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Paul D’Angelo Community Development Program Director

Housing Works 2019 NC Affordable Housing Conference. October 7 , 2019. Paul D’Angelo Community Development Program Director. What we’ll learn together. Asheville Affordable Housing Asheville Bond November, 2016 $25M for Affordable Housing $15M for High Impact Sites

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Paul D’Angelo Community Development Program Director

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  1. Housing Works 2019 NC Affordable Housing Conference October 7, 2019 Paul D’Angelo Community Development Program Director

  2. What we’ll learn together • Asheville Affordable Housing • Asheville Bond November, 2016 • $25M for Affordable Housing • $15M for High Impact Sites • $5M for Housing Trust Fund • $3M for Land Banking • $1M for ABCLT • $1M for DPA • Are we spending & are we creating housing? • When in Wilmington • Takeaways

  3. What we’ll learn together • Asheville Affordable Housing • Asheville Bond November, 2016 • $25M for Affordable Housing • $15M for High Impact Sites • $5M for Housing Trust Fund • $3M for Land Banking • $1M for ABCLT • $1M for DPA • Are we spending & are we creating housing? • When in Wilmington • Takeaways

  4. Wages, Housing Types & Our Mission Most wages, salaries & incomes we produce in our area don’t support the average housing costs in Asheville, both rental & homeownership. ***** A healthy affordable mixed-income community needs a variety of housing types at a variety of price points, both homeownership and rental, for the variety of incomes & wages we produce in Asheville.

  5. FY 2019 Income Limits Summary

  6. Housing Plan - ABC of AMIs • <30% Area Median Income Homeless Agencies - Housing First • 30%-80% of Area Median Income Public Housing • 30%-60% of Area Median Income Housing Choice Voucher (Rental & Homeownership) Tax Credit Housing (9% or 4%) • 80-100% of Area Median Income For-profit developers

  7. Who’s at the table for Affordable Housing? • Developers • Non-profit, Mission-driven, Tax credit, For-profit • Partners • Housing Authority, Habitat, Land Trust, City/County • Funding / Programs • LIHTC, HOME, Rent subsidies, Banks / CDFIs, Philanthropic • Incentives • Housing Trust Fund, City/County Land, Tax Abatement • Coalition • Plans & Committees, Community / Education =COLLECTIVE IMPACT

  8. Housing Challenges

  9. Subsidy Needed • <30% Area Median Income Up to $120,000 per unit • 30-60% of Area Median Income Up to $100,000 per unit • 80% of Area Median Income Up to $80,000 per unit Depends on % of AMI, length of affordability, # of units, location of build, style of build

  10. What we’ll learn together • Asheville Affordable Housing • Asheville Bond November, 2016 • $25M for Affordable Housing • $15M for High Impact Sites • $5M for Housing Trust Fund • $3M for Land Banking • $1M for ABCLT • $1M for DPA • Are we spending & are we creating housing? • When in Wilmington • Takeaways

  11. Asheville Bond • $74M General Obligation Bond - November, 2016 • Transportation Bond - $32 million • Passed with 76% of the vote • Parks Bond - $17M • Passed with 77% of the vote • Affordable Housing Bond - $25M • Passed with 71% of the vote

  12. What we’ll learn together • Asheville Affordable Housing • Asheville Bond November, 2016 • $25M for Affordable Housing • $15M for High Impact Sites • $5M for Housing Trust Fund • $3M for Land Banking • $1M for ABCLT • $1M for DPA • Are we spending & are we creating housing? • When in Wilmington • Takeaways

  13. $25M Affordable Housing Bond • $15M for High Impact Sites • 3 sites chosen • $5M for Housing Trust Fund • Created in 2000 / $500,000 / year GF • $3M for Land Banking • Purchasing land for affordable housing • $1M for ABCLT • Creation of a Community Land Trust • $1M for DPA • Down Payment Assistance

  14. $25M Affordable Housing Bond • Cities can’t take the lead on Bonds • Chamber of Commerce • Bonds in general can’t make the City $$ / 7 years • $15M / $10M • “Buckets” were chosen very late (2 weeks) • What do we need? Shovel ready? Flexibility? • No policies around the “buckets” • City-owned Land • Land Banking • ABCLT • DPA • Transportation & Parking got a dedicated team • Housing did not

  15. How are we doing w/ the $25M?

  16. $15M High Impact Sites 319 Biltmore Avenue Lee Walker Heights RAD / 212 units <60%

  17. $15M / 319 Biltmore / Real Estate Spend • $5.3M option to purchase • $1.82M for site improvements at 319 • In coordination with Lee Walker Heights • $400k expected in additional site work Investment • $7.5M in subsidy / investment • Looking for 90 affordable units • 60 @ 60% AMI (vouchers) • 30 @ 80% AMI • $83k per unit in subsidy / investment • Is that enough for the developer? The community? • Concentration of moderate to low-income with LWH?

  18. $10M / Community Development • $5M for Housing Trust Fund • City of Asheville’s low-interest lending tool • $3M Land Banking • No policy • Asheville hitting $2M an acre close to the CBD • $1M Down Payment Assistance • No policy • Expanded with the FHLBA • No staff resources • $1M Asheville Buncombe Community Land Trust • No CLT when this started • Very engaged community • All volunteer board • No funding for an Executive Director

  19. $25M by the end of FY 19/20? $15M High Impact Sites • $7.5M 90 Units 319 Biltmore 212 Units Lee Walker Heights • $500k ?? Oak Hill • $500k 240 Units Cedar Hill $10M Other • $2M (HTF) > 50 Units City of Asheville • $200k (DPA) 6 Units City of Asheville • $1M (land) $11.7M of the $25M for 600 units / 400 units Investment of $20k to $30k per unit

  20. What we’ll learn together • Asheville Affordable Housing • Asheville Bond November, 2016 • $25M for Affordable Housing • $15M for High Impact Sites • $5M for Housing Trust Fund • $3M for Land Banking • $1M for ABCLT • $1M for DPA • Are we spending & are we creating housing? • When in Wilmington • Takeaways

  21. Is your community ready? • Chair of the Cape Fear Housing Coalition • Wilmington, NC / 2016 • Call from Cape Fear Realtors • Call from the Cape Fear Home Builders Association • Call from a local housing non-profit who was on the Coalition ---- • Who is your local Convenor / Collaborator? • Who is building the support?

  22. What we’ll learn together • Asheville Affordable Housing • Asheville Bond November, 2016 • $25M for Affordable Housing • $15M for High Impact Sites • $5M for Housing Trust Fund • $3M for Land Banking • $1M for ABCLT • $1M for DPA • Are we spending & are we creating housing? • When in Wilmington • Takeaways

  23. Challenges & Thoughts for next time • We need this $25M to be successful to get another one • Plan, plan, plan • First 3 years just laying the groundwork • Give yourself some flexibility • Can you spend it in 7 years? • Work with good Bond Consultants • Have a dedicated lead / staff • Many bond items “picked up” by the team • Do you have a Policy for that? • Is it shovel ready? • Do you have partners for that? • Is your community ready? Do they get it? • Doing better now - We can spend it! • Learn from the challenges

  24. Thank You! Questions? Please Contact me ... Paul D’Angelo 910.297.2749 pdangelo@ ashevillenc.gov

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