Praxis Consulting Group
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Services

Development Finance
Praxis Consulting Group has extensive experience in securing financing for affordable housing development projects. It is skilled in identifying the equity and debt sources that are most appropriate for a given project, and in structuring multi-tiered financing combining private, federal, state, and local resources.

The housing finance programs used by Praxis include:
  • Low Income Housing Tax Credit Program - Praxis staff have participated in the financing of a number of projects that have used the low income housing tax credit program, including public housing, mixed-finance, RAD, supportive housing and elderly assisted living. We have worked with dozens of different equity sources and are familiar with tax structuring as well as market pricing. 

  • Historic Rehabilitation Tax Credits - Praxis staff have structured the financing on projects eligible for the rehabilitation credit for certified historic structures. We are familiar with the design standards as well as the technical issues involved in combining the Historic Tax Credit with the Low Income Housing Tax Credit.

  • State Housing Finance Agencies - Projects managed by Praxis staff have used financing from a variety of state housing finance agencies, including the Nevada Housing Division, the Pennsylvania Housing Finance Agency, Washington State Housing Finance Commission, Colorado Housing and Finance Authority, Montana Board of Housing, Alaska Housing Finance Corporation, Texas Department of Housing and Community Affairs, and the Massachusetts Housing Finance Agency. We have utilized both taxable financing and private activity tax-exempt 142(d) bonds.

  • HUD HOME, state Housing Trust Fund, and HUD Community Development Block Grant funds - Praxis projects have used these funds, which have been accessed at a variety of administrative levels, including state, city, and local consortiums. We are familiar with the regulations governing the use of these funds as well as with the techniques for combining these funds with conventional first mortgage debt in a limited partnership or limited liability company ownership structure.

  • Federal Home Loan Bank Affordable Housing Program - Praxis has been successful in securing grants under the AHP Program for over two dozen affordable housing projects. 

  • HUD Rental Assistance Demonstration (RAD) Program, HOPE VI, Choice Neighborhoods, and Public Housing Mixed Finance - Staff of Praxis Consulting Group have extensive experience with HOPE VI, CNI and public housing mixed-finance development, as enumerated in 24 CFR 941, Subpart F. In 1995, Praxis Principal Eric Novak co-authored, with Abt Associates, the Public Housing Mixed-Finance Guidebook for HUD, which is a comprehensive guide to the public housing mixed-finance development process. Praxis staff have also prepared HUD evidentiary documents and closed mixed-finance development projects for numerous housing authorities.​ ​In addition, staff of Praxis have acted as project manager and development finance consultant on public housing development projects that did not include mixed finance, for the Cambridge Housing Authority, Manchester Housing Authority, Boston Housing Authority, Hartford Housing Authority, Southern Nevada Regional Housing Authority, El Paso Housing Authority, Berkeley Housing Authority, and the Alaska Housing Finance Corporation. Staff of Praxis have prepared HOPE VI comprehensive revitalizations plans and applications for the New York City Housing Authority, the Hartford Housing Authority, the Dallas Housing Authority, and the Charleston, WV Housing Authority. Praxis is also consulting on and closing RAD projects in multiple states.

Praxis is familiar with cross-cutting HUD and federal regulations as they pertain to real estate development, including the mixed-finance rules, safe harbor standards, procurement rules, M/WBE participation, Section 3, Davis Bacon, Section 504, demolition/disposition, fair housing, federal environmental regulations, and the Uniform Relocation Act.
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Project Management
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Praxis Consulting Group has over thirty years’ experience in all aspects of the affordable housing development process, including:
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Design and Construction
  • Selecting and evaluating project sites
  • Carrying out site acquisition
  • Assembling development teams
  • Overseeing master planning and facility programming
  • Providing architectural review
  • Overseeing contractor selection and construction
  • Negotiating contracts
     
Regulatory and Community Process
  • Organizing resident and community meetings
  • Preparing zoning and other regulatory applications

Financing
  • Preparing development pro formas
  • Structuring and assembling financing
  • Preparing funding applications
  • Preparing tax credit investor materials
  • Closing financing

Management and Service Planning
  • Evaluating and selecting management and service agents
  • Structuring service budgets based upon public reimbursement programs
  • Negotiating management contracts
  • Reviewing management and marketing materials
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Praxis is experienced in a variety of affordable housing development types, including affordable assisted living, public housing mixed-finance development and supportive housing.
Research and Evaluation
Praxis Consulting Group has written extensively on housing and community development issues. Our publications include:
  • a workforce housing needs assessment of Incline Village and Crystal Bay for the Washoe County Community Development Department.
  • a housing needs assessment of rural Nevada for the Nevada Rural Housing Authority,
  • a report on barriers to affordable housing development for the Truckee Meadows Growth Task Force
  • a manual for the AIDS Housing Corporation on developing AIDS supported housing,
  • a study for the Ford Foundation on the economic benefits of incorporating center-based child care into affordable housing
  • a manual for HUD on building the capacity of resident organizations to purchase their expiring-use properties, and
  • an evaluation for the Fannie Mae Foundation of an economic literacy program in the African American churches.​

Publications:
  • Workforce Housing Needs Assessment of Incline Village and Crystal Bay (December 2009)
  • Housing Needs Assessment of Winnemucca and its Surrounding Areas (July 2008)
  • Barriers to Affordable Housing Development in Washoe County (August 2006)
  • Nevada Rural Housing Needs Assessment Report (March 2005)
PUBLIC HOUSING AND RAD DEVELOPMENT
Praxis Consulting Group has also provided technical assistance to public housing authorities in the areas of strategic planning, portfolio assessment, and mixed-finance development. Recent projects include:

Alaska Housing Finance Corporation (AHFC)
During an intensive one week site visit, Praxis, as a subconsultant to EJP Consulting Group, analyzed AHFC's Anchorage public housing portfolio and developed a series of formal recommendations for addressing the needs of low-income public housing residents as well as AHFC's desire to maintain financial stability over time. The methodology included a portfolio review (568 units on 108 sites), an overview of the market, and analysis of leveraged finacing options and local capacity. The site visit also included formal training on mixed-finance development under HUD rules. The final report contained four strategies (site specific mixed-finance redevelopment, using 'banked' ACC working with partners to assemble land for future development, and carrying out further study on a specific set of properties), which AHFC is in the process of now implementing. EJP and Praxis recently assisted AHFC in implementing the redevelopment of Loussac Manor in Anchorage, a 120-unit mixed-income family development that included 9% LIHTCs, AHFC corporate receipts, conventional debt and project-based rental assistance.


Berkeley Housing Authority
Praxis, as a subconsultant to EJP Consulting Group, recently assisted the Berkeley Housing Authority to assess its disposition options for 75 scattered site public housing and state-financed units. Options included disposition (through a long term lease) of the units to a private or non-profit entity and provision of project-based assistance to cover operating costs and needed capital improvements. EJP and Praxis prepared an Inventory Removal Application on behalf of the BHA to the HUD Special Applications Center for the conversion of the portfolio to affordable rental housing with project-based rental assistance. In addition, EJP and Praxis assisted the BHA in procuring a development partner to acquire, rehabilitate and operate the portfolio as affordable rental housing.

Dallas Housing Authority
Praxis Consulting Group, as a subconsultant to EJP Consulting Group, recently assisted the Dallas Housing Authority in the preparation of a successful $22 million 2010 HUD HOPE VI application for the redevelopment of the Turner Courts public housing development. Only six housing authorities were selected from among 44 agencies across the country that applied for HOPE VI Revitalization Program funding.

Housing Authority of the City of El Paso
Since 2010, Praxis, as a subconsultant to EJP, has assisted the Housing Authority of the City of El Paso (HACEP) in the revitalization of its over 6,000 units of public housing, utilizing mixed-finance and now RAD.  (El Paso received one of the largest RAD portfolio awards in the country.)  In 2016, EJP and Praxis were selected to act as “Predevelopment Project Manager” to coordinate the activities of HACEP and its development partners in moving over a dozen RAD financings through the HUD, TDHCA and lender and investor due diligence process.
 
To date, EJP and Praxis has assisted with predevelopment activities on almost 20 public housing developments, including the financial closing in April 2015 of portion of “Tranche 1,” the conversion of 1,590 units of public housing across 14 developments in one RAD transaction.  Financing for Tranche 1 included tax-exempt bonds, low income housing tax credits, HACEP operating and capital funds, and local HOME funds.
 
Praxis/EJP also worked with HACEP to prepare disposition and mixed-finance applications for two properties that could not be rehabilitated and converted under RAD. These projects were initially proposed as RAD but were deemed infeasible due to requirements imposed as part of their Texas LIHTC reservation. Praxis/EJP was able to assess the financial feasibility of completing these two projects as mixed-finance developments instead and has worked closely with HACEP staff, its counsel, and its development partners to pursue this alternative strategy in order to preserve the 2014 LIHTC awards.

Southern Nevada Regional Housing Authority 
In 2012, Praxis, as a subconsultant to EJP Consulting Group, carried out a week-long assessment of the Southern Nevada Regional Housing Authority (SNRHA) and Affordable Housing Program, Inc. (AHP) housing portfolios, consisting of over 3,500 public housing and assisted housing units and mobile home pads. Based on this assessment, which took into account capital needs, operating costs, tenant profiles and neighborhood characteristics, Praxis and EJP made a number of recommendations for prioritizing redevelopment projects and leveraging SNRHA's very limited capital funds.
 
As a follow up to this work, the EJP/Praxis team assisted SNRHA with the financing and closing of Landsman Gardens Apartments, which was the first FHA-financed project in the nation to close under the RAD program. Landsman Gardens opened in July 2014. That same year, EJP and Praxis performed an update to the 2012 Portfolio Assessment. Since then, EJP and Praxis have assisted SNRHA with the financing and closing of two additional RAD projects. EJP and Praxis also recently submitted a RAD Portfolio Application to HUD on behalf of SNRHA for many of the remaining properties. We are continuing to assemble financing for three additional SNRHA developments that will close under either the RAD or mixed-finance programs over the next year and a half.
 
Housing Authority of the County of Salt Lake
The EJP/Praxis team conducted a three-day site visit in August 2016 with the Housing Authority of the County of Salt Lake (HACSL). The goal was to identify strategic options for the preservation and redevelopment of a portion of the HACSL public housing properties, affordable housing properties, and owned units/scattered sites and to make recommendations for sustaining the portfolio over time. Praxis and EJP performed extensive data analysis on a portion of HACSL’s portfolio, focusing on the capital needs, neighborhood amenities, operating expenses, resident satisfaction, and potential funding sources for each property. Praxis and EJP provided several recommendations for HACSL to leverage HACSL’s force account and capital funds to prioritize the redevelopment of projects most in need over the next ten years. 
​

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  • Home
  • Services
  • News
  • Projects
    • Senior >
      • Acapella Senior Apartments
      • Bonnie Lane Apartments
      • Coronado Drive Apartments
      • Chinook Wind Apartments
      • Ensemble Senior Apartments
      • Larios Arms Senior Residence
      • Lincoln Way Apartments
      • Minuet Senior Apartments
      • Neil Road Senior Apartments
      • Rose Gardens
      • Silver Sage Senior Residence
      • Tempo Senior Apartments
      • Willie J. Wynn Apartments
    • RAD/Mixed Finance/USDA Preservation >
      • Biegger Estates
      • Indigo Village
      • Landsman Gardens Apartments
      • Otto Merida Desert Villas
      • Rose Gardens
      • Southwood Apartments
      • Vera Johnson Manor B
    • Family >
      • Biegger Estates
      • Indigo Village
      • Landsman Gardens Apartments
      • Otto Merida Desert Villas
      • Vera Johnson Manor B
    • Special Needs >
      • Allegiance Apartments
      • Bonnie Lane Apartments
      • Coronado Drive Apartments
      • Fenix Estates
      • Patriot Place
      • Richard Crossing
  • About
  • Contact