abc’ s and a t ale allison ladd district of columbia housing finance agency april 5, 2013
TRANSCRIPT
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ABC’S AND A TALEAllison Ladd
District of Columbia Housing Finance Agency
April 5, 2013
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PRESENTATION OVERVIEW
ABC’s of Preservation in DC
DC Housing Finance Agency’s Role
A Tale of Two SamuelsSamuel J. SimmonsSamuel Kelsey
Quiz…New Orleans’ Style
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ABC’S OF PRESERVATION IN DC
Advocacy
DC Preservation Catalog 35,000 units Main Goals
1. Increase awareness of projects at-risk2. Contribute to the preservation of affordable housing3. Serve as accurate accounting of the total affordable housing
stock
DC Preservation Network Co-Leaders - Coalition for Nonprofit Housing and Economic
Development and Urban Institute 12-15 stakeholders met monthly
Advocates, agency representatives (federal and local), developers, owners
www.neighborhoodinfodc.org/dcpreservationcatalog
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Build a Strategy
ABC’S OF PRESERVATION IN DC
2006 2013
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ABC’S OF PRESERVATION IN DC
Build a Strategy 2012 Task Force and 2013 Report
3 Strategic Goals 1. Preserve approximately 8,000 existing
affordable housing units with subsidies that will expire by the year 2020
2. Produce and preserve 10,000 net new affordable housing units by 2020 (10x20)
3. Support the production of 3,000 market rate housing units annually through 2020
24 Action Items Increase Supply Decrease Demand
www.taskforce2012.org
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Commit Funding FY2013 -
Combined DC Funding - $936.5 Million
Proposed FY2014 – Mayor proposing $100 million of new funds for affordable housing
ABC’S OF PRESERVATION IN DC
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DC HOUSING FINANCE AGENCY’S ROLE
Invested$600 million in tax
exempt bond proceeds
$330 million in 4% Low Income Housing Tax Credit Equity
41 residential developments 24 rehabilitation 17 new construction
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A TALE OF TWO SAMUELS… …COLUMBIA HEIGHTS
Retail
Monthly Rents – 1 BR - $15002 BR – $1700-2700
$500K Median Sales New Homes
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SAMUEL J. SIMMONS- BEFORE
175 Units of Senior Housing
Built in 1981 - HUD 202
KEY: 100% HAP Contract – 30% of Income for Rent
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SAMUEL J. SIMMONS - AFTER
$55.7 Million Total Development Cost
$318K per unit
Rent – 1 bedroom $1480
Tenant Services
New Everything!
Kitchens, Baths, Floors, Common Area and Design
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SAMUEL KELSEY- BEFORE
150 units (mostly seniors)
First floor retail (locally owned small businesses)
Built circa 1920
National Register of Historic Places
Key - 100% HAP Contract
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SAMUEL KELSEY - AFTER
$33 million – Total Development Cost$225K per unit
Rents – • 1 Bedroom -
$1,726
TenantServices
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QUIZ… NEW ORLEANS’ STYLE!
ABC’sAdvocate
Build a Strategy
Commit Funding
Tale of Two SamuelsKey - Section 8 HAP Contract
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THANK YOU