Housing Opportunity 2014 - Federal Housing Policy Roundup, Jonathan Harwitz
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Housing Opportunity 2014 - Federal Housing Policy Roundup, Jonathan Harwitz



Jonathan Harwtiz, Low Income Investment Fund

Jonathan Harwtiz, Low Income Investment Fund



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Housing Opportunity 2014 - Federal Housing Policy Roundup, Jonathan Harwitz Housing Opportunity 2014 - Federal Housing Policy Roundup, Jonathan Harwitz Presentation Transcript

  • 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 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
  • 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
  • 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 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
  • 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
  • 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
  • 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 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 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
  • Equitable Transit-Oriented Development
  • 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
  • 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 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
  • 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
  • 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