P r e s e n t a t i o n B y : L i b b y S e i f e l, S e i f e l C o n s u l t i n g
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1 P r e s e n t a t i o n B y : L i b b y S e i f e l, S e i f e l C o n s u l t i n g `
2 Household Income Categories, 2014 AMI is often grouped into categories by federal programs in order to meet income targeting requirements. MOH also uses income categories to target certain segments of the San Francisco population. 0-50% AMI = Extremely Low*/Very Low Income 50-80% AMI = Low Income % AMI = Moderate Income = Middle Income Households for this analysis % AMI = Middle Income 150%+ AMI = Upper Income Household Size 1-Person 2-Person 3-Person 4-Person 5-Person 6-Person Very Low Income 0 to 50% AMI Lower Upper $0 $0 $0 $0 $0 $0 $34,000 $38,850 $43,700 $48,550 $52,450 $56, Income Limits Middle Income Households Low Income Moderate Income 50 to 80% AMI 80 to 120% AMI Lower Upper Lower Upper $34,001 $38,851 $43,701 $48,551 $52,451 $56,351 $54,350 $62,150 $69,900 $77,700 $83,900 $90,100 $54,351 $62,151 $69,901 $77,701 $83,901 $90,101 $81,550 $93,250 $104,900 $116,500 $125,800 $135,200 Above Moderate Income 120 to 150% AMI Lower Upper $81,551 $93,251 $104,901 $116,501 $125,801 $135,201 Source: Mayor's Office of Housing. *State and federal programs are targeted at 120% AMI below and often further define 0-30% AMI as extremely low income, 30-50% AMI as very low income, 50-80%AMI as low income, and % as moderate income. $101,950 $116,550 $131,100 $145,650 $157,300 $169,000
3 Which Occupations are Represented by San Francisco AMI? AMI Category Occupation 10% AMI 20% AMI 30% AMI 40% AMI 50% AMI 60% AMI 70% AMI 80% AMI 90% AMI 100% AMI 110% AMI 120% AMI 130% AMI 140% AMI 150% AMI Person Receiving Supplemental Security Income Retired Worker Receiving Social Security Dishwashers Cashiers Maids and Housekeeping Cleaners Landscaping and Groundskeeping Crews Construction Laborers Postal Service Clerks Elementary and Secondary School Teachers Post Secondary Teachers Police, Fire and Ambulance Dispatchers Electricians Accountants and Auditors Electrical Engineers Computer Programmers Income (One Worker) a $7,000 $14,000 $22,000 $27,000 $34,000 $41,000 $48,000 $54,000 $61,000 $68,000 $75,000 $82,000 $88,000 $95,000 $102,000 a. Median annual income is rounded to the nearest $1,000. Source: San Francisco Mayor's Office of Housing, California EDD. 1
4 Maximum Affordable Rents by Unit Type and Income Level (2014) Affordable Rent a 50% AMI 80% AMI 120% AMI 150% AMI Studio $850 $1,359 $2,039 $2,549 1-Bedroom $971 $1,554 $2,331 $2,914 2-Bedroom $1,093 $1,748 $2,623 $3,278 3-Bedroom $1,214 $1,943 $2,913 $3,641 a. Affordable rent is based on San Francisco Mayor's Office of Housing published rents and equals maximum monthly rent for each unit type and includes the cost of utilities. Source: San Francisco Mayor's Office of Housing, Seifel Consulting Inc. San Francisco Mayor's Office of Housing February 2014
5 Citywide Fair Market Rent Compared to MOH Affordable Rent Levels by Bedroom Size (2014) San Francisco Middle Income Analysis 30% AMI 50% AMI 80% AMI 120% AMI 150% AMI Number of Fair Market Affordable Affordability Affordable Affordability Affordable Affordability Affordable Affordability Affordable Affordability Bedrooms Rent Rent a Gap b Rent a Gap b Rent a Gap b Rent a Gap b Rent a Gap b Studio $1,191 $510 ($681) $850 ($341) $1,359 $168 $2,039 $848 $2,549 $1,358 1-Bedroom $1,551 $583 ($968) $971 ($580) $1,554 $3 $2,331 $780 $2,914 $1,363 2-Bedroom $1,956 $655 ($1,301) $1,093 ($863) $1,748 ($208) $2,623 $667 $3,278 $1,322 3-Bedroom $2,657 $729 ($1,928) $1,214 ($1,443) $1,943 ($714) $2,913 $256 $3,641 $984 4-Bedroom $3,212 $786 ($2,426) $1,311 ($1,901) $2,098 ($1,114) $3,145 ($67) $3,933 $721 a. Affordable rent is based on San Francisco Mayor's Office of Housing published rents and equals maximum monthly rent for each unit type and includes the cost of utilities. b. Affordability gap equals affordable rent minus HUD fair market rent. Source: San Francisco Mayor's Office of Housing, HUD published Fair Market Rents for San Francisco, Seifel Consulting Inc. San Francisco Mayor's Office of Housing February 2014
6 Source: HUD Fair Market Rents. San Francisco Mayor s Office of Housing February 2014
7 $4,500 Comparison of Fair Market Rents with Market Rate Institutional Grade Properties for a 2 Bedroom Unit, 2007 to 2014 $4,000 $3,500 $3,000 $2,500 $2,000 $1,500 Market Rate (Institutional Grade Property) HUD Fair Market Rent $1,000 $500 $ Note: RealFacts is based on a 2 bedroom 2 bathroom unit. Source: HUD Fair Market Rents, RealFacts. San Francisco Mayor s Office of Housing February 2014
8 Affordable Home Sales Prices for a 2-Bedroom and 3-Person Household, 2007 to 2014 a San Francisco Middle Income Analysis Affordable Affordability Affordable Sales Affordability Affordable Affordability Affordable Income Levels b Sales Price c Gap d Price c Gap d Sales Price c Gap d Sales Price c 150% AMI $462,000 ($375,300) $557,000 ($110,800) $582,000 ($295,000) $556, % AMI $385,000 ($452,300) $438,000 ($229,800) $458,000 ($419,000) $437,000 80% AMI $245,000 ($592,300) $280,000 ($387,800) $292,000 ($585,000) $278,000 Median Sales Price e $837,300 $667,800 $877,000 a. Affordable sales prices and median sales prices are rounded to nearest $1,000. b. Income categories are based on Maximum Income by Household Size published by HUD. c. Affordable sales price calculation assumes 33 percent of income is spent on housing, a 10 percent downpayment and 90 percent financing and includes HOA, utilities, real estate tax, and insurance. The affordability gap for condominium developments would be greater due to condominium association fees that are greater than $90 per month HOA dues assumed in this analysis. The analysis assumes income is calculated at time of purchase. d. Affordability gap equals affordable sales price minus median sales price for 2-bedroom unit. e. Median sales price is for a 2-bedroom single family or condominium from Zillow for July of each year. Source: San Francisco Mayor's Office of Housing, Federal Reserve Bank, San Francisco County Assessor's Office, California HCD, Zillow, Seifel Consulting Inc. San Francisco Mayor's Office of Housing February 2014
9 $1,000,000 Median 2-Bedroom Home Sales Price Affordability for a 3-Person Household 2007 to 2011 $900,000 $800,000 $700,000 $600,000 $500,000 $400,000 $300,000 Median Sales Price 150% AMI 120% AMI 80% AMI $200,000 $100,000 $ Source: San Francisco Mayor's Office of Housing, Federal Reserve Bank, San Francisco County Assessor's Office, California HCD, Zillow, Seifel Consulting Inc. San Francisco Mayor's Office of Housing February 2014
10 Regional Sales Prices for All Homes, 2007 to 2014 $1,000,000 $900,000 $800,000 $700,000 $600,000 $500,000 $400,000 $300,000 $200,000 San Francisco Marin Santa Clara Alameda Solano $100,000 $ Note: Data points are based on all home sales, including single family homes and condominiums. Source: Zillow. San Francisco Mayor s Office of Housing February 2014
11 San Francisco Median Household Incomes by Zip Code, 2012 $72, $78,000 $83,000 $82,000 $128, $107, $74,000 $59,000 $91, $116, $95, $22, $47, $34,000 $80, $44,000 $118, $47,000 $93,000 $26, $142, $68, $72, $60, City's Median Household Income (ACS 2012): $74,000 Median household income rounded to nearest $1,000. Source: 2012 American Community Survey Miles Data Unavailable Less than 50% of the City's Median Income 50% to 80% of the City's Median Income 81% to 120% of the City's Median Income 121% to 150% of the City's Median Income More than 150% of the City's Median Income San Francisco Mayor's Office of Housing February 2014
12 Median Home Sales by Zip Code, 2013 $977, $1,051, $930, $1,100,000 $1,189,500 $802, $625, $812, $665, $817,500 $1,050, $1,730, $1,050, $912, $1,255, $819, $860, $965,000 $975, $1,250, $530, $708, $670, $621, City's Median Sales Price: $850,000 Sales records are based on 1,2 and 3 bedroom condominium and single family house sales from January 1, 2013 to December 31, Records with sales amounts less than $75,000 were excluded from the analysis. The dataset included 3,303 sales. Source: Dataquick, Seifel Consulting Inc Miles Data Unavailable Less than 75% of the City's Median Sales Price 76 to 100% of the City's Median Sales Price 101 to 125% of the City's Median Sales Price 126 to 150% of the City's Median Sales Price Over 150% of the City's Median Sales Price San Francisco Mayor's Office of Housing February 2014
13 P r e s e n t a t i o n B y : M A Y O R S O F F I C E O F H O U S I N G A N D C O M M U N I T Y D E V E L O P M E N T CITY AND COUNTY OF SAN FRANCISCO MAYOR EDWIN M. LEE
14 Bring 30,000 new or rehabilitated units online by Including 10,000 permanently affordable units by M A Y O R S O F F I C E O F H O U S I N G A N D C O M M U N I T Y D E V E L O P M E N T
15 How to create 10,000 affordable units: Develop new affordable housing; Add affordable housing tied to market-rate development; Build capacity through land acquisition for future development; Preserve existing affordable housing including at-risk small sites. M A Y O R S O F F I C E O F H O U S I N G A N D C O M M U N I T Y D E V E L O P M E N T
16 How to fund 10,000 affordable units: Use local funds including Prop C to leverage: Private; State; and Federal financing; Develop affordable housing through market-rate development: Inclusionary housing fees; Development agreements; Condo conversion fees. M A Y O R S O F F I C E O F H O U S I N G A N D C O M M U N I T Y D E V E L O P M E N T
17 Affordable Housing Pipeline, including: o Senior Housing o Transitional Age Youth (TAY) Housing o Supportive Housing o Family Housing Small Site Acquisition; OCII Enforceable Obligations; HopeSF; San Francisco Housing Authority RAD Portfolio. M A Y O R S O F F I C E O F H O U S I N G A N D C O M M U N I T Y D E V E L O P M E N T
18 Housing Trust Fund; CDBG Housing Resources; HOME program funding; OCII (tax increment); Citywide Affordable Housing Fund: o Jobs-Housing Linkage Fees o Inclusionary Housing Fees o Market-Octavia Fees o Van Ness Fee Condo Conversion Fees; Development Agreement Affordable Housing Fees. M A Y O R S O F F I C E O F H O U S I N G A N D C O M M U N I T Y D E V E L O P M E N T
19 Expand the band of affordability to middle income. M A Y O R S O F F I C E O F H O U S I N G A N D C O M M U N I T Y D E V E L O P M E N T
20 Catalyst Fund : Private capital to supplement public capital: o Down Payment Assistance Loan Program (DALP) beyond the current income limits; o Small Sites Acquisition to acquire sites in advance of public funding; o Patient Capital for all housing development. M A Y O R S O F F I C E O F H O U S I N G A N D C O M M U N I T Y D E V E L O P M E N T
21 Affordable housing through the Inclusionary Program: Inclusionary housing fee; Units constructed on-site; Units constructed off-site; Land dedication. 98 Inclusionary units entitled in 2012; 219 Inclusionary Units entitled in M A Y O R S O F F I C E O F H O U S I N G A N D C O M M U N I T Y D E V E L O P M E N T
22 New Construction of Affordable Units Project Units Total Cost City Funding Other Sources 1345 Turk Homeownership 32 21,974,132 13,448,763 8,525,369 Central Freeway Parcel C Mary Helen Rogers ,548,970 12,143,300 30,405,670 Hunters View Phase 1a Vertical Construction ,403,800 30,036,393 30,367,407 Total ,926,902 55,628,456 69,298,446 M A Y O R S O F F I C E O F H O U S I N G A N D C O M M U N I T Y D E V E L O P M E N T
23 Rehabilitation of Affordable Units Project Units Total Cost City Funding Other Sources The Madonna 70 17,293,816 3,000,000 14,293,816 Veterans Commons 76 28,374,338 8,350,000 20,024,338 Kelly Cullen Community ,086,366 14,018,989 67,067,377 Arlington (ENP) (PRESERVATION) ,026,746 18,451,971 27,574,775 Cambridge Residence (PRESERVATION) 60 22,095,346 4,397,874 17,697,472 Hotel Isabel (PRESERVATION) 72 10,788,308 2,379,464 8,408,844 TOTAL ,664,920 50,598, ,066,622 M A Y O R S O F F I C E O F H O U S I N G A N D C O M M U N I T Y D E V E L O P M E N T
24 Total Production and Preservation of Affordable Units Units Total Cost City Funding Other Sources 1759 $824,499,103 $274,104,492 $550,394,611 M A Y O R S O F F I C E O F H O U S I N G A N D C O M M U N I T Y D E V E L O P M E N T
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