Financing Affordable
Housing in TOD Areas



Adrienne E. Quinn
V.P. Public Policy & Government Relations
Enterprise Commun...
Funding Affordable Housing in
    TOD Areas


 Planning
       zoning incentives in TOD areas
       funding plan, e.g....
Potential Funding Sources


 Local Funding Sources
         General Fund
         Inclusionary Zoning Funds
         T...
Potential Funding Sources-
    cont.

 State Housing Finance Agency + Investor
       Low Income Housing Tax Credits (LI...
Case Study: Seattle Rainier Valley
    Link Light Rail



 New Light Rail Line from Airport to Downtown Seattle

 Two HO...
Seattle Link Light Rail-
    Airport to Downtown




6
Rainier Vista
    Seattle Housing Authority HOPE VI
    Redevelopment




7
Outcomes:
    Columbia City/Edmonds Station

 Rainier Vista
    Seattle Housing Authority HOPE VI redevelopment of 484
 ...
Rainier Vista at North End of
    Columbia City/Edmonds Station




9
Public Housing, Homeless Housing, and
 Homeownership Housing south to north




10
Genesee Housing
     Nonprofit Developed
     City Funded/LIHTC/HUD 811




11
                                 GENESSEE
 ...
Tamarack Place- Housing Authority
 Federal Stimulus Funds




12
Rainier Vista Playground,
Public Housing foreground,
homeownership under construction
background




13
Rail Corridor redevelopment
Katherine’s Place (Homeless
Families) – City Funded + LIHTC




14
                           ...
Katherine’s Place -
 Courtyard play area




15
                       KATHARINES PLACE
                                 S...
Othello Place (Rail corridor)
 Tax Exemption Used by For-Profit
 Developer




16
Denver 9/27 Adrienne Quinn
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Denver 9/27 Adrienne Quinn

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Presentation from Partners in Innovation Policy Forum in Denver, CO on September 27, 2010.

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Denver 9/27 Adrienne Quinn

  1. 1. Financing Affordable Housing in TOD Areas Adrienne E. Quinn V.P. Public Policy & Government Relations Enterprise Community Partners aquinn@enterprisecommunity.org September 27, 2010
  2. 2. Funding Affordable Housing in TOD Areas  Planning  zoning incentives in TOD areas  funding plan, e.g., priorities in funding docs such as Consolidated Plan  Partnering  between local jurisdiction, housing authority, nonprofits  opportunities for market-rate developers to contribute to development of affordable housing  Targeting & Layering of Fund Sources  funding sources available for different income levels  flexibility for different sources to be used together 2
  3. 3. Potential Funding Sources  Local Funding Sources  General Fund  Inclusionary Zoning Funds  Tax Increment Financing Funds  Tax exemptions or tax abatements  Human Services/Econ Development funding  State Sources  State Housing Trust Funds  Document Recording Fees  Services Funding  Federal Sources Administered By State/Locality  Community Development Block Grant (CDBG)  HOME  McKinney Vento – capital + operating 3
  4. 4. Potential Funding Sources- cont.  State Housing Finance Agency + Investor  Low Income Housing Tax Credits (LIHTC) 9% & 4%  Private Activity Bonds  Federal Sources Administered By Federal Govt.  HOPE VI/Choice Neighborhoods (HUD)  Sustainable Communities (HUD)  Section 202 – Senior Housing (HUD)  Section 811 – Disabled Housing (HUD)  Housing Authority  Section 8 Vouchers  VASH Vouchers  Philanthropy  Bank Loans 4
  5. 5. Case Study: Seattle Rainier Valley Link Light Rail  New Light Rail Line from Airport to Downtown Seattle  Two HOPE VI Redevelopments at two different stations on Rainier Valley Link Light Rail Line  Othello Station (New Holly)  Columbia City/Edmonds (Rainier Vista)  1000+ units of affordable housing (homeless to 90% AMI) at two stations and along corridor  Focus on Rainier Vista: partnerships between Seattle Housing Authority, Seattle Office of Housing and nonprofit organizations 5
  6. 6. Seattle Link Light Rail- Airport to Downtown 6
  7. 7. Rainier Vista Seattle Housing Authority HOPE VI Redevelopment 7
  8. 8. Outcomes: Columbia City/Edmonds Station  Rainier Vista  Seattle Housing Authority HOPE VI redevelopment of 484 units into 875 units of TOD area, 65 acres  City purchased property from Housing Authority and transferred at no cost to Habitat for Humanity/Homestead Community Land Trust  City provided funding for several rental housing projects  City provided funding for affordable rental housing on corridor between stations  City created incentive zoning/tax exemption overlays in TOD areas and prioritized funding in Rainier Valley  Used different tools to create full spectrum of housing from zero income (formerly homeless) to market rate, both homeownership and rental 8
  9. 9. Rainier Vista at North End of Columbia City/Edmonds Station 9
  10. 10. Public Housing, Homeless Housing, and Homeownership Housing south to north 10
  11. 11. Genesee Housing Nonprofit Developed City Funded/LIHTC/HUD 811 11 GENESSEE SEATTLE
  12. 12. Tamarack Place- Housing Authority Federal Stimulus Funds 12
  13. 13. Rainier Vista Playground, Public Housing foreground, homeownership under construction background 13
  14. 14. Rail Corridor redevelopment Katherine’s Place (Homeless Families) – City Funded + LIHTC 14 KATHARINES PLACE SEATTLE
  15. 15. Katherine’s Place - Courtyard play area 15 KATHARINES PLACE SEATTLE
  16. 16. Othello Place (Rail corridor) Tax Exemption Used by For-Profit Developer 16

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