ICF International's Marsha Tonkovich and subcontractor Charlie Wilkins of Compass Group presented an interactive training and facilitation session at the National Council for State Housing Agencies (NCSHA)'s Housing Finance Agency (HFA) Institute on January 9, 2012. As a new proposed HOME regulation stresses, and as the HOME 2012 appropriations bill requires, underwriting for HOME-funded projects is important now more than ever. However, some state housing finance staff—working for participating jurisdictions (PJ)—are unaware of how to underwrite and lack procedures and tools to ensure this compliance area is met.
In this case-based course, ICF trainers provided state housing finance staff with sample rental housing projects with a variety of potential funding issues: location and population to be served, amount of HOME assistance, market data, and other funding-related issues. This practical, applied technique allowed state housing finance staff to discuss with their colleagues and other states how to underwrite these projects appropriately ensuring long-term success of their projects.
This session helped state housing finance staff to review tools and techniques on how to analyze rental projects, including reviewing development budgets. ICF trainers also discussed combining HOME with other funding sources such as low income housing tax credits (LIHTC).
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