King County Housing Authority presentation for May 15, 2019 Affordable Housing Week event "Affordable Housing 101: Why is it so dang hard?" The event was held in partnership with a coalition of Eastside providers and advocates, including King County Housing Authority, Attain Housing, Lifewire, The Sophia Way, and Tech 4 Housing, in a "head and heart" discussion to learn more about affordable housing in Eastside King County.

1. Affordable Housing 101:
Why is it so dang hard?
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Affordable Housing Week
May 15, 2019

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Need for Affordable Housing –
King County
Source: Regional Affordable Housing Task Force, “Final
Report and Recommendations for King County, WA”, 2018

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Need for Affordable Housing
Source: HUD Consolidated Planning/CHAS Data, 2011-2015
American Community Survey

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Need for Affordable Housing –
King County

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Acquisition Costs
Voda Apartments, Kirkland
$699,000 per unit
The Carillon, Kirkland
$534,000 per unit
Le Chateau, Bellevue
$584,000 per unit

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Construction Costs

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Affordability
21,315 30% AMI 50% AMI 80% AMI
Annual Income (family of 4) 38,745 55,350 88,560
Affordable Monthly Rent (2BR) 747 1,246 1,994
Utility Allowance 73 73 73
Operating Cost 550 550 550
Net Operating Income 124 623 1,371
Debt Coverage 16 81 179
Debt Service 108 542 1,192
Affordable Debt (4.5%, 30 yr) 21,315 106,970 235,255

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Building New Units
30% AMI 50% AMI 80% AMI
Total Development Cost 400,000 400,000 400,000
LIHTC – 9% 259,000
LIHTC – 4% 124,000
Debt 21,315 106,970 235,255
Gap 119,685 169,030 164,745

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Preserving Existing Units
30% AMI 50% AMI 80% AMI
Total Acquisition Cost 325,000 325,000 325,000
Debt 21,315 106,970 235,255
Gap 303,685 218,030 89,745

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Available Resources
• Washington State Housing Trust Fund
o $3MM per project
o 30% AMI priority
• King County
o TOD Funds
o Document Recording Fee
o Veterans and Human Services Levy
o HOME
• Local Funding
o ARCH
o City donations, fee waivers

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Local Resources
• ARCH Funding
o 15 cities, 2018 population: 501,215
o 2012-2017 average annual investment: $4.7 million
o Per capita annual investment: $9.38
• City of Seattle Office of Housing Funding
o 1 city, 2018 population: 730,400
o 2017 investment: $93.44 million
o Per capita 2017 investment: $127.93

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For More Information
Dan Landes
King County Housing Authority
600 Andover Park West
Tukwila, WA 98188
206-574-1242
DanielL@kcha.org
www.kcha.org