THDA s Low Income Housing Tax Credit Program Report
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1 THDA s Low Income Housing Tax Credit Program Report
2 QAP Priorities, Market & Financial Influences Outcomes of the LIHTC program closely mirror the QAP priorities (set asides, caps and points): Housing need by Location (includes vacancy rates) (points) Location-geographic distribution (set aside), county (cap), regional distribution (points), % in QCT areas (cap & points) Type of Development- NC or Rehab (points) Development Size (small development set aside) Type of developer (set asides) Units for lowest income tenants (points) Projects that score well under the QAP and are situated within strong market areas may bring stronger syndicator interest; achieve higher equity pricing and in general are more financially viable. The market and potential rent levels influence the overall financial viability of a particular property and certain characteristics. Size of developments Rent levels & need for rental subsidies, Bedroom size and mix of units Building cost per unit Location (cost of acquiring land)
3 Properties by Region All Development, $2.46 billion in 10 yr. credit authority used to develop: 940 properties 56,000 units The program has served 93 of 95 counties with at least 1 property. 27% 41% 32% East Middle West
4 Active Properties, of the 940 properties remain active with THDA monitoring 47,000 active units 87 of 95 counties have at least 1 active LIHTC property East Middle West
5 Rural Suburban Urban LIHTC Units by Location/Urbanicity Urban areas, where need is often greatest, have the highest share of LIHTC units. However, the program has consistently produced units in rural and suburban areas as well, likely due to QAP incentives for geographic distribution and county caps.
6 32.1% 33.8% 34.0% 35.9% 37.5% 38.0% 32.1% 28.7% 28.0% EAST MIDDLE WEST % Active Units % Low Income Cost Burdened HH % of State's Renter Population Comparison of LIHTC Active Units to Housing Need by Region The location of LIHTC properties tracks closely with areas of current housing need in all regions.
7 12% 10% 12.2% 11.4% 8% 6% 6.7% 4% 4.5% 5.7% 3.8% 5.2% 4.7% 2% 0% DAVIDSON HAMILTON KNOX SHELBY LIHTC Vacancy Total Renter Vacancy Vacancy Rates (Total Renter vs. LIHTC), Major Metro Areas, 2013 LIHTC vacancy is lower than overall renter vacancy in all of the major metropolitan counties except Shelby, where LIHTC vacancy is slightly higher. Shelby County also has the highest vacancy rate in both categories among the major metros during the most recent time period data was available (2013).
8 Development Characteristics Competitive credits are more frequently awarded to new construction; while non competitive credits combined with bond financing more frequently help finance preservation activities. 9% Properties by Type 4% Properties by Type 27% 8% 25% 73% 67% Rehab NC NC/Rehab New Construct Rehab NC/Rehab
9 Non Profit 11% PHA 11% S8PB 9% Ten Year Credit by Developer Type USDA 7% Regular 62% Regular USDA S8PB Non Profit PHA Share of Credit by Developer Type (9% & 4% credits) The majority of credit authority is issued to regular or non-designated development entities. Nonprofit and Public Housing Agencies received the next largest share of credits with a combined 22% of allocations, while project based programs (Section 8 & USDA) have received 16% of overall allocations. All typically target the lowest income renters.
10 1400 $120,000, $100,000,000 $80,000,000 $60,000,000 $40,000,000 $20,000,000 0 East Middle West $0 No. Units 10 Yr. Allocation Hope VI LIHTC Allocations West Tennessee and the city of Memphis, in particular, received the largest share of LIHTC allocations dedicated to public housing redevelopment under the Hope VI program
11 Legends Park Apartments, Memphis Memphis Housing Authority 186 units Hope VI preservation (new construction) with 9% LIHTC credits
12 Average Number of Units per Development The average unit size trended up for a number of years, reaching a high of more than 100 units in before trending back down again to the more common average of 78. Other than a small development set aside, the QAP appears to have little effect on the size of developments. The market and financial considerations likely drive this characteristic.
13 West 25% 48% 21% Middle 22% 47% 29% East 28% 43% 25% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 0 Bed 1 Bed 2 Bed 3 Bed 4 Bed Distribution of Active Units by Bedroom Size & Region The largest share of LIHTC units in every region is 2 bedroom, which aligns well with family size and rental need in the state. The QAP sets no preference for unit size, thus it is likely the market and financial considerations, including projected rent levels, drive this characteristic.
14 60% 50% 40% 30% 20% 10% 32% 38% 54% Prior studies show that LIHTC developments nationally have historically concentrated in lower economic opportunity areas, possibly due to federal requirements giving preference to projects located in QCTs or due to housing need in lower income communities. Current Tennessee LIHTC properties often locate in areas with high housing need but also high poverty & unemployment. 0% % of Properties in Census Tracts with High Poverty/High Unemployment Rural Suburban Urban Future Consideration- Where to Encourage Development? Areas with High Housing Need.
15 A high opportunity primary market area is typically defined as an area were unemployment levels are low and economic opportunities, such as jobs, ample. Some states are now offering a QAP priority or incentive to locate developments in primary market areas with jobs, transit, high performing schools or other measures of opportunity. The definition of opportunity may vary in urban, rural and suburban communities. Future Consideration- Where to Encourage Development? Areas with High Economic Opportunity
16 Future Consideration- Preservation Needs of Aging Affordable Housing Active LIHTC Properties by Age of Development 70% 60% 50% 40% % LIHTC USDA % Section 8 Project Based 100 Public Housing- RAD 50 10% 0 East Middle West 0% Total Aged 10+ Years Total Properties in Region % Aged 10+ Years
17 LIHTC* USDA 538 USDA 515 S8PBRA Public Housing Prior to or later Aging Existing Affordable Housing Many different types of affordable housing are aging, built more than 15 years ago, and are in need of preservation to maintain quality and affordability. Currently, the LIHTC program is the only federal affordable housing development program that has not faced serious federal budget reductions and is the primary source of funding for rehabilitation and redevelopment of aging affordable properties.
18 Why Does the success of the LIHTC Program Matter? Today, there is not a single county in the United States where an individual earning the federal minimum wage ($15,080 annually) can afford a market-rate apartment. The number of renters is growing substantially in the 2010s. At the same time, rents and home prices are exceeding income growth in most areas- leading to a steady rise in the number of renters unable to afford housing. Cities in the south where population growth has been high in recent years, like Nashville, are facing a particular shortage of affordable options at differing income levels, and the shortage is expected to worsen with continuing Congressional cuts federal housing programs.
19 Laurel House, Nashville, Gulch Housing Trust Fund (nonprofit developer) 48 units New construction with 9% credits The credit may be combined with other types of federally insured loans, direct subsidies or local incentives to build new or preserve existing units in neighborhoods where affordable housing is scarce due to high development costs. Laurel House 1 bedroom units lease for around $700 per month, whereas comparable 1 bedroom rents in the Gulch (albeit with some higher end amenities) are $1,500 per month and higher. In high tourist months, 1 bedroom units VRBO nightly for $145-$185.
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