Financing Affordable

Housing in TOD Areas

Adrienne E. Quinn

V.P. Public Policy & Government Relations

Enterprise Community Partners

aquinn@enterprisecommunity.org

September 27, 2010

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Funding Affordable Housing in

TOD Areas

Planning zoning incentives in TOD areas

funding plan, e.g., priorities in funding docs such as Consolidated Plan

Partnering between local jurisdiction, housing authority, nonprofits

opportunities for market-rate developers to contribute to development of affordable housing

Targeting & Layering of Fund Sources funding sources available for different income levels

flexibility for different sources to be used together

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Potential Funding Sources

Local Funding Sources

General Fund

Inclusionary Zoning Funds

Tax Increment Financing Funds

Tax exemptions or tax abatements

Human Services/Econ Development funding

State Sources

State Housing Trust Funds

Document Recording Fees

Services Funding

Federal Sources Administered By State/Locality

Community Development Block Grant (CDBG)

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McKinney Vento – capital + operating

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Potential Funding Sources-

cont.

State Housing Finance Agency + Investor

Low Income Housing Tax Credits (LIHTC) 9% & 4%

Private Activity Bonds

Federal Sources Administered By Federal Govt.

HOPE VI/Choice Neighborhoods (HUD)

Sustainable Communities (HUD)

Section 202 – Senior Housing (HUD)

Section 811 – Disabled Housing (HUD)

Housing Authority

Section 8 Vouchers

VASH Vouchers

Philanthropy

Bank Loans

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Case Study: Seattle Rainier Valley

Link Light Rail

New Light Rail Line from Airport to Downtown Seattle

Two HOPE VI Redevelopments at two different stations on Rainier Valley Link Light Rail Line

Othello Station (New Holly)

Columbia City/Edmonds (Rainier Vista)

1000+ units of affordable housing (homeless to 90% AMI) at two stations and along corridor

Focus on Rainier Vista: partnerships between Seattle Housing Authority, Seattle Office of Housing and nonprofit organizations

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Seattle Link Light Rail-

Airport to Downtown

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Rainier Vista

Seattle Housing Authority HOPE VI

Redevelopment

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Outcomes:

Columbia City/Edmonds Station

Rainier Vista

Seattle Housing Authority HOPE VI redevelopment of 484 units into 875 units of TOD area, 65 acres

City purchased property from Housing Authority and transferred at no cost to Habitat for Humanity/Homestead Community Land Trust

City provided funding for several rental housing projects

City provided funding for affordable rental housing on corridor between stations

City created incentive zoning/tax exemption overlays in TOD areas and prioritized funding in Rainier Valley

Used different tools to create full spectrum of housing from zero income (formerly homeless) to market rate,

both homeownership and rental

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Rainier Vista at North End of

Columbia City/Edmonds Station

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Public Housing, Homeless Housing, and

Homeownership Housing south to north

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GENESSEE SEATTLE

Genesee Housing

Nonprofit Developed

City Funded/LIHTC/HUD 811

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Tamarack Place- Housing Authority

Federal Stimulus Funds

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Rainier Vista Playground,

Public Housing foreground,

homeownership under construction

background

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KATHARINES PLACESEATTLE

Rail Corridor redevelopment

Katherine’s Place (Homeless

Families) – City Funded + LIHTC

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KATHARINES PLACESEATTLE

Katherine’s Place -

Courtyard play area

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Othello Place (Rail corridor)

Tax Exemption Used by For-Profit

Developer