HUD Logo
USA%20Flag  
Site Map         A-Z Index         Text   A   A   A
HUD   >   Program Offices   >   Public and Indian Housing   >   PIH   >   Public Housing   >   Office of Capital Improvements - PIH   >   Maximizing Leveraging - Mixed Finance Modernization
Maximizing Leveraging - Mixed Finance Modernization

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