Portland Housing Bureau Presentation to the Portland Clean Energy - - PowerPoint PPT Presentation

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Portland Housing Bureau Presentation to the Portland Clean Energy - - PowerPoint PPT Presentation

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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

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PCEF Presentation | 2/18/2020 | Portland Housing Bureau

Portland Housing Bureau

Presentation to the Portland Clean Energy Fund Grant Committee

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Portland Housing Bureau – What We Do

PHB subsidizes construction and preservation of rental housing that provides long-term affordability. PHB funds down payment assistance and homebuyer education programs, and provides tax exemptions/credits to increase homeownership for vulnerable communities. PHB stabilizes renters and homeowners where they live through policies and programs such as tenant protections, legal aid funding, and home repair loans and grants. Through the Joint Office, PHB invests in programs to prevent and end homelessness, such as Short-Term Rent Assistance, and supports efforts to create 2,000 supportive housing units by 2028. Production and Preservation Homeownership Preventing Displacement Ending Homelessness

PCEF Presentation | 2/18/2020 | Portland Housing Bureau

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PCEF Presentation | 2/18/2020 | Portland Housing Bureau

Housing Bureau Strategic Initiatives

PCEF Presentation | 2/18/2020 | Portland Housing Bureau

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PCEF Presentation | 2/18/2020 | Portland Housing Bureau Conversation on Homelessness | February 2020 | Portland Housing Bureau

Portland Housing Bureau

14,870 regulated affordable units 3,100 units in development

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PCEF Presentation | 2/18/2020 | Portland Housing Bureau

GOALS MET!

PCEF Presentation | 2/18/2020 | Portland Housing Bureau

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PCEF Presentation | 2/18/2020 | Portland Housing Bureau

Down Payment Assistance Loans:

  • 38 households received DPAL

(FY 18-19) Households Receiving Homebuyer Education + Counseling:

  • 976 households (FY 18-19)

Homeownership Access

PCEF Presentation | 2/18/2020 | Portland Housing Bureau

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PCEF Presentation | 2/18/2020 | Portland Housing Bureau

Loans:

  • 27 households received home

repair loans (FY 18-19)

  • Average Loan: $40,000
  • Total Funding: $1.1M
  • Amount that is City-wide: $0

Home Retention

PCEF Presentation | 2/18/2020 | Portland Housing Bureau

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PCEF Presentation | 2/18/2020 | Portland Housing Bureau

Grants:

  • 647 households received home

repair grants (FY 18-19)

  • Average per Household: $3,000-

$4,000

  • Total Funding: $2.4M
  • Amount that is City-wide:

$810,000

Home Retention

PCEF Presentation | 2/18/2020 | Portland Housing Bureau

H

NATIVE AMERICAN YOUTH AND FAMILY CENTER

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PCEF Presentation | 2/18/2020 | Portland Housing Bureau

Equity

PCEF Presentation | 2/18/2020 | Portland Housing Bureau

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PCEF Presentation | 2/18/2020 | Portland Housing Bureau

0-30% AMI

Portlanders by Area Median Income - $87,900

Couple with Social Security

Annual Income: $15,800 AMI: 18% Affordable Rent: $395

Adult on Disability

Annual Income: $10,500 AMI: 12% Affordable Rent: $263

31-60% AMI

Preschool T eacher

Annual Income: $37,800 AMI: 43% Affordable Rent: $945

Customer Service Representative

Annual Income: $48,300 AMI: 55% Affordable Rent: $1,208

61-80% AMI

Carpenter

Annual Income: $61,500 AMI: 70% Affordable Rent: $1,538

Two full-time minimum wage workers

Annual Income: $57,000 AMI: 65% Affordable Rent: $1,425 PCEF Presentation | 2/18/2020 | Portland Housing Bureau

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PCEF Presentation | 2/18/2020 | Portland Housing Bureau

  • The greatest need for housing

is for units affordable to extremely low-income people

  • 49% of renters are rent

burdened*

  • Many communities of color and

single mother households are completely priced out

TO EDIT: View>Header&Footer>Apply to All | 10/3/17 | Portland’s Housing Bond

The Need for Affordable Housing in Portland

24,016 18,833 12,053 6,604 1,035 3,578 3,882 7,964 15,645 27,132 Less than $22,000 $22,000 to $36,650 $36,650 to $58,650 $58,650 to $73,300 $73,300 or more

Affordable Units Needed

79%

  • f the units are

needed for households earning less than 60% AMI.

Cost Burdened No Cost Burdened

*Paying more than 30% of income towards rent and utilities

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PCEF Presentation | 2/18/2020 | Portland Housing Bureau

White, 61.37% Black, 17.72% Asian, 3.76% Native American, 4.00% Native Hawaiian, 0.93% Other, 2.03% Hispanic, 6.01% Non Response, 4.17%

Who Lives in our Affordable Units

20,193 Residents

$17,848 Average Income $518 Average Rent 33% Elderly 27% Disability

Race

PCEF Presentation | 2/18/2020 | Portland Housing Bureau

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PCEF Presentation | 2/18/2020 | Portland Housing Bureau

DMWESB-SDV Goals

Equity in Contracting and Workforce

City of Portland Subcontractor Equity program

  • City aspirational goal of 20% DMWESB firms
  • 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%)

2019 PHB Outcomes 24.2%

PCEF Presentation | 2/18/2020 | Portland Housing Bureau

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PCEF Presentation | 2/18/2020 | Portland Housing Bureau

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

10 PHB Affordable Housing Green Building Policy | 1/29/18 | Portland Housing Bureau

PHB Green Building Policy

PCEF Presentation | 2/18/2020 | Portland Housing Bureau

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PCEF Presentation | 2/18/2020 | Portland Housing Bureau

New Construction

  • 3rd 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

10 PHB Affordable Housing Green Building Policy | 1/29/18 | Portland Housing Bureau

PHB Green Building Policy

PCEF Presentation | 2/18/2020 | Portland Housing Bureau

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PCEF Presentation | 2/18/2020 | Portland Housing Bureau

Overview of Affordable Housing Financing

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PCEF Presentation | 2/18/2020 | Portland Housing Bureau

Overview

An affordable housing development budget is a three-legged stool:

  • 1. Equity (Low Income Housing Tax

Credits)

  • 2. Debt (Ties Directly to Operations)
  • 3. Gap (Subsidy or deferred developer

fee)

PCEF Presentation | 2/18/2020 | Portland Housing Bureau

Capital Stack

Equity Subsidy DDF Debt

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PCEF Presentation | 2/18/2020 | Portland Housing Bureau

Subsidy Sources

Federal HUD State OHA Funding Bonds HOME/CDBG Weatherization Metro Bond TOD

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PHB CET Bonds TIF HOME/CDBG Private Grants MMT OCF Private Donors Energy Trust of Oregon

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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

PCEF Presentation | 2/18/2020 | Portland Housing Bureau

Debt % AMI 0 BDRM 1 BDRM 2 BDRM 3 BDRM 30% $462 $495 $594 $685 50% $770 $825 $990 $1,143 60% $924 $990 $1,188 $1,371 80% $1,232 $1,320 $1,584 $1,829

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PCEF Presentation | 2/18/2020 | Portland Housing Bureau

PHB Housing Bond Opportunity Solicitation

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PCEF Presentation | 2/18/2020 | Portland Housing Bureau

Systems Alignment: Braiding Resources into a Coordinated Solicitation

PCEF Presentation | 2/18/2020 | Portland Housing Bureau

Fund Source Purpose Amount

PHB: Portland’s Housing Bond Residential Capital Costs Up to $70,000,000 Joint Office for Homeless Services (JOHS) Support Services Up to $10,000 per PSH unit Home Forward: Project Based Section 8 Vouchers Operating Support 188 vouchers PHB: So. Park Blocks TIF Residential Capital Costs Up to $3,450,000 Prosper Portland: So. Park Blocks TIF Commercial Capital Costs Up to $400/SF Multnomah County Residential Capital Costs Up to $4,000,000

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PCEF Presentation | 2/18/2020 | Portland Housing Bureau

  • 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

Timeline for Solicitation - 2019

PCEF Presentation | 2/18/2020 | Portland Housing Bureau

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PCEF Presentation | 2/18/2020 | Portland Housing Bureau

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.

Equity Plan

PCEF Presentation | 2/18/2020 | Portland Housing Bureau

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PCEF Presentation | 2/18/2020 | Portland Housing Bureau

Two Review Committees will review and evaluate proposals over 6-8 weeks:

  • 1. Technical and Financial Feasibility Review: Staff from PHB, Prosper

Portland, JOHS staff, other Multnomah County department representative.

  • 2. Community Review Committee: Bond Oversight Committee members,

Minority Evaluator Program representative, stakeholder group representatives, OHCS staff (community stakeholders).

Evaluation Process

PCEF Presentation | 2/18/2020 | Portland Housing Bureau

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PCEF Presentation | 2/18/2020 | Portland Housing Bureau

  • Project Requirements and Preference – Alignment to Bond Policy Framework
  • Equity Plan
  • Project Feasibility
  • Development Team Qualifications and Experience
  • Proposed Service Delivery Plan
  • Preliminary Budget/Proforma
  • Proposed Project Schedule

Evaluation Criteria

PCEF Presentation | 2/18/2020 | Portland Housing Bureau