IZ Workshop 2014: Sheila dillon lunch presentation

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IZ Workshop 2014: Sheila dillon lunch presentation

  1. 1. $1,400 $1,600 $1,800 $2,000 $2,200 $2,400 2009 2010 2011 2012 2013 MEDIAN LISTED RENT 2009-2013 $325,000 $350,000 $375,000 $400,000 $425,000 $450,000 2009 2010 2011 2012 2013 MEDIAN HOME PRICES 2009-2013 POPULATION: 630,000 TOTAL HOUSING UNITS: 275,000 AFFORDABLE HOUSING UNITS: 52,000 (19%) MEDIAN LISTED RENT: $2,300 (+23% since 2009) MEDIAN HOME PRICE: $427,500 (+31% since 2009)
  2. 2. 557 733 474 767 947 1561 0 200 400 600 800 1,000 1,200 1,400 1,600 1,800 94 95 96 97 98 99 NEW HOUSING STARTS 1994-1 999 +XX% +57% 1994: $118,000 1999: $185,000
  3. 3. YEAR ON SITE RATE OFF SITE RATE RENTAL AFFORDABILITY OWNER AFFORDABILITY RENTAL BUY OUT OWNER BUY OUT Half @ $60,000 Half @ $60,000 Half @ $90,000 Half @ $90,000 $52,000 $52,0002000 10% 10%
  4. 4. YEAR ON SITE RATE OFF SITE RATE RENTAL AFFORDABILITY OWNER AFFORDABILITY RENTAL BUY OUT OWNER BUY OUT Half @ $60,000 Half @ $60,000 Half @ $90,000 Half @ $90,000 Half @ $60,000 Half @ $60,000 Half @ $90,000 Half @ $90,000 $52,000 $52,0002000 2004 10% 10% 10% 10% $97,000 $97,000
  5. 5. YEAR ON SITE RATE OFF SITE RATE RENTAL AFFORDABILITY OWNER AFFORDABILITY RENTAL BUY OUT OWNER BUY OUT Half @ $60,000 Half @ $60,000 Half @ $90,000 Half @ $90,000 Half @ $60,000 Half @ $60,000 Half @ $90,000 Half @ $90,000 Half @ $60,000 Half @ $75,000 2007 13% 15% $200,000 and up 50% of Price Difference All @ $52,700 $52,000 $52,0002000 2004 10% 10% 10% 10% $97,000 $97,000
  6. 6. 0 50 100 150 200 250 300 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 AFFORDABLE ONSITE UNITS CREATED THROUGH IDP 2000-2014
  7. 7. Under $52,700 5% $52,700- $60,000 62% $60,000- $75,000 8% $75,000 - $90,000 25%
  8. 8. $0 $2 $4 $6 $8 $10 $12 $14 $16 $18 $20 $22 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Millions INCLUSIONARY CASH-OUT FUNDING COMMITMENTS
  9. 9. STATUS DUE PAID OWED COMPLETE & IN CONSTRUCTION $81,785,999 $58,274,593 $23,511,406 EXECUTED AGREEMENTS - NOT STARTED $19,575,600 $0 $19,575,600 NEW AGREEMENTS IN PROGRESS $12,384,086 $0 $12,384,086 TOTAL $113,745,685 $58,274,593 $55,471,092 STATUS OF IDP COLLECTIONS: MAY 1, 2014
  10. 10. 0 50 100 150 200 250 300 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 AFFORDABLE UNITS CREATED THROUGH IDP FUNDING 2000-2014
  11. 11. Under $52,700 71% $52,700- $60,000 20% $60,000- $75,000 5% $75,000 - $90,000 4%
  12. 12. OUTCOME UNITS Subsidized Housing Energy Retrofit 446 Affordable Rental Preservation 149 First Time Homebuyer Assistance 176 REO Reclamation 23
  13. 13. OnSite 1,473 (19%) CashOut 853 (11%) Non-IDP 5,600 (70%)
  14. 14. IDP CashOut $28,678,287 (16%) City Budget $60,584,190 (34%) Linkage $85,206,175 (47%) BRA Funds $5,985,031 (3%) CITY-GENERATED FUNDS SPENT ON AFFORDABLE HOUSING PRODUCTION 2000-2014
  15. 15. 1. Updating On Site & Cash Out Formulas 2. Cash Out Administration 3. Impact on Middle-Income Feasibility 4. IDP Fund Administration

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