Challe nge s and o ppo r tunitie s T ar a Bar auskas, E xe c - - PowerPoint PPT Presentation

Affor dable housing pr

• duc tion

in Santa Monic a Challe nge s and o ppo r tunitie s

T ar a Bar auskas, E xe c utive Dir e c tor

Co mmunity Co rp o f Sa nta Mo nic a

Co mmunity Co rpo ra tio n o f Sa nta Mo nic a

 E

sta b lishe d in 1982

 Ove r 1,700 units o f AH in Sa nta Mo nic a ,

• ve r 4,000 pe o ple se rve d

 Ve rtic a lly inte g ra te d-Pro pe rty

Ma na g e me nt, Se rvic e s, De ve lo pme nt

 Va rie ty o f pro duc t type s-ne w

c o nstruc tio n, re ha b

 Clo se to 6,000 pe o ple o n wa iting list

Re habilitate d pr

• pe r

tie s and ne w c onstr uc tion

De ve lo ping in SM to da y- c ha lle ng e s a nd o ppo rtunitie s

Pr

• pe r

ty ac quisition c halle nge s

 Sc a rc ity, e xpe nse o f site s  Ma ny site s ha ve pe o ple living in the m,

do n’ t wa nt to re lo c a te

 Hig hly c o mpe titive , re q uire s sho rt

time fra me s a nd c a sh o ffe rs

 L

a ndma rks pro c e ss c a n ta ke time a nd po se risk

 Co st to a c q uire e xisting b uilding s to re ha b

– a ppro x $450K

• $650K

pe r unit (just a c q )

Pr

• pe r

ty ac quisition c halle nge s

 Sc a rc ity, e xpe nse o f site s

Addr e ss L ist Pr ic e Sale Pr ic e Units L and $/ unit Sold

Gra nd Vie w Blvd, W.L A $5.6M $5.7M 50 $112K Ye s L inc o ln Blvd, SM $5.8M No t so ld 36 $161K No Do wnto wn (two lo ts), SM $12.25M No t so ld 75 $163K No Mic hig a n Ave , SM $6.6M $6.62M 38 $175K Ye s 14th Stre e t, SM $7.8M $7.8M 39 $200K Ye s 6th Stre e t (o ne lo t), SM $6M Pe nding 30 $200K No Ve nic e lo ts $7.6M No t so ld 36 $211K No T he Arro yo $16.4M $16.4M 64 $256K Ye s

De ve lo ping in SM to da y-c ha lle ng e s a nd o ppo rtunitie s (c o nt)

Pr

• pe r

ty ac quisition oppor tunitie s

 City-o wne d la nd (purc ha se o r le a se )  Ada ptive re use / re de ve lo ping site s with

• the r use s

 Mo re nimb le a c q uisitio n fund o r pro c e ss

c o uld he lp

De ve lo ping in SM to da y-c ha lle ng e s a nd o ppo rtunitie s (Co nt)

Proje c t de sig n a nd la nd use c ha lle ng e s

 I

nfill site s with pa rking o nsite a re e xpe nsive

 Arc hite c tura l b e lls a nd whistle s a re e xpe nsive  City c o de re q uire me nts c a n a dd c o st  Building pe rmit pro c e ss is le ng thy  Zo ning in ma ny a re a s is a limita tio n; c o uld

b uild mo re units with hig he r de nsity/ F AR a llo we d

 Pa rking re q uire me nts drive c o st a nd re duc e

numb e r o f units de ve lo pe d

De ve lo ping in SM to da y-c ha lle ng e s a nd o ppo rtunitie s (Co nt)

Proje c t de sig n a nd la nd use opportunitie s

 Administra tive a ppro va l is a sig nific a nt to o l in

de ve lo ping AH; c o uld b e e nha nc e d furthe r

 Co uld lo o k a t de nsity a nd pa rking

re q uire me nts o n c o mme rc ia l c o rrido rs o r ne a r tra nsit

 Co uld lo o k a t stre a mlining L

a ndma rks a nd ARB pro c e ssing fo r 100% AH pro je c ts

 Co uld lo o k a t le ss tra ditio na l/ mo re inno va tive

ho using type s to re duc e c o sts-mo dula r, ADU e tc

De ve lo ping in SM to da y-c ha lle ng e s a nd o ppo rtunitie s (Co nt)

F inanc ing c halle nge s

 Pro je c ts de ve lo pe d a re g o ve rne d b y funding

re g ula tio ns-AHPP (Unit size s, re nts), T CAC (de a dline s, re q uire me nts), City re q uire me nts (time line s, limite d funding )

 T

CAC funding is ve ry c o mpe titive , we c o mpe te with a ll L A Co unty pro je c ts; tie b re a ke r c o mpe titio n

 No t ma ny o the r funding so urc e s to le ve ra g e  All funding so urc e s va lue c o st e ffic ie nc y a nd lo c a l

ma tc hing re so urc e s

 Co nsulta nts a nd c o ntra c to rs do n’ t g ive “disc o unt” to

AH; we pa y ma rke t.

 So me fe e s a re a ive d, o the rs no t (pe rmit fe e s); a ro und

$15K / unit

 Pre va iling wa g e a dds 15-30% c o st  Re so urc e s fo r se rvic e s funding (spe c ia l ne e ds)

Pa st Pro je c ts-c o sts

High Plac e E ast, Comple te d June 2014



Addre ss: 2401 Virg inia Ave .



Units: 44



T

• ta l Co st: $23,944,782



Pric e / unit: $544,199



Pa rking : Sub te rra ne a n

High Plac e We st, Comple te d Nove mbe r 2012



Addre ss: 2345 Virg inia Ave .



Units: 47



T

• ta l Co st: $23,605,039



Pric e / unit: $502,234



Pa rking : Sub te rra ne a n

2602 Br

• adway, Comple te d Oc tobe r

, 2012



Addre ss: 2602 Bro a dwa y



Units: 33



T

• ta l Co st: $19,567,593



Pric e / unit: $592,957



Pa rking : Sub te rra ne a n

2802 Pic o, Comple te d June 2013



Addre ss: 2802 Pic o Blvd.



Units: 33



T

• ta l Co st: $20,080,701



Pric e / unit: $608,506



Pa rking : Sub te rra ne a n

De ve lo ping in SM to da y-c ha lle ng e s a nd o ppo rtunitie s (Co nt)

F inanc ing/ de ve lopme nt oppor tunitie s

 Additio na l funding re so urc e s , timing ,

re duc tio n o f c o st

 Additio na l c o unty funding fo r se rvic e s a nd

re nta l sub sidie s

 Stre a mline pe rmit a nd c o nstruc tio n

pro c e sse s

 Co uld re vie w pre va iling wa g e

re q uire me nt o r c re a te a lte rna tive

De ve lo ping in SM to da y-c ha lle ng e s a nd o ppo rtunitie s (Co nt)

Othe r c halle nge s and oppor tunitie s

 Co mmunity do e sn’ t a lwa ys e mb ra c e AH

in the ir c o mmunity; a lso issue s with de nsity, he ig ht a nd pa rking . Asso c ia te d issue s with ma rke t ra te de ve lo pme nt.

 Ca n wo rk to b uild mo re suppo rte rs fo r the

missio n; so me a lre a dy e xist

 AHPP pro g ra m is a g re a t to o l, c o uld b e

furthe r re fine d. Onsite ve rsus o ffsite

• ptio ns.

L I HT C funding b a sic s

 T

wo pro g ra ms– 9% a nd 4%

 T

wo ro unds a ye a r

 Must ha ve AL

L e ntitle me nts a nd a ppro va ls e xc e pt b uilding pe rmit to a pply (b urde n to de ve lo pe r)

 Hig hly c o mpe titive -pre c isio n is c ritic a l  L

ike ly o nly 1 9% pro je c ts a ye a r wo uld g e t a llo c a te d in SM

9% pro je c ts must pic k a ho using type a nd se t-a side a t a pplic a tio n

Housing T ype s

 L

a rg e F a mily (65% g o a l)

 Spe c ia l Ne e ds (25% g o a l)  SRO (typic a lly o ve rla ps)  At-Risk

(typic a lly o ve rla ps)

 Se nio rs (15% g o a l) (fo r 62+)

Se ta side s

 No npro fit (ho me le ss prio rity with c e rta in

funding -must b e 50% ho me le ss)

 Rura l  At-risk  Spe c ia l ne e ds/ SRO

Que stio ns?