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Presentation from Partners in Innovation National Symposium in Denver, CO on September 27, 2010

Presentation from Partners in Innovation National Symposium in Denver, CO on September 27, 2010

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  • 1. BELTLINE AFFORDABLE HOUSING TRUST FUND (BAHTF) Presented by KATE LITTLE
  • 2. 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
  • 3. LEGISLATIVE FRAMEWORK
    • City Council established the BeltLine Affordable Housing Trust Fund
    • 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 school system participation)
    • State Tax Allocation District restrictions: capital expenses within the Tax Allocation District (“TAD”)
  • 4. 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)
  • 5. 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
  • 6. 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
  • 7. 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
  • 8. 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
  • 9. 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
  • 10. CHALLENGES
    • Building housing in the more affluent areas of the TAD where little or no affordable housing currently exists
    • Mitigating displacement in areas outside of TAD boundaries
    • Educating existing TAD residents about the need for density to support transit and attract desired amenities
    • Coordinating with other subsidy providers to align project selection criteria
    • Spending bond proceeds in a down market