Rural Rental Housing Preservation Academy Session 3 Recap

May 4, 2018

Categories: Affordable Housing, Construction, Rental Housing

This is the third in a series of blog posts chronicling the Rural Rental Housing Preservation Academy. TSAHC, the Federal Reserve Bank of DallasEnterprise Community Partners, the Rural Rental Housing Association of Texas and Motivation, Education, & Training, Inc. are partnering to present the academy which is a series of no-cost training and peer learning sessions designed to help rural housing providers and nonprofits acquire and/or preserve USDA housing in their respective communities. Special thanks to the Capital One Foundation for providing financial support for the academy. 

Attendees participated in “Session 3: Preservation Financing and Deal Structuring” in San Antonio April 11-12. This is a recap of that session provided by Emily Perlmeter, Analyst, Community Development at the Federal Reserve Bank of Dallas.

Russell Kaney, Director, Programs at Enterprise Community Partners welcomed participants to the third session and reminded everyone that recaps of Session 1 and Session 2 are available for those interested. 

Low Income Housing Tax Credits (LIHTC) Overview 

Marnie Holloway - Texas Department of Housing & Community Affairs (Supporting Materials)
Reagan Maechling - Enterprise Community Investment (Supporting Materials)
Campbell Brown - Greystone Affordable Development (Supporting Materials)

Ms. Holloway gave an overview of the LIHTC program, how it's scored and highlighted the five percent set-aside for rural developments and the fifteen percent set-aside for at-risk developments. Ms. Maechling provided more context to the LIHTC process by reviewing the underwriting and syndication process. Mr. Brown provided examples of tax credit rural development deals including pooled transactions. 

HOME Funds (Supporting Materials)

Andrew Sinnott - Texas Department of Housing & Community Affairs

Mr. Sinnott provided an overview of the department's Multifamily Direct Loan Funds program and explained how HOME funds, the National Housing Trust Fund and other sources of capital are available through that program. 

Federal Home Loan Bank - Affordable Housing Program (Supporting Materials)

Greg Hettrick - Federal Home Loan Bank of Dallas 

Mr. Hettrick explained the application process for receiving an affordable housing grant from the bank. The grants are for up to $750,000 and support the development/retention of affordable owner-occupied and rental housing for households at or below 80% of the Area Median Income. 

HUD Section 8(BB) Program (Supporting Materials)

Tammy Fotinos - Southwest Housing Compliance Corporation

Ms. Fotinos gave an overview of the Section 8(BB) transfer process. This is a relatively new way to preserve the overall amount of project based rental assistance available by allowing a property owner with rental assistance to transfer that rental assistance to another property. 

Partnerships & Joint Development (Supporting Materials)

Will Eckstein - Greystone Affordable Development

Mr. Eckstein reviewed the respective roles and responsibilities in the transfer process, outlined partnership benefits and reviewed partnership structures and arrangements.  

Should I Stay or Should I Go (Supporting Materials)

Larry Anderson - Rural Housing Preservation Associates/Get RD Done Right!

Mr. Anderson's presentation laid out the many factors property owners must consider when deciding whether to remain in the USDA Rural Development program or decide if it's time to exit. 

Seller Considerations (Supporting Materials)

Campbell Brown - Greystone Affordable Development

Mr. Brown expanded on Mr. Anderson's presentation by looking at the three most important considerations for a seller: what their situation is, what restrictions they have, and what they can support. 

538 Loan Program (Supporting Materials)

Tammy Daniels - USDA National Office

Ms. Daniels reviewed the Section 538 Guaranteed Rural Rental Housing Program that provides three types of guarantees: permanent financing, construction/permanent financing, or a continuous guarantee. 

USDA Products (Supporting Materials)

C.D. Alonso - USDA National Office
Jonathan Bell - USDA Texas State Office
Karl Edmonson - Bellweather Enterprise 

Panelists provided further information on the Section 538 program and other USDA programs and products to support rural development.

CDBG Disaster Recovery (Supporting Materials)

Jennifer Molinari - Texas General Land Office 

Ms. Molinari gave an overview of the agency's role in administering Community Development Block Grant - Disaster Recovery (CDBG-DR) funds to support housing. CDBG-DR funds can support public housing (rehabilitation and reconstruction), single-family housing (rehabilitation, reconstruction, down payment assistance, and buyouts) and multifamily housing (rehabilitation and reconstruction).

Texas Housing Impact Fund (Supporting Materials)

David Danenfelzer - Texas State Affordable Housing Corporation

Mr. Danenfelzer discussed the Texas Housing Impact Fund, a direct lending program that provides construction loans, permanent financing and revolving lines of credit to support affordable multifamily and single-family developments.

Session 4 of the Rural Rental Housing Preservation Academy will be held June 6 - 7 in Austin, Texas. If you wish to attend that session or any other future session, please register here.


On the House blog posts are meant to provide general information on various housing-related issues, research and programs. We are not liable for any errors or inaccuracies in the information provided by blog sources. Furthermore, this blog is not legal advice and should not be used as a substitute for legal advice from a licensed professional attorney.

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