SSC2011_Noni Ramos PPT
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  • 1. Equitable TOD September 26, 2011 Noni Ramos
  • 2. Enterprise Overview
    • Our mission is to create opportunity for low- and moderate-income
    • people through fit, affordable housing and diverse, thriving
    • communities
    • Since 1982, Enterprise has invested more than $11 billion to build or
    • preserve more than 300,000 homes across the United States
    • We are a leading provider of financial and intellectual capital for
    • affordable housing development
    • Environmental sustainability is embedded in our mission and will
    • ultimately infuse all aspects of Enterprise’s activities and operations
  • 3. Enterprise Community Loan Fund
    • Size*
      • Total Assets $145 million
      • Loans Outstanding $102 million
    • Impact
      • Over 103,000 units built or
      • rehabilitated
      • 122,000 construction jobs created
      • or preserved
      • 1,300 educational seats
      • Over $1.2 billion committed, leveraging
      • $15.6 billion in total development cost
      • Less than 2% cumulative loss ratio
    St. Luke’s Hospital *As of 8/31/11, unaudited
  • 4. Financing Affordable Housing
    • Public Sector
      • Local and State
      • Federal
    • Private Debt and Equity
      • Financial Institutions (Banks)
      • Community Development Financial Institutions (CDFIs)
      • Low Income Housing Tax Credit Investors
  • 5. Equitable TOD Funds
    • Denver TOD Fund (City of Denver)
    • Bay Area Transit Oriented Affordable Housing Fund (San Francisco Bay Area)
  • 6.
    • 2004 – FasTracks approved by voters
    • Six (6) new rail corridors
    • 119 miles of tracks
    • 70 new transit stations
    Denver FasTracks Overview
  • 7. Denver TOD Fund Overview
    • $15 million credit facility to ULC
    • City of Denver
    • 10-year Fund; up to 5 year hold period
    • ULC identifies property and draws on TOD Fund for purchase (after Enterprise underwrites proposed acquisition)
    • ULC identifies affordable housing developer to purchase the site by the end of the hold period
  • 8. Denver TOD Fund Goals and Priorities
    • Create and preserve at least 1,000 units of affordable housing
    • Sites within ½ mile of existing or future light rail and ¼ mile of high frequency, high volume bus corridors
    • Three target property types
      • Existing federally-assisted rental properties
      • Existing unsubsidized, below-market rate rental properties
      • Vacant or commercial properties to be converted to new affordable housing
  • 9. Denver TOD Fund Structure Senior Debt - $5.5 Million – Enterprise and MHCLF Third Loss – $4.5 Million – CHFA and Foundations Second Loss - $ 1 Million - Enterprise First Loss - $2.5 Million - Denver ULC - $1.5 M
  • 10.
    • Located less than 300 feet from future light rail station
    • ULC has 99 year land lease to nonprofit owner
    • 52 of 62 apartments now permanently affordable, 12 at 30% AMI and below
    • 62 units adjacent to Sheridan Station
    • NEWSED, ULC, Enterprise, City, Colorado Division of Housing
    Jody Apartments
  • 11. Yale Circle
    • 1.2 acres of vacant land located next to the Yale light rail station
    • Along existing southeast rail line
    • Site identified by nonprofit developer who has decided not to proceed
    • Preliminary plans include 70 units
    • 9% LIHTC likely
    • Total Development Costs = $11.5 million
  • 12. Avondale – Mile High Vista
  • 13. Avondale – Mile High Vista
    • Two acre site between highest frequency bus corridor and rail line opening soon
    • Plans affordable housing, library and commercial
    • ULC acting as master developer, clean up and infrastructure
    • Approx $2M purchase price
  • 14. The Fund’s Future
    • Explore expansion from $15 million City of Denver only to $25 million for the region
    • Continue to focus on funded lines while advocating for entire transit system build out
    • Continue to look for creative means to achieve preservation goals, subsidized and not
    • Support development partners in building capacity
  • 15. Bay Area Transit Oriented Affordable Housing Fund (TOAH)
    • $50 million equitable TOD fund
    • Nine-county Bay Area
    • 10-year Fund; 5-year origination period
    • Five loan products
  • 16. TOAH Capital Stack 3. Equity or Grant $ 2. Program-Related Investments and Flexible Loans 1. Senior loans
    • Banks – $25 million from Morgan Stanley and Citi Community Capital
    • Philanthropy and CDFIs – $15 million from six CDFIs and Ford, SF Foundation and Living Cities
    • Public Sector – $10 million from the MTC
  • 17. Challenges and Opportunities
    • Dual affordability challenge in transit corridors
      • Preserving existing affordability in the face of redevelopment pressure
      • Incorporating affordable housing into new development
    • Identifying intersection of transit oriented development and affordable housing
      • Prioritizing the planning and funding of affordable housing as part of transit oriented development
      • Incentivizing affordable housing development within transit oriented development