Kate Little, BeltLine
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"BeltLine Affordable Housing Trust Fund (BAHTF)" was presented by Kate Little at the Bringing Workers Home regional forum in Atlanta, June 2010, as part of the growing cost of place panel

"BeltLine Affordable Housing Trust Fund (BAHTF)" was presented by Kate Little at the Bringing Workers Home regional forum in Atlanta, June 2010, as part of the growing cost of place panel

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    Kate Little, BeltLine Kate Little, BeltLine Presentation Transcript

    • BELTLINE AFFORDABLE HOUSING TRUST FUND (BAHTF)
    • The BeltLine is in the heart of the Atlanta region & utilizes historic freight rail ROW circling the City. WHERE IS THE BELTLINE?
      • Connects 45 neighborhoods
      • 6,500 acre redevelopment area
      • 22% of City of Atlanta population lives in the BeltLine planning area
      • 8% of the City’s land mass is inside the BeltLine TAD
      • 40% increase in Atlanta’s parkland
      WHAT IS THE BELTLINE? ATLANTIC STATION
    • Trails 33 miles Affordable & Workforce Housing 5,000 Units Existing Communities & Historic Preservation Public Art & Streetscapes Parks 1300 + new acres Jobs & Economic Development 20 areas, 30k jobs Environmental Clean-up 1100 + acres WHAT IS THE BELTLINE? Key Elements Transit 22-mile loop
    • FRAMING THE AFFORDABLE HOUSING CHALLENGE Critical Economic & Quality of Life Links: Transit Housing Jobs
    • FRAMING THE AFFORDABLE HOUSING CHALLENGE Atlanta Median Incomes Source: Atlanta Regional Commission < $24,431 $24,031 - $34,023 $34,023 - $48,891 $48,891 - $78,479 $78,479 - $236,931 Regionally, 2/3 of all jobs pay less than $40,000 MICI 2 1 in 4 Atlanta households earn below 30% AMI ($15K-$21K) 2007 ESRI Almost half of Atlanta households earn below 60% AMI ($29K-$42K) 2007 ESRI
    • FRAMING THE AFFORDABLE HOUSING CHALLENGE
      • Retail
      • Accommodations
      • Administrative
      • Education
      • Arts/Entertainment
      Service sector jobs are fastest growing! 37% of all jobs in Atlanta are in the lowest-paying job sectors:
    • FRAMING THE AFFORDABLE HOUSING CHALLENGE Transit in Atlanta – Transportation costs Double-Whammy: Families with household incomes between $20,000 - $50,000 spend 32% of their income on transportation MICI 2 57% of households in Fulton County do not have access to transit MICI 2 61% of incomes are spent on housing and transportation MICI 2
    • WHAT IS BAHAB?
      • BAHAB = BeltLine Affordable Housing Advisory Board
      • Responsibilities:
        • Make recommendations to ADA and the City on goals and policies related to the use of the BeltLine Affordable Housing Trust Fund
        • Monitor the location and availability of affordable housing throughout the BeltLine
        • Coordinate the activities of BAHAB with other affordable housing throughout the BeltLine
    • LEGISLATIVE FRAMEWORK
      • City Council established the BeltLine Affordable Housing Advisory Board (“BAHAB”)
      • BeltLine TAD authorizing legislation requires 15% of net bond proceeds capitalize the BeltLine Affordable Housing Trust Fund (“BAHTF”)
      • 5,600 unit goal established by City Council
        • 2,800 unit goal without APS participation
      • State Tax Allocation District restrictions: capital expenses within the Tax Allocation District (“TAD”)
    • BAHAB GUIDING PRINCIPLES
      • Facilitate housing near jobs for working families who are otherwise priced out of the in-town housing market
      • Serve as a catalyst for the revitalization of communities around the BeltLine
      • Help mitigate involuntary economic displacement
      • Other key principles:
      • Transit-oriented Development
      • Long term affordability and wealth creation
      • Preserve existing housing, where possible
      • Mixed income developments
      • Mix of owner occupied and rental
      • Green construction
      • Equitable geographic distribution
      • Grants (not loans)
    • BAHTF POLICY FRAMEWORK - OUTLINE
      • What should the major BAHTF components be?
      • Affordable to Whom?
      • What kind of housing?
      • Where should housing be located?
      • How should we sustain affordability?
      • How can we help mitigate economic displacement?
    • MAJOR BAHTF COMPONENTS
      • Downpayment assistance
      • Grants to develop and preserve affordable housing
        • Includes a set aside for City and State Community Housing Development Organizations (CDHOs)
      • Funds for property acquisition for future affordable housing
    • AFFORDABLE TO WHOM?
      • Rental
        • 60% of Area Median (“AMI”) Income as the ceiling
          • ($71K for a family of 4, 2009)
        • Encourage development below 30% of AMI
          • ($21K for a family of 4, 2009)
      • Owner Occupied
        • 100% of AMI ceiling for a 1-2 person household
          • ($57K for a family of 2, 2009)
      • Preferences for individuals
        • City of Atlanta residents (especially BeltLine neighborhoods)
        • City, County, APS employees
    • WHAT KIND OF HOUSING?
      • New construction AND rehabilitation
      • Balanced mix of rental and owner-occupied housing
      • Mixed income housing (at least 15% of units must be market rate)
      • Green housing (minimum Earthcraft standards)
      • Barrier free
      • Comparable size and quality to market rate units in the development
    • WHERE WILL HOUSING BE LOCATED?
      • Encourage projects that ensure an equitable distribution of units around the BeltLine
      • Consider affordable housing need and market conditions
      • BAHAB will review distribution of BeltLine funded units periodically and revise recommendations accordingly
    • HOW CAN WE SUSTAIN AFFORDABILITY?
      • Rental
        • 15 year minimum affordability period
        • 30 years for projects receiving significant BAHTF subsidy
      • Owner Occupied
        • Subsidy must be repaid to BAHTF if unit sold within first 15 years of occupancy
        • Portion of gain on sale must be repaid if unit sold within first 10 years of occupancy
    • HOW CAN WE MITIGATE DISPLACEMENT*?
      • Adopt a mandatory inclusionary zoning ordinance
      • Create one or more community land trusts
      • Prioritize preserving existing subsidized housing
      • Create a local or state Housing Trust Fund with dedicated funding
      • Educational campaign about existing government programs available to assist at-risk residents
      • Targeted property tax reform to protect over-burdened homeowners
      • Just cause eviction control to protect renters from displacement
      * These recommendations would require additional feasibility analysis and implementation by partners other than BAHAB and ABI.