1. @CHEconDev [ Chapel Hill: Housing ] Come Learn with us: Affordable Housing IV Come Learn with us Chapel Hill: Affordable Housing – 30 years

2. @CHEconDev Agenda Welcome and Introduction Review of Key Points from Past Sessions Our Guest Speakers Recommendations for the Future Welcome and Introduction Review of Key Points from Past Sessions Our Guest Speakers Recommendations for the Future []

3. Come Learn with us Chapel Hill: Affordable Housing – 30 years @CHEconDev Logistics Used text polling for participation Sessions could be watched live on TV, streamed on Town’s website, recorded for viewing at convenience Power points posted on web Survey

4. Come Learn with us Chapel Hill: Affordable Housing – 30 years @CHEconDev Key Points – Session 1 Affordable Housing Overview The regulatory environment can sometimes play a unfavorable role in development Development finance is complicated! There are many ways to finance projects, may require multi-levels of financing Affordable Housing set-asides are often insufficient on their own to address all affordable housing needs.

5. Come Learn with us Chapel Hill: Affordable Housing – 30 years @CHEconDev Key Points – Session 2 All About Housing: National, State and Local Trends Our housing market has a strong unmet demand in the 60% of area median income and below We have become a much older population Limited growth in the ages 20 - 44 since 1990 Incomes over $75,000+ have grown since 1990 (no growth under $75,000) Substantial growth in the upper-end of our housing market Home value growth has outpaced income growth

6. Come Learn with us Chapel Hill: Affordable Housing – 30 years @CHEconDev Key Points – Session 2 All About Housing: National State &Local Trends There are an unlimited number of ways to approach the development of affordable housing

7. Come Learn with us Chapel Hill: Affordable Housing – 30 years @CHEconDev Key Points – Session 3 The Real Cost of Housing: What it Costs the Town The Town has invested substantially in affordable housing - $31,334,973 Over $25M has been used to operate/ manage/ renovate the Town’s 336 public housing units A broad definition of affordable housing We need to identify alternate funding sources – federal funds are decreasing

8. Come Learn with us Chapel Hill: Affordable Housing – 30 years @CHEconDev Key Points – Session 3 The Real Cost of Housing: What it Costs the Town What does successful affordable housing look like?

9. Come Learn with us Chapel Hill: Affordable Housing – 30 years @CHEconDev Affordable Housing Strategy Identify funding sources for a middle-income housing program Evaluate policies and regulations on housing cost and development Develop affordable, off-campus student rental housing Streamline development review process Explore reductions in cost of non- mortgage related housing costs

10. Come Learn with us Chapel Hill: Affordable Housing – 30 years @CHEconDev Affordable Rental Housing Strategy Reduce barriers to market Use tax dollars to facilitate Accountable system for affordable housing Pursue funding sources Market-rate developers to partner for subsidized rental market Seek to partner with UNC and UNC Healthcare Identify a publically owned “opportunity site” Regulatory barriers changes to facilitate affordable rentals Campaign for bond issue for Chapel Hill Partner to hold older inexpensive apartment complexes Consider incentives for reuse of existing units Broaden public housing Pursue LITHC projects throughout the Town

11. Come Learn with us Chapel Hill: Affordable Housing – 30 years @CHEconDev What we have heard at past sessions: There are an unlimited number of ways to approach the development of affordable housing The regulatory environment can play a unfavorable role in development (Think: $s) Development finance is complicated and it may not be financially possible to meet all of the interests of our community in all new developments Many ways to finance projects, require multi-levels of finance for most projects Successful affordable housing involves tradeoffs Affordable housing is a priority for Chapel Hill, but we did not arrive with this need recently it has been building for several decades Important stuff to remember… []

12. Come Learn with us Chapel Hill: Affordable Housing – 30 years @CHEconDev Dr. Lisa Sturtevant Vice President for Research at the National Housing Conference and Wyman Winston Executive Director of the Wisconsin Housing and Economic Development Authority, as well as Town Staff. Sturtevant will provide a national perspective on specific affordable housing strategies and tools that the Town might use in the future. Wyman Winston Executive Director of the Wisconsin Housing and Economic Development Authority, will discuss financial tools for affordable housing, drawing on his several decades of economic development and housing experience across the state of Wisconsin. He has help structure and finance projects across the State of Wisconsin and helped create jobs and housing for all income levels. Speakers:

13. Come Learn with us Chapel Hill: Affordable Housing – 30 years @CHEconDev 3 Strategies for Affordable Housing

14. Come Learn with us Chapel Hill: Affordable Housing – 30 years @CHEconDev The following recommendations are: Based on what we have seen from our Demographic and Housing analysis of the last 30 years. What we have heard from the many speakers in this series. What we have seen from our research on affordable housing. Things we are seeing nationally for affordable housing.

15. Come Learn with us Chapel Hill: Affordable Housing – 30 years @CHEconDev Build Housing - Consider and approve housing that the market can support. 1.Projects supports market demand 2.Lenders do not finance projects without a strong market and a proforma that is balanced 3.Developers will not build projects without a reasonable return and a developer’s fee 1

16. Come Learn with us Chapel Hill: Affordable Housing – 30 years @CHEconDev - Approve housing and projects that do not drive other units price up. Build Housing 1

17. Come Learn with us Chapel Hill: Affordable Housing – 30 years @CHEconDev - Consider policies that encourage housing development that opens up our price points. Build Housing 1

18. Come Learn with us Chapel Hill: Affordable Housing – 30 years @CHEconDev “For low-income persons the situation is desperate, for the moderate, challenging, and the middle income, worrisome.”For low-income persons the situation is desperate, for the moderate, challenging, and the middle income, worrisome Recent quote: Build Housing 1

19. Come Learn with us Chapel Hill: Affordable Housing – 30 years @CHEconDev Build Housing 1

20. Come Learn with us Chapel Hill: Affordable Housing – 30 years @CHEconDev Work to improve Cost Burden [ Arlington, VA ] 2

21. Come Learn with us Chapel Hill: Affordable Housing – 30 years @CHEconDev Owner Occupied Cost Burden Factors: Mortgage Second mortgage and/or home equity loans Real estate taxes Homeowners insurance Condo/HOA fee (if applicable) Mobile home cost (if applicable) Utilities – Electricity, Gas, Water and Sewer, and Other Utilities Items that we can affect to lower costs: Land (if Town owned), Development Process (Town facilitated?), Overall Regulatory approval, 2 Work to improve Cost Burden

22. Come Learn with us Chapel Hill: Affordable Housing – 30 years @CHEconDev Renter Occupied Cost Burden Factors : Contract rent Utilities – Electricity, Gas, Water and Sewer, and Other Utilities Items that we can affect to lower costs: Land (if Town owned), Development Process (Town facilitated?), Overall Regulatory approval, 2 Work to improve Cost Burden

23. Come Learn with us Chapel Hill: Affordable Housing – 30 years @CHEconDev Create multi-partner development by working with Housing Partners and getting multiple agencies to play a role in a Town Initiated Housing Development. This could be a development that utilizes partners for distinct roles in the project or a piece of land where multiple agencies own a piece of the development. The Town should initiate the planning of the process. 3 -Potential purchase of existing development to maintain rental rate -Using land (town owned or otherwise) to plan a development with the partners. -Analyze the opportunity to utilize existing Town owned sites and properties. -Town should initiate planning

24. [ ] Questions? Come Learn with us Chapel Hill: Affordable Housing – 30 years @CHEconDev