Nothing illustrates the importance — and impact — of affordable housing and community development better than stories about the community itself. Learn about the people who develop and build the housing and the people who are built up because of it.
Every five years a new Capital Needs Assessment (CNA) should be completed. If it’s been more than 5 years since the last one for the property we will discuss how to get one scheduled. Every year a 5-year Capital Plan should be completed, based on recommendations from the CNA and current property needs. This should … Continued
During the Construction phase, Asset Management monitors the progress of construction. We receive reports on a monthly basis to check the progress of the buildings and check the budget for the project. We also receive a quarterly questionnaire to check in with the General Partner (see Reporting Requirements below). While monitoring the progress of the … Continued
When construction is complete, Asset Management collects information regarding the completion of construction and begins monitoring the project’s operations to ensure a successful lease-up process and that regulatory requirements are met. Asset Management receives copies of the Certificates of Occupancy for the buildings in the property, as well as certificates of substantial completion, notifications of … Continued
Once a property has begun leasing, Evernorth Asset Management receives operational data on each property on an ongoing, quarterly basis. The reporting requirements show which financial and leasing reports are required. Quarterly reports are due 15 days (Vermont) or 30 days (Maine and New Hampshire) after the end of each quarter. Please complete the Operations … Continued
During the year, properties are required to send reports to the State HFA and file federal tax returns. Additionally, the state HFA’s conduct compliance reviews at properties. As part of Evernorth’s reporting requirements, properties are to send copies of these reports to us. Please check the reporting requirements to see when you should be sending … Continued
8823 Notification When you receive a notice of 8823 Noncompliance from the State Housing Authority, please immediately notify the Evernorth Asset Management Team. If the 8823 Form is uncorrected, we will work with you to correct the violation within the prescribed time. Annual Budget and Rent Schedule Annual Budgets and rent schedules should be submitted to … Continued
Projects must be located in an eligible qualified NMTC census tract. ERV targets a majority of its NMTC investments to rural communities and finances projects that create or retain quality jobs and essential services that materially improve the lives of low income northern New Englanders.
NMTC equity can provide 20-25% of equity, like gap financing to a project or business. Most NMTC-funded businesses and projects receive financing that involves more favorable terms and conditions than those the market typically offers and may include some of the following: Below market interest rates A longer than standard period of interest only loan … Continued
The majority of NMTC financing is delivered as debt with favorable financing terms, though equity or equity-equivalent financing may be available in special circumstances.
To receive NMTC-funding, a business must be located in a federally-defined low income census tract. Please contact Beth Boutin at BBoutin@evernorthus.org.
NMTCs are very flexible and can be used for almost any kind of business, including manufacturing, downtown real estate development, community centers, health care, essential services, office space, downtown housing over commercial space, and farm, food and forest processing. The following are exceptions: Private or commercial golf courses Country clubs Massage parlors Hot Tub facilities … Continued
A typical NMTC funding request is between $3 and $35 million, though the total project size may be larger. An NMTC financing request of more than $10 million requires the participation of multiple NMTC awardees.
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