Mueller Redevelopment Mueller s 700-acre site is at the former municipal airport just 3 miles from downtown Austin and 2 miles from the University of Texas.
Mueller Redevelopment Former municipal airport 700 acre redevelopment City-owned land Brownfield No infrastructure Public Private Partnership City of Austin RFP Process Public/Neighborhood Participation Catellus selected as Master Developer Master Development Agreement (MDA) governs redevelopment
Mueller Redevelopment Plan -Fiscal Responsibility -East Austin Revitalization -Economic Development Vision Mueller will be an interactive, mixed-use community that will be a model for responsible urban development, offering a compact pedestrian-oriented alternative to the land-consumptive and automobile-dependent development patterns that could influence the form and pattern of growth within Austin. Goals -Diversity & Affordability -Neighborhood Compatibility -Sustainability
Mueller Redevelopment SITE SIZE: 700 AC MASTER-PLANNED COMMUNITY: 5,700 HOMES AT BUILDOUT, 25% AFFORDABLE OTHER USES: 4 MILLION SQ FT RETAIL AND OFFICE YEAR OPENED: 2007 PROJECT COST: $300 MILLION DEVELOPER/OWNER: CATELLUS, CITY OF AUSTIN FINANCING: The city of Austin owns and holds the land until it is taken down for infrastructure or vertical development. Catellus funds all the infrastructure costs with its own equity and is reimbursed for public infrastructure through tax increment financing (TIF/TIRZ) or land sales revenue.
MDA Requirement Affordable Housing Indistinguishable and interspersed MDA requires 25% affordable housing MFI requirement For Sale For Rent <= 80% MFI <= 60% MFI Required Affordability period (S.M.A.R.T. Housing) For Sale For Rent = one year = five years Good faith effort to deliver longer and deeper affordability
Current Status Affordability Period REQUIREMENT MDA Current (Voluntary) Mechanism For Rent 5 years 50-99 years Deed Restriction Restrictive Covenant For Sale Ownership 1 year Shared Equity-30yr PORFR/2 nd Lien & Deed Restriction
Mueller Foundation MUELLER FOUNDATION Non-profit community foundation for the Mueller (and surrounding) neighborhood. Community Benefits: 1. Education 2. Parks, Trails, Public and Open Space (140+ acres) 3. Affordable Housing Funding Sources include: 1..025% of the sales price on sale of every residential and commercial property (on-going) 2. Shared Equity Housing proceeds used to repurchase affordable homes (on-going) 3. Fees paid by homebuilders (one-time source)
Where We Are Today
For Sale Affordable Homes Garden Homes Yard Homes Row Homes Mueller House Condos
For Rent Affordable Homes Wildflower Terrace
Current Status Overall % MDA requires 25% affordable housing estimated 1475 units total Status as of May 31, 2016 Housing Type Total # of Homes Offered Total # of Affordable Homes Contracted % of Affordable Homes For-Sale 1732 485 28.4% For-Rent 1981 569 28.7% Total 3713 1054 28.4%
THE END
Current Status MFI Level MFI Requirement MDA Current For Sale <= 80% MFI <50% to 80% For Rent Requirement <= 60% MFI <30% to 60% Above and beyond For Sale up to 120% For Rent up to 80% CURRENT AFFORDABLE HOUSING MFI RANGE
Expanding Affordable Opportunities LONGER. DEEPER AND BROADER: 1. LONG-TERM affordability 2. REACHING LOWER INCOME FAMILIES 4% and 9% Low Income Housing Tax Credit Developments NEW Family Housing Rental with Foundation Communities 3. MISSING MIDDLE affordable housing In addition to the 25% affordability requirement, Catellus is adding an estimated 100 homes for families earning up to 120% MFI Affordable rental opportunities up to 80% MFI CDC October 11, 2016
Mueller Foundation SHARED EQUITY HOMEOWNERSHIP 501C3 non profit foundation created to sustain long term affordability Purchase option allows resale of homes to qualified buyers 366 Affordable Homes Long-term, resale-restricted ownership 67 Homes Resold to qualified buyers 63 Homes Refinanced saving $148/mo 0 Foreclosures Summary Time Period: Inception (2008) to Date (as of July 24, 2016).
Mueller Foundation: TCAD Challenge TCAD INITIAL SETTLEMENT AGREEMENT Homes valued at the affordable actual sales price with restricted appreciation value of + 2% per year. Also agreed: No more than 2% of affordable homes per year released to market, or a maximum of 6% every three years If more than $40,000 in repairs on resale, may release to market CDC October 11, 2016 Increases Purchase Option time from 45 to 60 days to allow Mueller Foundation to find an income eligible buyer to purchase the affordable home.