Pung Rental Housing Consultants, LLC.
PRHC Development Services
PRHC has substantial experience in many aspects of the development arena. We have worked with both seasoned developers as well as newcomers hoping to do their first affordable housing deal. It is rewarding to navigate a newcomer through the rocky waters of affordable housing development, to see a nonprofit bring a vision to life and know much needed housing is being combined with much needed supportive services. It is equally rewarding to assist a seasoned developer who has been developing for years as they work through an ever changing set of industry guidelines and combine our experience with theirs, whether it be to build new construction, rehabilitate an existing project or bring a vacant, blighted structure back to life.
In recent years, PRHC has seen success with several competitive 9% LIHTC applications – providing services from simply guiding a client with deals in other states through the nuances of a Michigan LIHTC application as they complete their first application, to preparing the 9% LIHTC application package and then moving the deal along to debt and equity closings as well.
Over the past few years, we have also been successful in taking deals through a competitive financing program in Michigan which pairs direct lending and 4% LIHTC with competitive HOME funds. We also have experience with conventional and FHA loans.
We will work on individual development deals as well as portfolio work. Recently, we worked on a 12 project portfolio composed of 20+ year old Section 8 projects. The original limited partner was ready to exit, and due to the timelines they mandated, it was necessary to put in place a complicated take out package involving 4 bridge loans of almost $30 million to exit the outgoing limited partner in advance of the individual property refinances. Refinances were done using a three tiered debt structure with the state housing agency combining direct lending under the tax exempt bond program, HOME and preservation loans along with 4% noncompetitive housing tax credits.
Our Development Services cover a complete range from Initial Feasibility Analysis, through a detailed Underwriting Process and assistance with debt and equity applications and closings, including pre-development loans. We work closely with legal counsel during the closing processes, to track due diligence and ensure business terms are correctly portrayed from the underwriting runs to the legal documents. We also monitor the project through the construction process all the way to completion of the development process, assisting to ensure benchmarks for debt and equity are tracked and met until all parties in the deal consider the Development process to be complete. We can assist the independent accounting teams with cost certification documentation and preparation.
"A Strong Property is Built on a Strong Foundation"