Laura Giocomo and Ivan Anaya AFFORDABLE HOUSING

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1 Laura Giocomo and Ivan Anaya AFFORDABLE HOUSING

2 Three bills at the State Capitol focusing on housing crisis

3 Perfect Storm The Problem o Attractive for investment o Growth o Low supply o Appreciation o Increased pressure on affordable properties and neighborhoods

4 Growth and Appreciation The median home price in metro Denver is $398,000, up 10.7 percent from the same quarter a year earlier (over the same year period, wages grew less than 1 percent). A buyer of a median-priced home in metro Denver needs to make a salary of $68,436 per year, assuming they put 20% down. The median apartment rent in metro Denver stood at $1,274 in the first quarter of 2016.

5 Rental Burden Plagues the State Rank Metro Area # Severely Burdened Renters Percentage Severely burdened 1 Boulder 14, % 2 Fort Collins 13, % 3 Pueblo 6, % 4 Colorado Springs 23, % 5 Denver-Aurora-Lakewood 97, % 6 Greeley 6, %

6 Numbers Snapshot Average median income in Denver (2015): $56,000 (1 person), $79,900 (family of four) Average rent in Denver for a one bedroom apartment = $1274 The estimated monthly payment on a median home in Denver ($398,000, assuming 20% down) = $1150

7 Continuum of Housing Homeless Transitional Housing Subsidized Housing Workforce Housing Market Rate Housing First Time Home Owner Long Term Home Owner

8 Patricia Age: 36 Education: High School Diploma Job: Waitress Salary: $26,910 Monthly net income (before 401k, health insurance): $1,706 Monthly Expenses Utilities: $107 Transportation: (car, gas, insurance): $180 Transportation: (public transportation, car share): $100 Groceries: $320 Eating out (restaurants, coffee, drinks): $185 Health care: $180 Other expenses: (phone, gym, entertainment, leisure activities, clothing): $250 Remaining $ for housing, savings: $384

9 David Lives in Denver Age: 24 Education: Bachelors Degree Job: Accounting Assistant Salary: $38,000 Monthly net income (before 401k): $2,378 Monthly Expenses Student loan payments: $280 Utilities: $116 Transportation (public transportation, car share): $150 Groceries: $280 Eating out (restaurants, coffee, drinks): $298 Health care: $180 Other expenses (phone, gym, entertainment, leisure activities, clothing): $215 Remaining $ for housing, savings: $859

10 Leslie Lives in Denver Age: 31 Education: Bachelors Degree Job: Teacher Salary: $43,390 Monthly net income (before 401k): $2,675 Monthly Expenses Student loan payments: $280 Utilities: $117 Transportation (car, gas, insurance): $480 Groceries: $446 Eating out (restaurants, coffee, drinks): $130 Health care: $180 Other expenses (phone, gym, entertainment, leisure activities, clothing): $220 Remaining $ for housing, savings: $822

11 Johnny Age: 40 Education: High School Diploma & technical certificate Job: Electrician Salary: $53,900 Monthly net income (before 401k, health insurance): $3,483 Monthly Expenses Utilities: $200 Transportation (car payment, insurance, gas): $540 Groceries: $330 Eating out (restaurants, coffee, drinks): $245 Health care: $180 Other expenses (phone, gym, entertainment, leisure activities, clothing): $370 Remaining $ for housing, savings: $1618

12 Jessica Lives in Denver Age: 33 Education: Bachelors Degree Job: Project Manager Salary: $86,850 Monthly net income (before 401k): $4,947 Monthly Expenses Utilities: $117 Transportation (car, gas, insurance): $480 Transportation (public transportation, car share): $50 Groceries: $445 Eating out (restaurants, coffee, drinks): $325 Health care: $180 Other expenses (phone, gym, entertainment, leisure activities, clothing): $400 Remaining $ for housing, savings: $2950

13 Challenges to Building Affordable Housing For Sale Litigation Risk Construction Costs Financing & Insurance

14 Challenges to Building Affordable Housing For Rent Land Cost Construction Costs Gap Financing

15 Strategies Develop underutilized land Share risk and reward Increase private investment Increase public investment Reduce costs and/or burdens

16 Strategies In Depth

17 Gap Analysis

18 Develop Underutilized Land Designate land for affordable housing within brownfield redevelopments A brownfield is a property; the expansion, redevelopment, or reuse of which may be complicated by the presence or potential presence of a hazardous substance, pollutant, or contaminant. ~as defined by the EPA Prioritize sale of public land/real estate for affordable housing or place land into community land trusts. o Land owned by: o Municipalities o Counties o State o School Districts

19 Share Risk and Reward Social impact bonds o Aka Pay for Success Bond o Private-Public Partnership o Prevention Focused o Investors repaid if and when social outcomes are achieved Develop more properties under the income restricted development model

20 Increase Philanthropy and Private Investment Philanthropy Private investment from the business community o o o o Tax credits and tax exempt bonds Employers could pilot down payment assistance programs Formal partnership between developers and employers rental and for purchase side Employer could create a fund with below market return for housing or property acquisition Program Related Investments

21 Increase Public Investment Increase tax and fees o Regional bond program o Tax Increment Financing Support Unclaimed Property Trust Fund (UPTF) legislation o Property deemed to be abandoned o State keeps funds until the owner claims them o $200,000,000 current size of Fund o Interest Growth of $11,000,000 Annually o Counts toward TABOR spending limit o House Bill 1466 Defeated o $40,000,000 Investment Opportunity Lost

22 Reduce Burden and Increase Opportunity Prioritize sale of public land/real estate for affordable housing Make regulatory and zoning changes o o o o Reducing urban parking requirements Allow for denser development Allow accessory dwelling units or split lots Allow dynamic zoning To champion reform to the construction defect litigation environment Encourage municipalities to offer expedited review of affordable projects Develop small or experimental overlay districts Reduce or eliminate some fees paid by developers Incentivize density

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