Urban Land Institute, Housing Opportunity Conference
Federal Housing Policy Roundup
May 15, 2014
Housing, Community Develo...
2
Low Income Investment Fund (LIIF)
• Mission-driven nonprofit community development
financial institution founded in 1984...
What We’ve Done
• 60,000 homes
• 242,000 child care slots
• 70,000 spaces for students
• 98,000 jobs created/retained
• 2,...
Our Impact
4
$1.5 billion invested$1.5 billion invested
1.7 million people served1.7 million people served
$33 billion in ...
5
A More Holistic, Integrated Approach
• Housing, education, health
clinics, child care, transit
access and safety
•Emergi...
LIIF Federal Policy Priorities
6
• Appropriations
• Treasury: CDFI Fund (FY 2015 proposed: $225 million)
• Education: Char...
LIIF Federal Policy Priorities (cont.)
7
• Tax/Mandatory Spending
• LIHTC
• NMTC (extension at $3.5 billion)
• ACA: ($5 bi...
Policy Update
8
• HUD Appropriations FY 2015
• President’s Budget Proposal
• Impact of CBO scoring of FHA receipts
• House...
9
Examples of LIIF-Supported
Projects and Initiatives
Capital Magnet Fund
10
11
West End Health Center
Denver, CO
Financing
• $500,000 tenant improvement loan
• $58,000 CMF credit enhancement
Partner...
Equitable Transit-Oriented
Development
13
National Partnerships
• Enterprise MOU
• CONNECT partnership with
Living Cities
• HUD Sustainable
Communities TA Grant ...
Appendix: Detail on Capital Magnet
Fund
Capital Magnet Fund (CMF)
15
• Established by Congress through HERA in 2008 to provide flexible
public funds to attract pr...
CMF FY 2010 Award Results (through July 2013)
Percent committed 78
Amount committed $62mm
Leverage 1:12
Total investment i...
Key Ingredients of Success in FY 2010
17
• Enterprise-level investment in high-capacity organizations
• Operationally soun...
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Housing Opportunity 2014 - Federal Housing Policy Roundup, Jonathan Harwitz

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Jonathan Harwtiz, Low Income Investment Fund

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Housing Opportunity 2014 - Federal Housing Policy Roundup, Jonathan Harwitz

  1. 1. Urban Land Institute, Housing Opportunity Conference Federal Housing Policy Roundup May 15, 2014 Housing, Community Development and Health: Federal Policy Challenges and Opportunities Jonathan Harwitz Policy Director, Low Income Investment Fund
  2. 2. 2 Low Income Investment Fund (LIIF) • Mission-driven nonprofit community development financial institution founded in 1984 • Headquartered in San Francisco, with offices in Los Angeles, New York and Washington, D.C. • Array of activities: Capital solutions, policy, technical assistance and programming
  3. 3. What We’ve Done • 60,000 homes • 242,000 child care slots • 70,000 spaces for students • 98,000 jobs created/retained • 2,000 child care centers “greened” • 60% carbon footprint reduction 3
  4. 4. Our Impact 4 $1.5 billion invested$1.5 billion invested 1.7 million people served1.7 million people served $33 billion in social impact created$33 billion in social impact created
  5. 5. 5 A More Holistic, Integrated Approach • Housing, education, health clinics, child care, transit access and safety •Emerging understanding of the connections between physical and social capital •Increasingly measurable connection between housing investments and healthcare expenditures
  6. 6. LIIF Federal Policy Priorities 6 • Appropriations • Treasury: CDFI Fund (FY 2015 proposed: $225 million) • Education: Charter Schools Program (FY 2015 proposed: $248.5 million • HHS/HRSA: Health Clinic funding (FY 2015 proposed: $800 million) • HUD: rental assistance and capital programs incl. block grants
  7. 7. LIIF Federal Policy Priorities (cont.) 7 • Tax/Mandatory Spending • LIHTC • NMTC (extension at $3.5 billion) • ACA: ($5 billion funding for health clinics) • Housing Finance/GSE • Affordability strip/fee • Capital Magnet Fund
  8. 8. Policy Update 8 • HUD Appropriations FY 2015 • President’s Budget Proposal • Impact of CBO scoring of FHA receipts • House mark-up • Capital Magnet Fund • Housing Finance/GSE reform • current law
  9. 9. 9 Examples of LIIF-Supported Projects and Initiatives
  10. 10. Capital Magnet Fund 10
  11. 11. 11 West End Health Center Denver, CO Financing • $500,000 tenant improvement loan • $58,000 CMF credit enhancement Partners • Colorado Coalition for the Homeless • Colorado Health Foundation • 7,400-square-foot facility provides primary care, mental health, substance abuse treatment, pharmacy and nursing services • Co-located with a 101-unit affordable housing development with 50 supportive housing units for homeless families • Projected to serve 1,200 Medicaid-qualified clients Project Summary
  12. 12. Equitable Transit-Oriented Development
  13. 13. 13 National Partnerships • Enterprise MOU • CONNECT partnership with Living Cities • HUD Sustainable Communities TA Grant sub- recipient with Institute for Sustainable Communities Tier 2Tier 2 AtlantaAtlanta ChicagoChicago ClevelandCleveland Salt Lake CitySalt Lake City Twin CitiesTwin Cities Washington, D.C.Washington, D.C. Learning CommunityLearning Community HUD Sustainable CommunitiesHUD Sustainable Communities GranteesGrantees Tier 1Tier 1 Bay AreaBay Area DenverDenver Los AngelesLos Angeles SeattleSeattle
  14. 14. Appendix: Detail on Capital Magnet Fund
  15. 15. Capital Magnet Fund (CMF) 15 • Established by Congress through HERA in 2008 to provide flexible public funds to attract private capital investment into affordable housing projects • Expected funding stream interrupted by Fannie Mae and Freddie Mac conservatorship • FY 2010: CMF receives $80 million appropriation • Included in President’s Budget • CDFI Fund awarded funds to 23 groups serving 38 states • 230 applicants requested $1 billion during application process
  16. 16. CMF FY 2010 Award Results (through July 2013) Percent committed 78 Amount committed $62mm Leverage 1:12 Total investment in communities $1bn Affordable homes supported 6,803 Projects supported (including community and economic development) 189 Assistance to homebuyers 105 Jobs created/maintained (full-time and construction) 5,771
  17. 17. Key Ingredients of Success in FY 2010 17 • Enterprise-level investment in high-capacity organizations • Operationally sound (only 3.25% of grants used for operations) • Sufficiently capitalized to bear risk • Rapid capital deployment • Capital deployed proved “magnetic” • Awardees attracted 12 dollars for every dollar of CMF invested • Flexibility enabled catalytic capital investments • Purposes (e.g., ‘seed’ funding) and characteristics (e.g., ‘patience’) led to rapid deployment and successful project outcomes

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