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

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North/Northeast Economic Development Initiative: Housing r January 6, 2010 Points for Dialog Given the Economic Development focus of CACs charge, how would you prioritize future housing investment in ICURA/OCCURA? Are current

SLIDE 1

North/Northeast Economic Development Initiative: Housing

January 6, 2010

SLIDE 2

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?

SLIDE 3

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

SLIDE 4

Policy Document Date Key Housing Goals Albina Community Plan 1993

Affordable housing

preservation

Increased density
Homeownership opportunities

for current and future residents ICURA Housing Strategy 2002

Preservation of existing

housing and resident stability

New development of a mix of

types and affordability Lloyd District Housing Strategy 2002

Mix of affordability and type
Jobs – Housing connection

TIF Affordable Housing Set Aside Policy 2006 Allocation of 30% of TIF resources to affordable housing MLK Jr. Blvd. Action Plan 2008 Target housing development on infill lots

SLIDE 5

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.

SLIDE 6

INFLUENCE

PORTLAND HOUSING BUREAU ORGANIZING MODEL

ANALYZE DELIVER

SLIDE 7

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

SLIDE 8

New Rental Development

Patton Park Shaver Green

New Rental Construction 2006-2009

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

SLIDE 9

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

SLIDE 10

Homeownership

Homeownership 2006-2009

Interstate URA First Time Homebuyer Assistance 37 units $1.4M TIF Subsidy 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

SLIDE 11

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

SLIDE 12

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