The Changing Landscape of Housing Presenter: Alfred B. Henson, PhD

Transcription

1 The Changing Landscape of Housing Presenter: Alfred B. Henson, PhD Annise Parker, Mayor Neal Rackleff, Director

2 PRESENTATION OUTLINE I. Affordable Housing v Housing Affordability II. Housing Affordability Index Data III.Single and Multifamily Landscape Disaster Recovery Model

3 How do we measure equity in housing opportunity? Affordable Housing v. Housing Affordability

4 How do we measure equity in housing opportunity? Affordable Housing v. Housing Affordability

5 Housing Affordability Index Affordability Index = median housing value (MHV) median family income (MHI) Additional variables are added for other indexes such as down payment amount, monthly debt, mortgage rate, annual property taxes, and annual homeowner insurance.

6 Housing Affordability Index Scoring Example 1: MHV of $100,000 / MHI of $25,000 = 4 Example 2: MHV = $100,000 / MHI = $50,000 = 2 Example 3: MHV = $250,000 / MHI = $80,000 = Example 4: MHV = $250,000 / MHI = $120,000 = 2.08 Example 5: MHV = $500,000 / MHI = $170,000 = 2.94 Example 6: MHV = $500,000 / MHI = $200,000 = 2.5

7 2010 5Yr Yr ACS Housing Affordability Change Legend Affordability Change % CHANGE

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9 Areas of Most Damage Legend METRO Lightrail Phase 2 Light Rail Transit

10 Reinvestment Nodes Worked with LISC to hold: 13 community meetings 500 participants Tier 1 = 1 st Choice Tier 2 = 2 nd Choice Tier 3 = 3 rd Choice Community Reinvestment Areas Based on: Needs assessment Planning study Location of competitive MF proposals For illustrative purposes only.

11 Defining Our Place-Based Investment Strategy Neighborhoods Of Opportunity Partners in the Conversation: City of Houston HUD TOP Civic Leadership Texas Low Income Housing Information Service Texas Appleseed LISC Enterprise Community Partners

12 2010 5Yr Yr ACS Estimates Affordability Changes in CRA and CRA Outreach Legend Affordability Change % CHANGE

13 2010 5Yr Yr ACS Estimates Legend Affordability Change % CHANGE

14 CRAs and CRA Outreach Areas

15 Disaster Recovery McKinley St. 221 Homes 100% Completed

16 Disaster Recovery 2 Single-Family $63 million available 325 eligible applicants 275 to be funded 29 homes completed 20 new construction 9 rehab 27 under construction 43 homes permitted Completion: Sept. 30, 2015

17 First of Designed Homes Nearing Completion: 1-2 weeks

18 Demolitions and Construction Under Way in OST Area

19 Disaster Recovery 2 Multifamily Finalists All 5 city projects approved by GLO 4 of 5 projects closed 3 projects under construction Project Name # of Units Affordable Units Total Project Cost Avg. $ Per Unit Total $ Request from HCDD Avenue Station $12,504,186 $183,885 $5,500,000 Bayou Fifth $26,332,879 $160,566 $12,000,000 Cleme Manor $30,345,973 $106,852 $3,000,000 Residence at Hardy Yards $57,614,868 $131,307 $14,500,000 Village at Palm Center $41,736,723 $188,003 $15,300,000 TOTAL 1, $168,534,629 $160,784 $50,300,000

20 Near Northside Greater Fifth Ward CRA Outreach Areas Community Reinvestment Areas (CRAs) Proposed Multifamily Projects Old Spanish Trail / South Union Proposed Scattered Single- Family Rental Site For illustrative purposes only.

21 Near Northside Public Investment Project/Activity Metrorail Red Line North Extension Near Northside Infrastructure Improvements University of Houston Downtown Source of Funds Federal & Harris County Estimated Amount $756MM Status Complete DR MM Underway Texas HEAF 30.4MM Complete Residences at Hardy Yards DR MM Planned Avenue Station (f.k.a N. Main) TOTAL DR 2 5.5MM Planned $820.1MM

22 Near Northside Private Investment Project/Activity Estimated Amount Status Residences at Hardy Yards $57MM Planned Avenue Station (f.k.a N. Main) 2.7MM Planned Hardy Yards Remediation ~5MM Complete Hardy Yards Redevelopment TOTAL ~300MM $364.7MM Planned Total Public/Private Investment: $1.18 Billion

23 Near Northside DR2 Multifamily Projects Avenue Station - 68 Units 55 affordable, 13 market rate $12,504,186 total cost $5,500,000 COH investment Under construction Avenue Station Light Rail Residences at Hardy Yards ~350 Units 179 affordable, 171 market rate $57,614,868 total cost $14,500,000 requested from COH

24 Near Northside CRA Open Ditch Improvements

25 Fifth Ward Public Investment Project/Activity Source of Funds Estimated Amount Status Deluxe Theatre CDBG $5MM Approved Pleasant Hill Village Apts. CDBG 2MM Planned Bayou 5 th Rental Homes DR 2 12MM Planned Cleme Manor Apts. Rehab DR 2 and PSH 4.2MM Approved Bringhurst Infrastructure DR MM Approved Open Ditch Infrastructure DR MM Approved City Library City of Houston 8MM Planned Finnigan Park Rehab Harris County 1MM Complete Wheatley High School HISD 35MM Complete TOTAL $76.1MM

26 Fifth Ward Private Investment Project/Activity Estimated Amount Status MDI Site Remediation $6MM Complete KBR Site Acquisition 55MM Complete NFL YET Ctr. At Finnigan Park 2MM Complete Existing Townhome Development 20MM Complete Future Residential Development on MDI 150+MM Planned Cleme Manor Apts. Rehab 22MM Planned Bayou 5 th Rental Homes 14MM Planned TOTAL $269MM Total Public/Private Investment: $345 Million

27 Greater Fifth Ward CRA Hardy Yards site DeLuxe Theater Pleasant Hill Village New high-end townhouse development Lyons Avenue Bayou Fifth Single-Family rentals MDI site Fiesta Mart Wheatley High School Finnegan Park Cleme Manor Former KBR site Downtown

28 Fifth Ward DR2 Multifamily Projects Bayou Fifth Units All affordable units $26,332,879 total cost $12,000,000 requested from HCDD Apartments and scatter-site, free standing homes in concentrated area Cleme Manor Rehabilitation Units All affordable units $30,345,973 total cost $4,200,000 requested from HCDD Under construction

29 Greater Fifth Ward CRA Open Ditch Improvements

30 OST/South Union Public Investment Project/Activity Source of Funds Estimated Amount Status The Village at Palm Center DR2 $15.3MM Under Construction Metrorail Light Rail Purple Line Open Ditch Infrastructure Project Federal & Harris County 657MM Complete DR MM Approved Young Library TIRZ MM Planned Park at Palm Center TIRZ 7 960K Complete OST/Griggs Landscaping TIRZ 7 5.3MM Planned Zollie Scales Apartments NSP 8.8MM Complete TOTAL $701.6MM

31 OST/South Union Private Investment Project/Activity Estimated Amount Status Houston Texans YMCA $5MM Complete The Village at Palm Center 26.4MM Under Construction Zollie Scales Apartments 2.2MM Complete TOTAL $33.6MM Total Public/Private Investment: $735.2 Million

32 Village At Palm Center 200 affordable units, 22 Market rate 154 apartments, 68 townhomes 14,500 square feet of retail space $41,736,723 total cost $15,300,000 COH investment OST DR2 Multifamily Projects Under construction Artist Rendering

33 OST/South Union CRA Open Ditch Improvements

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35 HCDD Multifamily Pipeline DEAL STATUS HCD FUNDS # OF UNITS TOTAL PROJECT COST EST. COMPLETION Gulf Coast Arms U/C $ 6,675, $ 27,800,000 Mar-15 Watercrest at Kingwood U/C $ 3,261, $ 20,264,850 May-15 Villas at Colt Run U/C $ 3,000, $ 21,180,000 Jun-15 Heights Tower rehab U/C $ 10,000, $ 10,000,000 Aug-15 Temenos II U/C $ 3,000, $ 9,802,264 Nov-15 Cottages at South Acres U/C $ 3,160, $ 23,000,000 Jun-16 Light Rail Lofts UW $ 1,200, $ 7,400,000 Jun-16 Women's Home Phase 2 Closing 3/31/15 $ 3,500, $ 17,812,658 Mar-17 Kissito Riverside UW $ 4,000, $ 17,717,179 Jun-17 NHH at Harrisburg UW $ 6,617, $ 22,863,966 Jun-17 NHH at Reed UW $ 10,100, $ 31,197,200 Jun-17 Pleasant Hill Village rehab UW $ 2,000, $ 11,721,455 Jun-17 Woodland Christian Tower rehab UW $ 3,453, $ 6,200,000 Jun-17 Cleme Manor rehab U/C $ 4,260, $ 30,246,139 Sep North Main UW $ 750, $ 40,500,000 Jun-18 Sunrise Orchard UW $ 3,500, $ 9,266,133 Jun-18 TOTAL $25,936, $ 89,047,114 U/C = Under Construction UW - Underwriting

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