City of Austin, Texas National Call to Action Symposium Oct. 17, 2008 Presentation by: Margaret...
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Transcript of City of Austin, Texas National Call to Action Symposium Oct. 17, 2008 Presentation by: Margaret...
City of Austin, TexasNational Call to Action Symposium
Oct. 17, 2008
Presentation by:Margaret Shaw, Director
Neighborhood Housing & Community Development
Austin Housing Facts
• 56% of Austin area households earning below 80% median family income spend more than 30% of their income on housing (2000)
• 44% of area residents could not afford the federal fair market rent ($836/month for two-bedroom) (2006)
• Homeownership rate was 47% -- 20% lower than the national rate of 67% (2006)
• 17.7% of Austin residents live in poverty compared to 13.3% nationally – many are families with children (2006)
Housing Values in Austin: Ownership
Median Residential Home Prices and MFI in the Austin MSA 1990-2007Source: Texas Real Estate Center and HUD Median Family Income data.
$72,892
$76,383$83,275
$91,225$96,067
$100,583 $108,767
$112,208$117,667
$126,642
$143,925$149,992
$154,192
$154,058
$153,250$160,892
$171,758
$183,100
R2 = 0.9169
$0
$20,000
$40,000
$60,000
$80,000
$100,000
$120,000
$140,000
$160,000
$180,000
$200,000
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
Median Family Income
Median Home Price
Linear (Median Family Income)
Industry Standards for Affordability
• Financial subsidies (ex., Low Income Housing Tax Credits; Federal, State and local funding)
• Legislative and Regulatory Mandates (ex., mandatory affordability, tax exemptions)
Texas Standards & Challenges for Affordable Housing• Financial subsidies (Low Income Housing
Tax Credits; State and local funding)
• No State Income Tax -- Property Tax Dependent– Tax exemptions for nonprofit housing
tightening
• Legislative and Regulatory Mandates – State law prohibits mandating affordability
Regulatory Reform Efforts
Affordable Housing Incentive Policies
S.M.A.R.T. Housing™ University Overlay DistrictBonus policies underway
Downtown Density BonusVertical Mixed UseTransit-Oriented Development
Districts
S.M.A.R.T.™ Housing
– Safe, Mixed Income, Accessible, Reasonably Priced and Transit Oriented
– Policy allows for full or partial City fee waivers for certified projects
Builder City of Austin
Reasonably priced units Fee waivers
10% 25%
20% 50%
30% 75%
40% 100%
S.M.A.R.T.™ Housing Benefits
Developer Benefits:Fee waivers of $500/units in multifamily and $2,000/units in single-family
Expedited review Technical Support
Community Benefits:Increased tax base and economic sustainability through mixed-income and diverse housing types
Enhanced housing standardsMore affordable housing choices for consumers
Policy Benefits:Affordability Impact Statements
S.M.A.R.T. Housing Production2001 through September 2008
Completed Units:Multifamily 6,695Single-family 4,080 Total 11,075
University Neighborhood Overlay
District with height and density bonuses
Affordability requirements10% of units at or below 80% MFI10% of units at or below 65% MFI (or fee-in-lieu)
Results since 2004More than 2,000 units developed254 units serving households at or below 80% MFI$950,000 in Fees-in-Lieu
Downtown Density Bonus
Task Force RecommendationAdopted January, 200810% of bonus square footage
affordable• Rental: 80% MFI• Ownership: 120% MFI
Unlimited density and heightAggressive fee-in-lieu of $10 per bonus square foot
Questions/Comments:Margaret Shaw, City of Austin [email protected]