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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 – – – – 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. 3. 4. 5. 6. 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: • • • • • 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: • • • Lower criminal activity Increased property values Increased safety MASS AVE COMM. HOMES BUFFALO Funding Programs: • • • • • 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