CFFP/MF Modernization Transactions
To date, nine housing authorities have utilized Mixed Finance Modernization
in conjunction with CFFP. The authorities realized that their capital
improvement needs exceed their available resources. The way they
bridged the funding gap was to obtain either 4% or 9% tax credits.
Below is a summary chart of those housing authorities and the amount
of funds they were able to leverage:
|
State
|
CFP/CFFP Proceeds |
Additional
Funds Leveraged
|
Leverage
Ratio
|
Type
of
Tax Credits |
||
|---|---|---|---|---|---|---|
| Seattle I |
WA
|
$12,277,000
|
$23,107,573
|
1.88
|
4%
|
|
| Seattle I |
WA
|
$16,365,729
|
$16,296,968
|
1.00
|
4%
|
|
| Seattle II |
WA
|
$12,150,756
|
$21,012,149
|
1.73
|
4%
|
|
| Seattle Total |
$40,793,485
|
$60,416,690
|
1.48
|
|||
|
|
||||||
| Albany |
NY
|
$8,272,000
|
$7,135,561
|
0.86
|
4%
|
|
| Jackson |
TN
|
$4,702,249
|
$8,380,375
|
1.78
|
4%
|
|
| Denver |
CO
|
$16,936,202
|
$37,097,759
|
2.19
|
4%
|
|
| King County |
WA
|
$9,150,000
|
$63,617,979
|
6.95
|
4%
|
|
| St. Louis |
MO
|
$5,448,828
|
$7,558,554
|
1.39
|
4%
|
|
| Stevens Point |
WI
|
$907,093
|
$6,666,030
|
7.35
|
9%
|
|
| Washburn |
WI
|
$265,000
|
$1,743,818
|
6.58
|
9%
|
|
| Clinton |
MO
|
$675,000
|
$2,362,349
|
3.50
|
4%
|
|
| Puerto Rico |
PR
|
$378,765,000
|
$235,000,000
|
0.62
|
4%
|
|
|
|
||||||
| Overall Total |
$457,642,857
|
$422,843,554
|
0.92
|
|||
In its efforts to ensure PHAs are utilizing their Capital Funds
as efficiently as is possible, the Office of Capital Improvements
has developed 2 case studies to illustrate how PHAs have leveraged
their CFFP proceeds in order to maximize the amount of modernization
work the could accomplish.? The case studies are from actual CFFP
transactions where the PHA leveraged their CFFP proceeds.
 |
Steven's Point Case Study |
| |
Seattle Case Study |