Financing Affordable Housing in TOD Areas Adrienne E. Quinn V.P. Public Policy & Government Relations Enterprise Community Partners [email protected] September 27, 2010
Jan 13, 2015
Financing Affordable
Housing in TOD Areas
Adrienne E. Quinn
V.P. Public Policy & Government Relations
Enterprise Community Partners
September 27, 2010
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Funding Affordable Housing in
TOD Areas
Planning zoning incentives in TOD areas
funding plan, e.g., priorities in funding docs such as Consolidated Plan
Partnering between local jurisdiction, housing authority, nonprofits
opportunities for market-rate developers to contribute to development of affordable housing
Targeting & Layering of Fund Sources funding sources available for different income levels
flexibility for different sources to be used together
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Potential Funding Sources
Local Funding Sources
General Fund
Inclusionary Zoning Funds
Tax Increment Financing Funds
Tax exemptions or tax abatements
Human Services/Econ Development funding
State Sources
State Housing Trust Funds
Document Recording Fees
Services Funding
Federal Sources Administered By State/Locality
Community Development Block Grant (CDBG)
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McKinney Vento – capital + operating
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Potential Funding Sources-
cont.
State Housing Finance Agency + Investor
Low Income Housing Tax Credits (LIHTC) 9% & 4%
Private Activity Bonds
Federal Sources Administered By Federal Govt.
HOPE VI/Choice Neighborhoods (HUD)
Sustainable Communities (HUD)
Section 202 – Senior Housing (HUD)
Section 811 – Disabled Housing (HUD)
Housing Authority
Section 8 Vouchers
VASH Vouchers
Philanthropy
Bank Loans
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Case Study: Seattle Rainier Valley
Link Light Rail
New Light Rail Line from Airport to Downtown Seattle
Two HOPE VI Redevelopments at two different stations on Rainier Valley Link Light Rail Line
Othello Station (New Holly)
Columbia City/Edmonds (Rainier Vista)
1000+ units of affordable housing (homeless to 90% AMI) at two stations and along corridor
Focus on Rainier Vista: partnerships between Seattle Housing Authority, Seattle Office of Housing and nonprofit organizations
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Seattle Link Light Rail-
Airport to Downtown
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Rainier Vista
Seattle Housing Authority HOPE VI
Redevelopment
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Outcomes:
Columbia City/Edmonds Station
Rainier Vista
Seattle Housing Authority HOPE VI redevelopment of 484 units into 875 units of TOD area, 65 acres
City purchased property from Housing Authority and transferred at no cost to Habitat for Humanity/Homestead Community Land Trust
City provided funding for several rental housing projects
City provided funding for affordable rental housing on corridor between stations
City created incentive zoning/tax exemption overlays in TOD areas and prioritized funding in Rainier Valley
Used different tools to create full spectrum of housing from zero income (formerly homeless) to market rate,
both homeownership and rental
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Rainier Vista at North End of
Columbia City/Edmonds Station
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Public Housing, Homeless Housing, and
Homeownership Housing south to north
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GENESSEE SEATTLE
Genesee Housing
Nonprofit Developed
City Funded/LIHTC/HUD 811
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Tamarack Place- Housing Authority
Federal Stimulus Funds
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Rainier Vista Playground,
Public Housing foreground,
homeownership under construction
background
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KATHARINES PLACESEATTLE
Rail Corridor redevelopment
Katherine’s Place (Homeless
Families) – City Funded + LIHTC
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KATHARINES PLACESEATTLE
Katherine’s Place -
Courtyard play area
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Othello Place (Rail corridor)
Tax Exemption Used by For-Profit
Developer