P3 s and Affordable Housing, Implementing Mixed Income Neighborhoods:

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1 P3 s and Affordable Housing, Implementing Mixed Income Neighborhoods: An Overview of the James Bland Development Post Hope VI Alexandria, Virginia Makeover Montgomery 2 Conference May 10, 2014

2 Speaker DIRK H. GERATZ Principal Planner, AICP City of Alexandria Department of Planning and Zoning 2

3 Income Growth vs. Housing Cost Growth FROM 2000 TO 2011: Median income for the DC metropolitan area increased by 28% to $106,100 The average rent for a market rate 2 bed unit in Alexandria increased by 71% to $1,765 The average assessed value of residential property increased by 135% to $449,411: Single family units increased by 137% to $617,826 Condominium units increased by 149% to $266,481 City of Alexandria Office of Housing, Draft Mater Housing Plan 3

4 Effect on Affordability FROM 2000 TO 2012 affordable housing stock in Alexandria decreased from 18,218 to 5,672 or 69% City of Alexandria Office of Housing, Draft Master Housing Plan 4

5 City Council / ARHA Resolution 830 Joint agreement requiring one for one replacement of Publicly Assisted Housing 5

6 Introducing ARHA Annual budget of $33,000,000 Funding for the agency comes primarily from: HUD for the day to day operations Private, local and state administered sources for some of the rehabilitation and redevelopment efforts. Sources have included: proceeds from the sale of ARHA owned land; LIHTCs; HOPE VI; CDBG and HOME administered by the City; City loans; and special earmarks from Congress. 6

7 ARHA s Portfolio ARHA s inventory consists of: 889 public housing units (some are ACC/LIHTC) 1,908 Housing Choice Vouchers 109 Moderate Rehabilitation (PBV) units 84 Low Income Housing Tax Credit units 69 Affordable (Market Rate) units Mission is to preserve and increase the supply of affordable housing to low & moderate income residents that only ARHA serves. Purchase of new stock Redevelopment of outdated stock 7

8 ARHA s Portfolio

9 Current Philosophy for Redevelopment Mixed income is the appropriate alternative to concentrations of assisted housing in low income neighborhoods Economically and socially mixed income neighborhoods are believed to create a stable environment for low income residents 9

10 James Bland Redevelopment 194 units on 5 block site replaced with 134 units Redeveloped in conjunction with Glebe Park site in order to eliminate mortgage and provide relocation units 152 units on Glebe site (40 units were Res 830) replaced with 84 units (40 protected + 44 from Bland site) = 178; 16 units not replaced on site were relocated to another site 10

11 Braddock Metro King St Metro 11

12 James Bland 12

13 The Financing 13

14 Where s the Money? ARHA is land rich and cash poor, therefore a strategy was determined in 2006 as the authority inventoried their aging stock their land value had to be used to leverage other sources of funding to preserve their housing stock

15 Glebe Park West Glebe New Construction Old Dominion Renovation Old Dominion - New Construction 15

16 Old Town Commons Alexandria, VA 16

17 Public Housing Financing Project Create 218 new ARHA units and pay off HUD note (+/- $57 MM) Financing Total Project Funding (+/- $62 MM) Glebe Park 84 ARHA units (+/- $15 MM) James Bland 134 ARHA units (+/- $37 MM) Market Rate Land Value (+/- $23 MM) Low Income Housing Tax Credits (+/- $34 MM) HUD Loan Takeout (+/- $5 MM) 17

18 Mixed Income Concept 18

19 Component Financing Glebe Park Old Town Commons Uses Build Public Housing: $15,000,000 Repay mortgage $5,000,000 Uses Build Public Housing: $37,000,000 Repay City Loan: $5,000,000 Total Uses: $20,000,000 Total Uses: $42,000,000 Sources Tax Credit Equity: $9,800,000 City Loan $5,000,000 Land Sales Proceeds $1,440,000 Total Sources: $16,240,000 DEFICIT: $3.8MM Sources Tax Credit Equity: $25,000,000 Land Sales Proceeds: $21,300,000 Total Sources: $46,300,000 SURPLUS: $4.3MM 19

20 Design & Planning 20

21 Project Summary Redevelop Glebe Park and James Bland into new, modern communities, replacing one for one on a cumulative basis the same number of ARHA units and bedrooms. Phase redevelopment to limit disruptions for ARHA residents and ensure continuous access to equivalent or better housing at each phase. Build attractive, new ARHA units with modern features such as cable, new appliances, washer-dryer, central heat and air conditioning. Fund the redevelopment without HUD financing by adding new market rate housing

22 Planning Approval Process Rezoning Special Use Permit Certificate of Appropriateness Public Hearings 22

23 Planning Issues Integrating into ahistoric neighborhood Density Parking Open Space 23

24 NEIGHBORHOOD COMPATIBILITY 24

25 NEIGHBORHOOD COMPATIBILITY 25

26 NEIGHBORHOOD COMPATIBILITY 26

27 NEIGHBORHOOD COMPATIBILITY 27

28 NEIGHBORHOOD COMPATIBILITY 28

29 The Demolition

30 NEIGHBORHOOD COMPATIBILITY 30

31 NEIGHBORHOOD COMPATIBILITY 31

32 NEIGHBORHOOD COMPATIBILITY 32

33 DENSITY 33

34 DENSITY 34

35 DENSITY 35

36 DENSITY 36

37 PARKING 37

38 PARKING 38

39 OPEN SPACE 39

40 OPEN SPACE 40

41 OPEN SPACE 7,800 sf 8,200 sf 13,000 sf 41

42 OPEN SPACE 42

43 Old Town Commons

ULI Charlottesville Mixed-Income Housing. November 7, 2017

ULI Charlottesville Mixed-Income Housing November 7, 2017 Introduction to EYA Founded in 1992 Infill Focus: High-quality, urban infill residential, mixed-use and mixed-income development Proven Track Record: