Denver 9/27_Kate Little

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Presentation from Partners in Innovation National Symposium in Denver, CO on September 27, 2010

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Denver 9/27_Kate Little

  1. 1. BELTLINE AFFORDABLE HOUSING TRUST FUND (BAHTF) Presented by KATE LITTLE
  2. 2. Trails 33 miles Affordable & Workforce Housing 5,000 Units Existing Communities & Historic Preservation Public Art & Streetscapes Parks 1300 + new acres Jobs & Economic Development 20 areas, 30k jobs Environmental Clean-up 1100 + acres WHAT IS THE BELTLINE? Key Elements Transit 22-mile loop
  3. 3. LEGISLATIVE FRAMEWORK <ul><li>City Council established the BeltLine Affordable Housing Trust Fund </li></ul><ul><li>BeltLine TAD authorizing legislation requires 15% of net bond proceeds capitalize the BeltLine Affordable Housing Trust Fund (“BAHTF”) </li></ul><ul><li>5,600 unit goal established by City Council (2,800 unit goal without school system participation) </li></ul><ul><li>State Tax Allocation District restrictions: capital expenses within the Tax Allocation District (“TAD”) </li></ul>
  4. 4. BAHAB GUIDING PRINCIPLES <ul><li>Facilitate housing near jobs for working families who are otherwise priced out of the in-town housing market </li></ul><ul><li>Serve as a catalyst for the revitalization of communities around the BeltLine </li></ul><ul><li>Help mitigate involuntary economic displacement </li></ul><ul><li>Other key principles: </li></ul><ul><li>Transit-oriented Development </li></ul><ul><li>Long term affordability and wealth creation </li></ul><ul><li>Preserve existing housing, where possible </li></ul><ul><li>Mixed income developments </li></ul><ul><li>Mix of owner occupied and rental </li></ul><ul><li>Green construction </li></ul><ul><li>Equitable geographic distribution </li></ul><ul><li>Grants (not loans) </li></ul>
  5. 5. MAJOR BAHTF COMPONENTS <ul><li>Downpayment assistance </li></ul><ul><li>Grants to develop and preserve affordable housing </li></ul><ul><ul><li>Includes a set aside for City and State Community Housing Development Organizations (CDHOs) </li></ul></ul><ul><li>Funds for property acquisition for future affordable housing </li></ul>
  6. 6. AFFORDABLE TO WHOM? <ul><li>Rental </li></ul><ul><ul><li>60% of Area Median (“AMI”) Income as the ceiling </li></ul></ul><ul><ul><ul><li>($71K for a family of 4, 2009) </li></ul></ul></ul><ul><ul><li>Encourage development below 30% of AMI </li></ul></ul><ul><ul><ul><li>($21K for a family of 4, 2009) </li></ul></ul></ul><ul><li>Owner Occupied </li></ul><ul><ul><li>100% of AMI ceiling for a 1-2 person household </li></ul></ul><ul><ul><ul><li>($57K for a family of 2, 2009) </li></ul></ul></ul><ul><li>Preferences for individuals </li></ul><ul><ul><li>City of Atlanta residents (especially BeltLine neighborhoods) </li></ul></ul><ul><ul><li>City, County, APS employees </li></ul></ul>
  7. 7. WHAT KIND OF HOUSING? <ul><li>New construction AND rehabilitation </li></ul><ul><li>Balanced mix of rental and owner occupied housing </li></ul><ul><li>Mixed income housing (at least 15% of units must be market rate) </li></ul><ul><li>Green housing (minimum Earthcraft standards) </li></ul><ul><li>Barrier free </li></ul><ul><li>Comparable size and quality to market rate units in the development </li></ul>
  8. 8. WHERE WILL HOUSING BE LOCATED? <ul><li>Encourage projects that ensure an equitable distribution of units around the BeltLine </li></ul><ul><li>Consider affordable housing need and market conditions </li></ul><ul><li>BAHAB will review distribution of BeltLine funded units periodically and revise recommendations accordingly </li></ul>
  9. 9. HOW CAN WE SUSTAIN AFFORDABILITY? <ul><li>Rental </li></ul><ul><ul><li>15 year minimum affordability period </li></ul></ul><ul><ul><li>30 years for projects receiving significant BAHTF subsidy </li></ul></ul><ul><li>Owner Occupied </li></ul><ul><ul><li>Subsidy must be repaid to BAHTF if unit sold within first 15 years of occupancy </li></ul></ul><ul><ul><li>Portion of gain on sale must be repaid if unit sold within first 10 years of occupancy </li></ul></ul>
  10. 10. CHALLENGES <ul><li>Building housing in the more affluent areas of the TAD where little or no affordable housing currently exists </li></ul><ul><li>Mitigating displacement in areas outside of TAD boundaries </li></ul><ul><li>Educating existing TAD residents about the need for density to support transit and attract desired amenities </li></ul><ul><li>Coordinating with other subsidy providers to align project selection criteria </li></ul><ul><li>Spending bond proceeds in a down market </li></ul>

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