Smyrna Affordable Housing Strategy...proposal can make the program even more effective. Current...

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Smyrna Affordable Housing Strategy Prestwick Development Company Edrick Harris VP - Development

Transcript of Smyrna Affordable Housing Strategy...proposal can make the program even more effective. Current...

Page 1: Smyrna Affordable Housing Strategy...proposal can make the program even more effective. Current LIHTC rules limit eligibility to families earning 60% of Area Median Income (AMI) and

Smyrna Affordable Housing StrategyPrestwick Development CompanyEdrick HarrisVP - Development

Page 2: Smyrna Affordable Housing Strategy...proposal can make the program even more effective. Current LIHTC rules limit eligibility to families earning 60% of Area Median Income (AMI) and

Threshold RequirementsSite Control

Market Feasibility

Zoning

Utilities

Basic Amenities

Page 3: Smyrna Affordable Housing Strategy...proposal can make the program even more effective. Current LIHTC rules limit eligibility to families earning 60% of Area Median Income (AMI) and

Scoring and Competitive Process - BasicApplication Completeness

Desirable/Undesirables

Sustainable DevelopmentLEED

Earthcraft

Enterprise Foundation Green Communities

Compliance/Performance

Page 4: Smyrna Affordable Housing Strategy...proposal can make the program even more effective. Current LIHTC rules limit eligibility to families earning 60% of Area Median Income (AMI) and

Scoring and Competitive Process - “Extra”Community Transportation Options

Enriched Property ServicesEducation Outcomes

Healthy Housing Initiatives

Place-based OpportunityQuality Education

Jobs (15,000/22,500)

Revitalization/Redevelopment Plans

Stable vs QCT Points

Leveraging (Favorable Financing)

DCA Community Initiatives (GICH/Military Zones)

Ground Lease

Page 5: Smyrna Affordable Housing Strategy...proposal can make the program even more effective. Current LIHTC rules limit eligibility to families earning 60% of Area Median Income (AMI) and

Site Selection Stable vs Redevelopment Area

Page 6: Smyrna Affordable Housing Strategy...proposal can make the program even more effective. Current LIHTC rules limit eligibility to families earning 60% of Area Median Income (AMI) and
Page 7: Smyrna Affordable Housing Strategy...proposal can make the program even more effective. Current LIHTC rules limit eligibility to families earning 60% of Area Median Income (AMI) and

City committed to affordable housing (GICH)

Stable – Middle income with less than 10% Poverty

Public Improvements

Quality Schools

Jobs – exceeded minimum threshold

Transit

Green building

Stable Case Study – Brentwood (Cartersville, GA)

Page 8: Smyrna Affordable Housing Strategy...proposal can make the program even more effective. Current LIHTC rules limit eligibility to families earning 60% of Area Median Income (AMI) and

Redevelopment Plan Case Study –Waycross, GACity committed to affordable housing (GICH)

QCT

Urban Revitalization Plan (Site tagged for

Quality Schools

Jobs – exceeded minimum threshold

Transit

Green Building

Candidate for a Transformational Plan

Page 9: Smyrna Affordable Housing Strategy...proposal can make the program even more effective. Current LIHTC rules limit eligibility to families earning 60% of Area Median Income (AMI) and

New Housing Rule – Income Averaging