Equitable TOD  September 26, 2011  Noni Ramos
Enterprise Overview <ul><li>Our mission  is to create opportunity for low- and moderate-income </li></ul><ul><li>people th...
Enterprise Community Loan Fund <ul><li>Size* </li></ul><ul><ul><li>Total Assets $145 million </li></ul></ul><ul><ul><li>Lo...
Financing Affordable Housing <ul><li>Public Sector  </li></ul><ul><ul><li>Local and State  </li></ul></ul><ul><ul><li>Fede...
Equitable TOD Funds  <ul><li>Denver TOD Fund (City of Denver) </li></ul><ul><li>Bay Area Transit Oriented Affordable Housi...
<ul><li>2004 – FasTracks approved by voters  </li></ul><ul><li>Six (6) new rail corridors </li></ul><ul><li>119 miles of t...
Denver TOD Fund Overview <ul><li>$15 million credit facility to ULC </li></ul><ul><li>City of Denver  </li></ul><ul><li>10...
Denver TOD Fund Goals and Priorities  <ul><li>Create and preserve at least 1,000 units of affordable housing </li></ul><ul...
Denver TOD Fund Structure  Senior Debt - $5.5 Million – Enterprise and MHCLF Third Loss –  $4.5 Million – CHFA and Foundat...
<ul><li>Located less than 300 feet from future light rail station </li></ul><ul><li>ULC has 99 year land lease to nonprofi...
Yale Circle <ul><li>1.2 acres of vacant land located next to the Yale light rail station  </li></ul><ul><li>Along existing...
Avondale – Mile High Vista
Avondale – Mile High Vista <ul><li>Two acre site between highest frequency bus corridor and rail line opening soon </li></...
The Fund’s Future <ul><li>Explore expansion from $15 million City of Denver only to $25 million for the region </li></ul><...
Bay Area Transit Oriented Affordable Housing Fund  (TOAH) <ul><li>$50 million equitable TOD fund </li></ul><ul><li>Nine-co...
TOAH Capital Stack  3. Equity or Grant $ 2. Program-Related Investments and Flexible Loans 1. Senior loans <ul><li>Banks  ...
Challenges and Opportunities <ul><li>Dual affordability challenge in transit corridors  </li></ul><ul><ul><li>Preserving e...
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SSC2011_Noni Ramos PPT

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SSC2011_Noni Ramos PPT

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