City of Chicago Affordable Housing Plan Fourth Quarter Progress Report April 8, 2010

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1 Affordable Housing Plan Fourth Quarter Progress Report April 8, 2010

2 2009 Production Commitments In 2009, DCD had a goal to commit more than $324 million to create or preserve 10,500 units of affordable housing Create and Preserve Affordable Rental $190 million to assist 7,300 units Promote and Support Homeownership $112 million to assist 1,100 units Improve and Preserve Homes $20 million to assist 2,000 units

3 th Quarter Production Through the fourth quarter of 2009, DCD committed more than $251 million to create or preserve 8,900 units of affordable housing This represents 84% of the 2009 unit goal and 77% of the 2009 resource allocation goal.

4 Creation and Preservation of Affordable Rental Units Through the fourth quarter of 2009 DCD committed more than $154 million to support over 5,800 units of rental housing This represents 81% of the annual resource allocation goal and 79% of the annual goal for units assisted

5 Creation and Preservation of Affordable Rental Units St. Edmunds Commons E. 60 th St., E. 60 th St., E. 60 th, E. 60 th St., S. Indiana Ave., S. Michigan Ave. 53 mixed-income units of affordable rental housing in the 20th Ward the will accommodate large families

6 Creation and Preservation of Affordable Rental Units Senior Suites of Autumn Green 4255 N. Oak Park Ave. 36 units of affordable senior housing in the 38 th Ward

7 Creation and Preservation of Affordable Rental Units Branch of Hope Apartments S. Halsted 100 units of affordable senior housing in the Englewood community of the 20 th Ward

8 Creation and Preservation of Affordable Rental Units Update on Previously Reported Developments Renaissance Apartments- Grand Opening $10.7 million development in the 24 th Ward (North Lawndale) 54 renovated units of affordable rental. Available to households who s income does not exceed 60% AMI Developed by Lawndale Christian Development Corp.

9 Creation and Preservation of Affordable Rental Units Update on Previously Reported Developments Update on Previously Reported Developments St. Luke Renaissance Apartments- Grand Opening $34.8 million development in the 44th Ward (Lakeview) 107 units of affordable senior housing Assisted by $15 million in housing revenue bonds, $2.8 million in City loans, and $1.5 million in tax credit equity resulting from the donation of City land. Developed by RRG Development Inc., St. Luke Housing Ministries, and Lutheran Life Communities

10 Promotion and Support of Homeownership Through the fourth quarter of 2009, DCD committed over $78 million to support more than 1,200 units Represents 70% of the annual resource allocation goal and 97% of the annual goal for units assisted

11 Promotion and Support of Homeownership Teacher Homebuyer Assistance In 2009 assisted 309 units with $943,500 in resources. Utilizes matching funds from the City and CPS. Exceed 2009 projections in both resources and units assisted due to increased funding from CPS. Provides homebuyer assistance up to $7,500 for teachers purchasing in Plan for Transformation communities and $3,000 for purchases elsewhere.

12 Promotion and Support of Homeownership

13 Promotion and Support of Homeownership Borrower Outreach Six Events 277 counseling sessions Over 1,500 loan workout sessions Collaborated with 13 counseling agencies and 22 banks Event Households Assisted Foreman High School 208 Washington High School 159 Truman College 196 South Shore Cultural Center 242 Daley College 429 Fosco Park 302

14 Improvement and Preservation of Homes Through the fourth quarter of 2009, DCD has committed over $18 million to support more than 1,900 units Represents 90% of the annual resource allocation goal and 97% of the annual goal for units assisted

15 Improvement and Preservation of Homes Emergency Housing Assistance Program In 2009 assisted 885 units with $8.1 million in resources. Exceed projections through the use of additional funds provided by the Department of Environment. Provides emergency repairs to owners of 1-4 unit properties. Eligible Chicago residents may not exceed 50% AMI.

16 Improvement and Preservation of Homes

17 Policy and Legislative Affairs Homebuyer Tax Credit Extension The Worker, Homeownership, and Business Assistance Act of 2009 extended through April 30, 2010 the tax credit of up to $8,000 for qualified first-time homebuyers purchasing a principal residence. Also authorized a new tax credit of up to $6,500 for qualified repeat home buyers. According to the Government Accountability Office, more than 385,000 homebuyers purchasing in 2009 claimed the tax credit

18 Policy and Legislative Affairs $3.5 million County Earmark for Foreclosure Mediation Cook County Board approved $3.5 million to establish a foreclosure mediation program DCD First Deputy Commissioner Ellen Sahli chaired a subcommittee to make recommendations on the program. Will be rolled out by Cook County in 2010

19 Policy and Legislative Affairs City Unveils New Home Purchase Assistance Program Will provide down payment assistance and closing costs assistance to first time homebuyers. Applicable to buyers of existing single-family, condominium, town home, or one to four unit buildings. Assistance will range from $10,000 to $40,000, depending household income.

20 Policy and Legislative Affairs Woodstock Report on Foreclosure Filings Filings 13,872 20,592 22,685 Completions 6,118 9,948 8,815 The saw an overall increase in foreclosure filings of 10.2 percent from 2008 to The saw an 11.4 percent decrease in completed foreclosure auctions between 2008 and 2009.

21 Policy and Legislative Affairs Stimulus Update DCD allocated nearly $10 million under CDBG-R: 1. $1.875 for 24 HUD-certified counseling agencies and tenant advocacy groups. 2. $2.5 million for acquisition and rehab of 90 troubled condominium units. 3. $1.025 million to continue Fix Your Mortgage Events and the Home Affordable Modification Program (HAMP). 4. $4.5 million for non-housing related programs related to community development and job creation.

22 Policy and Legislative Affairs Stimulus Update (cont.) DCD allocated $2 million Energy Efficiency Community Block Grant Program (EECBG) to provide energy efficiency retrofits grants towards (1) low-income homeowners, and (2) greening of multifamily developments. DCD has coordinated applications on behalf of owners of Project-based section 8, Senior, and Disabled Housing to apply for competitive Building Energy Efficiency Retrofit Funds through the Federal Government.

23 Policy and Legislative Affairs Stimulus Update (cont.) DCD has allocated all $21 million in Tax Credit Assistance Program (TCAP) funds. TCAP provided assistance to low-income rental developments that have stalled due to lack of financing. TCAP jumpstarted 5 low-income developments. TCAP fund allocations are identified in 2009/2010 quarterly reports

24 Chicago Neighborhood Stabilization Program Update Over the past years, the City and its partners have invested millions of dollars on projects aimed at revitalizing our neighborhoods. New schools, police stations, fire stations, libraries, affordable housing, retail centers The foreclosure crisis is threatening those investments and the stability of long-standing community anchors.

25

26 Identifying Target Areas To protect recent development and make a significant impact, NSP investments must be strategic and targeted. NSP target areas have been identified based on proximity to recent public and private investments. Government intervention is necessary to stabilize all these areas.

27 s NSP Strategy Goal: assist 2,000-2,500 units over 3-5 years in targeted areas utilizing NSP 1 & 2 funds Focus on acquisition and rehab of bank-owned properties Determine most appropriate disposition option: Homeownership Rental Demolition A non-profit organization, Mercy Portfolio Services, is working at the direction of the City to acquire, redevelop, and reposition the properties.

28 Developing the Chicago NSP Infrastructure Established a rolling RFQ process to identify developers to rehab homes RFQ posted at Identified vendors to assist in implementing the program Developed a financial model to ensure ready access to capital for acquisition and rehab NSP is a reimbursement grant: no up-front funds

29 Status of Chicago NSP Identified more than 1,300 vacant units for potential acquisition Assessed more than 1,000 vacant bank-owned units Assessment includes an appraisal, scope of work, and financial analysis Made offers on more than 700 units Acquired 218 units (69 properties) Additional 60 units (10 properties) under contract and set to close in the next days Rehab underway on first group of properties More than $29 million, or 53% of the grant, has been committed to acquiring and rehabbing properties, compared to 35% committed nationally As of April 1, 2010

30 Chicago NSP Basics Average acquisition cost/unit: $19,799 Average percent discount from appraised value: 16% Average estimated rehab cost/unit: $116,249 Average estimated rehab cost/square foot: $114 Average estimated Total Development Cost (TDC) /unit: $136,318 Average estimated TDC/square foot: $ Average estimated subsidy unit: $59,313 As of March 4, 2010

31 NSP 2 Additional $2 billion allocated in ARRA Unlike first round, HUD must distribute funds on a competitive basis HUD has awarded the $98 million Second-largest award for a municipality, fifth-largest overall award HUD received nearly 500 applications and only made 56 awards 36 census tracts in 12 community areas approved for funding

32 NSP Public Hearing Follow-up Program income/leverage tracking: will track in the quarterly report appendix as program income is collected Report on progress toward meeting the requirement that 25% of funds be used to assist households making 50% of AMI or less: will also include in future quarterly reports As of 4/2/10, we have 21% of our total $55 million grant committed to properties that will assist households at or below 50% AMI Demolition: will report on number of buildings demolished in the quarterly report appendix going forward

33 NSP Public Hearing Follow-up, continued Report on properties Chicago Community Land Trust: working to develop a process through which an NSP homebuyer could opt in to the CCLT. As we move forward, we will report on any units that do opt in. Clarify contracting requirements City: MBE/WBE, Local Hiring State: Prevailing Wage Federal: Davis-Bacon, Section 3

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