Capital Solutions for Equitable Transit-Oriented Development Perspectives from the San Francisco -Bay Area and Beyond

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1 Metropolitan Transportation Commission Capital Solutions for Equitable Transit-Oriented Development Perspectives from the San Francisco -Bay Area and Beyond Doug Johnson, MTC Heather Hood, Enterprise July 30, 2013

2 Overview Bay Area context setting Bay Area Investment to support Equitable TOD National financial tools to support Equitable TOD What s next

3 The Bay Area 7 Million Residents 4 Million Jobs 101 Cities 9 Counties 26 Public Transit Operators 5 Regional Agencies

4 FOCUS: The Bay Area s Regional Land Use Vision Based on local plan and community goa Over 55% of futur housin Infill location Depends on trans core capacity an expansio

5 What s Next: CA Senate Bill 375 Sustainable Communities Strategy Regional Transportation Plan 8-year Regional Housing Allocation

6 Affordable Housing Track-record Regional Housing Need & Construction: Above Moderate Moderate Low Very Low 0 RHNA Allocation Permits Issued

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9 Housing Plus Transportation Costs Average Annual Housing Costs $28,045 % of Income 39% Average Annual Transportation Costs $13,375 + = % of Income 20% Average Annual Housing + Transportation Costs $41,420 % of Income 59% Housing Transportation Combined Boston $22,373 $11,927 $34,300 Boston (%) 35% 19% 54% D.C. $22,960 $13,234 $36,194 D.C. (%) 29% 18% 47%

10 Commuting in the Bay Area by Income Mode Split: All Households Motor Vehicle Transit Non- Motorized Other Mode Split: Low Income Motor Vehicle Transit Non- Motorized Other

11 Housing Costs as % of Income for Moderately Low-Income Households ($35-60K) Bay Area H+T Affordability Study

12 Housing + Transportation Costs as % of Income for Moderately Low-Income Households ($35-60K) H+T: Moderately Low Income

13 Investing in Equitable TOD Fix it First policy Robust grant programs for TOD: Land Use planning (1997) Capital Grants (1998) Seek new, creative opportunities to support affordable housing development Condition $12B in planned transit expansions on land use

14 GOAL: Equitable TOD Equitable transit oriented communities are places that provide choices for residents at every income level by offering safe, walkable streets, comfortable access for bicycles and transit, connections to major employment centers and other regional destinations, and a gracefully compact mix of housing types and commercial uses that in combination, encourages increases transit ridership and provides ways to access daily goods and services.

15 Investing in Equitable TOD Fix it First policy Robust grant programs for TOD: Land Use planning (1997) Capital Grants (1998) Seek new, creative opportunities to support affordable housing development Condition $12B in planned transit expansions on land use

16 Downtown Petaluma Riverwalk Apartments A 81-unit affordable housing complex next to the Petaluma River, bus lines and future commuter rail in downtown Petaluma TLC Grant $624,000

17 East Dublin BART Transit Town Center A 100% unit affordable housing project plus two market rate projects, new BART parking facility, bus transfer center. Phase two still pending TLC Grant $750,000

18 Oakland Fruitvale Transit Village Library, health clinic, senior center, retail, 47 rental units 300+ housing units in phase 2 TLC planning $47,000 TLC Capital Grant $2 million

19 Bay Area TOD Opportunities Few Sites Near Transit Near Existing or Planned Transit

20 Our mission is to create opportunity for low and moderate income people through affordable housing in diverse, thriving communities.

21 Creating Public Finance Tools Focus on tools that will really make a difference: General Funds User Fees Value Capture Tools Community Facilities Districts Special Improvement Districts (like Waikiki BID) Tax Increment Financing Development Impact Fees

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23 TOAH Loan Products Acquisition Loans Predevelopment Loans Construction Bridge Loans Construction/Mini Perm Loans Leveraged Loans for NMTC deals Product Highlights: Up to 110% LTV, 7 yr terms and low cost

24 First Two Projects Location: San Francisco, CA TOAH Fund Financing: $7.2 million Housing Units: 153 Retail Space: 12,000 square feet The Tenderloin Neighborhood Development Corp. is developing a parking lot into a 14 story building with affordable housing and retail space planned to attract a grocery store to this underserved community. The site is located just two blocks from the Powell Street BART station, a major transit hub in San Francisco. Location: San Jose, CA TOAH Fund Financing: $2.9 million Housing Units: 64 Retail Space: 7,000 square feet First Community Housing, a pioneer of green building in the Bay Area, will build a mixed use, affordable, green, senior housing development in San Jose. All 64 units will be affordable, senior housing and 35% will be dedicated to residents needing in home services. The commercial space will house dental offices. The development is located near a VTA Light Rail station and the developer plans to provide free transit passes for all residents.

25 FUNDERS Funding nonprofits typical planning and implementation process BANKS Making loans ADVOCATES Educating stake holders, organizing, advocating ELECTEDS, AGENCIES & COMMISSIONS Making policy CDFIs Assembling capital, making loans DEVELOPERS Developing based on policy parameters, availability of resources & community will

26 FUNDERS Bay Area planning and implementation process ADVOCATES Educating stake holders, organizing, advocating ELECTEDS, AGENCIES & COMMISSIONS Making policy Funding nonprofits Bay Area TOAH FUND CDFIs BANKS Making loans DEVELOPERS Developing based on policy parameters, availability of resources & community will Assembling capital, making loans

27 Regions with or Planning TOD Funds Sacramento Atlanta 2012 Reconnecting America. 27

28 Metropolitan Transportation Commission