National Association of Local Housing Finance Agencies Housing Trust Fund November 6, 2015

 City of Charlotte Housing Trust Fund  Housing Advisory Board of Charlotte-Mecklenburg (Formerly Charlotte-Mecklenburg Coalition for Housing) NACCED Annual Conference

 Background  Financing  Program Management  Program outcome  Overall Affordable Housing Strategy Overview

Charlotte Housing Trust Fund Background  In 2002 the City Council established a Housing Trust Fund (HTF) to provide capital financing for affordable housing.  The fund provides “gap financing”, on a competitive basis, to developers for construction of affordable housing serving households earning 60% and below Area Median Income ($40,320).  The capital financing can be used for new construction, rehabilitation and acquisitions.  The fund is administered by the City staff.

Housing Trust Fund Financing  Financed through general obligation bonds  Six successful bond issues with 60%+ voter approval  Since 2002, the HTF has… Revenues $ 104 million Allocated $ 84.5 million Committed $ 12 million Available$ 7.5 million  The Housing Trust Fund is administered by Neighborhood & Business Services, Housing Services Division

HTF Program Management Staff Issues RFP To Developers Staff Reviews Submitted Proposals Proposals Evaluated on Guidelines & Evaluation Criteria Housing & Neighborhood Development Committee Presentation City Council Dinner Briefing City Council Action  Funds are primarily dispersed through a competitive request for proposal process, unless City Council has made specific project allocations.  Affordability is ensured through Deed Restriction  City Asset Management group provides Compliance Monitoring Request for Proposal Process:

HTF Program Outcomes Since 2002  Funded 5,122 units  Committed $84M  Total Development Budget $484M  Leveraged Ratio of 1:6  Completed 4,386 units* * - Accounted for about 65% - 2,836 units for households serving 30% and below Area Median Income ( $20,160)  633 units  Committed $13M  Total Development Budget $85M  Leverage Ratio of 1:7

 Tax Credit Allocation Annual allocation allowing for greater leverage of local HTF dollars.  Supportive Housing Joint RFP with Mecklenburg County and the Charlotte Housing Authority to link programs and leverage funding (Capital-Supportive Services-Rental Subsidy)  Acquisition & Rehabilitation Funding allocation for preservation of existing affordable housing stock  Private-Public Partnership Collaborates with a network of affordable housing developers and service providers to provide safe, decent affordable housing Housing Strategy

Examples of Completed HTF Developments Arbor Glen – Family Wilmore Walk - Ownership McCreesh Place Supportive Housing Safe Alliance Domestic Violence Shelter Steele Creek - Senior Ashley Square at South Park Mixed Income Development

Community Initiatives Coordinated Assessment A centralized intake for individuals and families currently homeless or may be homeless within 72 hours. A Way Home Housing Endowment A $20M endowment to provide rental assistance to families and veterans who are at 50% and below AMI. Housing our Heroes An initiative to end Veteran homelessness by the end of December Housing First Charlotte-Mecklenburg An initiative to end chronic homelessness by the end of December