«PUBLIC MEETING NOTICE Pursuant to Act 84 of 1986 - Sunshine Act The monthly meeting of the Members of the Board of the Pennsylvania Housing Finance ...»
A motion was made that the Board authorize the set-aside and reservation of available funds for Agency Programs and initiatives in 2015. This motion was seconded and unanimously approved. (See Appendix 6 of these Minutes.) B. Fannie Mae/Freddie Mac Mr. Hudson reported that the National Housing Trust Fund is to be funded by Fannie Mae and Freddie Mac and it should amount to approximately $1 billion dollars nationwide. Of that amount, Pennsylvania could receive approximately $35 million to $40 million for the State’s Housing Trust Fund, beginning in 2016.
Mr. Schwartz noted that the State’s Housing Trust Fund will be staffed by PHFA.
Ms. Peace reported that staff will be submitting a plan to the Board for approval of the implementation of this program. She indicated that it would be similar to the plan the Board most recently reviewed for the PHARE program., subject to final federal guidelines.
C. No January, 2015 Board Meeting Mr. Hudson confirmed that there is no January, 2015 Board meeting scheduled.
He wished everyone a very happy holiday.
12. ADJOURNMENT There being no further business to be discussed, a motion was made and seconded that the meeting be adjourned. The motion was unanimously approved. Chairman Moyer adjourned the meeting of the Board at 11:45 a.m.
Page 8 The next regularly scheduled meeting of the Members of the Board of the Pennsylvania Housing Finance Agency will be held on Thursday, February 12, 2015 at 10:30 a.m. at the offices of the Agency, 211 North Front Street, Harrisburg, Pennsylvania.
RE: Conditional Allocation of 2015 Volume Cap for Perrysville Plaza Apartments On September 11, 2014, the Board approved a preliminary allocation of year 2014 volume cap to the Urban Redevelopment Authority of Pittsburgh for the financing of Perrysville Plaza Apartments, located at 2403 Perrysville Avenue, in a mixed residential/commercial area in the Perry Hilltop neighborhood of Pittsburgh. Due to factors beyond the control of the development team, the deal was unable to close and the 2014 allocation of volume cap was returned to the Agency. The developer and all third parties (including HUD) now appear to be prepared to expeditiously proceed to the closing of tax exempt bond financing for the development.
The development team has requested the Agency re-allocate year 2015 volume cap for the financing. Because the development team was unable to close through no fault of their own, and because the anticipated tax exempt bond financing of the project is materially consistent with the prior 2014 application, staff recommends that the Board preliminarily approve an allocation of year 2015 volume cap to the Urban Redevelopment Authority for Perrysville Plaza Apartments (as soon as such 2015 allocation becomes available from the Commonwealth.) Attached please find the Board memorandum dated August 25, 2014 that describes the anticipated bond financing and presents the conditions for final allocation of 2015 volume cap.
RESOLUTION OF THE MEMBERS OF THE PENNSYLVANIA HOUSING FINANCE AGENCY
AUTHORIZING 2015 HOUSING RELATED BOND ALLOCATIONPerrysville Plaza Apartments WHEREAS, the Pennsylvania Housing Finance Agency (the "Agency") exists and operates by virtue of and pursuant to the Housing Finance Agency Law, (1959, Dec. 3, P.L. 1688, as amended, 35 P.S. 1680.101, et seq.) (hereinafter, "the Act"); and WHEREAS, private activity bond volume cap ("Volume Cap") is expected available to the Agency for the purpose of issuing housing bonds in accordance with the Internal Revenue Code of 1986, as amended (the "Code"), and with applicable laws and regulations in the Commonwealth; and WHEREAS, the Agency issued its Year 2015 Multifamily Housing Application that includes a Request for Proposals for Volume Cap for Tax Exempt Bond Financing ("RFP") inviting developers of residential rental facilities to seek an allocation of Volume Cap in 2015; and WHEREAS, Applicant, 2403 Perrysville Plaza LP, received an allocation of Volume Cap in 2014 for the acquisition and rehabilitation of a ten-story residential building for general occupancy in the Perry Hilltop neighborhood of Pittsburgh, Allegheny County, but was unable to close the tax exempt bond financing in 2014 due to factors beyond Applicant's control; and WHEREAS, the Agency has determined to provide a preliminary allocation of Year 2015 Volume Cap in an amount not to exceed $5,600,000 for the issuance of private activity bonds by the Urban Redevelopment Authority of Pittsburgh, subject to satisfaction of certain conditions set forth below.
NOW THEREFORE, be it resolved by the members of the Pennsylvania Housing Finance Agency on this 12th day of February, 2015, as follows:
Section 1. Staff is hereby authorized to take all necessary actions to provide a conditional preliminary allocation of Year 2015 Volume Cap in an amount not to exceed $5,600,000 (which includes a contingency
amount) for the tax exempt bond financing of Perrysville Plaza Apartments subject to the following conditions:
a.) submission, review and approval of all documentation necessary to secure construction and permanent loan financing of the project; b.) evidence, satisfactory to the Agency, that all conditions and qualifications relating to Section 42 of the Internal Revenue Code of 1986, as amended (the "Code") and all applicable requirements of the Agency's Tax Credit Program have been met; c.) evidence, satisfactory to the Agency, that all conditions and qualifications relating to Sections 103 and 142 (and related sections) of the Code have been met; d.) compliance with the timeframes and deadlines established by the Agency in the Tax-Exempt Qualified Residential Rental Facilities Seeking Private Activity Bond Allocations Volume Cap Request for Proposals; e.) evidence of the commitment of construction and permanent financing in amounts sufficient to ensure financial feasibility of the project; f.) evidence of the commitment to serve low income tenants for a period of not less than 30 years, which will be included in the Restrictive Covenant Agreement; g.) evidence of the satisfaction of accessibility requirements; h.) contribution of equity in an amount sufficient to ensure the financial feasibility of the development; i.) final underwriting of the application for tax-exempt bond financing and low income housing tax credits; j.) evidence of the final approval from HUD of the 223(f) financing application and of the extension of the current HUD Section 8 HAP Contract for a period of not less than 20 years; and k.) submission of two sets of complete full size architectural plans and specifications at least 60 days prior to the construction/bond closing to allow sufficient time for Agency review and approval.
Section 2. The action taken by the Agency is hereby declared to be an affirmative official act of the Agency toward the issuance of private activity bonds to finance the above named project; provided that in no event shall this official act be construed as an acceptance of any liability on behalf of the Agency nor as an indication of final selection for financing or a commitment of Volume Cap, which is subject to allocation by the Commonwealth.
Section 3. This resolution shall be effective immediately.