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

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 Home Price and Income $450,000.00 $400,000.00 $350,000.00 $300,000.00 $250,000.00 $200,000.00 $150,000.00 $100,000.00 $50,000.00 $0.00 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 CITY OF BEND |

AFFORDABLE HOUSING, BEND, OREGON Median Rent Median Rent $2,000.00 2005 -- $936 $1,800.00 2006 -- $932 $1,600.00 $1,400.00 2007 -- $957 $1,200.00 2008 -- $969 $1,000.00 2009 -- $935 $800.00 2010 -- $1,044 $600.00 2011 -- $1,042 $400.00 $200.00 2012 -- $1,085 $0.00 2013 -- $1,191 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2014 -- $1,395 Average Rent 2015 -- $1,566 2016 -- $1,750 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 Per direct testimony from developers, the majority of these units would not have been funded without the City of Bend’s housing fund’s assistance . • This year, another 67 multi-family units and 16 single-family units are coming online, Putnam Pointe – 44 units at or below 60% AMI 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. CITY OF BEND |

AFFORDABLE HOUSING, BEND, OREGON Leveraging Impact • 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 over $77.6 million in State and Federal funding and over $28.4 million in private equity. Southern Pines – 10 homeowner units at 100% AMI 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 CITY OF BEND |