Bay Area Consor,um of Community Land Trusts. Strategy for Community Stabiliza3on in the SF Bay Area
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1 Bay Area Consor,um of Community Land Trusts Strategy for Community Stabiliza3on in the SF Bay Area
2 Displacement Crisis in Berkeley Displacement Risk Typologies (by Census Tract): The Urban Displacement Project
3 % Change in rents ( ) Change in Rents (by Census Tract): The Urban Displacement Project
4 % Change in Median Household Incomes ( ) Change in Incomes (by Census Tract): The Urban Displacement Project
5 Small Site Acquisi,on San Francisco City policy approved in 2009 Small = 5-25 units Compe33ve market requires a more nimble acquisi3on process ScaWered sites require new approach to property and asset management Mixed-Income is necessary
6 When is it Feasible in Berkeley & Oakland Mul,-family Proper,es? Assump,ons: For Mul,-family proper,es (i.e. separate units) City subsidy = at least $90,000 to $275,000 per unit (Average: $200,000) Annual opera3ng cost per unit = $3,000 to $5,000 $200,000 to $350,000 Total Cost per Unit (to purchase and/or renovate) Affordable Monthly Rent per Unit Is affordable to a single person household earning: % AMI Can cover this much of a mortgage (5.5% amor,zed interest) Will need this much Subsidy from the City to cover the gap between income and expenses $492 30% ($19,500) $12,000 $288,000 $658 40% (26,040) $35,000 $265,000 $822 50% ($32,550) $55,000 $245,000 $986 60% ($39,060) $78,000 $222,000 $1,151 70% ($45,570) $100,000 $200,000 $1,266 80% ($50,150) $115,000 $185,000 $1, % ($65,100) $165,000 $135,000 $1, % ($78,120) $210,000 $90,000
7 When is it Feasible in the East Bay? Assump,ons: Annual opera3ng cost per unit = $4,000 $250,000Total Average Cost per Unit (to purchase and/or renovate). There needs to be a Small Site Acquisi3on fund, which help local nonprofits to acquire these proper3es and provide long term financing While we wait for funding (e.g., Bond, etc.) we could leverage exis3ng funds but only if the City Housing Dept can provide staff 3me for pre-underwri3ng and pre-commitment lewers to take-out funds in the future (with condi3ons).
8 Findings to Date Need a willing seller (Ellis Evicted Proper3es, Pro-ac3ve offer, For Sale ) Need 100% acquisi,on financing with clear take-out plan (SF s Small Site Acquisi3on Loan Program & City par3cipa3on with CDFIs) Need public subsidy up front: Fill the acquisi3on gap Capitalize Reserves Provide renova3ons to minimize maintenance costs Compe3ng with private investors in a hot market leaves Nonprofits liwle choice of proper3es, more quirky, fringe proper,es that are not as awrac,ve to investors (non-conforming units, very low rents, mixed-use, shared housing). City of SF launched the program in July As of Sept. 2015: $18 million used to purchase 12 buildings (84 units averaging $214,000 subsidy per unit) Due to its success, San Francisco is looking to increase its SSP (was included in the $310 million bond passed November with up to $31 million to be allocated to the SSP).
9 MidPen Preservation Efforts
10 168 Pacific Avenue
11 Buy-and-Hold Financing Structure $2,560,000 purchase price for 9 units Only light rehab needed MidPen bridged the acquisition to take-out County contributed $1,420,000 ($157,778/du) to pilot a new preservation program Working on maximizing a perm loan now MidPen equity to remain in property, to be repaid through cash flow over time
12 Atherton Court
13 Two-Stage Financing Structure $17,125,000 purchase price for 55 units Vulnerable population, current residents include many County services clients In purchase contract currently Major rehab needed Clear exit strategy needed Intended to be syndicated in 2017
14 Two-Stage Financing Structure Acquisition Syndication County intends to contribute roughly $100,000 per unit Negotiating short-term, interest-only bridge loan paid through NOI Gap to be filled by combination of deferred bridge loan (MTC) and MidPen bridge loan County loan will stay in at syndication event Will apply for projectbased vouchers and 9% tax credits under special needs type All bridge loans to be repaid at syndication closing
15 Preservation Challenges Existing residents and their needs Unknown household incomes; if qualified, achieving welfare exemption quickly Short due diligence period, quick close Need for (fast) acquisition gap financing Potential need for patient bridge financing to get to exit event Potential two-phase construction/rehab: may need early funds for critical repairs
16 Tackling the Regional Housing Crisis Non-Profit Housing Assoc. of Northern California Annual Conference Ken Kirkey, Director of Planning 1
17 Lagging Supply 35% of low & moderate homes permitted since ,000 low & moderate homes that were not permitted 2
18 RHNA Funding Shortfall ( ) Reflects loss of RDA and 80% of federal funding Source: MTC & ABAG estimates 3
19 One Bay Area Grant Housing Initiatives (adopted July 2016) Reward Jurisdictions - $30 million Bonus for cities/counties permitting low & moderate income units ( ) Direct Investment - $10 million Pilot preservation loan fund Requirements for other Programs All jurisdictions granted OBAG funds need HCD certified housing element and resolution of compliance with AB 2135 Public Lands Photo: Bridge Housing, Armstrong Place 4
20 NOAH Preservation Fund Requires 5:1 leverage on regional investment Eligible proper9es in Transit Priority Areas and/or Priority Development Areas Total funding pool is TBD Complements previous $20 million investment in Transit Oriented Affordable Housing (TOAH) investment High costs of new construction & limited grant funds Flat incomes Rising displacement pressure far and wide A chance to Pilot 5
21 What Lies Ahead: Self Help for Housing? Bay Area Self Help for Transportation $0 annually $1 billion annually County Sales Taxes & Vehicle License Fees Regional Measure 2 County Housing Bonds One Time Funding $300 million San Francisco (adopted) $500 million Alameda (anticipated ballot fall 2016) $50 million Oakland (anticipated fall ballot 2016) Should MTC develop a self-help housing strategy? 6
22 Infrastructure Finance Fund Use BATA s approved investment policy Provide low interest infrastructure loans to support Infill projects consistent with Plan Bay Area 7
23 Regional Jobs-Housing Linkage Fee Establishes a fee on location inefficient commercial development One time Employer threshold TBD Fund affordable housing for low- and moderate- income households Fund TDM programs 8
24 Regional Housing Bond/Fee and Trust Fund Establish a Regional Housing Trust Fund Funding from Regional Housing Bond or Fee Provide a regional funding vehicle for new initiatives Sales tax Parcel tax Real estate or mortgage fee Other 9
25 Thank You Ken Kirkey, Planning Director, MTC For Follow up -- Doug Johnson, MTC
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