Building Affordable Housing for 22 Years

Transcription

1 Building Affordable Housing for 22 Years Mi Casa was founded in 1992 with a mission to foster diverse neighborhoods through redeveloping existing buildings and infill lots into affordable housing opportunities, and by reaching out to underserved communities. Our Single-Family Program turns vacant properties into energy efficient, affordable homes, providing first-time home-ownership opportunities to low income households. Our Multi-Family Program supports tenants to become selfsufficiency through purchasing and rehabbing their buildings, and forming limited-equity co-operatives or condos. Our Affordable Rental Program, develops vacant properties into affordable rental homes.

2 Accomplishments: 550+ single-family, co-operative and condo homes acquired, renovated, and sold to low and moderate income homebuyers in D.C. and Baltimore units of affordable rental housing developed or under construction Over 1100 District residents served. 73,000 s.f. of community educational space built Supported development of over 50 small and minority-owned businesses Who we Serve: Low-income residents: 75 % of people we serve earn less than 30 % or 50 % AMI, 95% below 80% AMI. 95 % African American, Latino and recent immigrants.

3 CPLC/ NALCAB NSP2 Consortium Mi Casa s NSP2 Award: 7.4 million (became more than 8.6 million with program income) -1.8 million for DC Co-op/ Rental Project -5 million for 2-phase Homeownership Project in Baltimore

4 Mi Casa s DC NSP2 Project: Selma Apartments and Unity Co-op Project description Two sister buildings (circa 1940) in DC s Brightwood Park Tenant purchase, plan to develop condos in one building, co-op in the other Kennedy St. NW After housing market crash, new development plan to develop 21 Kennedy as rental and 25 Kennedy as co-op Financing & Partnerships Co-op: NSP2, private financing and local housing vouchers to ensure deep affordability (below 30% AMI) Rental: NSP2, HOME, private financing, to secure 21 Kennedy as affordable rental Partnered with Latin American Youth Center (LAYC) to provide units to vulnerable youth transitioning to independent living.

5 Mi Casa s Baltimore NSP2 Project: Redevelopment through Homeownership in Baltimore Johnston Square neighborhood in East Baltimore Low-income community with high rate of vacancies and foreclosures, large historic homes, home-ownership rates lower than rest of city. Close to downtown, separated by highway 83/ half a mile from gentrified area.

6 Prospects for Redevelopment through Homeownership in Johnston Square Long-standing commitment from the city (part of City of Baltimore redevelopment plan from the late 70s) Strong Civic Association Long-term working and middle class African-American community Close to downtown, Mt Vernon/ Charles Street, and Hopkins Hospital Housing commissioner with vision directed strategic acquisitions Mi Casa awarded properties to rehab into homes for sale NSP2 funds came at just the right moment to support project

7 Johnston Square: Redevelopment through Homeownership in East Baltimore Photo: entitle Preston Street in Johnston Square Project Strategy & Outcomes Development Plan Financing Redevelopment Strategies Outcomes East Preston Street in Johnston Square

8 Johnston Square: Redevelopment through Homeownership in East Baltimore photo Development Plan Goals Corner of East Preston St and Greenmount Ave 30 rowhomes to be rehabbed and sold in two phases/ stagger marketing Encourage home-ownership in Johnston Square Restore historic facades along Preston Street and plant trees Green rehab: participated in Enterprise Green Rowhouse Challenge in Phase II and sought LEED Silver in Phase III

9 Johnston Square: Project Finance Project finance: - Phase II: NSP2 grant and construction loan repaid from home sales - Phase III: combination NSP2, City of Baltimore CDBG and HOME, and private construction loan Final sales: - New home-owners purchased at 50-75% appraised value - Second and/or third silent loans for up to appraised value - 15 year affordability period, forgivable loans - Phase III includes HOME and NSP2 subordinate loans

10 Johnston Square Redevelopment Strategy First homeownership phase across from townhomes developed in 80s ant homes and land. Acquire and rehab all vacants on two blocks of Preston St gateway Tangential redevelopment supported Preston Street rehab and vice versa Other streetscape improvements: mural, signage, trees Develop strategy for remaining vacant lots and rowhouses

11 Rebuilding the Historic Streetscape - Part of East Baltimore Historic District - Major structural challenges from long vacancy - Unstable additions removed - Most interiors needed complete rehab - Skill required to restore cornice, brick and doors - Formstone: Baltimore s own rowhouse façade style

12 Vacant Property Strategy Developed by City with input from developers and community Strategic acquisitions, rehab, demo Vacant land converted to 1.3 acres of urban farmland, rented to local farmer

13 Johnston Square Redevelopment Challenges: Level of rehab needed size of homes Renovating rowhouses to Energy Star 3.0 standards Retail redevelopment slow Tighter lending standards: -Mortgage lending to low-income buyers -Limited single-family construction lenders Issues with Phase II contractor and timeline Project not replicable without a funding source like NSP2 (?)

14 Johnston Square Redevelopment Outcomes: 30 vacant rowhomes renovated -LEED-Silver, Energy Star certified Creating a market: 17 of 30 homes sold; 7 under contract - Low-moderate income households able to buy first homes new residents moving to neighborhood Historic street scape restored on East Preston St Developed vacant property strategy Created jobs for 15 local Contractors and 15+ new Section-3 hires, some retained between phases

15 Johnston Square Redevelopment Outcomes: Before After

16 After Before

17 Johnston Square Redevelopment Outcomes: East Preston Street facades Insert before photo NALCAB Video: nsp2consortium.org/mi-casa.html