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Denver 9/27 Adrienne Quinn

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Presentation from Partners in Innovation Policy Forum in Denver, CO on September 27, 2010.

Text of Denver 9/27 Adrienne Quinn

  • 1. Financing Affordable Housing in TOD AreasAdrienne E. Quinn V.P. Public Policy & Government Relations Enterprise Community Partners [email protected] 27, 2010

2. Funding Affordable Housing in TOD Areas Planning zoning incentives in TOD areas funding plan, e.g., priorities in funding docs such as Consolidated Plan Partnering between local jurisdiction, housing authority, nonprofits opportunities for market-rate developers to contribute to development of affordable housing Targeting & Layering of Fund Sources funding sources available for different income levels flexibility for different sources to be used together 2 3. Potential Funding Sources Local Funding Sources General Fund Inclusionary Zoning Funds Tax Increment Financing Funds Tax exemptions or tax abatements Human Services/Econ Development funding State Sources State Housing Trust Funds Document Recording Fees Services Funding Federal Sources Administered By State/Locality Community Development Block Grant (CDBG) HOME McKinney Vento capital + operating3 4. Potential Funding Sources- cont. State Housing Finance Agency + Investor Low Income Housing Tax Credits (LIHTC) 9% & 4% Private Activity Bonds Federal Sources Administered By Federal Govt. HOPE VI/Choice Neighborhoods (HUD) Sustainable Communities (HUD) Section 202 Senior Housing (HUD) Section 811 Disabled Housing (HUD) Housing Authority Section 8 Vouchers VASH Vouchers Philanthropy Bank Loans 4 5. Case Study: Seattle Rainier Valley Link Light Rail New Light Rail Line from Airport to Downtown Seattle Two HOPE VI Redevelopments at two different stations on Rainier Valley Link Light Rail Line Othello Station (New Holly) Columbia City/Edmonds (Rainier Vista) 1000+ units of affordable housing (homeless to 90% AMI) at two stations and along corridor Focus on Rainier Vista: partnerships between Seattle Housing Authority, Seattle Office of Housing and nonprofit organizations5 6. Seattle Link Light Rail- Airport to Downtown 6 7. Rainier Vista Seattle Housing Authority HOPE VI Redevelopment 7 8. Outcomes: Columbia City/Edmonds Station Rainier Vista Seattle Housing Authority HOPE VI redevelopment of 484units into 875 units of TOD area, 65 acres City purchased property from Housing Authority and transferred at no cost to Habitat for Humanity/Homestead Community Land Trust City provided funding for several rental housing projects City provided funding for affordable rental housing on corridor between stations City created incentive zoning/tax exemption overlays in TOD areas and prioritized funding in Rainier Valley Used different tools to create full spectrum of housing from zero income (formerly homeless) to market rate, both homeownership and rental 8 9. Rainier Vista at North End of Columbia City/Edmonds Station 9 10. Public Housing, Homeless Housing, andHomeownership Housing south to north 10 11. Genesee HousingNonprofit DevelopedCity Funded/LIHTC/HUD 811 11GENESSEE SEATTLE 12. Tamarack Place- Housing AuthorityFederal Stimulus Funds 12 13. Rainier Vista Playground, Public Housing foreground, homeownership under construction background 13 14. Rail Corridor redevelopment Katherines Place (Homeless Families) City Funded + LIHTC 14 KATHARINES PLACE SEATTLE 15. Katherines Place -Courtyard play area 15KATHARINES PLACESEATTLE 16. Othello Place (Rail corridor)Tax Exemption Used by For-ProfitDeveloper 16