Download Newman Presentation - Neighborhood Preservation Coalition

Advancing Affordable Housing
Through Sate Low Income
Housing Credits
Rebecca Newman
Executive Vice President & COO
Housing Visions
ABOUT HOUSING VISIONS
• Focused on neighborhood revitalization
• Key services include development, general contracting
and property management
• Approaches
– Scattered-Site, Urban Infill
– Supportive Housing
– Mixed-Income, Mixed-Used
• Portfolio
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Over 1,300 Units Managed
40+ Low Income Housing Tax Credit Projects
15 Cities throughout New York and Pennsylvania
$340MM Invested in Revitalizing Communities
ABOUT STATE LOW INCOME
HOUSING CREDITS
• Signed into law in NYS in 2000, modeled after the
Federal LIHC program
• Units must serve at or below 90% AMI (vs. 60%
standard for the federal program)
• 4% Credit Program with 10-Year Compliance
Period
• Provides $-for-$ reduction in state taxes to
investors but not calendar year specific
• Available in 16 States, including NYS
SLIHC PROJECT CRITERIA
1.
2.
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Community Impact/Revitalization
Financial Leveraging
Sponsor Characteristics
Green Building
Income Mixture
Fully accessible and adapted,
move-in ready units
7. Project Readiness
SLIHC PROJECT CRITERIA
8. Persons with special needs
9. Marketing Plan/Public Assistance
10. Individuals with Children
11. Participation of Nonprofit Organization
12. Historic Nature of Project
13. Cost Effectiveness
14. Housing Opportunity Projects
15. MWBE Participation
FUNDING PROGRAMS
COMBINED WITH SLIHC
• Neighborhood & Rural
Preservation Program
• NYS Community Investment
Fund (CIF)
• Low-Income Housing Tax
Credits (LIHC)
• NYS Office of Temporary
Disability Assistance (OTDA)
Funds
• Historic Tax Credits
• NYS Historic Tax Credits
• HOME
• Community Development
Block Grants (CDBG)
• NYS Housing Trust Funds (HTF)
• Medicaid Redesign Team Funds
(MRT)
HOW WE USE SLIHC
• Used in conjunction with LIHC and many other
funding programs
• Create Mixed-Income neighborhoods
• By definition, developments that include belowmarket-price housing units that are affordable to
very low- and low-income households along with
housing that is market-priced.
• Goals
– to reduce poverty among low-income families
– to diversify / facilitate income and racial integration
– to contribute to urban revitalization
BENEFITS OF MIXEDINCOME NEIGHBORHOODS
Lower-income residents who move into mixed-income
neighborhoods experience:
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Improved housing quality
Reduced stress from increased safety, increased self-esteem, and increased
motivation to advance their lives
A higher level of satisfaction with the quality of buildings, maintenance and
management, the neighborhoods, and access to services and amenities
Employment gains
Educational gains
Communities that have gained mixed-income developments have
experienced:
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Lower criminal activity
Increased property values
Increased safety
MASS AVE COMM. HOMES
BUFFALO
Funding Programs:
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NYS Housing Trust Fund ($2.3
Million)
NYS Urban Initiatives ($195,000)
LIHTC/SLIHTC Equity ($9.9 Million
City of Buffalo HOME ($375,000)
BNSC Developer Equity
($122,299)
• $13 Million Mixed-Use, MixedIncome Development
• Total SLIHC awarded: $345,330
• 16 buildings with 46 units of
affordable, energy-efficient
rental housing.
• Residents earn between 40%80% AMI
• Economic Opportunity—Hired
local residents through PUSH
Buffalo’s Hiring Hall Program
• Sustainable Design
• Green Roof
• Rain Gardens
• Energy Efficient Buildings
• Indoor Air Quality
• Water Conservation
SHERIDAN HOLLOW VILLAGE
ALBANY
• $17.2 Million Mixed-Used, Mixed-Income
Development in the heart of Albany’s
Capitol District
• Total SLIHC awarded: $383,097
• 7,300 square feet of commercial and office
space
• 17 Buildings with 57 Units of quality, rental
housing
• Residents earn between 40%-70% AMI
Funding Programs:
• NYS Housing Trust Fund ($1.98
Million)
• Private Tax Credit Equity ($12.26
Million)
• City of Albany ($300,000)
• NYS Urban Initiative ($200,000)
• Private Loan ($437,000)
YOU CAN DO THIS IN
YOUR COMMUNITY!
Contact Housing Visions today:
Rebecca Newman, Executive Vice President & COO
[email protected]
315-472-3820