North/Northeast Economic Development Initiative: Housing r - PowerPoint PPT Presentation

North/Northeast Economic Development Initiative: Housing r January 6, 2010

Points for Dialog  Given the Economic Development focus of CAC’s charge, how would you prioritize future housing investment in ICURA/OCCURA?  Are current housing needs and priorities still consistent with those outlined in the policy documents? (see following slide)  Are there areas/neighborhoods that need targeted housing investments or strategies?

Points of Consensus  Housing is a crucial component for successful economic development  TIF is one of many effective tools for housing development and preservation  Existing policy documents frame the housing needs and strategies for ICURA and OCCURA  Mix of affordability and type  Connections between housing, employment, and public investments  Stability of existing residents

Policy Document Date Key Housing Goals • Affordable housing Albina Community Plan 1993 preservation • Increased density • Homeownership opportunities for current and future residents • Preservation of existing ICURA Housing Strategy 2002 housing and resident stability • New development of a mix of types and affordability • Mix of affordability and type Lloyd District Housing 2002 • Jobs – Housing connection Strategy TIF Affordable Housing Set 2006 Allocation of 30% of TIF Aside Policy resources to affordable housing MLK Jr. Blvd. Action Plan 2008 Target housing development on infill lots

PHB: OUR CORE VALUES EQUITY : We recognize that overcoming historic and institutional bias requires new ways of thinking about access, inclusion, and priority. STEWARDSHIP : We are accountable for creating public value. INTEGRITY : We conduct our business with honesty and transparency. EMPLOYEES : Our greatest resource. COLLABORATION : Shared risk-taking; shared accountability; shared success.

PORTLAND HOUSING BUREAU ORGANIZING MODEL INFLUENCE ANALYZE DELIVER

Who do we serve?  Renters  0-30% Median Family Income  Single - $14,700/yr  Family - $21,000/yr  31-60% Median Family Income  Single - $29,400/yr  Family - $42,000/yr  First Time Homebuyers  61-80% Median Family Income  Family - $56,000/yr

New Rental Development New Rental Construction 2006-2009 Interstate URA Patton Park Apartments 54 units $4.4M TIF Subsidy Shaver Green 85 units $2.1M TIF Subsidy Patton Park Oregon Convention Center URA Madrona Studios (aka 176 units $6.7M TIF Subsidy Shaver Green Rose Quarter Housing) Miracle’s Club (2010) 40 units $3.5M TIF Subsidy

Rental Preservation Rental Preservation 2006-2009 Interstate URA Cambridge Court 20 units $930k TIF Subsidy Ainsworth Court (2010) 88 units $1.4M TIF Subsidy Oregon Convention Center URA Urban League 24 units $700k TIF Subsidy

Homeownership Homeownership 2006-2009 Interstate URA First Time Homebuyer 37 units $1.4M TIF Subsidy Assistance Home Repair 70 units $1.1M TIF Subsidy Oregon Convention Center URA Grant Warehouse (2010) 30 units $2M TIF Subsidy King Parks (2010) 24 units $2.1M TIF Subsidy

Potential Unit Production  New Construction  Rental: Average Subsidy per unit – $80k - $120k  Homeownership: Average Subsidy per unit - $50k - $80k  Rental Preservation/Rehabilitation  Average Subsidy per unit - $30k - $70k  First Time Homebuyer – Existing units  Average Subsidy per unit - $30k - $50k

Potential Unit Production Remaining Maximum Indebtedness $217,000,000 TIF Affordable Housing Set Aside x .30% $65,100,000 Average Per Unit Subsidies $50,000 - $100,000 Potential Unit Production 650 – 1300 units