Poverty Affects Us All. Human Rights Symposium Wednesday, March 15, 2017
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1 Poverty Affects Us All Human Rights Symposium Wednesday, March 15, 2017
2 Innovation Strategies for Building Inner- City Low and Mixed Income Residences Presented by Jack Hatch, principle of Hatch Development Group & State Senator, Retired
3 The definition of Poverty affects the strategy used to overcome it. Poverty is the inability of the individual to find sustainable resources to maintain a livelihood to be self-sufficient Poverty is a result of insufficient resources for a community to provide for its members
4 What do you see?
5 What is America s Housing Policy and Programs? Public Policy Prior to 1986 Federal Gov t was the: Owner Manager Banker HUD US Housing and Urban Development War on Poverty Model Cities programs After CDBG focus on neighborhoods Private Policy After Reagan Tax Reform of 1986 Private sector equity ownership Historic Tax Credits Federal State Section 42 9% tax credits 4% tax credit
6 Major shift in financing created new approach in housing for the poor Prior to low income units After Mixed income units
7 Then & Now Cabrini-Green At its peak, Cabrini Green was home to 15,000 people, [2] living in mid- and highrise apartment buildings totaling 3,607 units. Over the years, crime, gang violence and neglect created deplorable living conditions for the residents, and "Cabrini Green" became synonymous with the problems associated with public housing in the United States. The last of the buildings in Cabrini Green was demolished in March [3] The Near North Side site formerly home to the William Green projects has been undergoing major redevelopment since the late 1990s, resulting in a combination of upscale high-rise buildings and row houses, with the stated goal of creating a mixedincome neighborhood, with some units still being reserved for public housing tenants. Controversy regarding the implementation of such plans has arisen, though slated redevelopment plans are now set to move forward following the September 2015 settlement of a longstanding civil lawsuit. [2] Woodland Avenue Brickstone The Woodland Avenue Brickstone is located at 1500 Woodland Avenue in the Historic Sherman Hill Neighborhood of Des Moines. The Brickstone features many amazing amenities, from its breathtaking views of Hoyt Sherman Place and the Des Moines skyline to its dramatic nine foot ceilings, private entries and garden walk up patios. It has unique interiors and floor plans with loft-style metal sliding doors, and many eclectic features that are uncommon among larger apartment complexes. The Brickstone s chic urban design, walking distance to downtown employers and its location in the city s first historic district made it a success from the beginning. The 56-unit apartment is a mixed-income community which was recognized by Affordable Housing Finance magazine as One of the best Affordable Housing Developments of 2004.
8 Federal Government side show Banks Community Reinvestment Act (CRA) Requires banks to invest in low income neighborhoods Banks receive credit toward meeting this requirement by: INVESTING CONTRIBUTING TO NON- PROFIT FINANCING ORGANIZATION In Des Moines it s the Des Moines Finance Corporation Profit Market Ownership 1986 Federal Tax Reform created huge market for corporate investments into public housing. Called Section 42 (of the IRS Tax Code). This allows corporations to provide equity to private housing projects by lowering the corporate federal tax obligation.
9 Section 42 is the country s Housing Policy Low Income Housing Tax Credit (LIHTC) Or simply Affordable Housing
10 What is Iowa s Policy and Program?
11 What does IFA provide? The Iowa Finance Authority (IFA) has touched the lives of countless Iowans through a wide variety of affordable financing programs throughout its 40 year history. Affordable housing programs offered by IFA include mortgage and down payment assistance as well as programs that assist in the development and preservation of affordable rental properties. IFA also offers programs to assist in community development, including the issuance of tax-exempt bonds and providing low-cost funds for drinking water and waste water facilities through the State Revolving Fund. In addition, the Agricultural Development Division offers loan and tax credit programs to assist beginning Iowa farmers. Iowa Title Guaranty is also administered at IFA and offers guaranteed title to real property in Iowa.
12 Iowa Programs IFA Affordable Home ownership, Affordable Rental, Homelessness, Project Base Section 8 & Workforce Housing Tax Credits Iowa Department of Economic Authority State Historic Tax Credits State Housing Trust Fund Loans and grants
13 Local Gov t Housing Programs County Housing Trust Funds Loans and grants City financing programs Des Moines Development Corporation Des Moines Finance Corporation Polk County Housing Trust Fund Tax Abatement and TIF
14 Cafeteria Style Financing Federal Tax Credits State Workforce Housing Tax Credits Brownfield and Greyfield Tax Credits Tax Increment Financing Tax Abatement Federal Home Bank Loans Zero Interest Loans Forgivable loans Etc.
15 Cafeteria Style Financing, con t HUD 221d4 low interest loan for low Y HUD 223 f low interest loan for low Y HOME program CDBG Community Development Block Grant Administered by state and city Disaster Replacement Housing USDA Housing programs Huge opportunity for rural housing
16 A Case Study Cedar Rapids Flood June 2008
17 Brickstones site during the flood Oakhill Jackson Neighborhoo
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31 SOURCES TOTALS LP CAPITAL CONTRIBUTIONS 3,814, ,814,469 SALE OF STATE CREDITS 982, ,687 CONTRIBUTIONS BANK FIRST MORTGAGE 5,150, ,150,000 MORTGAGE TAX ABATEMENT 500, ,000 NFC SECOND MORTGAGE TAX ABATEMENT 300, ,000 NFC SECOND MORTGAGE 500, ,000 HOME LOANS 1,050, ,050,000 POLK COUNTY HOUSING TRUST 200,000 CITY DEVELOPMENT LOAN 2,555, ,555,795 DEVELOPER LOAN 209,413 TOTAL SOURCES 15,262, ,262,369 0 APPLICATIONS 0 ACQUISITION & REHABILITATION COSTS: LAND 745, ,795 BUILDING ACQUISITION REHAB & NEW CONSTRUCTION 14,025, ,025,074 FURNITURE & FIXTURES COMMERCIAL BUILDING FINANCING FEES & EXPENSES: OTHER FINANCING COSTS ORGANIZATION & SYNDICATION: 0 0 TAX OPINION SYNDICATION COSTS BRIDGE LOAN FEES AND EXPENSES ORGANIZATIONAL COSTS PROJECT RESERVES & OTHER: LEASE-UP RESERVE 81, ,000 OPERATING RESERVE 410, ,500 BRIDGE LOAN PAYMENT RESERVES ORGANIZATION/OFFERING EXPENSE AQUISITION/ADVISORY FEE T OT AL APPLICAT IONS 15,262, ,262,369 NET EQUITY TO PROJECT : $0 FUNDING EXCESS(SHORTFALL) $0
32 Audit Projection Projection Projection Projection Projection Projection Projection Projection Projection Projection 12/31/13 12/31/14 12/31/15 12/31/16 12/31/17 12/31/18 12/31/19 12/31/20 12/31/21 12/31/22 12/31/23 Gross Rental Income 1,027,228 1,023,625 1,044,098 1,064,979 1,086,279 1,108,005 1,130,165 1,152,768 1,175,823 1,199,340 1,223,327 Other Income 21,562 21,993 22,433 22,882 23,339 23,806 24,282 24,768 25,263 25,769 26,284 Gross Income 1,048,790 1,045,618 1,066,531 1,087,861 1,109,618 1,131,811 1,154,447 1,177,536 1,201,087 1,225,108 1,249,611 Less: Vacancy/Credit Losses 0 ($51,181) ($52,205) ($53,249) ($54,314) ($55,400) ($56,508) ($57,638) ($58,791) ($59,967) ($61,166) Gross Operating Income 1,048, ,437 1,014,326 1,034,612 1,055,304 1,076,411 1,097,939 1,119,898 1,142,296 1,165,141 1,188,444 Manager's Salary & Duties 94, , , , , , , , , , ,786 Utilities 79,863 98, , , , , , , , , ,191 Insurance 32,171 32,088 33,051 34,042 35,063 36,115 37,199 38,315 39,464 40,648 41,868 Property Taxes 21,025 20,648 19,554 18,603 24,198 92, , , , , ,318 Repairs & Maintenance 96,813 69,640 71,729 73,881 76,098 78,380 80,732 83,154 85,648 88,218 90,864 Asset Management Fees 10,149 10,454 10,768 11,091 11,423 11,766 12,119 12,483 12,857 13,243 13,640 Incentive Management Fees (Waterfall Payment) Tax Credit Compliance Fees (Waterfall Payment) Guarantor Fees (Waterfall Payment) Property Management Fees 47,619 52,206 50,716 51,731 52,765 53,821 54,897 55,995 57,115 58,257 59,422 Professional Fees 15,871 17,733 18,265 18,813 19,377 19,959 20,557 21,174 21,809 22,464 23,138 Advertising 5,725 4,642 4,781 4,925 5,072 5,225 5,381 5,543 5,709 5,880 6,057 Office Supplies 3,175 5,176 5,331 5,491 5,656 5,826 6,000 6,180 6,366 6,557 6,754 Compliance Monitoring Fees Bad Debt Expense Miscellaneous 6,823 9,293 9,572 9,859 10,155 10,459 10,773 11,096 11,429 11,772 12,125 Total Operating Expenses 414, , , , , , , , , , ,163 Net Operating Income 634, , , , , , , , , , ,281 Debt Service - Great Southern $474,626 $474,626 $474,626 $474,626 $474,626 $474,626 $459,167 $412,792 $412,792 $412,792 $412,792 DSC Surplus/(Shortfall) $159,953 $93,315 $105,178 $114,474 $117,281 $57,669 ($15,658) $7,900 $26,492 $45,450 $75,490 Debt Service - NFC $59,508 $59,508 $59,508 $59,508 $59,508 $59,508 $59,508 $59,508 $59,508 $59,508 $59,508 Debt Service - Total (NFC & Great Southern) $534,134 $534,134 $534,134 $534,134 $534,134 $534,134 $518,675 $472,300 $472,300 $472,300 $472,300 DSC - Total (NFC & Great Southern) Total Surplus/(Shortfall) $100,445 $33,807 $45,670 $54,966 $57,773 ($1,839) ($75,166) ($51,608) ($33,016) ($14,058) $15,982
33 Affordable Housing is difficult to finance 591, , , , , , ,281 $474,626 $474,626 $459,167 $412,792 $412,792 $412,792 $412,
34 Strategies Don t let developers (profit and nonprofit) tell you what you want you decide Involve the Neighborhood essential Cultivate city participation Know where the money is Involve professionals Be persistent don t give up
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