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Affordable Housing

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April 1, 2005 Affordable Housing Greater Fort Lauderdale Prepared for: Affordable Housing Committee, Greater Fort Lauderdale Chamber of Commerce – PowerPoint PPT presentation

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Title: Affordable Housing


1
April 1, 2005
Affordable Housing
Greater Fort Lauderdale
Prepared for Affordable
Housing Committee, Greater Fort Lauderdale
Chamber of Commerce Prepared by
Carras Community Investment, Inc.
James Carras Mandy Spangler Comments
carras_at_bellsouth.net
Draft for comment only
2
Introduction
Local Real Estate Market
Introduction Housing Need Best Practices Case
Study Next Steps
  • Rapid growth in real estate market
  • Low interest rates
  • Reinvestment in central cities
  • Aging baby-boomers seeking homes
  • Immigration and outside investment
  • Deflation of
  • Instability of South America
  • Speculation

3
Introduction
Definitions
  • Definitions
  • Affordable Housing costs lt 30 of a households
    income
  • Moderate Income is lt120 of median
  • Low Income is lt80 of median
  • Very Low Income is lt50 of median

Introduction Housing Need Best Practices Case
Study Next Steps
  • In Broward County
  • Area Median Income (AMI) is 42,659 (2003)
  • 1/5th of households spend gt30 (2000)
  • Over 160,000 low and very low income families

4
Housing Need
Critical Time
  • Reasons to act now
  • Demand is rapidly increasing housing costs
  • Renewed residential investment in central cities
  • Increased displacement of current residents
  • Disconnect between areas of employment and
    places with affordable housing
  • No new affordable housing is being created
  • Developers are encouraged to build high-end
    residential
  • Apartments are quickly converting into
    condominiums
  • Federally funding is being significantly reduced

Introduction Housing Need Time Cost People Ben
efits Barriers Best Practices Case Study Next
Steps
5
Housing Need
Housing Costs
Introduction Housing Need Time Cost People Ben
efits Barriers Best Practices Case Study Next
Steps
Actual Housing Costs vs. Affordable Costs
Source Andy Dolkart, Miami Economic Associates,
Inc. Based on 2003 numbers
6
Housing Need
Persons Affected
  • I need housing that is affordable
  • Teachers
  • Police Officers
  • Firefighters
  • Nurses
  • Corporate Salesperson
  • Restaurant Staff
  • Retail Employees
  • Service Workers
  • Senior Citizens
  • Recent College Graduates

Introduction Housing Need Time Cost People Ben
efits Barriers Best Practices Case Study Next
Steps
7
Housing Need
Benefits of Affordable Housing
  • Housing that is affordable ensures
  • Diverse population
  • Retention of current residents
  • Recruitment and retention of companies/employees
  • Reduction in commute times and transportation
    costs
  • Reduction in traffic congestion
  • Land preservation

Introduction Housing Need Time Cost People Ben
efits Barriers Best Practices Case Study Next
Steps
8
Housing Need
Restrictive Barriers
  • Reasons why affordable housing is not being
    built
  • NIMBYism
  • Government Regulations
  • Exclusive Zoning
  • Lack of Federal Funding
  • Large cuts proposed to Section 8 and CDBG
  • High Building Costs
  • Land Cost
  • Bordered by Everglades and Atlantic
  • Construction Cost
  • Increased since the hurricanes
  • Building Codes

Introduction Housing Need Time Cost People Ben
efits Barriers Best Practices Case Study Next
Steps
9
Best Practices
  • Ways to encourage the development of housing
    that is affordable
  • Utilize good land use practices
  • Update local zoning ordinances
  • Acquire sources of long-term funding
  • Develop partnership models

Introduction Housing Need Best Practices Land Zo
ning Funding Partner Case Study Next Steps
10
Best Practices
Land
  • Infill Development
  • Restoration of existing structures or use of
    vacant land within urbanized areas
  • Zero Lot Line (ZLL)
  • Additional apartments added to current housing
  • Advantages
  • Density lowers land costs
  • Mixed use reduces infrastructure needs
  • Reduces sprawl and preserves land
  • Utilize good land use practices

Introduction Housing Need Best Practices Land Zo
ning Funding Partner Case Study Next Steps
11
Best Practices
Land
  • Smart Growth New Urbanism
  • Development of mixed use, dense town centers
  • Urban Growth Boundary
  • Urban/Rural boundary is created to encourage
    dense, urban development and land preservation
  • Advantages
  • Density lowers land costs
  • Mixed use reduces infrastructure needs
  • Green building design lowers energy costs
  • Reduces sprawl and preserves land

Introduction Housing Need Best Practices Land Zo
ning Funding Partner Case Study Next Steps
12
Best Practices
Land
  • Community Land Trust
  • Separates the ownership of the house and the
    land
  • Non-Profit organization owns land for future
    affordable housing development
  • Offers long term leases to individuals,
    community groups, and businesses
  • Advantages
  •  Permanent affordable homeownership
  • Provides access to land, the most valued
    resources in development

Introduction Housing Need Best Practices Land Zo
ning Funding Partner Case Study Next Steps
13
Best Practices
Zoning
  • Inclusionary Zoning
  • Development of a percentage of the market rate
    units at affordable costs
  • Incentives
  • Density Bonuses
  • Fee Waivers Tax Abatements
  • Fast Track Permitting
  • Design Flexibility
  • Limit Requirements
  • Alternatives
  • In-Lieu Payments
  • Off-Site Development
  • Land Dedication
  • Advantages
  • Permanent stock of affordable units from private
    market
  • Integrate families of all income levels and
    eliminate pockets of high poverty neighborhoods
  • Update local zoning ordinances

Introduction Housing Need Best Practices Land Zo
ning Funding Partner Case Study Next Steps
14
Best Practices
Funding
  • Acquire sources of long-term funding
  • Trust Funds
  • Funds generated through Real Estate Transfer
    Tax, Stamp Tax, or Bonds
  • Permanent cash flow
  • Double Bottom Line Development
  • Investors driven by community development
  • Satisfies both financial and social objective
  • Conventional
  • HOME, SHIP, CDBG, Low-income Tax Credits
  • Federal allocations

Introduction Housing Need Best Practices Land Zo
ning Funding Partner Case Study Next Steps
15
Best Practices
Partner
  • Develop partnership models
  • Collaboration of stakeholders from diverse
    backgrounds within both the public and private
    sector
  • Regional
  • City/County
  • Public/Private
  • Advantages
  • Information sharing
  • Division of labor
  • Utilize others strengths
  • Improved efficiency and cost effectiveness
  • Mutually beneficial outcomes

Introduction Housing Need Best Practices Land Zo
ning Funding Partner Case Study Next Steps
16
Best Practices
Partner
  • Regional Partnerships
  • California New Jersey
  • Fair Share Housing
  • Each municipality is required to determine how
    to develop their fair share of the regions
    housing needs
  • Reduces concentrations of poverty
  • Encourages municipalities to enact policies
  • Connecticut
  • Consensus Building
  • Municipalities that agree on a regional plan
    receive funding for infrastructure
  • Cities work in partnership with neighboring
    municipalities

Introduction Housing Need Best Practices Land Zo
ning Funding Partner Case Study Next Steps
17
Best Practices
Partner
Source URA of Pittsburgh
  • City/County Partnership
  • A Regional Coalition for Housing, Seattle
  • Implement Regional Housing Trust Fund
  • Created over 1,500 affordable units
  • Public/Private Partnership
  • Crawford Square, Pittsburgh
  • Urban Redevelopment Authority (public authority)
  • Hill District CDC (non-profit)
  • Hill Project Area Committee (residents)
  • McCormack Baron Associates, Inc. (developer)
  • Urban Design Associates (planner)
  • City Councilmember (government)
  • Created 426 units in low-income neighborhood
  • Retained 45 at affordable rates

Introduction Housing Need Best Practices Land Zo
ning Funding Partner Case Study Next Steps
18
Case Study
San Diego, California
  • San Diego, California
  • Background
  • Population 1,223,341 (2000)
  • 324.3 square miles
  • Large immigration 25 foreign born
  • Vacation spot / resort area
  • Causes
  • Land locked
  • Historically high costs and low wages
  • Current Crisis
  • From 2000-2004, median home price doubled, while
  • median income increased only 10.4
  • Average cost of a new home 781,000
  • Only 11 can afford median priced home
  • 1/5 of households spend gt50 income on housing

Introduction Housing Need Best Practices Case
Study San Diego Next Steps
Source San Diego Housing Commission
19
Case Study
San Diego, California
  • City council declared Housing State of Emergency
    (2002)
  • Established affordable housing as a priority
  • Affordable Housing Task Force (2002)
  • Analyzed current crisis and developed
    recommendations
  • Comprehensive Affordable Housing Strategy
    Collaborative
  • Governmental Agencies created partnership
  • San Diego Redevelopment Agency
  • San Diego Housing Commission
  • City Redevelopment Division
  • Centre City Development Corporation
  • Southwestern Economic Development Corporation
  • Notice of Funding Availability (NOFA) 55
    million
  • Developers submit proposals for affordable
    housing

Introduction Housing Need Best Practices Case
Study San Diego Next Steps
20
Case Study
San Diego, California
  • Inclusionary Zoning Ordinance (2002)
  • Residential developers of greater than 10 units
    are required to either set-aside 10 of the units
    as affordable or pay a fee in-lieu into the
    housing trust fund
  • Condominium Conversion Laws (2004)
  • Owners converting apartments are subject to
    Inclusionary Zoning and tenants are offered
    relocation assistance from owners as well as
    first right to purchase
  • Expedite Program (2004)
  • Developers of Affordable/In-Fill Housing can pay
    an optional fee to expedite permitting process
  • Rental Assistance
  • First Time Homebuyer Assistance
  • Property Rehabilitation Assistance

Introduction Housing Need Best Practices Case
Study San Diego Next Steps
21
Case Study
San Diego, California
Source San Diego Housing Commission
  • Advantages
  • 13,000 affordable homes
  • 12,000 rental assistance
  • 1,800 publicly owned affordable units
  • 11,000 units renovated
  • 4,000 homebuyers assisted

Introduction Housing Need Best Practices Case
Study San Diego Next Steps
22
Next Steps
  • Initiate public outreach and education programs
  • Affordable Housing Summit (September 2005)

Introduction Housing Need Best Practices Case
Study Next Steps
23
Next Steps
  • Initiate public outreach and education programs
  • Develop public/private partnership among
    stakeholders
  • Greater Fort Lauderdale Chamber of Commerce
  • Broward Alliance for Neighborhood Development
    (BAND)
  • Broward Task Force
  • FAU Design Collaborative
  • FAU Department of Urban Regional Planning
  • Broward Workshops Urban Core Committee
  • Downtown Development Authority
  • Florida Redevelopment Association (FRA)
  • Urban Land Institute

Introduction Housing Need Best Practices Case
Study Next Steps
24
Next Steps
  • Initiate public outreach and education programs
  • Develop public/private partnership among
    stakeholders
  • Determine applicable policy solutions
  • Land use (Infill Development, Smart Growth,
    Community Land Trust)
  • Zoning requirements (Inclusionary Zoning)
  • Regional policies (Fair Share Housing)

Introduction Housing Need Best Practices Case
Study Next Steps
25
Next Steps
  • Initiate public outreach and education programs
  • Develop public/private partnership among
    stakeholders
  • Determine applicable policy solutions
  • Advocate for policy change
  • City
  • County
  • State
  • National

Introduction Housing Need Best Practices Case
Study Next Steps
26
Next Steps
  • Initiate public outreach and education programs
  • Develop public/private partnership among
    stakeholders
  • Determine applicable policy solutions
  • Advocate for policy change
  • Identify long term funding sources
  • Trust Fund
  • Double Bottom Line Development
  • Conventional Funding (SHIP, HOME, CDBG, etc)

Introduction Housing Need Best Practices Case
Study Next Steps
27
Next Steps
  • Initiate public outreach and education programs
  • Develop public/private partnership among
    stakeholders
  • Determine applicable policy solutions
  • Advocate for policy change
  • Identify long term funding sources
  • Increase ability of residents to own homes while
    ensuring development of rental units for those
    who do not qualify as homebuyers
  • Educational Events
  • Homeowners Fair

Introduction Housing Need Best Practices Case
Study Next Steps
28
Next Steps
  • Initiate public outreach and education programs
  • Develop public/private partnership among
    stakeholders
  • Determine applicable policy solutions
  • Advocate for policy change
  • Identify long term funding sources
  • Increase ability of residents to own homes while
    ensuring development of rental units for those
    who do not qualify as homebuyers
  • Create new affordable units while preserving
    existing affordable housing

Introduction Housing Need Best Practices Case
Study Next Steps
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