HomeMy WebLinkAboutAFC 05-20-10
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MEETING NOTICE
JCCOG Affordable Housing Committee Meeting
Thursday, May 20,2010 - 4:00 PM
Coralville City Hall Council Chambers
Agenda
1. Call to Order
2. Consider approval of Apri/1, 2010 meeting minutes
3. Public discussion (of any item not on the agenda)
4. Overview and discussion of housing tax credits and residential tax increment
financing
5. Overview and discussion of HOME consortiums
6. Overview and discussion of inclusionary housing programs
7. Discuss status of committee recommendations
(i) consider planning a final JCCOG Affordable Housing Committee meeting
9. Other business; Updates from members of local affordable housing projects
10. Adjournment
S:\PCD\AGENDAS\JCCOG\AHC\201 O\AFCagenda4-1-1 O.doc
MINUTES
JCCOG AFFORDABLE HOUSING COMMITTEE
THURSDAY, APRIL 1, 2010-4:00 P.M.
CITY HALL, CORALVILLE, IOWA
Members Present:
Members Absent:
Staff Present:
Others Present:
Call to Order:
City of Coralville:
City of Iowa City:
City of North Liberty:
City of Tiffin:
City of University Heights:
Homebuilders Association:
Housing Fellowship:
Johnson County:
University of Iowa:
Housing Trust Fund:
PRELIMINARY
Ellen Habel
Steve Long
Tracy Mulcahey
Royce Phillips
Louise From
Glenn Siders
MaryAnn Dennis
Andy Johnson
George Hollins
Tracy Achenbach
Iowa City Area Association of Realtors: Cheryl Nelson
ICCSD: Lane Plugge
Clear Creek Amana School District: Paula Vincent
Kris Ackerson, Linda Severson, John Yapp
Carol Spaziani (League of Women Voters); Mark Patton (Iowa Valley Habitat for
Humanity); Charlie Eastham (Housing Fellowship)
John Yapp called the meeting to order at 4:05 p.m.
Consider Approval of January 28.2010 Minutes:
Public Discussion:
Johnson moved to approve the minutes and Havel seconded. The motion passed unanimously.
None.
Discuss developer incentives to encouraae affordable housina:
Yapp began the discussion by outlining potential incentives that local governments can use to encourage
affordable housing. Siders, speaking as a housing developer, relayed his concern with affordable housing
discussions because the building industry is often asked to bear the financial burden in providing
affordable housing, particularly when it is required through regulation. He went on to say that the
incentives the committee has discussed to date are modest - developers need subsidies to make
affordable housing without becoming insolvent. Dennis noted that even though the Housing Fellowship is
a nonprofit agency, they still struggle with the expenses of residential development and have the same
overhead expenses as for-profit developers, and require the same subsidies to remain viable.
The committee members discussed policies and fiscal measures that local municipalities could employ to
increase availability of affordable housing, including:
. Preapproved designs - cities that offered preapproved design plans could significantly reduce
upfront costs (time and expense) of developing affordable housing.
. Local consortium for federal funding - the cities in the urbanized area could explore the potential
of creating a consortium to allow all communities, not just Iowa City, to access federal HOME
Program funds. Instead of competing for funds, a consortium would act as a cooperative to
leverage Federal funds.
Affording Housing Committee
April 1 , 2010
Page 2
. General Obligation Bonds - cities could loan general obligation bond funds to non profits at low
interest rates to develop affordable housing.
. Dispel the myths - A consortium or another public entity could be tasked with educating the
public about affordable housing facts and myths.
. Guaranteed buyers/dwellers - residential development is often a speculative sector and
developers might be more inclined to develop affordable units if municipalities or housing
providers partnered to ensure tenants or buyers when construction is completed. Developing
housing with a waiting list of pre-approved buyers is an example of this practice.
. Land dedication - if properties were given to developers, it would be more feasible either by the
public or as a donation by a private entity to develop affordable housing as land costs would be
negligible.
. Creating partnerships - If a non-profit affordable housing developer partners with a for-profit
developer, they can work together to mix affordable units into a larger development and share
some overhead and infrastructure expenses. Local governments can encourage this type of
partnership by participating in some expenses (infrastructure) or by accessing local, state or
Federal funds to subsidize development expenses.
. Explore Tax Increment Financing for residential development - The committee briefly discussed
the pros and cons of utilizing TIF districts to foster affordable housing in residential zones, and
noted it is an option but not very attractive.
The Committee discussed the fact that no one incentive is enough to encourage affordable housing, and
that cities would need to offer a variety of forms of assistance. The municipal representatives on the
committee noted that cities do not have cash available for affordable housing subsidies, but may be able
to assist in other ways such as accessing Federal Funds or low interest loans.
Overview of the percentaae of rental vs. owner occupied housina:
Ackerson reviewed a portion of the Iowa City Area Affordable Housing Market Analysis (2007) which
outlined rental vs. owner occupied housing in the area. The committee also reviewed a map showing the
density of rental housing based on 2000 U.S. Census data, which illustrated the downtown Iowa City and
Highway 6 corridor in Coralville contain the highest concentration of rental housing.
Review identified vacant and underdeveloped parcels:
Ackerson reviewed the memo and map submitted regarding this topic. Redevelopment is one of the most
effective ways to revitalize underdeveloped areas with physical, environmental, or economic conditions
which act as a barrier to new investment by private enterprise. Through the redevelopment process, a
project area receives focused attention and financial investment to reverse deteriorating trends,
rehabilitate and add to the housing stock, and gain active participation and investment by citizens which
may not otherwise occur.
Ackerson noted a total of 1,921 properties in the urbanized area are vacant or underdeveloped (I.e., land
has more value than any building(s) currently on the parcel), which could also incorporate affordable
housing incentives. Maps of these properties were also reviewed.
Identifv Topics for Next Aaenda:
Long offered to research previous discussions of a consortium approach to federal HOME Program
funds.
Topics for the next meeting: inclusionary zoning; Community Reinvestment Act; consortium for federal
HOME Program funds; Tax Increment Financing (TIF) for residential development.
Affording Housing Committee
April 1, 2010
Page 3
Discuss Next Meetina Time and Location:
The next meeting will be May 20 at Coralville City Hall at 4pm.
Other Business:
None.
Adiournment:
The meeting was adjourned at 5:18 p.m.
S:\PCDlMinuteslAffordable Housing Committee\aff hsg 4-01-10.doc
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Date: May 11,2010
To: JCCOG Affordable Housing Committee
From: John Yapp, Director, JCCOG
Re: Agenda Item #4: Overview of housing tax credits and residential tax increment
financing
Low Income Housing Tax Credits
The Low Income Housing Tax Credit ("Tax Credit") is a federal incentive to support the
construction of low- to moderate-income rental housing units. This Tax Credit, as opposed to
a subsidy, is a dollar for dollar reduction (or credit) to offset an owner's federal tax liability on
ordinary income. Tax Credit interest may be syndicated or sold to generate equity for the
developments, thereby reducing the necessary mortgage financing and providing more
affordable terms. The Tax Credit frequently fills the final gap in providing financing for an
affordable housing project.
The Iowa Finance Authority (IFA) has been the Tax Credit agency for the State of Iowa since
1986. Over 17,000 Tax Credit housing units have been created since 1986, in 83 counties.
The Tax Credit is available to individuals, corporations and partnerships for new construction,
substantial rehabilitation and acquisition of affordable rental projects. The Tax Credit is
available to nonprofit and for-profit entities.
What role does local Qovernment have in Tax Credit proiects?: Because Tax Credits are
federal credits administered by the State, local government does not have a direct role in
awarding/approving the Tax Credit. Local government does have a role, however, in the
zoning and site plan approval process, and in gap-financing other parts of the project with
other funds such as CDBG, HOME or local funds.
Residential Tax Increment Financing
Tax Increment Financing is a method to use the increase in tax revenue from a
developed/developing property to fund public improvements, infrastructure or refund property
taxes. Unlike tax abatement, property in TlF districts is fully taxed. The taxes generated
over and above the base value of the property are retained however for use within the TIF
district - typically these funds are used to fund infrastructure associated with the
development, thereby reducing the development cost for the developer. Instead of other
taxing entities receiving tax revenue due to the increase in taxable value, the incremental
increase in tax revenue is used to off-set project costs.
C:\Documents and Settings~yapp\Desktop\MemoForm-newJCCOG.doc
Under Iowa law, tax increment financing for residential districts is permitted, but carries
requirements for low- to moderate-income housing. In simple terms, a local government
approving a TIF District must provide for low- to moderate income housing in an amount
equal to the percentage of low- to moderate- income housing in the county.
Criticism of Residential TIF Districts: The criticism of residential TIF Districts as opposed to
commercial & industrial TIF Districts is that:
1) Residential projects do not create near the incremental increase in tax value
compared to commercial and industrial developments; and
2) Residential projects create much more demand for services from local
government entities than commercial and industrial projects.
What makes residential TIF projects objectionable from a fiscal perspective is that they
combine stagnant tax revenue with increasing service delivery costs, at least until the TIF
District expires. This can stretch local governments thin until the TIF district expires and the
full taxable value of the project is realized. It is a political question whether or not a
residential TIF district, in the long term, is worth the short-term difficulty of providing
increased services without increased revenue from the residential TIF project.
C:\Documents and Settings\jyapp\Desktop\MemoForm-newJCCOG.doc
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Date: May 13, 2010
To: JCCOG Affordable Housing Committee
From: Linda seve~~an Services Coordinator
Re: Agenda Item # 5: Overview and Discussion of HOME consortiums
Under the HOME Program of the U.S. Department of Housing and Urban Development (HUD), local
governments are able to join together to form a "consortium" in order to receive HOME Funding for
affordable housing. Forming a consortium enables local governments that would not otherwise qualify for
HOME Program funding under the formula criteria to join with other units of local government to receive a
direct allocation of funds. This creates an opportunity for these jurisdictions to take a more regional,
collaborative approach to meeting their affordable housing needs. Currently, the City of Iowa City, as an
entitlement city, receives CDBG and HOME funds directly. Other cities must compete for these funds
through the East Central Iowa Council of Governments (ECICOG).
What is a Consortium?
A consortium consists of contiguous units of general local governments that come together to qualify for a
direct allocation of HOME funds from HUD. The consortium functions as a HOME participating jurisdiction
(PJ) with all of the responsibilities of a PJ to meet the HOME Program requirements. A consortium must
be able to demonstrate to HUD that it has sufficient legal and administrative capabilities to carry out these
responsibilities.
Consortia can organize and govern themselves as they choose; however, they must designate one
jurisdiction as the "lead entity" and must execute a legally binding consortium agreement that formally
organizes the consortium. The lead entity retains primary responsibility for ensuring consortium
compliance with all HOME Program rules and reporting to HUD.
Why Form A Consortium?
Generally, units of local government form consortia to access direct formula allocations of HOME funds to
support housing activities and programs. Without a direct formula allocation, local jurisdictions can
participate in the HOME Program only by receiving an allocation from their state as state recipients or
through their regional planning agency, which in our case is the East Central Iowa Council of
Governments.
Forming a consortium enables local governments to work together to develop collaborative approaches to
local and regional housing needs that cross town and county lines. Successful consortia find that joining
together improves cooperation between local governments, fosters regional planning, and provides a
vehicle for assisting small jurisdictions to meet housing needs.
Who is Eligible to be a Consortium?
To be eligible to form a consortium, the proposed members must all be legal entities that are units of
general local government, and these members must be geographically contiguous.
The above information is from the HUD manual, Establishing and Managing a Successful HOME
Consortium. More information is available at
http://www . hud .qov/offices/cpd/affordablehousinq/proqram s/home/consortia/index-cfm
jccogadm/agd/ls-agitem-HOME Consortium info 5 10.doc
Date:
To:
From:
Re:
May 11,2010
JCCOG Affordable Housing Committee ~
Kristopher Ackerson, Assistant Transportation Planner ~
Agenda item #6: Discussion of inclusionary housing programs
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Introduction
Inclusionary housing programs are regulations that require developers to sell a small portion of
units - usually 10-20% - within a development at price points that are affordable for residents
who cannot afford housing on the open market. Since the first applications of inclusionary hous-
ing in the Seventies, opponents have argued that the costs of providing affordable housing (i.e.,
below market) fall unfairly on developers and/or market rate homebuyers. As a result, many
municipalities with inclusionary ordinances implement incentives or cost offsets to make the af-
fordable housing obligation cost-neutral.
What comprises an inclusionary housing program?
Most inclusionary housing programs are tailored to the community. Some of the common com-
ponents of these programs (excerpt from Opening the Door to Inclusionary Housing by Busi-
ness and Professional People for the Public Interest) include:
Set-Aside Requirement
The set-aside requirement is the percentage of units within a proposed development that a
developer is required to price affordable. Cities have set-aside requirements that range from
as low as five percent to as high as 35%.
Developer Incentives
Municipalities give developers certain benefits to compensate the developer for pricing some
units below market rates - some communities without inclusionary housing programs use
these incentives to encourage (rather than require) affordable housing. One of the most
popular developer incentives used by municipalities is the density bonus, where the devel-
oper is allowed to construct additional market rate units beyond what is allowed under the
current zoning ordinance. Other incentives given are expedited permit processes, relaxed
design standards, and waivers of certain municipal fees, all designed to decrease the devel-
oper's cost of construction.
Income Targeting
Municipalities must decide what income range they want to target the affordable units. Most
targets are based upon a percentage of the area's median income. For example, a munici-
pality might decide that affordable units must be priced affordable for families with an income
between 50 and 80% of the area median income.
Period of Affordability
Each municipality can decide how long the affordable units must be required to stay afford-
able - five years, 20 years, even into perpetuity. Certain legal mechanisms such as deed re-
strictions and covenants can be used to guarantee the units remain affordable for that time
period.
S:IJCCOGlAffordable Housing Committeel2010 May Agendallnclusionary zonlng_5_6_1 O_kja.doc
Monitoring and Enforcement
Once a program is in place, a municipality must have an administrative system to make sure
that the program is being followed and that eligible families are being housed in the afford-
able units. Some municipalities use their local housing authority to administer the program.
Others use community development departments or create a separate administrative
agency.
Examples of Inclusionary Housing Programs
The enclosed map illustrates the cities and counties nationwide with inclusionary housing pro-
grams as of 2007.
Montgomery County, Maryland, is regarded for its inclusionary zoning policies - known locally
as the Moderately Priced Dwelling Unit Program. It is the sixth wealthiest county in the United
States, yet it has built more than 12,000 units of affordable housing since 1974, many units
door-to-door with market-rate housing.
In August 2003, the first inclusionary housing ordinance in the Midwest became law when the
City of Highland Park, Illinois adopted a mandatory inclusionary zoning requiring a 20% afforda-
bility component in any development with five or more units of housing.
Madison, Wisconsin soon followed with a mandatory program in February 2004, which required
developments of ten or more units to sell 15% of the units as affordable. The ordinance compo-
nent regarding rental housing was struck down by Wisconsin's 4th District Court of Appeals in
2006 because the court construed inclusionary zoning to be rent control, which is prohibited by
state statute. The ordinance was structured with a sunset in February 2009 and the Madison
Common Council allowed it to expire and is no longer in effect.
Conclusion
Many communities have looked at or implemented inclusionary housing programs as rising real
estate values became too high for working families and individuals, including school teachers,
police officers, entry- and mid-level private employees, for example. Inclusionary housing pro-
grams, tailored to the unique local conditions, are one way communities can enable low- and
moderate-income families to rent or own affordable housing.
Feel free to contact me with questions at 356-5247 or Kristopher-Ackerson@.iowa-citV.orq. I will
also be at your May 20th meeting to discuss this topic.
S:IJCCOGlAffordable Housing Committee\2010 May Agendallnclusionary zoning_5_6_10_kja.doc
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Date:
To:
From:
Re:
May 11, 2010
JCCOG Affordable Housing Committee ...d(
Kristopher Ackerson, Assistant Transportation Planner fU-
Agenda item #7: Discuss status of committee recommendations
The following memo provides a select recap of discussion by JCCOG Affordable Housing Commit-
tee meetings. As this committee continues to convene, we plan to append topics and recommenda-
tions that received positive feedback. This will be useful in summarizing the outcomes of this com-
mittee for our local governments in the future.
August 27, 2009
The committee brainstormed topics they would like more research on for future meetings. The topics
of mutual interest included: 1) Public awareness and perceptions/education on affordable housing
issues; 2) understanding the demand for affordable rental housing; 3) understanding the ways which
affordable housing may utilize more community resources and matching those resources to housing
locations; and 4) the cost of developing housing.
October 29, 2009
Public outreach and public perception of affordable housing continues to be a key topic of interest;
pursuing a joint educational campaign could be considered as a recommendation.
The challenges resulting from NIMBY-ism are an issue. The "Good Neighborhood Meetings" hosted
by the City of North Liberty create a neutral atmosphere that improves the effectiveness of commu-
nicating development proposals. This policy could be implemented by other JCCOG municipalities.
The pre-approved (i.e., permit-ready) plans offered by Portland and Sacramento generated interest
among some committee members. The design review process is time consuming, and developers
are often required to hire an architect to design their proposal before knowing if the project will be
approved. The City of Iowa City offers this service to Habitat for Humanity but more designs could be
provided to other affordable housing providers.
Voluntary density bonuses as an incentive to develop affordable housing intrigued members of the
committee. This carrot and stick approach is less controversial than inclusionary zoning policies that
require developers to set aside a percentage of affordable units. If a developer includes affordable
units, many cities offer a range of incentives, including:
. Reduced minimum lot sizes and/or
dimensions
. Increased maximum lot coverage
. Increased maximum building
height and/or stories
. Reduced on-site parking stan-
dards, including the number or
size of spaces and garage re-
quirements
. Reduced street widths
. Reduced park dedication requirements
. Shifting commercial uses to residential
. Expedited review
April 1 , 2010
The committee members discussed policies and fiscal measures that local municipalities could em-
ploy to increase availability of affordable housing, including (not ordered by priority):
. Dispel the myths - A consortium or another public entity could be tasked with educating the
public about affordable housing facts and myths.
S:IJCCOGlAffordable Housing Committeel2010 May AgendalTopics of mulal interesC5_6_10_kja.doc
. Preapproved designs - cities that offered preapproved design plans could significantly re-
duce upfront costs (time and expense) of developing affordable housing.
. Local consortium for federal funding - the cities in the urbanized area could explore the po-
tential of creating a consortium to allow all communities, not just Iowa City, to access federal
HOME Program funds. Instead of competing for funds, a consortium would act as a coopera-
tive to leverage Federal funds.
. General Obligation Bonds - cities could loan general obligation bond funds to nonprofits at
low interest rates to develop affordable housing.
. Guaranteed buyers/dwellers - residential development is often a speculative sector and de-
velopers might be more inclined to develop affordable units if municipalities or housing pro-
viders partnered to ensure tenants or buyers when construction is completed. Developing
housing with a waiting list of pre-approved buyers is an example of this practice.
. Land dedication - if properties were given to developers. it would be more feasible either by
the public or as a donation by a private entity to develop affordable housing as land costs
would be negligible.
. Creating partnerships - If a non-profit affordable housing developer partners with a for-profit
developer, they can work together to mix affordable units into a larger development and
share some overhead and infrastructure expenses. Local governments can encourage this
type of partnership by participating in some expenses (infrastructure) or by accessing local,
state or Federal funds to subsidize development expenses.
. Explore Tax Increment Financing for residential development - The committee briefly dis-
cussed the pros and cons of utilizing TIF districts to foster affordable housing in residential
zones, and noted it is an option but not very attractive.
Conclusion
Staff will continue to add to this list of topics of interest after each committee meeting. Feel free to
contact me with questions at 356-5247 or Kristooher-Ackerson<W.iowa-citV.ora. I will also be at your
May 20th meeting to answer questions.
S:\JCCOG\Affordable Housing Committeel201 0 May AgendalTopics of mulal interesC5_6_10_kja.doc