City of Boulder. City of Boulder Affordable Housing

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1 City of Boulder Affordable Housing Presentation For: Planning Board City of Boulder John Pollak, Co-Director Department of Housing & Human Services June, 2006

2 Gap Between Incomes and Affordable Housing Boulder Area Low Income Limit = $53,650 (2006, 69% of AMI, 3 person household) For that Income, Affordable Home Price = $160,000 Median Home Prices $505,000 (Detached) $242,000 (Attached) 2

3 Rising Home Prices Outpace Income Growth Median Income and Median Home Prices $500,000 $450,000 $400,000 $350,000 $300,000 $250,000 $200,000 $150,000 $100,000 $50,000 $0 M edian Single Family Home Price Affordable Price For M edian Income Housholds M edian Attached Home Price Area M edian Income for 3 Person Household

4 Key Factors Driving Housing Prices Limited Land University Community Employment Center Attractive, Desirable Community Growth Limitations 4

5 Who Struggles to Live in Boulder? Service and Retail Workers Teachers Health Care Professionals Entry and Mid-Level Managers and Professionals Child Care Providers Seniors People with Disabilities Families Boulder s s Workforce 5

6 Community Benefits of Affordable Housing Social Assists people in need Preserves economic diversity Allows people to live where they work Economic Stabilizes employment base Provides workforce housing Environmental Preserves urban growth boundaries Reduces commuting, pollution Preserves compact community Cultural Maintains community character Preserves diversity 6

7 Permanent Affordability On-going resale restriction Designed to keep inventory affordable in perpetuity for low-moderate income households Affordable: ~30% of income for housing Deed restricted covenant covenant tied to property 7

8 Home Prices (example) 1000 SF, 2 bedroom, 1.5 bath Attached: $141,900 Detached: $153,400 8

9 Affordable Housing Goal: 10% Permanently Affordable Affordable Housing 10% Goal = 4,500 Homes Market Rate Units To Build Out = 45,000 Homes 9

10 Guidelines for Affordable Housing Production Mix of Rental and Homeownership Mix of New Construction & Existing Inventory Distributed Among Very Low, Low, and Moderate Income Households 10

11 2,700 Permanently Affordable Housing Units Homeowner Units = 18% Rental Units = 82% 11

12 Range of Incomes Served Moderate Income >67% - 80% AMI 14% Very Low Income <30% AMI 32% Low Income >30% - 67% AMI 54% 12

13 Incomes of Households Served (Based On Year 2006 HUD Area Median Income for 1-3 Person Household) Very, Very Low Very Low Low Moderate Middle Under $30,000 $30,000 - $39,000 $42,000 - $53,000 $47,000 - $62,000 $60,000 - $78,

14 Buyers of Permanently Affordable Homes Come From All Walks of Life Social and Human Services Workers 2% ServiceWorker, Mechanic, Transportation 12% Marketing,Sales 6% Self-Employed 6% Health Care Professionals 5% Research 5% Communications 4% Professional, Technical, Engineer 10% Administrative, Managerial 21% Disabled/Retired 3% Teacher 15% Unknown/Other 9% Production Workder 2% Based on a sample of buyers of affordable homes (does not include renters) 14

15 Affordable Homeownership Market Buyers 100+ Income Eligible Buyers Units Available Home Sales New Construction 125 sold since 1/ unsold at CO Resales 62 sold since 1/ /-% sell immediately 85+/-% sell within 60 days 15

16 Progress Toward 10% Permanently Affordable Housing Goal Additional Affordable Homes Needed to Reach Goal = 1800 Permanently Affordable Homes = % of Housing Stock Permanently Affordable *Includes about 200+ beds in group living arrangements counted as single person household 16

17 Where are the Permanently Affordable Homes?

18 Inclusionary Zoning: One Strategy to Address Housing Affordability Passed by Planning Board City Council, effective early 2000 Requires new residential to contribute 20% to permanently affordable housing 18

19 Inclusionary Zoning Basic Requirements 20% of new residential development must be permanently affordable to income eligible households Half of the 20% must be on-site (for ownership units) general preference for on- site units whenever possible Rental projects may provide all off-site (state law prohibits rent control for private, for- profit developers) Size: 80% of SF of market rate units, up to 1200 SF 19

20 Additional Requirements Covenants & Deed of Trust Unit Types and Distribution Construction Timing In tandem with Market Rate Units Owner Occupied Good Faith Marketing and Fair Housing 20

21 Off-Site Options Contribute cash-in-lieu (per required affordable unit, adjusted annually, year 2006) Detached: $113,367 Attached: $101,747 Dedicate comparable off-site units Dedicate land Potential to do all affordable units off-site if significant additional community benefit provided 21

22 Income Eligibility and Sales Price Requirements Income Eligibility (Based on HUD low income limit) HUD +10% for homeownership HUD -10% for rental Initial Sales Price Restriction Resale Price Restrictions Original Sales Price + Maximum Annual Appreciation (CPI or AMI, maximum of 3.5% per year) Price also adjusted for allowable capital improvements, excessive damage, and real estate transaction costs 22

23 Additional Strategies to Reach Housing Goal Funding: Federal, State, Local, Cash- in-lieu Regulatory Incentives Land Use Changes Fee Waivers and Subsidies Public/Private Partnership 23

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