Anti-Displacement Policy Network Update Image here Denver City - - PowerPoint PPT Presentation
Anti-Displacement Policy Network Update Image here Denver City Council, Housing and Homelessness Working Group Melissa Thate, Housing Policy Officer August 23, 2018 Anti-Displacement Policy Network Cities Austin, Boston, Buffalo, Denver,
Denver City Council, Housing and Homelessness Working Group Melissa Thate, Housing Policy Officer August 23, 2018
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utility assistance, etc.
homeownership
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Five-year plan outlines investments priorities along the income continuum:
rental housing
rental housing
Investments at each income level will support the plan’s key goals: Create affordable housing in vulnerable areas AND in areas of opportunity Preserve affordability and housing quality Promote equitable and accessible housing options Stabilize residents at risk of displacement
1.Increase RMJ special tax rate by 2%, dedicate proceeds to the AHF ($8M in 2019) 2.Increase annual “PAYGO” General Fund transfer to AHF by $7M starting in 2019 Local funding for AHF would = $30M/year 3.Contract with the Denver Housing Authority to bond current property tax mill, generating approximately $105M:
longer-term pipeline serving most vulnerable residents
Annual Affordable Housing Fund’s Revenues (Local)
Existing: Linkage Fee $1,500,000 Existing: General Fund/DHS Transfer (backfillsthe linkage fee during initial ramp up) $6,800,000 Existing: 0.442 mills for 20 years $7,500,000 New Starting in 2019: 2% RMJ $8,000,000 New Starting in 2019: Annual General Fund/DHS Transfer $7,000,000 Total $30,800,000
Property Tax Pass Through to DHA for Bonding
Existing 0.442 mills for 20 years $7,500,000 Potential bond proceeds over 5 years $105,000,000
Total Budget: $53,280,589 Total budget: $40,348,965 Variance: Administration & DHA IGA not included
7,500,000 , 14% 1,500,000 , 3% 13,800,000 , 26% 8,000,000 , 15% 15,115,662 , 28% 7,364,927 , 14%
Budget by Funding Source
Property Tax Linkage Fee GF/DHS Transfer RMJ Tax Federal Funds Non Federal Funds 5,431,624 , 10% 27,311,784 , 51% 4,310,047 , 8% 8,727,134 , 17% 7,500,000 , 14%
Budget by Investment Type
Administration Development Preservation Programs DHA IGA 12,379,206 , 31% 6,799,625 , 17% 13,840,702 , 34% 7,329,431 , 18%
Spending Priorities
Homeless >30 31-80 Homeowner
2019 Anti tici cipate ted (OED investm tments): 765 u 765 units 2019 A Anticipa pated (DHA pa partnership) p): 200 units TOTAL: L: 965 uni nits CREAT ATEAFFORDABIL ILIT ITY 2019 Anti tici cipate ted (OED investm tments): 125 units PRESERV RVE AFFO FORD RDABILITY
Funding framework would provide surge in development pipeline:
above 2018 levels
future development Note, OED made updates to housing term sheets for 2018/2019 to increase funding levels across all multi-family projects in response to wider funding gaps, including bigger increase for projects serving vulnerable populations.
201 019 9 Anticipated: 4, 4,400 400 households PROMO MOTE ACCESS 201 019 9 Anticipated: 3, 3,700 700 households STABILIZE R RESIDENTS
Funding framework would also increase programmatic investments:
displacement (ex: TRUA) Note, OED will be conducting a competitive program application in fall for 2019 program investments from both federal and local funds.
ndation: n: A Analyze e existing ng h housing ng r resour urces f for p performance, s struc uctur ure a and sustainability.
explore whether new feasibility analysis should be conducted.
ntinue nued f from 2 2018) R Recommend ndation: n: C Coordina nate h housing ng i inv nvestment nts w with t the C City’s
r afford rdabi bility r resourc rces.
service funding across city (OED and DHS) and partner agencies.
ndation: n: P Pursue ue r regiona nal c collaboration w n with p partne ners a across t the D Denv nver M Metro Area t to promote i inclus usive c communi unities.
Analysis of Impediments recommendations.
Deve velop m more c consistent s standards f for a affordable h housing i in m major redevelop
areas.
housing in redevelopment areas and process by which plans are executed.
ntinue nued f from 2 2018) R Recommend ndation: n: S Stabilize h households t throug ugh t tax r relief f program ams.
property tax relief programs, explore additional forms of tax relief for low- and moderate-income residents.
from 2 2018) R Recommendation: E Explore a a framework a and m methodology f for det eter ermining a a p pref eferen ence i in n new ew h housing f for r res esiden ents a at r risk o
displacemen ent.
based on economic displacement in Denver.
ued f from 2 2018) R Recommend ndation: n: L Leverage p publicly ly o
land f for affordable le h housing d develo lopment nt.
quasi-public partners that can be utilized for affordable housing development.
Recommendation: Facilitate a acqui uisition o
land d direction a n and throug ugh p partne ners for h housing ng d develo lopment nt.
strategically acquire land and properties to primarily serve residents experiencing homelessness and those earning 0-30% AMI.
ndation: n: E Expand nd i inv nvestment nts i in h housing ng o
ns f for r resident nts e experiencing ng homelessness a and i integrate p prov
across t the h housing c continuum.
connect residents experiencing homelessness to appropriate housing resources.
ndation: n: B Build h housing ng c capacity t throug ugh p policy a and f fund nding ng a alignm nment nt.
gap financing, supportive services across OED, DHS, DHA and state to serve residents experiencing homelessness.
ntinue nued f from 2 2018) R Recommend ndation: n: P Preserve e existing ng i income-re restri ricted a afford rdabl ble rental h housin ing i in v vulnerable n neig ighb hborho hoods a and n near t transit it.
risk of converting to market rate.
Preserve a affor
unsubsidized a affor
rental p prop
explore creative tools to preserve unrestricted properties.
from 2 2018) R Recommendation: P Promote p programs t that h help h households s stay i in their ir e exis istin ing r rental h housin ing t through c h comprehe hensiv ive e evic ictio ion a assis istance.
including Temporary Rental and Utility Assistance programs, mediation services and legal representation for low and moderate-income residents.
from
2018) R Recom
Promote p programs t that h help h households m maintain their e existing h hom
es.
Explore creative financing/refinancing opportunities that support existing homeowners.
from 2 2018) R Recom
Preserve a affordability o
existing i incom
e restricted homeownership s stock.
affordability when properties are at risk of losing restrictions, conduct proactive
ion: P Preserve a affordabil ilit ity o
exis istin ing u unsubsid idized a affordable f for-sale h housing.
including shared appreciation models.