Case Studies: Production & Preservation of Affordable Multifamily Housing

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1 Case Studies: Production & Preservation of Affordable Multifamily Housing Dawn J. Luke Managing Director, Housing Finance NALHFA Annual Conference April 30, 2015

2 Who We Are About Invest Atlanta s Housing Finance Department $1.4B Housing Portfolio 16,000+ Multifamily Rental Units 5,000+ Single Family Mortgage Loans 75 Multifamily Rental Projects 4 Developer Incentive Programs 4 Single Family Mortgage Programs 2

3 Preserving and Producing Quality Affordable Housing What kind of city will we leave behind? How can we ensure that the Atlanta of the future fulfills the promise that lies in the Atlanta of the present. ~Mayor Kasim Reed, 2015 State of the City Address Producing What We Need Preserving What We Have Producing Where We Need Preserving What We Have Briarcliff Summit Trestletree Apartments Providence at Cascade Boynton Village Producing What We Need Adamsville Green Betmar Village Reynoldstown Senior City Lights Producing Where We Need Ponce City Market Skyhouse Midtown Post Centennial Park Lofts at Reynoldstown Crossing 3

4 Preserving What We Have There has been an overwhelming demand for financing to recapitalize existing HUD multifamily rental projects. Over the past 18 months, we ve spurred over $80M in capital investment to preserve 672 units of subsidized HUD housing. Trestletree Village Providence at Cascade Boynton Village Briarcliff Summit 20 Year HAP Contract HUD 221(d)(4) 20 Year HAP Contract HUD 221(d)(4) 20 Year HAP Contract Conventional Debt 20 Year HAP Contract HUD 221(d)(4) 188 Family Units $23.9M Acq/Rehab TEB w/ HUD 221(d)(4) 4% LIHTC 240 Family Units $20.4M Acq/Rehab TEB w/ HUD 221(d)(4) 4% LIHTC 43 Family Units $7.6M Acq/Rehab 9% LIHTC Beltline Grant 201 Elderly/Disabled Units $27.6M Acq/Rehab 9% LIHTC 4 Historic Tax Credits

5 Project Highlight Briarcliff Summit $1.5M HOB loan for a $28M project Preservation of 200 units of affordable housing in affluent neighborhood Serves elderly (62+) and/or mentally or physically disabled persons Project in foreclosure; LIHTC & HAP Contract due to expire 2013 Used 9% LIHTC; HUD Loan, HTC, HOB, DDF & Interim Income New kitchen, baths, flooring, HVAC system, roofs, windows, community cnt 5 Developer: Evergreen Partners

6 Producing What We Need Seniors ages are the fastest growing population in the City of Atlanta. Given the demand, all newly constructed rental housing financed by the Authority has been for seniors and required HUD subsidy through either a HAP Contract or 202 Program. Adamsville Green Senior Apartments 90 Units Betmar Village Senior Apartments 48 Units Reynoldstown Senior Apartments 70 Units City Lights Senior Apartments 80 Units 6

7 Project Highlight Adamsville Green Senior Housing $900K HOB loan for a $13M project New construction of 90 independent senior apartments Includes community/movie room, fitness center, card access entrance, business center Used 9% LIHTC ($8M); TCAP ($1.8M); AHA Loan ($2M) Investor: RBC and Stateside Capital 7 Developer: Mercy Housing & Atlanta Neighborhood Development Partner.

8 Producing Where We Need The areas of Atlanta with the most jobs have the least affordable housing which require innovative ways to incentivize market rate developers to include affordable housing Creative Financing Sources & Programs Beltline Affordable Housing Trust Fund Grants Lease Purchase Bonds Tax Allocation District Financing Historic Tax Credits Community Land Trusts Tax Incentives Rent Restrictions Housing for Atlanta s Workforce (80% AMI Target) Ponce City Market Skyhouse Midtown Post Centennial Park Lofts at Reynoldstown Crossing 8

9 Project Highlight Ponce City Market (Adaptive Reuse) $2M grant for a $37M housing component project creating 52 workforce housing units located in higher cost area Adaptive reuse of 2M sq. ft. into 450K sq. ft. of office, 330K sq. ft. of retail and restaurant, 259 residential units Athena Healthcare will occupy 80K sq. ft. of office space, providing 500 jobs Total project investment of $300M Developer: Jamestown Properties 9

10 Project Highlight Lofts at Reynoldstown Crossing $1.1M grant for $5.1M project Conversion and adaptive reuse of warehouse to 30 condominiums Avg. purchase price $150K Includes sales office with clubhouse, business/computer center, fitness center, community room, gazebo, picnic area 1 st Community Land Trust Model in 25+ years Developer: Atlanta BeltLine, Inc. and Urban Realty Partners 10

11 Questions??