Transit Oriented Workforce Housing Solutions
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1 Transit Oriented Workforce Housing Solutions Prepared for: Rail~Volution Presented by: Jeff Minter September 9, 2005
2 Presentation Agenda Workforce Housing - Vision and Approach Quality and Place Making Proving the Case with Numbers Conclusion 2
3 Workforce Housing Vision and Approach 3
4 Vision Metrics The provision of quality housing at an affordable price to public employees, educators, low and moderate income workers; Stimulating, healthy places that are environmentally responsible and socially supportive; Neighborhood and home plans that encourage resident interaction and a high quality-of-life; Residential living options that allow access to mass transit opportunities; Access to a broad range of services including commercial, retail, education, fitness, dining, and other amenities; A place where you want to live, not where you have to live. 4
5 Our Overall Approach Use transit agency/government/nonprofit/private land as a base for creating affordable workforce housing Accommodate inclusionary zoning policy so that private landowners / developers will provide land to a non-profit corporation Ensure that units built will remain affordable over a long term 99 years Use scarce government monies as a revolving fund to increase housing affordability Use benefit to local government to help speed up entitlement / permit processing time for large-scale affordable housing projects 5
6 Goals Help public and private entities develop workforce / transit oriented communities and facilities, while generating a long term income stream for the project sponsor from underutilized land resources. Technique Includes: Strategic Planning Organizational Structure Land Planning and Design Concepts Creation of a Financing Structure Implementation of Development on Behalf of Sponsor 6
7 Owner s Representative Concept Transit Agency Sponsor Nonprofit Development Entity (SPE) Fannie Mae Financing Facilitator Owner s Representative Financing Investment Bankers, Community & National Banks Architects Engineers Design Construction Builder Other Civil Engineers Land Planners Market Planners Attorneys 7
8 Development Components Funding Assistance Project Sponsor : Land commitment The program utilizes private financing enabled by nonprofit or public agencies but does not require any government subsidy. Sources Of Funding Owner s Representative: Limited fixed fee Investment Bankers, Community and National Banks Other Financial Firms Fannie Mae: Enables unique financing programs Federal government: No funding, only grant of tax exempt status State programs: examples - mortgage revenue bonds (MRB), mortgage credit certificates (MCC) Local government programs: MCCs, MRBs, other available loans and grants FHLB/Foundations: Optional small grants 8
9 Ground Lease Ownership Structure Benefits from the Ground Lease Structure Control over financing Access to land proceeds, share in home appreciation, leveragable income stream Control over development and ownership Priority of home buyers by employment categories targets a specified workforce Ability to control unit price appreciation and resale process Covenants, conditions, restrictions, and ongoing property management 9
10 Project Capitalization/Financing Financing program provides Sponsor with long term cash flow and high quality facilities with limited up front cash requirement Predevelopment Line of credit (partially secured by sponsor s land assets) Uses: Engineering and design, market analysis, EIR, legal, development fees Construction CFD Bond/TIF, tax exempt rental housing bond, taxable and tax exempt construction loan for for-sale housing Uses: Infrastructure, unit construction, financing, marketing, sales, design, engineering, builder, legal, development fees, and return of seed money Ongoing Unit sales and re-sales, refinancing of rental units, financing commercial facilities Uses: End loans, debt and equity, capital 10
11 Development Components Mortgage Program The program utilizes a special Fannie Mae approved mortgage program to increase affordability to priority employees. Issued by Local Banks as part of CRA program 100% Mortgage No Down Payment No PMI Same Interest Rate as 80% LTV CRA Loan Approved Home Owner s Assistance Program 11
12 Selected Relevant Projects - Quality and Place Making 12
13 California State University Channel Islands Campus The development will generate affordable faculty & staff housing, commercial space and fund campus construction Development Challenge Affordable workforce housing needed 800,000 square feet of new academic buildings required 1,000,0000 square feet of rehab required Limited upfront seed money available Limited CSUCI staff involvement Result 900 units of affordable housing for University workforce and campus affiliates Single family detached homes Town homes Apartments Town Center (apartments over retail) R&D facilities $800 million over 45 years to fund campus construction 13
14 California State University, Channel Islands Workforce Housing - Project Quality Single Family Homes Single Family Homes Interior Detail Interior Detail 14
15 California State University, Channel Islands Workforce Housing - Project Quality Single-Family Exterior Single-Family Exterior 15
16 Hawaii Workforce Housing - Project Quality 16
17 Hawaii Workforce Housing - Project Quality Iwalani Oahu, Hawaii Single-Family Cluster 17
18 California State University, Channel Islands Workforce Housing - Place Making Phases I & II Overview Pedestrian Oriented 18
19 California State University, Channel Islands Workforce Housing - Place Making Townhome Exteriors Multi-Family Exterior 19
20 California State University, Channel Islands Workforce Housing - Place Making Multi-Family Courtyards 20
21 St. Francis Residential Communities Workforce Housing - Planning Conceptual Site Schematic Plan 21
22 County of Hawaii - Waikoloa Workforce Housing Workforce Housing Planning Conceptual Site Plan QuickTime and a TIFF (LZW) decompressor are needed to see this picture. 22
23 University of Hawaii - West Oahu Campus Workforce Housing Planning Creating a Sense of Place Create a new urban transit linkages to future outlaying development areas Provide opportunities for various types of transportation uses Create a walkable environment Promote connectivity that supports the students Create accessible goods and service nodes supporting everyday community needs Transit oriented public accessibility Establish a higher level of urban transit design create the model 23
24 The Need for Local Workforce Housing The Affordability Gap 24
25 Local Hawaii Income Levels The Affordability Income Gap 2004 Median Family Income Ewa Beach, HI: ~ $56, Salaries in Ewa Beach, HI: Firefighter: ~$41,320 (starting salary is ~$30,991 Police officer: ~$49,798 (starting salary is ~$41,489) Teacher: ~$51,461 (starting salary is ~$42,155) Medical Assistant: ~$31,061 (starting salary is ~$28,456) Nurse (RN): ~$62,897 (starting salary is ~$57,476) What good is a real estate boom that prevents our teachers from living near the schools in which they teach, our police officers from living in the communities they police, and our children from moving back into the neighborhoods that they were raised Washington Post: DC Councilmember 25
26 The Need For Workforce Housing in Hawaii Affordability Gap - Home Purchase Median Home Price ~$699,000 Median Income* ~$56,000 Income needed to buy Median Priced Home ~$167,600 Affordability Income Gap ~$111,600 * For 2004 calendar year 26
27 Workforce Housing Program - For Sale The UniDev Affordability Approach The program can make for-sale housing affordable without using direct subsidies or sacrificing quality. Elements of Affordability Interest Rate Assistance Loan Reduced Developer s Profit Tools for Creating Affordability Ground Lease No PMI Land Tax Exempt Construction Loan Reduced Developer s Profit Interest Rate Reduction Interest Rate Assistance Loan Homeowner Fee Reduction No PMI Homeowner s Fee Reduction Interest Rate Reduction Construction Savings Impact on Affordability in Hawaii Reduces cost of home by 20-30% Reduces income required to purchase by 40%-50% 27
28 Workforce Housing Program - Rental Housing The UniDev Affordability Approach The program can make rental housing affordable without using direct subsidies or sacrificing quality. Tools for Creating Affordability Reduced land cost and restrictive covenants from Sponsor Tax exempt construction and permanent financing No real estate taxes on rental housing No developer profit; rather owner s rep fee Tax increment financing Construction Elements of Affordability Rental Subsidy / Tax Abatement Operations Impact on Affordability Reduces cost of units by 25%-35% Reduces income required to rent by 40%-50% Land TIF Tax Exempt Financing 28
29 Workforce Housing Program Proving The Case With Numbers 29
30 Workforce Housing Program - For Sale The UniDev Affordability Approach UniDev s program can reduce the income required to buy a home without sacrificing quality. For-Sale Housing Unit-Type Assumptions (averages) Assumptions Open Market UniDev Program Net Square Feet 1,605 sq. ft, 1,605 sq. ft. Covered Porch 245 sq. ft. 245 sq. ft. Garage 400 sq. ft. 400 sq. ft. Unit Price $588,300 $366,700 It s not done with a silver bullet it s 100 small cuts at unit cost and buyer income. --CitiBank official 30
31 Workforce Housing Program - For Sale The UniDev Affordability Approach For-Sale Housing Financial Assumptions Assumptions Open Market UniDev Program 1 1 st Mortgage LTV Ratio 90% 100% 1 st Mortgage Interest Rate 6% 5% 1 st Mortgage Loan Term 30 years, fixed 30 years, fixed Private Mortgage Insurance.09% of loan NA Closing Costs/Pre-Paids 2% of loan 1.5% of loan Homeowner s Assistance Fund $0 $9,000 31
32 Workforce Housing Program - For Sale The UniDev Affordability Approach For-Sale Development Cost Assumptions Market Rate UniDev Program Cost Reduction Land Charge/Capitalized Ground Rent $85,000 $41,400 ($43,600) Infrastructure/Mitigation/Fees $64,300 $16,300 ($48,000) Construction Costs $239,600 $239,600 $0 Architectural & Engineering $11,700 $11,700 $0 Financing Fee/Construction Period Interest $16,500 $6,500 ($10,000) Builder s Risk/Liability Insurance $4,400 $4,400 $0 Legal $5,000 $3,000 ($2,000) Taxes $18,000 $0 ($18,000) Sales Fees $37,900 $3,000 ($34,900) Inspection Fee $1,700 $1,700 $0 Contingency $16,000 $13,800 ($2,200) Developer Profit/Owner s Rep Fee $88,200 $25,300 ($62,900) Total $588,300 $366,700 ($221,600) 32
33 Workforce Housing Program - For Sale The UniDev Affordability Approach Annual Income and Down Payment Required Market Rate UniDev Program Annual Income Required (AIR) $131,700 ~$64,000 Down Payment $58,830 $0 Closing Costs $11,800 $6,700 Total Down Payment Closing Costs $70,630 $6,700 Ratio to Down Payment (AIR)
34 Workforce Housing Program - For Sale The UniDev Affordability Approach Annual Housing Cost and Income Required from Buyer UniDev Single Family Market Single Family Sales Price: Basic Home 366, ,300 Annual Mortgage / Debt Service 23,622 $35,026 Taxes ($3.25 per 1,000 of Sales Price)TIF 1,192 1,912 Private Mortgage Insurance (.9% of Mortgage Amount)1 $0 $4,765 CFD (estimated annual per unit tax)2 $1,834 $0 Home Owner Dues3 $1,020 $1,200 Property Insurance $800 $1,000 Annual Cost to Homeowner $28,468 $43,903 Income Required (at 33% DTI) $85,400 $131,700 Base Annual Cost $28,468 Less Mortgage Credit Certificate (MCC) ($3,667) Less Housing Assistant Allowance (HAA) ($3,500) Annual Cost with MCC and HAA $21,301 Income Required (at 33% DTI) $63,900 34
35 Workforce Housing Program Conclusion Program works well for any landholder particularly non-profit and governmental entities Program brings quality financial institutions Program provides mortgage financing and mortgage assistance Program can produce substantial benefits for the owner and user You see things; and you say, Why? But I dream things that never were; And I say, Why not? George Bernard Shaw 35
36 UniDev Contact Information Jeff Minter Website:
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