tool Risk Assessment Tool Multi-family Portfolio Risk Assessment Min Reserve Requirements Met Occupancy Cash Flow Reserves Physical Condition Subsidy Contracts TIF/Tax Abatement Mortgage Maturities Market Property Type LP Exit DSCR Score 12/31/2018 1 1 1 2 5 0 1 2 2 0 1 1 1.42 Cardinal Manor 1 1 1 2 2 0 1 3 3 0 1 1 1.33 Centennial Apartments 1 1 1 2 0 3 2 1 4 4 1 1 1.75 Central Square Apartments 1 1 1 2 0 0 1 1 5 3 1 1 1.42 Cherry Ridge Apartments 1.42 Eagle Ridge Townhomes 2 0 3 1 0 1 1 4 4 1 0 0 1 1 1 2 0 0 1 3 5 0 1 5 1.67 East Brooke Townhomes 1 1 1 2 0 0 1 3 5 0 1 5 1.67 Eastview Townhomes 1 1 1 2 4 0 1 3 3 0 1 1 1.50 Edgewood Apartments 2 1 1 2 0 0 4 3 4 5 5 5 2.67 Grande Apartments 1 1 1 2 4 0 1 3 3 0 2 1 1.58 Harmony Manor Apartments 1 1 1 2 0 0 1 3 5 0 1 5 1.67 Hillcrest Townhomes 1 5 5 2 0 0 0 4 1 0 0 0 1.50 Lakeside Apartments 1 1 1 2 5 0 1 1 5 1 1 1 1.67 Maplewood Apartments 2 5 4 2 0 0 5 2 1 0 5 1 2.25 McKay Apartments 1 1 1 2 0 0 2 3 5 0 1 5 1.75 Meadowland Townhomes 1 1 1 2 0 2 1 2 4 2 1 1 1.50 New Castle Townhomes 1 1 1 2 0 3 2 1 5 0 1 1 1.50 Nicollet Meadows Townhomes 2 1 1 2 5 0 1 3 2 0 1 1 1.58 Nimens Espegard Apartments 2 1 1 2 5 0 1 2 2 1.5 1 1 1.63 Nobles Square Apartments 1 2 2 2 0 0 2 2 5 5 1 1 1.92 Paris Park Townhomes 1 1 1 1 0 1 1 1 4 1.5 1 1 1.21 Park Row Crossing
