Housing Levy Administrative and Financial Plan and Housing Funding Policies Update November 30, 2018 1
A &F Plan and Housing Funding Policies Administrative and Financial (A&F) Plan Two-year funding plan for the Housing Levy • General policies for each OH Levy program • HSD’s Homelessness Prevention and Stability Services Program • policies Housing Funding Policies Apply to Levy and other housing fund sources administered by OH • Designed to achieve adopted production goals and affordability levels • Focus on providing clear policy direction to borrowers and flexibility • for implementation in changing market and funding environment Policies reflected in NOFA and OH-executed loan agreements • 2
Process for Updating Funding Policies Community Engagement Community Meeting, Initial Policy Scoping (November) • Community Meeting, Review Draft Policies (February) • Ongoing engagement on specific policy issues • Online Engagement Policy Papers available on website, comments accepted • Social Media • Levy Oversight Committee Review and recommendation • Legislation Transmitted to Council (March – April) 3
Major Themes of Current Funding Policies Ending Homelessness – alignment with countywide systems, best practices Permanent supportive housing, affordable opportunities for assisted households • HSD-administered prevention and rent assistance • Anti-displacement and Preservation Acquisition, rehabilitation, construction, incentives, sustainable ownership • Location Priorities – citywide, provide choice Higher-cost areas, high capacity transit service • Communities at high risk of displacement • Publicly owned sites, achieve broad City and community priorities • Resident Population Priorities Seniors and people with disabilities, people experiencing homelessness, low-wage • workers and their families Race and Social Equity – program development and implementation Toolkits, community engagement, data and evaluation • 4
2017 Investments
Rental Housing Program At-a-Glance Loans for production and preservation • Housing owned and operated by community partners, largely non-profit • organizations; regulatory agreement restricts use of property Priority low-income resident populations: seniors and people with disabilities, • homeless families and individuals, low-wage workers and their families Requirements for durability, sustainability, and labor equity • Long-term (at least 50 years) stewardship, inspections and compliance monitoring by OH • May provide cultural, community, and commercial spaces • 6
2017 Rental Housing Program Investments $93.4 million awarded for rental housing production and preservation • 944 units -- affordable rental housing created • 534 units -- reinvestment in affordable rental housing • 7
Housing Capital Funds Invested and Leveraged Total investment in low-income housing development • exceeds $306 million 2017 About $3 in other public and private investment for Fund Source • Funding each City dollar Private equity through federal tax credits remains the • Seattle Housing Levy $28.56 M most significant source Incentive Zoning / Bonus Owner Contribution / Fundraising is high due to a $30.55 M • payments large grant ($30 million from Allen Foundation) Seattle Housing Bonds $21.71 M Housing Levy 4% Tax 8% City Surplus Property $2.00 M Credit Equity Other 20% City Federal HOME and CDBG $4.10 M Funds 17% 2018 Funds Committed $6.52 M 9% Tax Total $93.44 M Credit Bank / Equity Bond 20% Financing 14% King State Housing County Trust Fund, 3% Owner Other 3% Contribution / 3% Fundraising, … 8
Supportive Housing Project Name/Sponsor Project Description Units 22 nd Avenue Supportive Housing Intensive supportive services for homeless individuals with 85 • chronic mental illness and co-occurring disorders Downtown Emergency Service Second phase adds primary & behavioral health care clinic Center • North Rainier 501 Rainier Supportive Housing Studio apartments chronically homeless adults 102 • Plymouth Housing Group On-site case management services • Little Saigon Community meeting space and street-level retail. • Eng House Renovation of the Eng House; supportive housing for seven 7 • Plymouth Healing Communities residents released from psychiatric care Beacon Hill Supported by community volunteers, mental health and • economic empowerment services Patricia K Apartments Studios for adults with chronic mental illness, most of whom 52 • Community House Mental Health will be coming from homelessness Agency Ground flood kitchen, dining, community space and • Central Area computer room; second floor office space 9
Rental Housing for Low Income Households Project Name/Sponsor Project Description Units 6600 Roosevelt New construction affordable at 30%, 50% and 60% AMI; Over 100 family- • Bellwether Housing and sized apartments 245 Retail, community room, outdoor space, bilingual affordable childcare Mercy Housing Northwest • Site at the Roosevelt light rail station area purchased from Sound Transit Sound Transit site, Roosevelt • Judkins Junction New construction for families and individuals up to 60% AMI. • Community House Mental Health In a transit-rich commercial district, with retail spaces available to long- 74 • Agency time neighborhood businesses Central Area Filipino Community Village New construction of studio and 1-bedroom units for seniors aged 55 and • older, affordable at 30%, 50% and 60% AMI HumanGood Affordable Housing 93 Adjacent to the Filipino Community Center; includes community space for and Filipino Community of Seattle • Rainier Valley residents, computer access, and a Youth Innovation Learning Center Uncle Bob’s Place New construction affordable at 60% AMI; 35 family-sized units • InterIm Community Development Long-time owners of the Four Seas restaurant located at the site retain 103 • Association ownership of ground floor commercial space Chinatown/International District Mt. Baker Family Housing New construction half affordable at 30% AMI and reserved for homeless • families, and half at 60% AMI; family-sized units. 94 Mercy Housing Northwest Located one block from the Mt. Baker light rail station. Mount Baker • Belmont Avenue Studio apartments at 30%, 50% and 60% AMI • 89 Pioneer Human Services Includes supportive housing for formerly incarcerated and homeless • Capitol Hill residents, classroom and community space 10
Portfolio Reinvestment Project Name / Sponsor Project Description Units DNDA Rehabilitation • Rehabilitation of residential buildings at four sites serving individuals Delridge Neighborhood Development and families, with an income mix at 30%, 50% and 65% AMI 70 Association • Includes site improvements, exterior systems, building interiors, Delridge abatement of foundation settling • Rehabilitation addressing critical repairs to support operation of Morrison Hotel supportive housing of extremely low-income adults with chronical Downtown Emergency Services disabilities. 190 Center • Includes hydronic heating system, security and intercom system, Pioneer Square boiler repairs, roofing Frye Hotel • Comprehensive update of 1908 historic building Low Income Housing Institute • Includes mechanical, electrical and plumbing systems overhaul, 233 Pioneer Square exterior renovation • Originally constructed as a motel, operating as homeless housing for Martin Court over 15 years, with a mix of unit sizes at 30% AMI, a playground, Low Income Housing Institute community space 41 Georgetown • Includes site and exterior building upgrades, plumbing system, interior upgrades, enhanced security Total – Portfolio Preservation 534 11
Rental Housing Investments Throughout Seattle 12 12
Homeownership Program At-a-Glance Homebuyer Assistance Development of housing for low-income first-time buyers • Affordable for a minimum of 50 years • Re-sale restricted, permanent affordability models • -- includes land trusts and limited equity co-ops 2017 Funding $2.25 million from Seattle Housing Levy • 25 units in two developments • Almost $10 million in total investment -- $3 leveraged • for each City dollar 13 13
Homeownership Program Investments Project Name / Sponsor Project Description Units Habitat 35 th @ Lake City • Construction of 3-bedroom townhomes in duplex, Habitat for Humanity triplex and fourplex structures, affordable to families 16 of Seattle King County up to 60% AMI Lake City • Owners must complete sweat equity participation Yakima Avenue Townhomes • Construction of 3-bedroom townhomes affordable to Edge Developers and Homestead families up to 80% AMI 9 Community Land Trust • Surplus City-owned site City-owned site, Leschi 14 14
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