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ABC’s and A Tale

ABC’s and A Tale. Allison Ladd District of Columbia Housing Finance Agency April 5, 2013. Presentation Overview. ABC’s of Preservation in DC DC Housing Finance Agency’s Role A Tale of Two Samuels Samuel J. Simmons Samuel Kelsey Quiz…New Orleans’ Style. ABC’s of Preservation In DC.

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ABC’s and A Tale

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  1. ABC’s and A Tale Allison Ladd District of Columbia Housing Finance Agency April 5, 2013

  2. Presentation Overview • ABC’s of Preservation in DC • DC Housing Finance Agency’s Role • A Tale of Two Samuels • Samuel J. Simmons • Samuel Kelsey • Quiz…New Orleans’ Style

  3. ABC’s of Preservation In DC • Advocacy • DC Preservation Catalog • 35,000 units • Main Goals • Increase awareness of projects at-risk • Contribute to the preservation of affordable housing • 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

  4. ABC’s of Preservation In DC • Build a Strategy 2006 2013

  5. ABC’s of Preservation In DC • Build a Strategy • 2012 Task Force and 2013 Report • 3 Strategic Goals • Preserve approximately 8,000 existing affordable housing units with subsidies that will expire by the year 2020 • Produce and preserve 10,000 net new affordable housing units by 2020 (10x20) • Support the production of 3,000 market rate housing units annually through 2020 • 24 Action Items • Increase Supply • Decrease Demand www.taskforce2012.org

  6. ABC’s of Preservation In DC • Commit Funding • FY2013 - Combined DC Funding - $936.5 Million • Proposed FY2014 – Mayor proposing $100 million of new funds for affordable housing

  7. 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

  8. A Tale of Two Samuels… …Columbia Heights Monthly Rents – 1 BR - $1500 2 BR – $1700-2700 Retail $500K Median Sales New Homes

  9. Samuel J. Simmons- before Built in 1981 - HUD 202 KEY: 100% HAP Contract – 30% of Income for Rent 175 Units of Senior Housing

  10. 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

  11. Samuel Kelsey- Before Built circa 1920 National Register of Historic Places Key - 100% HAP Contract 150 units (mostly seniors) First floor retail (locally owned small businesses)

  12. Samuel Kelsey - After • Rents – • 1 Bedroom - $1,726 • Tenant • Services $33 million – Total Development Cost $225K per unit

  13. Quiz… New Orleans’ Style! • ABC’s • Advocate • Build a Strategy • Commit Funding • Tale of Two Samuels • Key - Section 8 HAP Contract

  14. Thank you

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