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Affordable Housing Needs in the United States

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Affordable Housing Needs in the United States Public Private Partnerships: A look inside using private sector expertise to build public sector needs Transportation and Affordable Housing needs in the United States A Thesis Presented to the Faculty of Architecture and Planning COLUMBIA UNIVERSITY In Partial Fulfillment of the Requirements for the Degree Master of Science in Urban Planning by Alexander Gallo May 2018 Abstract Today, governments have less money to fund public projects and are trying to solve this through Public-Private Partnerships. This paper reviews several case studies for public private partnerships such as Via Verde, an affordable housing development in the Bronx, New York and the Eagle P3 fast track, a light rail expansion in Denver, Colorado. In order to determine the success of the projects, I review the goal of the project as well as the goals of the public and private entities. For the Eagle P3 I was able to measure the difference in proposed travel time and actual travel time to determine if the system was operating successfully. For the Via Verde I reviewed the planned affordable rent prices and matched them with what they are actually going for to see if the units were actually affordable to the people in the area. In both cases the results proved to be positive. The light rail was running on time with no delays and the units in the Via Verde were affordable to the people in the area. I also review the financial structuring of the Eagle P3 to determine the burden that is put on to the public sector. The findings suggest that Public-Private Partnerships can be beneficial for public sector needs. 2 Acknowledgment This research would not have been possible without the help of my thesis advisor Kian Y. Tajbakhsh and professor Eldad Gothelf. I would also like to thank the folks at RTD, especially the comptroller, Douglas Macleod. 3 Table of Content Tables……………………………………………………………………………… Page 5 Introduction…………………………………………………………………………Page 9 Literature Review………………………………………………………………… .Page 11 Research Design…………………………………………………………………….Page 16 Eagle P3……………………………………………………………………..Page 16 Via Verde……………………………………………………………………Page 16 Methodology…………………………………………………………………Page 17 Why Light Rail?..........................................................................................................Page 18 Affordable Housing ………………………………………………………………….Page 21 Different Tools……………….……………………………………………....Page 25 History of Via Verde………………………………………………………………... Page 42 History of Eagle P3…………………………………………………………………..Page 47 Findings ……………………………………………………………………………...Page 60 Lessons Learned………………………………………………………………………Page 64 Conclusion and Recommendation……………………………………………………Page 65 Bibliography ………………………………………………………………………….Page 66 4 Tables Monday January 8, 2018 40th Ave & Union 38th & 40th & Central Peoria Airport Blvd- 61st & Denver Line A Station Blake Colorado Park Station Gateway Park Pena Airport T1-T2 Station Station Station Station Station Station A 700A 704A 709A 713A 716A 722A 725A 737A A 715A 719A 724A 728A 731A 737A 740A 752A A 730A 734A 739A 743A 746A 752A 755A 807A A 745A 749A 754A 758A 801A 807A 810A 822A A 800A 804A 809A 813A 816A 822A 825A 837A A 815A 819A 824A 828A 831A 837A 840A 852A A 830A 834A 839A 843A 846A 852A 855A 907A A 845A 849A 854A 858A 901A 907A 910A 922A A 900A 904A 909A 913A 916A 922A 925A 937A A 915A 919A 924A 928A 931A 937A 940A 952A A 930A 934A 939A 943A 946A 952A 955A 1007A A 945A 949A 954A 958A 1001A 1007A 1010A 1022A A 1000A 1004A 1009A 1013A 1016A 1022A 1025A 1037A A 1015A 1019A 1024A 1028A 1031A 1037A 1040A 1052A A 1030A 1034A 1039A 1043A 1046A 1052A 1055A 1107A A 1045A 1049A 1054A 1058A 1101A 1107A 1110A 1122A A 1100A 1104A 1109A 1113A 1116A 1122A 1125A 1137A A 1115A 1119A 1124A 1128A 1131A 1137A 1140A 1152A A 1130A 1134A 1139A 1143A 1146A 1152A 1155A 1207P A 1145A 1149A 1154A 1158A 1201P 1207P 1210P 1222P A 1200P 1204P 1209P 1213P 1216P 1222P 1225P 1237P A 1215P 1219P 1224P 1228P 1231P 1237P 1240P 1252P A 1230P 1234P 1239P 1243P 1246P 1252P 1255P 107P A 1245P 1249P 1254P 1258P 101P 107P 110P 122P A 100P 104P 109P 113P 116P 122P 125P 137P A 115P 119P 124P 128P 131P 137P 140P 152P A 130P 134P 139P 143P 146P 152P 155P 207P A 145P 149P 154P 158P 201P 207P 210P 222P A 200P 204P 209P 213P 216P 222P 225P 237P A 215P 219P 224P 228P 231P 237P 240P 252P A 230P 234P 239P 243P 246P 252P 255P 307P A 245P 249P 254P 258P 301P 307P 310P 322P A 300P 304P 309P 313P 316P 322P 325P 337P 5 A 315P 319P 324P 328P 331P 337P 340P 352P A 330P 334P 339P 343P 346P 352P 355P 407P A 345P 349P 354P 358P 401P 407P 410P 422P A 400P 404P 409P 413P 416P 422P 425P 437P A 415P 419P 424P 428P 431P 437P 440P 452P A 430P 434P 439P 443P 446P 452P 455P 507P A 445P 449P 454P 458P 501P 507P 510P 522P A 500P 504P 509P 513P 516P 522P 525P 537P A 515P 519P 524P 528P 531P 537P 540P 552P A 530P 534P 539P 543P 546P 552P 555P 607P A 545P 549P 554P 558P 601P 607P 610P 622P A 600P 604P 609P 613P 616P 622P 625P 637P A 615P 619P 624P 628P 631P 637P 640P 652P A 630P 634P 639P 643P 646P 652P 655P 707P A 700P 704P 709P 713P 716P 722P 725P 737P A 730P 734P 739P 743P 746P 752P 755P 807P A 800P 804P 809P 813P 816P 822P 825P 837P A 830P 834P 839P 843P 846P 852P 855P 907P A 900P 904P 909P 913P 916P 922P 925P 937P A 930P 934P 939P 943P 946P 952P 955P 1007P A 1000P 1004P 1009P 1013P 1016P 1022P 1025P 1037P A 1030P 1034P 1039P 1043P 1046P 1052P 1055P 1107P A 1100P 1104P 1109P 1113P 1116P 1122P 1125P 1137P A 1130P 1134P 1139P 1143P 1146P 1152P 1155P 1207A A 1200A 1204A 1209A 1213A 1216A 1222A 1225A 1237A 6 Actual Times Line Union 38th & 40th & Central Peoria 40th 61st & Denver Station Blake Colorado Park Station Ave & Pena Airport T1-T2 Station Station Station Airport Station Station Blvd- Gateway Park Station A 700A 704A 709A 713A 716A 722A 725A 737A A 715A 719A 724A 728A 731A 737A 740A 752A A 730A 734A 739A 743A 746A 752A 755A 807A A 745A 749A 754A 758A 801A 807A 810A 822A A 800A 804A 809A 813A 816A 822A 825A 837A A 815A 819A 824A 828A 831A 837A 840A 852A A 830A 834A 839A 843A 846A 852A 855A 907A A 845A 849A 854A 858A 901A 907A 910A 922A A 900A 904A 909A 913A 916A 922A 925A 937A A 915A 919A 924A 928A 931A 937A 940A 952A A 930A 934A 939A 943A 946A 952A 955A 1007A A 945A 949A 954A 958A 1001A 1007A 1010A 1022A A 1000A 1004A 1009A 1013A 1016A 1022A 1025A 1037A A 1015A 1019A 1024A 1028A 1031A 1037A 1040A 1052A A 1030A 1034A 1039A 1043A 1046A 1052A 1055A 1107A A 1045A 1049A 1054A 1058A 1101A 1107A 1110A 1122A A 1100A 1104A 1109A 1113A 1116A 1122A 1125A 1137A Tuesday, January 9, 2018 Planned Times Via Westminster Union Route Station Station B 813A 825A B 843A 855A B 943A 955A B 1043A 1055A B 1143A 1155A B 1243P 1255P B 143P 155P B 243P 255P 7 B 343P 355P B 413P 425P B 443P 455P B 513P 525P B 543P 555P B 613P 625P B 643P 655P B 743P 755P B 843P 855P B 943P 955P B 1043P 1055P Actual Times Via Westminster Union Route Station Station B 815A 825A B 843A 855A B 943A 955A B 1043A 1055A B 1143A 1155A 8 Introduction Today, governments have less money to fund public projects and are trying to solve this through Public-Private Partnerships. The National Council for Public-Private Partnerships, defines a Public-Private Partnership as “A contractual arrangement between a public agency (federal, state or local) and a private sector entity. Through this agreement, the skills and assets of each sector (public and private) are shared in delivering a service or facility for the use of the general public. In addition to the sharing of resources, each party shares in the risks and rewards potential in the delivery of the service and/or facility.” Companies like AIG (American International Group), PwC (PricewaterhouseCoopers) Moody’s investment and even the Word Bank all agree that the United States has potentially the largest P3 market in the world. This opportunity for profit, attracts private businesses. The influence of private markets cannot be looked at as positive or negative but rather just a force. What planners need to do is be proactive and prepare for the growth in this market to mitigate and at the same time benefit from the situation. The influence of the private market can benefit cities and it’s up to Urban Planners to assure that the best long term sustainable deals are being forged during this period. With both sectors of the market trying to benefit, I will be researching the benefits and controversies of Public Private Partnerships to both the public and private sector. I will be using two “success stories”, the Denver’s Eagle P3 Project and the Via Verde housing development. Both projects have used Public Private Partnerships as a way to generate both profits in the private sector and benefits for the public sector. 9 I will be using both projects to determine how Public Private Partnerships can benefit cities when it comes to transportation and affordable housing. I hope this research will help cities when brokering a deal with a private entity, taking account of crucial factors that will help produce a successful PPP. 10 Literature Review The Urban Land Institute has a report titled “Public, Private Partnerships from Principles to Practice”, made in 2016 where they define Public Private Partnerships as “a tool to develop infrastructure or as a method for public a public body to realize the monetary value of an asset it holds that is unnecessary, is underused, or otherwise lacks value in its current form.
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