North/Northeast Economic Development Initiative: Housing r January 6, 2010
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?
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
Policy Document Date Key Housing Goals • Affordable housing Albina Community Plan 1993 preservation • Increased density • Homeownership opportunities for current and future residents • Preservation of existing ICURA Housing Strategy 2002 housing and resident stability • New development of a mix of types and affordability • Mix of affordability and type Lloyd District Housing 2002 • Jobs – Housing connection Strategy TIF Affordable Housing Set 2006 Allocation of 30% of TIF Aside Policy resources to affordable housing MLK Jr. Blvd. Action Plan 2008 Target housing development on infill lots
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.
PORTLAND HOUSING BUREAU ORGANIZING MODEL INFLUENCE ANALYZE DELIVER
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
New Rental Development New Rental Construction 2006-2009 Interstate URA Patton Park Apartments 54 units $4.4M TIF Subsidy Shaver Green 85 units $2.1M TIF Subsidy Patton Park Oregon Convention Center URA Madrona Studios (aka 176 units $6.7M TIF Subsidy Shaver Green Rose Quarter Housing) Miracle’s Club (2010) 40 units $3.5M TIF Subsidy
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
Homeownership Homeownership 2006-2009 Interstate URA First Time Homebuyer 37 units $1.4M TIF Subsidy Assistance 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
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
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
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