City of St. Petersburg Housing, Land Use & Transportation Committee Agenda October 25, 2018 at 11 a.m. Conference Room 100, City Hall

Transcription

1 City of St. Petersburg Housing, Land Use & Transportation Committee Agenda October 25, 2018 at 11 a.m. Conference Room 100, City Hall Members: Chair Darden Rice, Vice Chair Lisa Wheeler-Bowman, Amy Foster, Charlie Gerdes Alternate: Brandi Gabbard Support Staff: Kayleigh Sagonowsky, City Council Legislative Aide A. Call to Order and Roll Call B. Approval of Agenda C. Approval of September 27, 2018 Minutes D. New Business a. Presentation and discussion about cooperative housing i. Judith Turner, Executive Director, Florida Cooperative Empowered Economic Development (CEED) E. Review Referral List F. Adjourn Attachments (Information Only): Vacant and Boarded Properties Report Multi-Family Affordable Housing Accomplishments Single Family Affordable Housing Accomplishments Actual to Budget Affordable Housing, Community Development, and Public Service Projects

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7 Proposed Calendar of Affordable Housing Discussions Revised: 10/25/18 May 31, 2018 June 14, 2018 July 26, 2018 August 23, 2018 Neighborhood Stabilization Program Lots for Affordable Housing RFP Issued HLUT Meeting Additional Activity Centers (Innovation District) HLUT Meeting Income category clarifications in workforce housing ordinance Penny for Pinellas Draft Resolution HLUT Meeting Modify South St. Pete CRA Programs September 27, 2018 October 25, 2018 November 29, 2018 December 2018 HLUT Meeting Minimum Lot Area for ADUs Modify workforce housing public hearing requirement 9% FHFC tax credit competition applications Implement Internally Expedited Permitting Policy BFT Meeting Reduction in MIF Linkage Fee/Nexus Study Council Vote Income category clarifications HLUT Meeting: Housing Co-op Presentation COW: South St. Pete CRA Programs HLUT Meeting FAR Bonus Structure Parking Reductions Restructure FAR Payment in Lieu Council Vote Reduce Minimum Lot Area for ADUs Modify workforce housing public hearing requirement No HLUT Meeting January 24, 2019 February 2019 March 2019 April 2019 HLUT Meeting Missing Middle Zoning Permit ADUs in NS Zones Council Vote FAR Bonus Structure Parking Reductions FAR Payment in Lieu BFT Meeting Linkage Fee/Nexus Study Completion Council Vote Missing Middle Zoning Permit ADUs in NS Zones Council Vote Linkage Fee/Nexus Study

8 Housing, Land Use, and Transportation Committee Referrals October 25, 2018 Topic Return Date Referral Date Prior Meetings Referred By Staff Notes Presentation and discussion about 10/25/2018 4/19/18 CM Gabbard Gerdes Presentation from Judith Turner cooperative housing Relaxing Parking Requirements for Affordable Housing 11/29/2018 2/1/18 4/19/18 CM Foster Gerdes Amend FAR Calculations to Increase Financial Support to the Housing CIP Trust Fund Missing Middle Zoning Including Multi-Unit Infill in NT 11/29/2018 2/15/18 4/19/18 CM Foster Abernethy Gerdes 1/24/ /30/16 12/15/16 8/24/17 10/26/17 4/19/18 Inclusionary Zoning TBD 11/30/16 12/15/16 1/26/17 5/4/17 4/19/18 Redevelopment of Mobile Home Parks with Tiny Homes Allocate Revenue from Foreclosure Auctions to an Affordable Housing Trust Fund or Revolving Loan Fund Discussion of potential Council actions aimed at protecting tenants rights Discussion to establish a local dedicated funding source for affordable housing development CM Nurse CM Nurse Abernethy Gerdes Abernethy Gerdes TBD 05/04/17 10/26/17 CM Nurse Gerdes TBD 2/15/18 BFT CM Foster Gerdes BFT PSI - TBD 4/19/18 CM Foster Gerdes Legal TBD 5/17/18 4/19/18 CM Rice Gerdes Staff will present a proposed amendments to Zoning Code designed to encourage the development of affordable housing Resol was sent on 6/02/17 to Pinellas County. Will be combined with other NBIs and discussed in PSI

9 Presentation of a draft ordinance regarding road resurfacing policies and procedures Employer assisted housing program for city staff and matching grants for private companies TBD 9/6/18 CM Montanari Legal TBD 9/20/18 CM Gabbard Gerdes and Staff

10 Community Control of Land & Housing How Limited Equity Housing Co-ops Contribute to Affordable Housing Limited Equity Cooperatives (LEC s) Resident Owned Communities (ROC) Community Land Trust (CLT) Community Benefits Agreement (CBA) Land Banks

11 What is a Co-op? A cooperative is an organization owned and democratically controlled by the people who use or create its services Member - owner Member - control Member benefits

12 Various types of co-ops defined by who owns the organization Consumer Co-ops (Housing) Producer Marketing Co-ops Shared Services Co-ops Worker Co-ops Multi-Stake Co-ops

13 Consumer Co-ops Examples User of services Credit unions Rural electric co-ops Retail stores, grocery stores Housing co-ops Insurance Operates at cost Member economic participation Low individual equity requirements Minimal patronage refunds Member characteristics Limited skin in the game, participation May take service for granted over time

14 Co-ops in the USA Consumer 29,462 (excluding housing) Producer 2389 Shared Service 724 Worker million families in housing co-ops 350 million co-op memberships $653 billion in revenue

15 Housing Co-ops x Condo ownership Everyone owns a divided piece of a property. Each owns everything inside their own unit, Co-op ownership Everyone owns the property together. Members make decisions about the property based on what they feel is best for the whole community. Renting The landlord owns the entire pie and charges tenants to live there. Tenants own nothing.

16 Housing Co-ops Are a Flexible Model Cooperative corporation owns land and dwellings Apartment style Flori de Leon Address: 130 4th Ave N, St. Petersburg, FL Waterfront Park Co Operative st St South St Petersburg,FL 33701

17 Resident Owned Communities Mobile Homes (ROC) Cooperative corporation owns land, Residents own the homes and a share of the corporation individuals own Seperate Homes Elements of operation Lot rent includes cost of operations that are at cost Lower lot cost creates more local spending power Have a vote on improvements Have a vote in lot rent price Have a vote on sale of park Have a vote on park maintenance and services Good for residences who want higher engagement in ownership. Ownership is a responsibility. Colony Cooperative Inc th Ave N, St. Petersburg, FL Americana Cove 5925, st St NE, St. Petersburg, FL 33702

18 An estimated 18 million people who earn less than $28,000 a year (less than half the national household median income) live in manufactured housing. That makes it one of the leading sources of affordable housing in the U.S. Approximately 1,000 manufactured housing communities are ROC

19 Mobile Home Rental Community, Residences Own Mobile home but rent the land. Elements of operation Lot rent includes cost of operations plus a reasonable profit for the landowner Profit may or may not leave the area to distance shareholders Lot rent increases are decided and made by the landowner, with some limitations Improvements are decided and made by land owners but has a right of reasonable return from the residents via lot rent increases Park may be sold to residents (if solicited) or without tenant knowledge (if unsolicited) No resident vote on park maintenance or services Good for residences who don't have the time Lamplight Village or interest in ownership th St N Ownership is a responsibility that not St Petersburg everyone wants.

20 Type of Housing Co-ops Three common types of co-op housing: 1. Market Rate 2. Limited or Low Equity 3. Non Share Capital (Leaseholder & Student)

21 Inspired by counterparts in Europe and Asia, LEHCs emerged in the United States in the mid20th century as the federal government began to divest its stake in wartime and rental housing, transitioning these properties into condominiums and cooperatives for low- and moderate-income households. Today there are an estimated 155,000 LEHCs located in major cities around the nation, including Baltimore, Atlanta, Washington, and Los Angeles.

22 1 Limited, Low, or Zero Equity Cooperatives One unique aspect of a cooperative corporation is that the co-op can adopt bylaw provisions that limit the maximum resale prices of co-op units. Typically, this strategy is employed in order to maintain long-term co-op housing affordability Retain the value of any public subsidy that may have been used in financing the creation of the co-op. Because this type of co-op limits each unit s equity appreciation, it is called a limited equity co-op.

23 Forms of Public Subsidy May receive grants and government subsidies to make co-op shares more affordable to low-income people. Land trust that holds title to land and takes it off the speculative market by holding, selling or donating to the residents. Community Benefits Agreement Land Banks

24 3 Limited, Low, or Zero Equity Cooperatives They keep the housing permanently affordable through legal restrictions on the amount of gain on a future sale of the co-op share. Often these are organized groups of low-income tenants that agree to collectively buy the building they already rent through a nonprofit they create. It s a great way to make permanent gains in the fight against gentrification

25 4 Limited Equity Cooperative When a member-owner sells a unit in a limited equity co-op, any return on the sale is limited by a predetermined formula. Each limited-equity co-op has its own formula, contained in the co-op s bylaws. For example, some co-ops set the maximum share price at an artificially low figure. Any additional market value accruing to the cooperative as a whole, rather than to individual members.

26 Units Available 2018 PRICE INCOME 1 1/1 750 SF $75,000 $20-40k 2 2/ SF $100,000 $27-47k 3 3/ SF $125,000 $42-72k 3 Storefront 3000 SF $ MORTGAGE MAINTENANCE TOTAL $ $ $ $ $ $ $ $ $ $

27 Units Available 2028 PRICE INCOME 1 1/1 750 SF $85,000 $20-40k 2 2/ SF $110,000 $27-47k 3 3/ SF $135,000 $42-72k 3 Storefront 3000 SF $ MORTGAGE MAINTENANCE TOTAL $ $ $ $ $ $ $ $ $ $ Let's do the math 10 years later

28 Transformative Characteristics At its core, the LEHC model creates ownership opportunities for people working their way up the socioeconomic ladder, offering individuals and families affordability and long-term stability. The LEHC model also rewards residents for their commitment and effort to own and steward a vital community resource. At the same time, recognizing that a community s need for affordable housing is beyond temporal.

29 How Stakeholders Can Help Like other forms of community-controlled housing, the ultimate impact of LEHCs is defined by the effort that stakeholders including local policymakers financial institutions housing advocates put into using the LEHC model to create inclusive communities accessible to people of all means. The general public s lack of familiarity with LEHCs can stymie their access to the public housing subsidies and private financing vital to their development. However, as cities more aggressively address the affordable housing crisis, some policymakers have leveraged affordable housing trust funds municipal bonds bank settlements CBA s CLT s Land Bank and other long-term sources of funding to support LEHC development and growth.

30 Name of Development Address Twin Brooks Phase I & II Lakeview Apts Greenview Manor 128 Place City of St. Petersburg Multi-Family Housing Delivery Number of Units 0-30% AMI UNITS * 0-50% AMI Units 50-60% AMI Units 60-80% AMI Units % AMI Units Funding Req. From City Other Funding Assistance & 24th Ave. South $1,076,000 $3,182,048 Current Status Completed June 2011 Type of Units nd Ave. South $388,575 $1,253,685 Completed New Burlington Ave. North $650,000 $2,828,492 Completed Existing st Ave. N 18 1 $62,000 $1,332,644 Completed New Boley's Safe Haven st St. S $434,137 $558,474 Completed Existing Palmetto Breeze Jamestown Development st Ave. S 12 6 $82,000 $915,412 Completed New Burlington Ave North $4,820,151 $0 Completed New Columbian/Veridian 518 3rd Ave. S $2,200,000 $18,086,016 The Portland 819 3rd Ave. N $1,100,000 $16,158,068 City Place 8th St. Burlington Ave $500,000 $16,389,631 Completed Oct Completed Nov Completed Aug 2010 New Existing New New Arlington Ave. Apts Arlington Ave. N $500,000 $1,700,600 Booker Creek Apartments th Ave. North $3,000,000 $19,215,054 Burlington Ave. Burlington Garden Apts. N $1,669,215 $0 Broadwater Place Phase 2 Clam Bayou Phase I & II th St. S $239,549 $775,292 Completed May 2011 Completed Aug 2010 Completed May 2011 Completed June 2011 New New Existing th Ave. South $513,500 $1,683,049 Mar-08 New New Broadwater Place Phase I McCormick Place Fountain View Apts. Broadwater Place Phase th St. S $120,000 $1,895, th St. S. 8 8 $500,000 $298, and th Ave. S $1,434,076 $ th St. S $110,000 $0 Completed May 2013 Completed May 2013 Completed Jan 2013 New New New/Existing Completed 2015 New Campbell Landings 6th St. South & 4th Ave S $120,000 $18,244,580 Urban Landings 300 4th Ave. S $90,000 $8,900,778 Urban Edge/Harbors Edge Senior Units 300 4th Ave. S $120,000 $17,648,273 Burlington Place Boley Centers 3636 Park Apts 3155 Burl. Ave. N $90,000 $12,339, th Ave. N 8 8 $268,965 $1,599,203 Completed Jan 2014 Completed May 2014 Completed May 2014 Opened June 23rd New New New New Completed 2016 New The Preserves at Clam Bayou Phase I 8 8 $840,790 $335,000 Approved New Boley Centers 745 Delmar Terr 65 Burlington Post Burl Ave N & 32nd St $90,000 $17,754,470 In Underwriting New Opened on August 3rd, 2018 New Total $21,018,958 $163,093,836 Revised All developments funded with SHIP, LHTF and HOME funding with the exception of those designated NSP File: Multi-family Affordable Housing Accomplishments

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35 Vacant & Boarded Report Comparison Citywide Midtown Childs Park Month JAN FEB MAR APR MAY JUNE JULY AUG SEPT OCT NOV DEC