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Becoming a Landlord Part 1

Becoming a Landlord Part 1. National Alliance to End Homelessness Washington, DC July 9, 2007 Michelle Flynn The Road Home, Salt Lake City, Utah. Utah Overview. Population 2.5 million Highly Urban/ Highly Rural (1.9 million along Wasatch Front)

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Becoming a Landlord Part 1

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  1. Becoming a Landlord Part 1 National Alliance to End Homelessness Washington, DC July 9, 2007 Michelle Flynn The Road Home, Salt Lake City, Utah

  2. Utah Overview • Population 2.5 million • Highly Urban/ Highly Rural (1.9 million along Wasatch Front) • Conservative voters/legislators (R-76; D-28) • Fair Market Rent for a 2 Bedroom is $714; a renter would need to make $14.73/hour; minimum wage is $5.15 • 2006 SL County average rent is $774, up $133 from 2005; vacancy rate is 5% • Utah Homeless Count – 3,250 PIT;15,000 annual .6% of total population • 86 % or 2,816 of those are in Salt Lake County

  3. Overview of The Road Home • 5,799 clients served in 2006: • Emergency Shelter (500 / 850 per night) • Central Intake and Assistance • Housing (225 households daily) • Transitional (traditional and subsidy) • Permanent scattered site (S+C, PSH, other)

  4. Why did we get into the housing business? • Necessity • Length of stay in Emergency Shelter • Reason for lengthy stays in Emergency Shelter • Analyze shelter stays which reflect national statistics 12 % of individuals utilize 56% of shelter nights

  5. How The Road Home Got Into Housing • Emergency Shelter and 12 units of TH in 1995 • 225 + units of scattered site housing in 2007 • Added more Transitional Housing • Began rental subsidy program in 2001 • Increased partnerships in S+ C and PSH • Providing on-site services at new 100 unit PSH project for chronic in 2007; new 84-unit project in early 2008 • Developing our own new project with 210 apartments to open in spring/summer 2008

  6. Considerations for Growth in Housing • Agency Capacity • Staff • Budget • Board • Experience • Property operation • Property management • Services

  7. Considerations p. 2 • Agency Mission and Articles of Incorporation • Track record, community reputation, audit • WHY? • What Type of Housing? • Analyze your own agency statistics • Market Study to show the need • Is the timing right? Do you have buy-in from your team, board, community, donors?

  8. Considerations p. 3 – FUNDING!

  9. Developing Our Own Project: Acquisition and Renovation of a Hotel property • Private Donations $9.5 million • Holiday Inn with 291 rooms in operation • Made the offer end of December 2006 • Due diligence crucial (Jan to May 2007) • Environmental • Structural and building system analysis • Funding • Zoning

  10. The New Housing Development p. 2 Environmental • Phase 1 and Phase 2 • Meth/other testing Structural and Building Analysis • Architectural services donated • Electrical, plumbing, structural, roof, mechanical, etc.

  11. The New Housing Development p. 3 Important funding questions reflect your mission and experience • Should we seek tax credits? • Should we seek project based vouchers? • Should we seek other government funds? • Acquisition and renovation/conversion funding is the easy part?!?! Yes! • Operating and service funding projections are crucial

  12. The New Housing Development p. 4 Zoning • Political Support • Design Advisory Committee • Businesses located next to and near the property • Four local churches • Principal of local elementary school and school district homeless liaison • Community Council representatives

  13. The New Housing Development p. 5 • Facility Development Committee meets weekly during due diligence • Key staff (Exec. Dir., CFO, Programs) • Realtor • Attorney • Banker • Construction Company • Financial investment • Environmental • Architect • Key donors

  14. The New Housing Development p. 6Plan of Action Some of the Decisions to be Made • Property management in-house or contract • Landscape and maintenance in-house or contract • Retail or other rental space on property • Management structure • Separation of property management and case management

  15. Creating the Program • Tenant screening and selection • Supportive services plan • Policy and procedures manual • Safety and security • Maintaining the facility • Tenant participation and involvement • Agency partner involvement • Staff job descriptions and training…

  16. Next Steps • Closing Date of August 30, 2007 • Then the fun begins! • Renovation and conversion • Building partnerships • Solidifying funding • Planning on-site services • Engaging the local community

  17. The Best Places to Get Help! • Local Housing Authorities • Board / Volunteer Experts • Partner Agencies • State / County Housing Depts. • On-site visits to other communities • Corporation for Supportive Housing! • www.csh.org • Toolkit for Developing/Operating Supportive Hsg

  18. Contact Information:Michelle C. FlynnAssociate Executive Director of ProgramsThe Road Home210 South Rio Grande StreetSalt Lake City, Utah 84101(801) 328-8759mflynn@theroadhome.orgwww.theroadhome.org

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