Preserving Affordable Housing Anne Ray August 28, 2018 Target #1: - - PowerPoint PPT Presentation

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Oct 24, 2023 313 likes •421 views

Preserving Affordable Housing Anne Ray August 28, 2018 Target #1: Expiring HUD developments Rental assistance contract, mortgage, or use agreement expiring by end of 2028 156 developments, 13,426 affordable units Rental assistance

SLIDE 1

Preserving Affordable Housing

Anne Ray August 28, 2018

SLIDE 2

Target #1: Expiring HUD developments



Rental assistance contract, mortgage, or use agreement expiring by end of 2028



156 developments, 13,426 affordable units



Rental assistance contracts can be renewed

SLIDE 3

Characteristics of expiring HUD properties

 Most are in large

counties



½ of at-risk units are in Miami-Dade, Duval, & Hillsborough alone



Many developments for elderly, persons with disabilities



Lowest income tenants (average income $10,627/22% AMI)

SLIDE 4

Target #2: Florida Housing properties with 30-year affordability expiring in 2020s

 Estimated expirations by end of 2029:  91 developments  15,126 affordable units  Expirations continue into 2030s

549 616 3,307 3,821 2,042 4,791 2,918 7,026 5,602 2,581 3,417

5,000 10,000 15,000 20,000 25,000

2018-19 2020-21 2022-23 2024-25 2026-27 2028-29 2030-31 2032-33 2034-35 2036-37 2038-39

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What if we reduced SAIL & Housing Credit restrictions to 30 years?

 Estimated expirations by end of 2029:  163 developments  22,742 affordable units  Expirations accelerate into 2030s

549 616 3,307 3,821 2,042 4,791 2,918 7,026 5,602 2,581 3,417 249 425 1,555 6,906 5,884 7,723 13,462 20,354 20,225 13,546 9,917

5,000 10,000 15,000 20,000 25,000

2018-19 2020-21 2022-23 2024-25 2026-27 2028-29 2030-31 2032-33 2034-35 2036-37 2038-39

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Characteristics of expiring Florida Housing properties

 Top counties: Orange,

Miami-Dade, Hillsborough, Duval, Osceola

 Most are family

properties

 Average tenant

income $27,517(47% AMI)

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Target #3: Expiring USDA Rural Development properties



Mortgages and rental assistance expire by 2029



29 developments, 1,272 affordable units



No renewal option when mortgage matures

SLIDE 8

Characteristics of expiring USDA RD properties

 Scattered throughout

medium and small counties

 Mix of family, elderly and

farmworker units

 Average tenant income

$15,630 (36% AMI)

SLIDE 9

Policy solutions: what’s on the horizon?

 Florida Housing

recapitalization strategy

 Focus on aging

properties (30+ years)

 Qualified contracts

issue

 Miami preservation

initiative

 Led by Miami Homes

for All and Miami- Dade Housing Finance Agency

 Focus on at-risk

subsidized properties

SLIDE 10

Florida Housing Data Clearinghouse http://flhousingdata.shimberg.ufl.edu 2016 Rental Market Study http://www.shimberg.ufl.edu/publications/Full_RMS_final_2016.pdf A Pathway to Greater Preservation (Miami report) http://www.miamihomesforall.org/preservation.html Florida Housing Finance Corporation draft recapitalization strategy http://www.floridahousing.org/docs/default-source/data-docs-and-reports/boardpackages/2018/july-27/proposed- recapitalization-strategy-july-2018-final.pdf Contact: Anne Ray  352-273-1195  aray@ufl.edu