Affordable Housing Fund Discovery Park Lodge 53 senior housing - - PowerPoint PPT Presentation

CITY OF BEND |

AFFORDABLE HOUSING, BEND, OREGON

Affordable Housing Fund

Discovery Park Lodge – 53 senior housing units at 60% AMI

CITY OF BEND |

AFFORDABLE HOUSING INITIATIVES, BEND, OREGON

$0.00 $50,000.00 $100,000.00 $150,000.00 $200,000.00 $250,000.00 $300,000.00 $350,000.00 $400,000.00 $450,000.00 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Home Price and Income

CITY OF BEND |

AFFORDABLE HOUSING, BEND, OREGON

Median Rent 2005 -- $936 2006 -- $932 2007 -- $957 2008 -- $969 2009 -- $935 2010 -- $1,044 2011 -- $1,042 2012 -- $1,085 2013 -- $1,191 2014 -- $1,395 2015 -- $1,566 2016 -- $1,750

$0.00 $200.00 $400.00 $600.00 $800.00 $1,000.00 $1,200.00 $1,400.00 $1,600.00 $1,800.00 $2,000.00 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Median Rent

Average Rent

CITY OF BEND |

AFFORDABLE HOUSING, BEND, OREGON

• Adopted by Council in 2006, a fee 1/3 of 1% of the total

Building Permit Valuation

Fee to address lack of workforce housing, low vacancy rates and increase in home prices

The Parks at East Lake – 40 units at 60% AMI

CITY OF BEND |

AFFORDABLE HOUSING, BEND, OREGON

Capitalized to date at $6.65 million

Have loaned out over $13.5 million since inception

770 units funded

631 multi family units 139 single family homes

• This year, another 67 multi-family units and

16 single-family units are coming online, with the 16 single-family units targeted to families at 40% AMI.

• Bend’s Affordable Housing Fund is utilized

by both non-profit and for-profit developers.

Putnam Pointe – 44 units at or below 60% AMI

Per direct testimony from developers, the majority

• f these units would not have been funded without

the City of Bend’s housing fund’s assistance.

CITY OF BEND |

AFFORDABLE HOUSING, BEND, OREGON

• Federal and State Housing Financing

Programs, along with most private financing sources typically have a requirement for match funding.

• A source of local match, in most

funding programs, scores significantly higher than all other funding sources.

• A local funding source also shows a

local commitment to a project.

• To date, the Affordable

Housing Fee has leveraged

• ver $77.6 million in State

and Federal funding and over $28.4 million in private equity.

Southern Pines – 10 homeowner units at 100% AMI

Leveraging Impact

CITY OF BEND |

AFFORDABLE HOUSING, BEND, OREGON

Uses of Funds

• Permanent Financing
• Construction Financing
• Land Acquisition
• Soft and Hard Costs
• Property Acquisition

CITY OF BEND |

AFFORDABLE HOUSING, BEND, OREGON

Affordable Housing is a choice for any community. If we want to have a vibrant community for all of our citizens we need to make that choice. Or we can choose not to, but the discussion needs to be had……

CITY OF BEND |

AFFORDABLE HOUSING, BEND, OREGON

It is common sense to take a method and try it. If it fails, admit it frankly and try another. But above all, try something. Franklin D. Roosevelt