Denver9/28_Noni Ramos

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Presentation from Partners in Innovation Policy Forum in Denver, CO on September 28, 2010

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Denver9/28_Noni Ramos

  1. 1. Realities of Financing the Preservation of Affordable TOD Noni Ramos Enterprise Community Loan Fund September 28, 2010
  2. 2. Denver Model <ul><li>Denver TOD Fund </li></ul><ul><ul><li>Metro Denver addition of five new rail lines </li></ul></ul><ul><ul><li>Preservation and redevelopment of housing near transit </li></ul></ul><ul><ul><li>Sites within 1/2 mile of current or future light rail and a 1/4 mile of high frequency, high volume bus corridors </li></ul></ul><ul><li>Fund structure </li></ul><ul><ul><li>Public-private partnership </li></ul></ul><ul><ul><li>$15 million in capital </li></ul></ul><ul><ul><li>Purchase and hold sites up to five years </li></ul></ul>
  3. 3. Denver Model <ul><li>Partners </li></ul><ul><ul><li>City of Denver </li></ul></ul><ul><ul><li>Colorado Housing and Finance Authority </li></ul></ul><ul><ul><li>Enterprise Community Loan Fund </li></ul></ul><ul><ul><li>Enterprise Community Partners </li></ul></ul><ul><ul><li>MacArthur Foundation </li></ul></ul><ul><ul><li>Mile High Community Loan Fund </li></ul></ul><ul><ul><li>Rose Community Foundation </li></ul></ul><ul><ul><li>Urban Land Conservancy </li></ul></ul><ul><ul><li>U.S. Bank </li></ul></ul><ul><ul><li>Wells Fargo </li></ul></ul>
  4. 4. TOD Fund Waterfall $ 15 Million/ 3.5%   TOTAL $500,000/ 4% Mile High Community Loan Fund Senior Debt $5 million / 5% Enterprise Community Loan Fund (with Wells Fargo and US Bank) Senior Debt $500,000/ 2% Rose Community Foundation Third Loss $2 million/ 2% CHFA Third Loss $2 million/ PRI 2% Mac Arthur Foundation Third Loss $1 million/ 2% Enterprise Community Partners Second Loss $2.5 million/0% City of Denver First Loss $1.5 million /0% Urban Land Conservancy Equity Amount/ Rate Organization Position
  5. 5. Denver Model <ul><li>Three target property types </li></ul><ul><ul><li>Existing federally-assisted rental properties </li></ul></ul><ul><ul><li>Existing unsubsidized, below-market rate rental properties </li></ul></ul><ul><ul><li>Vacant or commercial properties to be converted to new affordable housing </li></ul></ul><ul><ul><li>Rehab and redevelopment of units </li></ul></ul><ul><li>Outcomes </li></ul><ul><ul><li>Creation and preservation of at least 1,000 units of affordable housing </li></ul></ul>
  6. 6. Importance of Affordable Housing Near Transit <ul><li>Reasons for preserving and expand affordable housing near transit </li></ul><ul><ul><li>Ensure equitable and affordable access to transit </li></ul></ul><ul><ul><li>Improve ridership for public transit </li></ul></ul><ul><ul><li>Minimize the extent and cost of sprawl and reduce traffic congestion, air pollution and emission of greenhouse gases </li></ul></ul><ul><ul><li>Advance core economic development objectives </li></ul></ul><ul><ul><ul><li>An equitable distribution of economic development benefits </li></ul></ul></ul><ul><ul><ul><li>Job creation </li></ul></ul></ul><ul><ul><ul><li>Improve job access </li></ul></ul></ul>
  7. 7. Preservation as Priority for TOD <ul><ul><li>Preservation more economical than new development </li></ul></ul><ul><ul><li>Cashflowing properties have ability to assist in covering holding costs </li></ul></ul><ul><ul><li>Strategic in relation to transit expansion </li></ul></ul>
  8. 8. Innovative Ways to Finance TOD <ul><li>New sources of take out financing specific to TOD </li></ul><ul><li>CHFA incentive for TOD </li></ul><ul><li>Basis boosts in addition to points incentives </li></ul><ul><li>Federal Sustainable Communities program and incentives at regional level (ie MTC in Bay Area) </li></ul>
  9. 9. Barriers to Financing Preservation Near TOD <ul><li>Property valuation approach </li></ul><ul><li>Identifying viable preservation sites near transit </li></ul><ul><li>Coordination of funding sources </li></ul><ul><li>Longer hold period mismatch for existing sources of acquisition </li></ul>
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