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CREATIVE SOLUTIONS TO HOUSING THE HOMELESS

CREATIVE SOLUTIONS TO HOUSING THE HOMELESS. NALHFA 2013 EDUCATIONAL CONFERENCE Ernestine W. Garey. The Challenges. “Blueprint to End Homelessness in Atlanta” No dedicated source of funding for capital costs Rental Housing and Assessment Centers Connect to Social Services & Identify Funds

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CREATIVE SOLUTIONS TO HOUSING THE HOMELESS

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  1. CREATIVE SOLUTIONS TO HOUSING THE HOMELESS NALHFA 2013 EDUCATIONAL CONFERENCE Ernestine W. Garey

  2. The Challenges “Blueprint to End Homelessness in Atlanta” No dedicated source of funding for capital costs Rental Housing and Assessment Centers Connect to Social Services & Identify Funds Combatting NIMBYism

  3. Structure of Transaction • Review of Georgia Rental Car Tax Law-established to promote industry, trade, commerce and tourism • Providing housing for the homeless supports this public purpose • City could pledge its revenues from rental car taxes as security for the revenue bonds

  4. Bond Issue $22,000,000 in bonds issued in 2005 Car Rental Tax Revenues pledged as sole security for the bonds Not General Obligation Bonds Bonds insured by Ambac Financial Group AAA Rating 20 year maturity

  5. Project Review Criteria • Project Feasibility & Readiness • Realistic Development Timetable • Financial Feasibility • Social Service Plan • Ability to Leverage Other Dollars • Relocation Requirements • Developer Track Record • Ability to remain in compliance for 15 years

  6. Results • 16 Rental Projects Completed • 4 Assessment Centers • Total Permanent Supportive Units & Beds-740 • Workforce Units Created - 1485 • Public to Private Leverage Ratio – 1:5 • Homeless Populations served • Men and Women • Veterans • Women with Children • Men & Women w/Developmental Disabilities • Grandparents • Reuniting Families

  7. Columbia Tower • Acquisition and substantial rehab of 95 unit high rise tower • Developmentally Disabled-Target Population • Project Cost- $12.8m • Grant Funding-$2 million • Social Services provided on site

  8. Columbia Tower

  9. Eden Village I and II • Received grants totaling $2,121,506 • Residential Service Center for homeless women with children • 232 beds, on-site day care, central laundry & kitchenettes, life skills training, computer center • On site Culinary Arts training program

  10. Eden Village I & II

  11. Automatic Self Cleaning Public Toilets • Five units installed at strategic locations • Pre-fabricated - Public Facilities & Services, Inc. • Plumbing & electrical connections • Self cleans on set cycle • $250,000 each • Initial maintenance Costs-$80,000 annually

  12. Automatic Public Toilets

  13. Columbia at Sylvan Hills

  14. Columbia at Sylvan Hills

  15. For More Informationwww.investatlanta.com(404) 880-4100

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