AFFORDABLE HOUSING POLICY DISCUSSION

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1 AFFORDABLE HOUSING POLICY DISCUSSION February 2, 2016 City of Half Moon Bay City Council

2 Request Provide staff direction regarding the development of an affordable housing policy and funding guidelines

3 Affordable Housing Projects Affordable Housing Developments in and around Half Moon Bay Main Street Park Half Moon Village Moonridge 64 affordable units 160 affordable units 85 affordable units A total of 309 deed restricted affordable units in and around Half Moon Bay since 2001 Source: Mid-Pen Housing

4 What does it cost to rent here? If you can find a vacancy Average fair market rent for a one-bedroom apartment is $2,575 per month Average fair market rent for a two-bedroom apartment is $2,867 per month To afford these rents, a family must earn between $110,640 and $112,600 a year. Source: San Mateo County Housing Indicators as of 9/30/15

5 Affordability by the numbers What is Area Medium Income (AMI) and what does it mean for housing accessibility? A family of 4 earning 50% of AMI: $56,550 Maximum rent is $1,346 per month A family of 4 earning 70% of AMI: $72,100 Maximum rent is $1,735 per month A family of 4 earning 90% of AMI: $92,700 Maximum rent is $2,250 per month Source: Half Moon Bay Nexus Study

6 What about Home Ownership? In 2015, the average price for a single family home in Half Moon Bay was $1,246, In 2015, the average price for a condo/townhome in Half Moon Bay was $630, Source: SAMCAR

7 The cost of home ownership In Half Moon Bay To purchase a home, a family must earn at least $210,000 a year and put 20% down, or $234,000 To purchase a condo, a family must earn at least $140,000 a year and put 20% down, or $142,800 Source: HMB Nexus Study

8 Other Factors In Play Sources: California EDD: US Census Building Permit Survey.

9 How Are Affordable Housing Programs Funded? Typically programs are funded by a mixture of sources including: Local Funds impact fees, in-lieu fees, inclusionary units Federal/State Funds and Grants Community Development Block Grant (CDBG) and HOME funds Non-Profits Leveraging and partnering with other agencies and non-profits

10 Half Moon Bay s Affordable Housing Fund Where did the money come from? Below Market Rate program established in 2010: Requires either 20% of new units be affordable or developer pay an in-lieu fee Carnoustie Estates is the only subdivision (to date) subject to the ordinance Carnoustie Estates paying $65, per unit Current fund balance is $1,719,009 with an additional $325, due

11 Other Local Funding Option Consider workforce housing impact fee for all new market rate units A fee of $10,000 per unit would have generated approximately $630,000 between 2010 and 2015 (Source: Measure D Report, December 2015)

12 Affordable Housing Options Who would this help? Homeless Low income families Fixed income home owners Who would this help? Homeless Low income singles and families Who would this help? Fixed income home owners Low income families and seniors Renters who could be displaced Middle Income earners Who would this help? Low income families and seniors Middle Income earners Persons who earn less than 50% of AMI Fixed income home owners Homeless Emergency Funding Transitional Housing Housing Preservation Permanent Affordable Housing Funding warming shelters Emergency assistance for at-risk renters Disaster relief for home owners Shelters and continuum of care Transitional Housing (assistance for up to one year) Weatherization Rehabilitation assistance for home owners Rehabilitation assistance for rental owners Down payment assistance Foreclosure assistance Construction of new units Leveraging new construction by non-profits First Time Home Buyer Program Section 8 voucher subsidy program Secondary Dwelling Unit Program

13 What does it take to get it done? Emergency Funding Transitional Housing Housing Preservation Permanent Affordable Housing $$ $$$ $$$$ $$$$$ $$ = Money = Staff time = People served

14 Conclusion Questions before Council Is Council interested in developing an affordable housing program using the affordable housing funds at this time? What types of programs is the Council interested in pursuing? What additional information would Council like in order to provide guidance?

15 Recommendation Provide staff direction regarding Council s interest in developing an affordable housing policy and funding guidelines

16 QUESTIONS

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