4622 Haugland Avenue. Ksan House Society March 2016

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1 4622 Haugland Avenue Ksan House Society March 2016

2 Society Background Ksan House Society Mission Statement We believe in the inherent value of every human being. We are committed to responding to community need. We empower, assist and support people experiencing gender violence, violence, poverty, homelessness and other forms of oppression and marginalization.

3 Society Background Has been providing programs and support services since 1979 Over 10 years of experience operating affordable housing Currently operates 84 units Houses, apartments & townhouses Emergency &transitional housing Serving a wide range of population groups Singles & those hard-to-house Women & their children fleeing abuse People with mental health conditions Families Currently provides 214 people living in the region with safe, affordable and adequate housing

4 Development Team M akola Development Services is the Development Consultant 31 years of experience in housing research, planning, and development Strong relationships with BC Housing, Canada Mortgage and Housing Corporation and other funders Experience operating housing in the Terrace region Dan Condon Architect is the Prime Design Consultant Previously worked with Ksan House Society Local architectural experience

5 Need & Demand Terrace Vacancy Rates Total number of private apartment units: 405 Total number of vacant units: approximately 10 Ksan Housing Wait-List 246 people remain on Ksan housing wait-list 1-bedroom: 39 people 2-bedroom: 103 people 3-bedroom: 90 people 4-bedroom: 14 people Terrace Core Housing Need 590 renter households are living in core housing need Vacant 3-Bed Total 3-Bed Vacant 2-Bed Total 2-Bed Vacant 1-Bed Total 1-Bed Private Apartment Vacancy Rates,

6 Need & Demand Income 915 private households earn less than $20,000 1,370 private households earn between $20,000 to $39,999 Affordable Rental Rates For housing to be affordable, households must not spend more than 30% of their income (before taxes)

7 Project Vision Proposed site: 4622 Haugland Ave (City-Owned Property) Rezone the lot to R4-medium density multi-family residential in order to increase density and diversify the housing stock available Develop a three storey apartment building Provide 39 units of affordable housing geared to low-income individuals and families, and to people with disabilities Proposed Unit Breakdown: 12 one-bedroom units 21 two-bedroom units 6 three-bedroom units

8 Rents Rental rates have been structured approximately 30% below market rates 2015 Housing Income Limits (BC Housing) Planning Area Bach 1 Bdrm 2 Bdrm 3 Bdrm Terrace, BC $ 25, $ 27, $ 33, $ 39,000.00

9 Design The building only uses the South portion of the leasable property The building would be faced in cultured stone and hardiplank The building has a modern and multi-faceted exterior The entire property would be fenced and landscaped The development includes a hard surface play area Each floor would have a community room The building is located to the East The entrance has a covered area Each apartment has an outside deck 33 proposed parking spaces

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14 Costs Total Project Cost: $13,585,113 Hard Costs: $9,198,600 Soft Costs: $4,361,513 Cost Per SqFt: $ Cost Per Residential Unit: $348,336 Operating Income (from rents): $476,280 Operating Costs: $238,497

15 Funding BC Housing will be issuing a proposal call in early April 2016 Developments with the following are most likely to succeed: Municipal Support in the forms of: Property tax exemption DCC reductions or waivers Expedite permits & approvals Staff champion Land donation Suitable site identified, need and demand study, conceptual design, equity contributions BCH will look for the maximum amount of municipal support prior to choosing to make an investment decision BCH will maximize investments to allow newly created units to be rented at a rate that is affordable to the community

16 Funding Impacts On Average Rent Average Rent with savings from Donated Land (no annual rent-estimated at $20,000 per yr) $1, Average Rent with DCC Waiver $1, Average Rent with $200,000 Contribution $1, Average Rent with Property Tax Exemption $1, Average Rent without Funding $1, $1, $1, $1, $1, $1, $1, $1,850.00

17 Funding Impacts On Average Rent Average Rent with savings from Donated Land (no annual rent-estimated at $20,000 per yr) $1, Average Rent with DCC Waiver $1, Average Rent with $200,000 Contribution $1, Average Rent with Property Tax Exemption $1, Average Rent without Funding $1, $1, $1, $1, $1, $1, $1, $1,850.00

18 Funding Impacts On Average Rent Average Rent with savings from Donated Land (no annual rent-estimated at $20,000 per yr) $1, Average Rent with DCC Waiver $1, Average Rent with $200,000 Contribution $1, Average Rent with Property Tax Exemption $1, Average Rent without Funding $1, $1, $1, $1, $1, $1, $1, $1,850.00

19 Funding Impacts On Average Rent Average Rent with savings from Donated Land (no annual rent-estimated at $20,000 per yr) $1, Average Rent with DCC Waiver $1, Average Rent with $200,000 Contribution $1, Average Rent with Property Tax Exemption $1, Average Rent without Funding $1, $1, $1, $1, $1, $1, $1, $1,850.00

20 Funding Impacts On Average Rent Average Rent with savings from Donated Land (no annual rent-estimated at $20,000 per yr) $1, Average Rent with DCC Waiver $1, Average Rent with $200,000 Contribution $1, Average Rent with Property Tax Exemption $1, Average Rent without Funding $1, $1, $1, $1, $1, $1, $1, $1,850.00

21 Average Rent Analysis Average building rent brought down to $800 with BCH funding

22 Savings From Municipal Contributions $90.00 $80.00 $82.06 $70.00 $60.00 $50.00 $40.00 $30.00 $39.78 $26.52 $20.00 $10.00 $9.28 $- Savings from Property Tax Examption (valued at $61, per year for 10 years) Savings from Donated Land (no annual rent - estimated at $20,000 per yr) Savings from 200,000 Contribution Savings from DCC Waiver ($70,000)

23 Seeking Municipal Contributions Property tax exemption DCC reductions or waivers Expedite permits & approvals Staff champion Land donation Lease in place (long term, no/nominal cost)

24 Questions?

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28 Funding Impacts: Average Rent Average Rent with BCH Funding $ Average Rent with savings from Donated Land (no annual rentestimated at $20,000 per yr) $1, Average Rent with DCC Waiver $1, Average Rent with $200,000 Contribution $1, Average Rent with Property Tax Exemption $1, Average Rent without Funding $1, $- $ $ $ $ $1,000.00$1,200.00$1,400.00$1,600.00$1,800.00$2,000.00