Innovative Ways to New Housing
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2 Innovative Ways to New Housing Housing Services Corporation Regeneration Forum May 29, 2012 Tim Welch Tim Welch Consulting Inc. Phone (519)
3 Government Funding Dwindling resources, IAH funds modest, not just for new construction, and mostly allocated Housing sector should continue to advocate for new resources, but in the meantime... Proponents need to be creative, Service Managers and Provincial and Federal governments must be flexible Need to look at other sources of financing/equity/investment And strongly hope for continued low interest rates. 3
4 Considerations What level of affordability (80% or 100% of ave. market), consider affordable ownership Who to house existing residents such as overhoused? Type of construction walk up? stick-built? LEED Platinum? Financing ability to mortgage on title, creativity with cash flow, soft costs for small projects Fundraising 4
5 Stretching AHP/IAH funds Land intensifying on existing non-profit and cooperatives with program support Cambridge Kiwanis FAILA, Kawartha Lakes Tilsonburg non-profit 5
6 New Housing Development Concepts Halam Park Co-op Hamilton Haliburton Community Housing Corp Hamilton, Pocket Housing And LHC redevelopment intensification, sale of units 6
7 Resources Land: is it appropriate/ too dense; can it be contributed given existing operating agreements? Existing unused/underutilized buildings Government support capital and operating/support Pre-development CMHC seed, PDF Fundraising private contributions Operating surplus of existing providers Private builders loan/investment Social enterprise grants, loans or investment 7
8 Cambridge Kiwanis 23 new units in self contained apartment building on empty parking lot on existing non-profit site All in cost of $159,000/unit - $3.66 m (includes HST) $116,ooo per unit in IAH funding Land equity, $150,000 operating surplus loan gradually repaid from operating surplus Potential loan from Community Forward Fund brings possibility of more green features such as ICF construction, solar hot water 8
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10 Kiwanis assumptions Building logistics 19,500 sq. Ft. 20 one bdrm, 3 two bdrm. 4 floor with elevator, woodframe with concrete floor at $117 per sq. ft plus contingency Could change to block, light steel or ICF with Community Forward Fund (approx. $350,000 at 5-6%) Assume land value of $10,000 per unit 2 tier DCs of $335,000, $39,000 school bd DCs Remaining soft costs architect, engineer, legal, development consultant $250,000 10
11 Kiwanis operating assumptions Rents $448 + hydro for 9 one bdrms (65% of AMR) $561 + hydro for 11 one bdrms (80% of AMR) $661 + hydro for 3 two bdrms (80% of AMR) Costs include $55 per month/unit heating $35 per month/unit water $1,200 per year/unit maintenance 6% for capital reserves 11
12 Kiwanis assumptions (cont.) Infill related savings No borrowing/carrying costs or property taxes on land No CMHC mortgage application fees, lower legal fees re no severance, no registering separate first mortgage on title. No snow plow costs (covering unused parking lot) Modest increase in number of units means no cost of building or operating staff space, tenant meeting space 12
13 FAILA, City of Kawartha Lakes 25 unit addition to existing 25 unit n/p completed 2009 $153,000 per unit all in cost (ICF construction) $70,000 per unit capital funding from AHP, plus City grant of $10,000 per unit to offset city fees Equity: land contribution and $40,000 operating surplus elevator, common rooms already exist Legal costs related to severance/easements/new corporation etc. - $20,000 13
14 14
15 Fenelon Falls 25 unit addition 15
16 Tillsonburg mnp 13 unit addition, completed 2009 Total all in cost $129,000 per unit total $1.66 m. Proponent equity of land Used existing elevator, common room and hallways, very cost efficient construction County/town DC offset grants of $3,000 per unit AHP $70,000 per unit for 12 units County grant of $65,000 for 13th unit IO 10 yr term for $642,000 16
17 Tillsonburg 13 unit addition 17
18 Tillsonburg complications Long complicated severance and ministerial consent ($3,000 per unit legal costs- $40,000 total) Why require appraisal when existing mortgage of $27,000 per unit and non-profit has run successfully for 25 years where is the risk??
19 Halam Park Co-op Hamilton Existing well run 92 unit family townhouses No existing one bedrooms for co-op empty nesters Propose 8 one bedroom semis (no rezoning) rents to be 80% of AMR plus utilities All in capital funding of $153,000/unit: $1.22 m. total Co-op contribute $200,000 from operating surplus City DCs $27,000 per unit offset Community Forward Fund $400,000 loan Looking to access government funds of $65,000 per unit (approx. $520,000) will result in feeing up family housing in existing co-op units 19
20 Haliburton Community Housing Corporation Add seven units to existing non-profit (previously HCHC converted vacated office space to five apts.) Need is greatest for low end of market rents All in costs of $156,000 per unit Operating surplus contribution of $339,000 plus land, uses existing elevator, converts part of office space $510,000 loan through CAIC, not registered on title through third party loan guarantee No ministerial consent but confusion of first mortgage approval led to significant delays, uncertainty, then unexpected municipal charges further put pressure on budget 20
21 Pocket Housing, Hamilton Concept of small self-contained bachelor apts, building eight units on existing single family lot If land contributed, financially viable at $60,000 per unit of capital funding May have financing through Community Forward Fund in partnership with Hamilton Community Foundation 21
22 22
23 23 Local Housing Corporations Variety of concepts being examined by LHCs outside of Toronto Idea of selling off some scattered homes to develop moderately higher number of units, with lower operating costs (increase from 28 singles/semis to 32 townhouses, lowering operating costs) Further idea of duplexing/granny flats for scattered singles redeveloping some sites at significantly higher densities with most of new rental units at market maybe with private developer partnership
24 Keeping Positive! Work with your Service Manager, especially explore potential of more flexibility for Consents under Housing Services Act Its worth exploring potential partnerships with a private builder/developer/investor Examine social enterprise alternate funders but advocate to them for longer repayment, low rates Fundraising can be part of the answer And keep on advocating to Federal and Provincial governments for new funding for new housing. 24
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