Rural Housing Resources: Public-Private Partnerships (P3s) for Housing

Slides:



Advertisements
Similar presentations
Keeping Families and Children Housed: Emergency Prevention Rental Counseling to Prevent Homelessness A Community Based Prevention Program A Program of.
Advertisements

City of Albuquerque Department of Family and Community Services 2014 HUD Action Plan Public Meeting Tuesday, September 9, 2014 “Be there or be Square”
Sustainable Disaster Recovery Conference St. Louis University Center for Sustainability Steve Eggleston November 14, 2013.
Preserving Affordable Housing Near Transit A Project of the Housing the Workforce Working Group as Part of the Bay Area Regional Prosperity Plan October.
Resource Horizon for Affordable Housing Preservation Arizona Affordable Preservation Summit February 25, 2011 Jim Beachler JMB Preservation Advisors
Housing Credits What is a Housing Credit? Volume cap ($1.75 per capita per year, currently $29,248,010) Program requirements –Income and rent restrictions.
Tax Credit Basics Nebraska Investment Finance Authority.
GOVERNOR’S HOUSING CONFERENCE 2013 Creative Financing Sources/Structures to Produce Affordable Housing.
Welcome to... Companion PowerPoint Presentation for the Introduction to Housing textbook.
Washtenaw County Office of Community Development Urban County Needs Assessment Public Hearing December 18th, 2007 Library Learning Resource Center.
Child Welfare and Housing Access Summit Harrisonburg Redevelopment and Housing Authority Michael G. Wong, Executive Director.
SINGLE FAMILY HOUSING: PRICING, INVESTMENTS, AND TAX INVESTMENTS OBJECTIVES Analysis of Investment Property Tax and Depreciation Effects Appraisals Income.
Affordable Housing Changing Policy Focus Need for Affordable Housing From Supply to Demand Side From Federal to State & Local Governments Dominant Policy.
CHAPTER SEVEN SINGLE FAMILY HOUSING: PRICING, INVESTMENTS, AND TAX INVESTMENTS.
Ending Family Homelessness The Basics National Alliance to End Homelessness Conference Seattle, Washington February 7, 2008 Sue Marshall The Community.
Rental Assistance Demonstration (RAD) Opportunity July 13, 2015 Resident Information Meeting Housing Authority of the City of Milwaukee.
ITEM-332: FY2016 Annual Action Plan for City of San Diego U.S. Department of Housing and Urban Development (HUD) Programs. April 28, 2015 Economic Development.
U.I.R. Annual Summit Affordable Housing Presentation October 18, 2007.
Financing the Expansion of Innovations The Green House Project Experience.
New York State HALT Task Force (“Halt Abusive Lending Transactions”) 1.Since 2007, the Governor’s HALT Task Force has led the coordination of foreclosure.
Affordable housing: needs, gaps, emerging issues and recommendations March 2009 This report made possible through a grant from the New York Foundation.
Affordable Housing 101 Vermont Housing Conference November 18, 2008.
Gap Financing Tools for Affordable Housing A presentation to the Virginia Housing Coalition Housing Credit Conference September 5, 2013 VHC Sept
Utah Housing Corporation Low-Income Housing Tax Credit Program Presentation By W. Robin Kemker LIHTC Technical Specialist Utah Housing Corporation.
Halifax Housing Needs Assessment Planning & Development CDAC October 28, 2015.
CITY OF BEND | ENVIRONMENTAL JUSTICE IN AN URBAN AREA JIM LONG, AFFORDABLE HOUSING MANAGER HOUSING LAND ADVOCATES 2015 CONFERENCE, NOVEMBER 6, 2015.
OneMECK Affordable Housing Overview January 5, 2016.
Nebraska Investment Finance Authority © 2005 Tax Credit Basics.
Portland Housing Bureau Budget Worksession Presentation Slide 1.
National Perspective and Local Opportunities for Meeting Affordable Housing Needs Come Learn With Us! Public Engagement Sessions Town of Chapel Hill, NC.
The State of Ohio is an Equal Opportunity Employer and Provider of ADA Services Using CDBG and HOME for Housing March 14, 2016 COSCDA Program Managers’
19553 Blue Lake Loop Bend, OR Tel: 541/ City of Redmond Affordable Housing Plan Phase II: Affordable Housing Strategies November 14, 2006.
Reforming the HUD Section 811 Program Andrew Sperling – NAMI Ann O’Hara February 15, 2011.
ABC’S OF HOUSING Florida Supportive Housing Coalition Fundamentals of Supportive Housing April 4, 2016 abilityhousing.org.
Request for Proposals RFP #14-01 Pre-Proposal Conference Harris County Housing Authority Sept. 5, :00 AM.
Davidson Catalyst Site Project/Process Overview
Housing Authority of Jackson County
Clark County’s Draft Five-Year Consolidated Plan
Vermont Roadmap to End Homelessness Final Report December 20, 2016
State Consolidated Plan
Financing social and affordable housing
The Washington county community development agency
Funding of Naturally Occurring Affordable Housing
Housing Committee June 5, 2017 Cynthia Rogers-Ellickson,
GOOD SHEPHERD HOUSING AND FAMILY SERVICES
AFFORDABLE HOUSING OUTLOOK: FEDERAL BUDGET, POLICY & TAX REFORM
SFDC Affordable Housing/Market Discussion
Hurricane Matthew Recovery
Neighborhood Stabilization & Revitalization in Rural Communities
HUD San Antonio Field Office May 23, 2017
Affordable Housing Strategies
Hulya Arik, PhD Economist Tennessee Housing Development Agency
The Business of adaptation
Economic Revitalization and
CDBG-DR Affordable Rental Housing Program
Doing More for Underserved Housing Markets
Loan and Grant Programs Texas State Affordable Housing
the power of tax credits
Oakland Housing Authority MTW Conference May 2, 2018
Rent Burdened Households by Geography
CDFI Support for Affordable Housing Development in Wisconsin
Hurricane Harvey Affordable Rental Housing Program
Louisiana Housing Authority
Affordable Housing Developers Survey
Understanding Manufactured Housing in Rural Communities
Affordable Housing in East King County
Shimberg Center for Housing Studies University of Florida
COMMUNITIES A PARTNER TO 2020 Levy Request County Board Workshop
Housing Works 2019 NC Affordable Housing Conference
Example of Public Private Partnership
Presentation transcript:

Rural Housing Resources: Public-Private Partnerships (P3s) for Housing NC Affordable Housing Conference Rural Housing Resources: Public-Private Partnerships (P3s) for Housing

Development Finance Initiative The Development Finance Initiative (DFI) is a program of UNC-Chapel Hill School of Government and collaborates with communities in NC to attract private investment for transformative projects by providing specialized finance and real estate development expertise. 49% rural

Hurricane Matthew Impact and State’s Goals Focusing on resiliency, NC sought solutions to attract more affordable rental housing development in community but outside areas vulnerable to flooding. Primarily low-income Rural areas Renters with limited FEMA support Source: Flood Risk Information System; 2017 ACS 5-Year

Rural Development Challenges and Solutions Limited land viable for housing development Local government and community support needed Shift from recovery to resiliency challenging for communities facing repeated natural disasters Understand need but lack capacity Stagnant incomes and declining populations Private market not delivering enough new units Lack of multifamily development in recent years  Partner with local gov’t to identify land  Identify building program to meet public interests and market  Support local gov’t in community engagement  Identify subsidy  Identify development partner

Public-Private Partnerships (P3s) for Housing P3s for Housing process: Connect with local government partners Identify suitable development sites in Hurricane Matthew-impacted communities Conduct development feasibility analysis Solicit private development partner State of NC engaged DFI to assist with attracting private investment for the development of affordable housing for low- and/or moderate-income households in hurricane-impacted communities, prioritizing households displaced by Hurricane Matthew.

DFI Feasibility Analysis Site Analysis Public Interests Feasible Project Market Analysis Financial Analysis

Case Study: Lumberton, NC HUD Area Median Income (AMI) is $43,800 for a family of 4. Affordable rent for 2-person, low-income household estimated at $525. Prior to Hurricane Matthew: Est. 6,000 low-income renter households in substandard and/or overcrowded housing, and/or were cost-burdened. Population steadily in decline, with some growth among seniors Hurricane Matthew displaced nearly 500 very low-income households. Source: www.ci.lumberton.nc.us USDA eligible

Identify Viable Land Clear path to site control Existing connection to utilities Outside 100- and 500-year flood zones Development of site meets local public interests Meets LIHTC requirements (i.e. access to amenities, transportation, etc.)

Identify Feasible Building Program Targeting elderly households (55+) earning 60% AMI Accommodate up to 66 apartments – mix of single-story and two-story Based on input from council, staff and community meetings

Financing Source: CDBG–Disaster Recovery HUD flexible grants to help cities, counties, and states recover from presidentially declared disasters, especially in low-income areas. Intended to rebuild the affected areas and provide crucial seed money to start the recovery process. Governed by HUD federal funding requirements. Come several years after the disaster.

Identify Capital Funds Gap Gap Loan Explain tax credits and LHC privately-initiated

Identify Development Partner City selected partner experienced with 4% LIHTC and CDBG. Preliminary application submitted within month of partner selection. Expedited

Next Steps Lumberton and Development Partner proceed to development Rocky Mount solicitation in pipeline State focused on identifying affordable housing opportunities in all Hurricane Matthew-impacted communities

Sarah Odio, Project Manager odio@sog.unc.edu www.dfi.sog.unc.edu