Affordable Housing - Funding Trends in the US
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2 THE GROWING CRISIS IN RENTAL HOUSING 4. Decrease Construction Costs: Local and state officials must review local and state building code and zoning requirements to determine if they can be amended to decrease the cost of building affordable housing for extremely-low income families, consistent with basic principles of resident health and safety. THE OPPORTUNITY FOR COLLECTIVE IMPACT Our community, state and nation are 5. Support More Cost-Effective Environmentally Sensitive Building Practices. Renter-occupied Units in MiamiDade County to 2012 faced with both a growing need for affordable rental housing and an 383,630 opportunity to chart a new direction toward economic vitality and beneficial 346,119 THE STATE AND NATIONAL HOUSING TRUST FUNDS tax on real estate transactions, the proceeds of this housing trust fund have unfortunately been appropriated of opportunity for this to happen, 2000 including the existence of affordable this demand. The need to use these incentivize the use of energy efficient practices in the development of affordable housing. support the development of affordable rental housing and homeownership. Financed via a documentary come together to create a large window housing trust funds designed to address legislators and public officials should promote cost-effective construction practices and enact measures to In 1992, the Florida Legislature established a housing trust fund, also known as the Sadowski fund, to 327,449 social impact. Many circumstances have State and local Source: U.S. Census Bureau, ACS. by the state legislature for other uses during the past four years. Should these funds be allocated to affordable housing as originally intended, Miami-Dade County and its participating municipalities would receive almost $14 million in revenue in 2015.i funds as originally intended is amplified by the increasing crisis in rental housing. If used appropriately to At the national level, Congress created the National Housing Trust Fund (NHTF) in 2008 to provide a develop the necessary housing, trust fund moneys will have a significant positive impact on the state and dedicated source of funding for affordable housing through the award of a portion of the profits of the local economies, including job creation and an increase in consumer activities. government sponsored enterprises Fannie Mae and Freddie Mac. Unfortunately, both of these entities went into receivership soon after and the NHTF has not been capitalized, despite their return to profitability. SUMMARY OF RECOMMENDATIONS Were the fund capitalized as intended, the state of Florida would receive over $250 million for every $5 1. Increase Federal and State Appropriations for Affordable Housing: Federal, state and local MiamiDade legislators must actively support increasing the federal and state funding for affordable housing. This includes the state Sadowski programs, SAIL and SHIP, the federal National Housing Trust Fund and the CDBG, HOME, Section 8, LIHTC, and Public Housing programs. 2. Allocate More Housing Funding For the Lowest Income Families: State, federal and local policy makers must work vigorously to increase the proportion of federal, state and local funding awarded to the billion invested in the NHTF.ii Expenditure of the above state and federal funding for housing renovation and construction will have a direct impact on the local economy including new jobs and increased consumer activity. Moreover, by making housing affordable to cash-strapped households, renters will have more money available for purchasing goods and services in the local economy. development of affordable housing for the lowest income households. Funding sources include SAIL and In addition to the above positive economic impacts that would be realized through development of federal tax credits awarded by the Florida Housing Finance Corporation, and SHIP, CDBG, HOME and affordable rental housing, there are yet other benefits. It is well documented that stable housing generates a Surtax dollars awarded by the Miami-Dade Department of Public Housing and Community Development. number of positive social outcomes including improved health and education outcomes for children and 3. Advance Innovative Sources of Funding for Affordable Rental Housing: Miami-Dade County s local families. For example, a national study that included residents of Miami-Dade County found that children and state policy makers must work with affordable housing advocates and developers to advance innovative living in affordable housing were in better health and more likely to be promoted to the next grade at the sources of funding to increase the supply of affordable rental housing for extremely-low income residents. end of the school year.iii This includes innovative public funding, as well as the Miami Homes For All Campaign, a local initiative of the Miami Coalition for the Homeless that enlists private philanthropic investments in extremely-low income housing. 1 2
3 should not pay more than 30% of their income in rent. But by 2012, the median renter household was paying PREVENTION OF HOMELESSNESS Yet another opportunity presented by the development of affordable rental housing, especially targeting over $300 more per month than they could afford. extremely low income (ELI) households, is to mitigate the incidence of homelessness caused by sheer Miami-Dade County Renter Income vs Renter Costs (in constant 2011 dollars) economic necessity, thereby decreasing the amount of tax dollars spent on the provision of homeless and health services.iv So while meeting the demand for affordable rental housing may appear challenging, it will actually save public funds spent on remedying the homelessness caused by the fact that market rents are unaffordable for many households. WHAT IS AN AFFORDABLE RENT? The rule of thumb is that to maintain household financial health, one should spend no more than 30% of household income on housing expenses. For renters, this includes utility costs as well as rent. If households pay more, they must skimp on other necessities, such as food, medical care, child care or school supplies. Renter households in financial straits can swell the lines at the food pantry and the soup kitchen, increase demand for emergency assistance to pay the utility bill and show up in the emergency room without health insurance. Renters in this market whether hard-working families, young people making entry-level wages, the elderly or the disabled all find it tougher and tougher to make ends meet. $50,000 $45,000 $959 $40,000 Finally, by developing a systematic approach to meeting the $35,000 need for affordable rental housing, we can truly have a $30,000 social and economic impact that will forever change the $25,000 landscape of our community. $20,000 As documented by the Housing Commission of the Bipartisan Policy Centerv, Harvard s Joint Center for Housing Studiesvi, and the University of Florida s Shimberg Center for Housing Studiesvii, there has been a significant decrease in recent years $1,049 $1,061 $1,057 $1,000 $800 $647 $600 $400 $15,000 $10,000 $5,000 in the total number of units affordable and available to $200 $22,773 $28,387 $28,245 $27,853 $29, Median Income, Renter Households extremely low-income households. This is true at the national, $1,200 Median Gross Rent state and local levels. At the state level, there has been a marked decrease in homeownership and an increase in renter households since the economic crisis. Between 2005 and 2011, the number of owner households decreased by 3%, while the number of renter households increased by 10%.viii While incomes have stagnated, the increasing demand for rentals has led to an increase in residential rents, leading rental housing to become unaffordable to many.ix Locally, Miami-Dade County renters have seen a jump in rental costs during the last decade that has not been matched by a proportionate rise in income, leading to a crisis situation. While median rents have increased by more than 60%, median renter incomes have increased by less than 30%. As illustrated by the chart below, rents were Source: Shimberg Center for Housing Studies, THE SITUATION IS FAR WORSE FOR LOWER INCOME FAMILIES There is a frequent misperception that there is an abundance of public, affordable, and assisted housing (including rental vouchers) available for lower income families. In reality, in Miami-Dade County, there are only 33 affordable and available rental units for every 100 ELI households, leaving a gap of more 46,000 units.x With affordable housing in short supply, low-income renters have little choice but to occupy housing that costs more than they can afford, or to live in inherently unstable shared housing situations, or in unsanitary or unsafe conditions. Rents are particularly unaffordable for families subsisting on Florida s minimum wage of $7.93 per hour and the elderly and disabled relying on old age or disability benefits of a little more than $700 per month. But even households whose breadwinners earn a bit more find rents in Miami-Dade County to be a challenge. already unaffordable to Miami-Dade renters in 2000 based on the generally accepted rule that households 3 4
4 Ms. Amy Rivas xi is an example of such a family: Employed as a security guard, she earns $9 per hour, and takes home around $650 every two weeks with occasional overtime pay. In 2013, she lost the 2-bedroom apartment she shared with her two teenage sons because she was unable to pay the $1,100 monthly rent (this was the lowest cost rental she could find after a long search). Before becoming homeless, this family was paying almost 80% of their income for rent. Even with federal SNAP benefits to supplement their food budget and paid medical care (Florida Kidcare) for her sons, Ms. Rivas had insufficient money for other necessities, such as transportation, school supplies and clothing. Yet finding lodging she can afford is her family s only avenue for leaving the homeless shelter in which they now reside. past decade. This change has been particularly dramatic in Miami-Dade County. While one in four renters paid more than half their income in rent in 2000, more than one in three did so in $41,721 Banker Teller $25,366 Carpenter $44,021 Child Care Worker $27,622 $36,468 Delivery Truck Driver $32,584 Dental Assistant $32,663 $51,602 $47,137 Food Prep. Worker $22,821 Front Desk Manager 24.39% 31.40% 34.82% 35.79% 34.44% $44,260 Groundskeeper $28,552 Hairdresser $24,222 Home Health Aide 22.75% $25,784 Janitor 29.08% 50% 26.12% 40% 27.42% 25.96% $24,553 Longhaul Truck Driver $37,904 News Reporter $37,387 Nurse (LPN) 45.65% 10% 0% one-bedroom apartment let alone a two-bedroom apartment, as needed by Ms. Rivas family. Family Social Worker 70% 20% local workers in many occupations fail to earn enough to afford the median rent in Miami-Dade County for a Elementary School Teacher 100% 30% recent increases and are far more likely to be unable to afford market rents. As shown in the following chart, Customer Service Rep. Estimated Percentage of Cost Burdened Renters in Miami-Dade, % not evenly distributed. Lower income households like Ms. Rivas experience greater financial burdens from Administrative Assistant The percentage of households paying more than 50% of their income for rent has increased in Florida in the 80% The ability of households to afford the higher rents occasioned by the economic changes of the past decade is Housing Miami-Dade Workers: Median Salaries by Occupation vs. Median Rents MS. RIVAS FAMILY IS NOT UNUSUAL 90% LOWER INCOME HOUSEHOLDS ARE MOST LIKELY TO SUFFER $41,092 Paralegal 34.24% 32.36% 30.88% 32.33% $55,111 Police Officer $49,552 Retail Salesperson Cost Burden Less than 30% 2010 Cost Burden 30.0 to 49.9% Cost Burden 50% or More $24,162 School Bus Driver $22,173 Security Guard $28,592 Telemarketer $34,887 Welder Source: Shimberg Center for Housing Studies, $40,252 $10,000 $20,000 $30,000 Income needed to afford median rent: Source: National Housing Conference, $40,000 $50,000 1BR = $35,040/2BR = $44,880 $60,000
5 This situation is unlikely to change in the near future: The number of jobs in Miami-Dade County employing Not reflected in the table are competitively awarded state-administered SAIL funds, which in 2014 will amount more than 10,000 workers and paying less than $20 per hour is projected to increase by 10% through 2020, to $68 million statewide if appropriated by the state legislature. while the proportion that these workers represent of the total Miami-Dade workforce will remain 30%.xii FIVE STEPS TO ENSURE AN ADEQUATE SUPPLY OF AFFORDABLE RENTAL HOUSING 1. INCREASE FEDERAL AND STATE APPROPRIATIONS FOR AFFORDABLE Additional federal programs include Public Housing, Section 8, LIHTC and the NHTF. The federal government has not appropriated funding for new public housing since the mid-1990 s,xiii and has failed to adequately fund local governments to administer and maintain existing public housing.xiv Congress has also HOUSING failed to authorize sufficient Section 8 vouchers to meet the need. In 2012, the five jurisdictions in Miami- As shown by the chart below, both federal and state funding for affordable housing decreased Dade County that receive Section 8 vouchers (Miami-Dade, Miami, Miami Beach, Hialeah and Homestead) substantially between 2008 and 2013, while local funding has seen an increase, highlighting its were housing 21,131 households with Section 8 vouchers.xv In recent years, the number of vouchers funded importance. Federal affordable housing funds awarded to local jurisdictions include those awarded nationally has been approximately one fourth of the number of vouchers needed by households who are through the Community Development Block Grant (CDBG) program, and those that come through burdened by the high cost of rent.xvi the HOME program. Since 2008, these funding streams have decreased by 35% in Miami-Dade County. Funding for the LIHTC is provided to states at the rate of $1.75 per resident. This competitive program State affordable housing financing awarded to local governments is made available through the SHIP administered by the Florida Housing Finance Corporation (FHFC), allows developers to obtain needed cash program, which was established under the Sadowski Act. Since 2008, this funding has decreased by by selling federal income tax credits to corporations and individuals in need of tax write-downs. In 2013, 95%. If Sadowski funds are allocated in 2014 as provided when the program was enacted, Miami- Florida was allocated almost $43 million, which was awarded to developers by the FHFC.xvii Dade County would receive almost $14 million in SHIP funds, plus an additional $4 million if the excess documentary stamps collected during the last fiscal year are allocated to this year s SHIP The National Housing Trust Fund (NHTF) was created by Congress in 2008 to provide a source of revenue program. for affordable housing, of which 75% must benefit extremely-low income households. Funds were to be contributed through a portion of the profits from Fannie Mae and Freddy Mac, but due to the housing crisis Affordable Housing Funds - Miami-Dade County and economic downturn, profits were not realized until Unfortunately, even since Fannie and Freddy $100,000,000 $90,000,000 regained profitability, no monies have been paid into the NHTF. In addition to funding the NHTF through $80,000,000 $20.9 $70,000,000 $8.9 $60,000,000 $8.6 $9.6 existing law, an alternative funding strategy has been proffered by the National Low Income Housing Coalition. $15.0 $624,082 $50,000,000 $40,000,000 $30,000,000 $63.6 $65.8 This calls for reforming the existing federal homeowners mortgage interest deduction and directing that a $19.3 $19.1 $28.0 $728,085 $403,844 $69.0 $61.1 $43.6 $20,000,000 $41.3 Surtax would receive $266 million for every $5 billion contributed to the national fund. xviii SHIP Federal Funds $10,000,000 portion of the decreased tax expenditure be used to fund the NHTF. Should the NHTF be capitalized, Florida RECOMMENDATION: Federal, state and local Miami-Dade legislators must actively work to support increasing the federal and state funding for affordable housing. This should include additions to the SAIL, SHIP, HOME, CDBG, Section 8, LIHTC, NHTF, and Public Housing programs Source: Housing and Urban Development, Florida Housing Finance Corporation, Miami-Dade County Public Housing and Community Development, ALLOCATE MORE FUNDING FOR THE LOWEST INCOME FAMILIES The majority of the affordable rental housing created in Miami-Dade County in the past 25 years has been made possible through federal low-income housing tax credit (LIHTC) funding because the sale of these credits 7 8
6 provides needed cash for affordable development. Between 1990 and 2010, FHFC awarded more than $900 program (CDBG) requires that affordable housing activities benefit households with income that is less than million in the form of federal tax credits, low cost SAIL loans mortgage revenue bonds, and miscellaneous 120% AMI.xxi To the extent either HOME or CDBG funding are used for affordable rental housing local funding to developers in Miami-Dade County, increasing the number of affordable rental units by more than jurisdictions should require that at least 20% of the units be targeted to ELI households, those most in need of 27,000. However, almost all of this funding was used to build units for households with income above 30% of affordable housing. Area Median Income (extremely-low income, or ELI). This resulted in only 5% of the units being made available to extremely-low income households, those subsisting on present incomes of $20,400 for a family of four, i.e., the most burdened by rental costs. In recent years, FHFC has been requiring developers to set aside 10% (and more recently, 20%) of affordable units for ELI households as a condition of receiving this funding, but this percentage needs to be increased to reflect the proportion of eligible cost-burdened renter households that are ELI.xix The remaining federal programs, Section 8 and Public Housing, do focus on households with extremely-low income: Section 8 rental assistance, which requires that 75% of households initially receiving vouchers in any fiscal year have income at or below 30% AMI,xxii while a minimum of 40% of new public housing residents each year must be ELI.xxiii Additional affordable housing programs, both of which are administered locally, include the state SHIP program and the local documentary stamp Surtax program. The SHIP program is for the benefit of families Rental Units Financed by FHFC by Population Served, % and 140% AMI, 136 1% 33% AMI or below, 1,321 No Limit 1,084 5% Less than 50% AMI, 4% 1,200 4% who are very-low income (50% AMI or less), low-income (80% AMI) and moderate-income (120% AMI).xxiv The Surtax program is for the benefit of families who are low-income (80% AMI or less), and moderate-income (between 80% and 140% AMI).xxv To the extent that either of these programs are used to develop affordable rental housing, local jurisdictions should require that at least 20% of the units be targeted to ELI households. RECOMMENDATION: State, federal and local Miami-Dade policy makers must work vigorously to increase the proportion of state, federal and local affordable housing funds allocated to rental housing for ELI households. 3. ADVANCE INNOVATIVE SOURCES OF FUNDING FOR AFFORDABLE RENTAL HOUSING 50% and 60% AMI, 23,848 86% The State Legislature and Miami-Dade County have worked together in the past to create dedicated revenue sources that allow the county to gather local funds to solve local problems. Once authorized by the State Legislature, Miami-Dade County enacted a surtax on documentary stamps in 1983,xxvi and, in 1993, enacted a tax on food and beverages consumed in Miami-Dade establishments licensed to sell alcoholic beverages.xxvii Nationally there have been initiatives, such as the Social Impact Bond and the EB5 immigration visa program Source: Florida Housing Finance Corporation, Not all affordable housing is funded using LIHTC moneys. Among federal affordable housing programs administered by local governments, HOME requires that 90% of moneys used to develop rental housing be for the benefit of families with income less than 60% of AMIxx, and that the remainder of the funding be used for the benefit of families with income less than 80% AMI. The Community Development Block Grant 9 that are groundbreaking financing strategies that should be explored to ascertain their viability as investment resources for affordable rental housing. The Miami Coalition for the Homeless (MCH) has followed the lead of Boston s philanthropists who created a Home Funders program over ten years ago to incentivize the development of rental housing for extremelylow income households. A similar effort, Home For Good, was implemented to house homeless people in Los Angeles. MCH named its groundbreaking initiative Homes For All, and is enlisting financial support through 10
7 of existing affordable housing can be used to build up capital reserves, service additional debt, make repairs, or improve building operations.xxx a collaboration of private Program Related Investments and public investors. Through low interest loans, structured set asides and the allocation of operating subsidies where appropriate, we believe that developers of existing affordable housing can be used to build up capital reserves, service additional debt, make repairs, or xxx RECOMMENDATION: and local legislators and public officials should promote cost-effective improve building operations.state can be incented to invest in our community s revitalization and commit to allocate 20% of mixed income construction practices and enact measures to incentivize the use of energy efficient practices in the affordable rental housing units for extremely-low households at 30% Area Median Income (AMI) or below. development of affordable State housing. RECOMMENDATION: and local legislators and public officials should promote cost-effective RECOMMENDATION: Miami-Dade County s local and state policy makers must work with affordable housing advocates and developers to advance innovative sources of funding to increase the supply of affordable rental housing for extremely-low income residents. 4. DECREASE CONSTRUCTION COSTS BY STREAMLINING ZONING AND CODE construction practices and enact measures to incentivize the use of energy efficient practices in the development of affordable housing. CONCLUSION There is no better time than now to focus on the opportunity to prioritize affordable rental housing CONCLUSION development. There is growing recognition among national policy experts of the increasing financial burdens on low-income families needto tofocus focusononthe narrowing the gap between affordable rents and incomes. The There is no better timeand thanthenow opportunity to prioritize rental housing philanthropic is increasingly aware that efforts arepolicy needed to specifically assist low-income families development. community There is growing recognition among national experts of the increasing financial burdens REQUIREMENTS with stable, affordable the narrowing valuable philanthropic resources on social on low-income familiesrental and housing. the needotherwise to focus on the gap between rentsthey andexpend incomes. The The fact that rental housing is unaffordable to households with the lowest incomes is in part explained by the services become systemically undermined by the ofspecifically individualsassist and families whofamilies cannot philanthropic community is increasingly aware thatincreasing efforts arenumbers needed to low-income costs associated with building housing in our country today. Contributors to high costs include unnecessarily afford housing, leading rental to housing instability, loss the of employment, emotionalresources and educational deficits with stable, affordable housing. Otherwise valuable philanthropic they expend onamong social restrictive code and zoning requirements. While health and safety considerations must be maintained, overly children, and outright homelessness. services become systemically undermined by the increasing numbers of individuals and families who cannot restrictive specifications such as requiring minimum size of rooms and apartments (square footage afford housing, leading to housing instability, loss of employment, emotional and educational deficits among Programs have been enacted in Congress (NHTF) and by Florida s legislature (Sadowski Trust Fund) to provide children, and outright homelessness. dedicated funding sources for affordable housing these programs simply need to be adequately funded in requirements) and increasing the number of bathrooms required in new and renovated units increase costs and are often dictated by modern sensibilities rather than considerations of hygiene or security. Relaxation of these zoning and code requirements in appropriate cases will bring down construction costs by allowing the building of smaller units with fewer amenities, on the condition that rents are affordable. Such changes in code and zoning should also apply to the renovation of existing multifamily buildings that were built under older laws, and are in need of substantial renovation. This will enable community developers to rehabilitate existing housing without increasing rents to unaffordable levels. accordancehave with existing law. In addition, moreand state administered funding (federaltrust tax credits state Programs been enacted in Congress (NHTF) by Florida s legislature (Sadowski Fund) toand provide Sadowski and locally administered funding (federal CDBGsimply and HOME and local Surtax) dedicated moneys) funding sources for affordable housing these programs need tomoneys be adequately funded in should be directed to the lowest income households. Finally, our community to work strategically and accordance with existing law. In addition, more state administered fundingneeds (federal tax credits and state collaboratively to identify and administered cultivate innovative funding to increase of Sadowski moneys) and locally funding sources (federal of CDBG and and HOME moneysthe andavailability local Surtax) affordable housing to by the relaxing unnecessary zoning and Finally, code requirements and making of green technology should be directed lowest income households. our community needs touse work strategically and and energy efficiency. collaboratively to identify and cultivate innovative sources of funding and to increase the availability of building code and zoning requirements to determine if they can be amended to decrease the cost of affordable housing by relaxing unnecessary zoning and code requirements and making use of green technology As a community it behooves us to embrace the public policy strategies outlined above, which, combined with and energy efficiency. MCH s Miami Homes For All housing fund, will enable us to engage in a positive collective impact resulting building affordable housing, consistent with basic principles of resident health and safety. in like Ms.it Rivas being to live inthe a home can strategies afford, thus fulfilling their which, own American dream. Asfamilies a community behooves usable to embrace publicthey policy outlined above, combined with RECOMMENDATION: Local and state legislators and public officials must review local and state MCH s Miami Homes For All housing fund, will enable us to engage in a positive collective impact resulting 5. SUPPORT MORE COST-EFFECTIVE CONSTRUCTION AND ENVIRONMENTALLY in families like Ms. Rivas being able to live in a home they can afford, thus fulfilling their own American dream. SENSITIVE BUILDING PRACTICES Florida Housing Coalition, SHIP Distribution Scenarios, estimate does not includes $59.69 million in additional statewide SHIP revenues that are estimated to be available due to higher collections during FY i Florida Housing Coalition, SHIP Distribution Scenarios, If these revenues are included, the amount of funding that wouldestimate be available Miami-Dade County content/uploads/2012/03/ship distribution-scenarios.pdf.this doestonot includes $59.69 and its participating municipalities be roughly million.to be available due to higher collections during FY million in additional statewide SHIPwould revenues that are$18 estimated 12Allocations for Every $5 Billion Invested in the National ii National Low Income Housing Coalition, Estimated State Housing Trust Fund, June 28, 2013, iii Harkness and Newman, Housing Affordability and Children s Well-Being: Evidence from the National Survey of 12 America s Families, Johns Hopkins University, p iv U.S. Interagency Council on Homelessness, Opening Doors: Federal Strategic Plan to Prevent and End Homelessness, 2010, p. 18. v Bipartisan Policy Center, Housing America s Future: New Directions for National Policy, February 2013, i Cost efficiencies are possible in the use of innovative mass design, such as the Hi-Res Miami Projectxxviii. Savings in utility costs can also be gleaned by incorporating energy and water saving principles such as water conservation, and the use of insulation and energy star appliancesxxix. Operating savings resulting from retrofits 11
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