The number of people alive today is greater than the number of people who have ever died.
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- Loraine Cross
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1 The number of people alive today is greater than the number of people who have ever died.
2 In San Francisco, in the past ten years, the city has added 6,500 units of affordable housing and lost 4,200 units, through a variety of no fault evictions allowed by state law
3 What is a NOAH? NOAH is an acronym: Naturally Occurring Affordable Housing NOAH properties are residential rental properties that are affordable, but are unsubsidized by any federal program. Their rents are relatively low compared to the regional housing market, generally providing affordability to families between 70% and 100% of median income. NOAH properties are typically Class B and Class C rental buildings or multi building properties built between 1940 and 1990.
4 The need to preserve NOAH s has been recognized nationally by all kinds of groups
5 How much NOAH exists across the U.S.? CoStar, a commercial real estate data and analytics firm, estimates there are at least 5.5 million rental housing units that are affordable without public subsidy support. There are likely millions more in buildings with less than five total units whose rents are low enough to count as NOAH.
6 Joint Center for Housing Studies 2017 Report indicates Growth is projected to continue in renter households. Growth of very low income renters continues to outpace availability. There are dramatic increases in the development of rental housing. But the additions to rental housing are increasingly at the higher end. Higher Income households represent a growing share of renters.
7 Chittenden County looks like the Joint Center for Housing Studies Report: renter households will increase, new apartments will continue to come into market, but the additions will be at the higher end, creating pressure on existing properties to upgrade or just start over.
8 Rents for newly renovated 2 bedroom apartments without utilities are now significantly higher and closer to new construction New Const., High $ 1,900 New Const., Low $ 1,650 Newly Renovated $ 1,650 Average $ 1,286 Tax Credit $ 1,143
9 If the rents for new construction and newly renovated are about the same, but it s less expensive to buy and renovate than to build New Construction Newly Renovated Rents are about the same $ 1,650 $ 1,650 But the cost to purchase and renovate is less $ 250,000 $ 200,000
10 And It s Already Happening Residents of Larkin Terrace in South Burlington, where rents were averaging $600 a month, found themselves displaced, making way for a mixed-use development that did not include any affordable housing. Three years ago, the 112 families who were residents of Green Meadows found themselves displaced as private development made way for 300 apartments where the rents were more than doubled.
11 And in Burlington s Old North End, an owner of more than 300 apartments scattered site multifamily rental apartments has undertaken a systematic renovation process that has converted his previous principally moderate income rents to a rate no longer affordable to working people, with rents for two bedrooms without utilities going as high as $1,900 a month.
12 A New Acronym: HAUTMSS (Housing Affordable Until the Market Speculation Starts) Speculation, Continue Displacement, Gentrification With NOAH s running the risk of being snapped up by large property developers eyeing to take the units upmarket and out of an already limited supply. And as illustrated, hundreds of families living in NOAH like rents have lost their homes, and many more are at risk.
13 At CHT, preservation of NOAH properties has long been identified as an important strategic goal
14 Local Investment Financing Trust To provide flexible capital in the form of subordinated debt to CHT. For the purpose of leveraging capital and to act as mezzanine financing between regular bank debt and true equity. A principal purpose of the fund is the preserving, acquiring and stabilizing of multifamily rental housing. CHT invests the capital directly in affordable housing projects, with a focus on non LIHTC properties. To date, CHT has been successful in securing $7.5M from a variety of investors, each with specific conditions and requirements. Of this amount, $2,875,000 were invested in two NOAH Properties.
15 CHT s first NOAH purchase Six years ago, the owner of South Meadow Apartments approached CHT on the opportunity to purchase the property. Although the owner had received funds to subsidize 40 of the 148 apartments at the property back in the 1980 s, he had just paid off a city loan of $4M, permitting the sale of the entire property at full market value.
16 The Owners appraisal showed a potential higher rent opportunity (shown below), and an even higher sale price if renovations were undertaken to upgrade the property. Existing Rent Potential Rent % Increase 2 bedroom flat, no garage $ 975 $ 1,175 21% 2 bedroom flat, with garage $ 1,000 $ 1,225 23% 2 bedroom townhouse, with garage $ 1,200 $ 1,425 19%
17 What did we do? CHT purchased the property (148 apartments), converting 32 apartments in duplexes to homeownership, creating a new LIHTC Partnership for 64 apartments, and keeping 52 apartments at NOAH like prices. We separately financed the homeownership apartments. We accessed most of the loan paid to the City by the developer and other resources for the LIHTC 64 Apartments; and We used the balance from the City plus a $1M from LIFT for the remaining 52 apartments.
18 Our recent NOAH. Dorset Commons is a 105-unit apartment complex in South Burlington in 11 buildings, predominately two bedroom apartments and some three bedrooms. The rents are an average of $1,200 for a two bedroom and $1,370 for a three-bedroom with tenants paying their own natural gas-fired heat and hot water. Rents are generally affordable to 80% of median income. And most of the tenants are at jobs that are making that income, 80% of the median.
19 Purchase 12,575, ,762 Reserves & Capital Improvements 551,750 Expenses 247,500 13,374, ,374 Primary Debt (TD Bank) 10,640, % 34 Years Second Debt (LIFT) 1,875, % 7 Years Equity Sources (VHCB) 860,000 13,375,000 Second Debt (LIFT Sources) Vermont State Treasurer 900,000 Vermont Community Foundation 500,000 Owner 475,000
20 NOAH Advantages It prevents displacement and homelessness. It keeps families and communities intact and in their existing homes. It provides permanent affordability. It often provides needed rehabilitation and improved management. The total public project costs are much lower than providing new multifamily rentals to families that are displaced. Pre-development requires a fraction of the time devoted to LIHTC projects and should be able to be completed in fewer months.
21 There is a growth of workforce housing funds Turner Multifamily Impact Fund is targeting $1 billion invested in workforce housing and currently owns 6,000 workforce housing units. Avanath is an investment firm with over $1.4 billion AUM focusing on affordable housing, naturally occurring affordable housing (NOAH) and workforce housing. Minneapolis NOAH fund provides 10-year equity financing at a 6.5% hurdle. The California State Teachersâ Retirement System (CalSTRS) committed $300 million to Belay Investment Group for value add investments including a Hispanic-focused workforce housing specialist. LEM Capital closed a $300 million fund focused on Class B value-added multifamily properties (incl. workforce housing) targeting net returns of 12-16% with local institutional investors. Enterprise Community Investment has a $110 million fund targeting the acquisition and preservation of existing affordable multifamily properties in danger of conversion to market rate housing. Freddie Mac launched a social impact initiative to preserve workforce housing by providing lowcost loans in exchange for voluntary rent restrictions for households earning up to 80% of AMI.
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