Portland Housing Bureau Presentation to the Portland Clean Energy Fund Grant Committee PCEF Presentation | 2/18/2020 | Portland Housing Bureau
Portland Housing Bureau – What We Do Production and Preventing Ending Homeownership Preservation Displacement Homelessness PHB subsidizes PHB funds down PHB stabilizes Through the Joint construction and payment renters and Office, PHB invests preservation of assistance and homeowners where in programs to rental housing that homebuyer they live through prevent and end provides long-term education programs, policies and homelessness, such affordability . and provides tax programs such as as Short-Term Rent exemptions/credits tenant protections , Assistance , and to increase legal aid funding, supports efforts to homeownership for and home repair create 2,000 vulnerable loans and grants. supportive housing communities. units by 2028. PCEF Presentation | 2/18/2020 | Portland Housing Bureau
Housing Bureau Strategic Initiatives PCEF Presentation | 2/18/2020 | Portland Housing Bureau PCEF Presentation | 2/18/2020 | Portland Housing Bureau
Portland Housing Bureau 14,870 regulated affordable units 3,100 units in development Conversation on Homelessness | February 2020 | Portland Housing Bureau PCEF Presentation | 2/18/2020 | Portland Housing Bureau
GOALS MET! PCEF Presentation | 2/18/2020 | Portland Housing Bureau PCEF Presentation | 2/18/2020 | Portland Housing Bureau
Homeownership Access Down Payment Assistance Loans: • 38 households received DPAL ( FY 18-19) Households Receiving Homebuyer Education + Counseling: • 976 households ( FY 18-19) PCEF Presentation | 2/18/2020 | Portland Housing Bureau PCEF Presentation | 2/18/2020 | Portland Housing Bureau
Home Retention Loans: • 27 households received home repair loans (FY 18-19) • Average Loan: $40,000 • Total Funding: $1.1M • Amount that is City-wide: $0 PCEF Presentation | 2/18/2020 | Portland Housing Bureau PCEF Presentation | 2/18/2020 | Portland Housing Bureau
Home Retention Grants: • 647 households received home repair grants (FY 18-19) H • Average per Household: $3,000- $4,000 NATIVE AMERICAN YOUTH AND FAMILY CENTER • Total Funding: $2.4M • Amount that is City-wide: $810,000 PCEF Presentation | 2/18/2020 | Portland Housing Bureau PCEF Presentation | 2/18/2020 | Portland Housing Bureau
Equity PCEF Presentation | 2/18/2020 | Portland Housing Bureau PCEF Presentation | 2/18/2020 | Portland Housing Bureau
Portlanders by Area Median Income - $87,900 31-60% AMI 61-80% AMI 0-30% AMI Annual Income: $15,800 Annual Income: $37,800 Annual Income: $61,500 AMI: 18% AMI: 43% AMI: 70% Affordable Rent: $395 Affordable Rent: $945 Affordable Rent: $1,538 Couple with Preschool Carpenter Social Security T eacher Annual Income: $10,500 Annual Income: $48,300 Annual Income: $57,000 AMI: 12% AMI: 55% AMI: 65% Affordable Rent: $263 Affordable Rent: $1,208 Affordable Rent: $1,425 Adult on Customer Two full-time Disability Service minimum wage Representative workers PCEF Presentation | 2/18/2020 | Portland Housing Bureau PCEF Presentation | 2/18/2020 | Portland Housing Bureau
The Need for Affordable Housing in Portland Affordable Units Needed • The greatest need for housing is for units affordable to 24,016 Less than $22,000 extremely low-income people 3,578 18,833 $22,000 to • 49% of renters are rent $36,650 79% 3,882 burdened* 12,053 of the units are $36,650 to needed for $58,650 7,964 • Many communities of color and households earning less than 60% AMI. single mother households are 6,604 $58,650 to $73,300 15,645 Cost Burdened completely priced out No Cost Burdened 1,035 $73,300 or more 27,132 *Paying more than 30% of income towards rent and utilities TO EDIT: View>Header&Footer>Apply to All | 10/3/17 | Portland’s Housing Bond PCEF Presentation | 2/18/2020 | Portland Housing Bureau
Who Lives in our Affordable Units 20,193 Residents Non Response, 4.17% Hispanic, 6.01% Other, 2.03% Native Hawaiian, 0.93% $17,848 Average Income Native American, 4.00% $518 Average Rent Asian, 3.76% 33% Elderly 27% Disability Black, 17.72% Race White, 61.37% PCEF Presentation | 2/18/2020 | Portland Housing Bureau PCEF Presentation | 2/18/2020 | Portland Housing Bureau
DMWESB-SDV Goals Equity in Contracting and Workforce 2019 PHB City of Portland Subcontractor Equity program Outcomes • City aspirational goal of 20% DMWESB firms 24.2% • PHB Goal: 30% DMWESB by 2021 Professional Services Equity Goal • 20% of billings City of Portland Workforce Training and Hiring Program • 20% of apprenticable hours performed by state registered apprentices • Good faith employment of women (6%) and minorities (22%) PCEF Presentation | 2/18/2020 | Portland Housing Bureau PCEF Presentation | 2/18/2020 | Portland Housing Bureau
PHB Green Building Policy Policy Objectives • Improve Tenant Health • Reduce Operation and Maintenance Costs to Provide Savings for Owners, Including PHB • Provide Equitable Access to High Performance Buildings • Promote Environmental Stewardship • Implement the City/County Climate Action Plan and Track with 100% Renewable Energy by 2050 PCEF Presentation | 2/18/2020 | Portland Housing Bureau PHB Affordable Housing Green Building Policy | 1/29/18 | Portland Housing Bureau 10 PCEF Presentation | 2/18/2020 | Portland Housing Bureau
PHB Green Building Policy New Construction 3 rd Party Certification: LEED, Earth Advantage or • Enterprise Green Communities • Baseline Requirements: Energy, Water and Indoor Air Quality Rehabilitation • 3rd Party Certification: LEED or Earth Advantage Silver • Depends on Scope of Work • Per recommendation of PHB Staff PCEF Presentation | 2/18/2020 | Portland Housing Bureau PHB Affordable Housing Green Building Policy | 1/29/18 | Portland Housing Bureau 10 PCEF Presentation | 2/18/2020 | Portland Housing Bureau
Overview of Affordable Housing Financing PCEF Presentation | 2/18/2020 | Portland Housing Bureau
Overview Capital Stack An affordable housing development DDF budget is a three-legged stool: 1. Equity (Low Income Housing Tax Equity Credits) Subsidy 2. Debt (Ties Directly to Operations) 3. Gap (Subsidy or deferred developer fee) Debt PCEF Presentation | 2/18/2020 | Portland Housing Bureau PCEF Presentation | 2/18/2020 | Portland Housing Bureau
Subsidy Sources Federal PHB HUD CET Bonds State TIF OHA Funding HOME/CDBG Bonds HOME/CDBG Private Grants Weatherization MMT OCF Metro Private Donors Bond Energy Trust of TOD Oregon 18 PCEF Presentation | 2/18/2020 | Portland Housing Bureau
Setting LIHTC Renters – Area Median Income The nationally accepted standard is that a family should devote no more than 30 percent of its income toward the cost of housing, which includes rent and utilities. LIHTC rents are determined by Area Median Income (AMI) and number of bedrooms. Rents are then reduced by the utility allowance. Rents Based on Income Limits 2019 % AMI 0 BDRM 1 BDRM 2 BDRM 3 BDRM 30% $462 $495 $594 $685 50% $770 $825 $990 $1,143 Debt 60% $924 $990 $1,188 $1,371 80% $1,232 $1,320 $1,584 $1,829 PCEF Presentation | 2/18/2020 | Portland Housing Bureau PCEF Presentation | 2/18/2020 | Portland Housing Bureau
PHB Housing Bond Opportunity Solicitation PCEF Presentation | 2/18/2020 | Portland Housing Bureau
Systems Alignment: Braiding Resources into a Coordinated Solicitation Amount Fund Source Purpose Up to $70,000,000 PHB: Portland’s Housing Bond Residential Capital Costs Up to $10,000 per PSH unit Joint Office for Homeless Services (JOHS) Support Services Home Forward: Project Based Section 8 188 vouchers Operating Support Vouchers Up to $3,450,000 PHB: So. Park Blocks TIF Residential Capital Costs Up to $400/SF Prosper Portland: So. Park Blocks TIF Commercial Capital Costs Up to $4,000,000 Multnomah County Residential Capital Costs PCEF Presentation | 2/18/2020 | Portland Housing Bureau PCEF Presentation | 2/18/2020 | Portland Housing Bureau
Timeline for Solicitation - 2019 • January – April: Draft solicitation, community engagement, funder commitments • Late April: Solicitation released • May 15: Mandatory Information Session for proposers • Late June: Deadline to submit proposals • July – mid-August: Evaluation by Review Committees • Late August: Final Award recommendation • Mid-September: Notice of Awards letters PCEF Presentation | 2/18/2020 | Portland Housing Bureau PCEF Presentation | 2/18/2020 | Portland Housing Bureau
Equity Plan Demonstrate Equity Principles: • Diversity of staff and board • Equity Plans and Policies • Training for Diversity, Equity and Inclusion • Outreach to priority populations • Low barrier tenant screening criteria • Provision of culturally responsive and specific services Meet requirements of City’s DMWESB-SDV contracting utilization and Workforce Training and Hiring Program. PCEF Presentation | 2/18/2020 | Portland Housing Bureau PCEF Presentation | 2/18/2020 | Portland Housing Bureau
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