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

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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

THANK YOU