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Baseline Study to Address Displacement and Relocation Tied to Multifamily Redevelopment in Greater Downtown Detroit

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Baseline Study to Address Displacement and Relocation Tied to Multifamily Redevelopment in Greater Downtown Detroit Baseline Study to Address Displacement and Relocation Tied to Multifamily Redevelopment in Greater Downtown Detroit Capital Impact Partners | Detroit Program By adopting an array of tools, practices, and strategies we can mitigate the costs and challenges of displacement and relocation while building a greater downtown and city that welcomes all who are here, intend to stay, or hope to take part in Detroit’s resurgence. Baseline Study to Address Displacement and Relocation Tied to Multifamily Redevelopment in Greater Downtown Detroit Detroit Program Bradford Frost Elizabeth Luther Pamela Schaeffer March 2016 Capital Impact Partners 2990 West Grand Blvd, Suite M-15, Detroit, MI 48202 capitalimpact.org CONTENTS CONTENTS ......................................................................................................................................................................... I FIGURES ........................................................................................................................................................................... II INTRODUCTION................................................................................................................................................................. 1 Genesis of the Study................................................................................................................................................. 1 Study Questions ....................................................................................................................................................... 3 Study Area ................................................................................................................................................................ 3 Study Methods ......................................................................................................................................................... 3 RECENT TRENDS: DISPLACEMENT, RELOCATION & AFFORDABILITY IN DETROIT ........................................................................... 5 Displacement & Relocation ...................................................................................................................................... 5 Multifamily Housing ................................................................................................................................................. 7 Housing Conditions .................................................................................................................................................. 8 Housing Affordability & Income Distribution ......................................................................................................... 10 Housing Affordability: Trends ................................................................................................................................ 14 Publically Subsidized Housing ................................................................................................................................ 18 Case Studies ........................................................................................................................................................... 23 PROPOSED GUIDELINES AND POLICY RECOMMENDATIONS ..................................................................................................... 29 Summary of Risk ..................................................................................................................................................... 29 Regulatory Framework: Baseline Policies & Existing Legal Protections ................................................................. 30 Project-level Policy Recommendations .................................................................................................................. 33 Community Development & Public Policy Recommendations .............................................................................. 37 CONCLUSION ................................................................................................................................................................. 44 ACKNOWLEDGEMENTS ..................................................................................................................................................... 45 REFERENCES................................................................................................................................................................... 46 APPENDIX A: DATA NOTES ................................................................................................................................................. A Multifamily Property Inventory................................................................................................................................ A Housing Cost Burden Data ....................................................................................................................................... B Rent Comp Data ....................................................................................................................................................... B Publically Subsidized Properties ............................................................................................................................... C APPENDIX B: DATA REQUIREMENTS AND SURVEY TOPICS ........................................................................................................ D Data Requirements .................................................................................................................................................. D Capital Impact Partners | May 2016 | pi FIGURES 711 W. Alexandrine | September 2015 ........................................................................................................................ 1 Figure 1. Map – Study area........................................................................................................................................... 2 Figure 2. Map – Multifamily structures and addresses, Q2 2015 ................................................................................ 7 Figure 3. Table – Multifamily structures and addresses, Q2 2015 ............................................................................... 8 Figure 4. Map – Multifamily structures by Condition, MCM 2014............................................................................... 9 Figure 5. Table – Building condition, MCM 2014 ....................................................................................................... 10 Figure 6. Table – Measures of median household income by geography, 2009-2013, 2015 .................................... 11 Figure 7. Table – HUD income limit definitions and 2015 limits for a two-person family ......................................... 11 Figure 8. Table – Income brackets for employment in Detroit .................................................................................. 12 Figure 9. Table – Housing cost burden, CHAS based on ACS 2008-2012 Five-year estimates ................................... 13 Figure 10. Map – LiveMidtown rental properties, 2011-2014 ................................................................................... 15 Figure 11. Table – LiveMidtown all properties rental prices, 2011-2014 .................................................................. 16 Figure 12. Table – LiveMidtown market-rate rental prices, 2011-2014.................................................................... 16 Figure 13. Table – LiveMidtown recent rehab/redevelopment rental prices, 2011-2014 ......................................... 17 Figure 14. Table – Case study rents, pre- and post-development ............................................................................. 18 Figure 15. Table – LiveMidtown property occupancy rate, 2011-2014 ..................................................................... 18 Figure 16. Table – Publically funded housing properties and units, active Jan 2016 ................................................. 19 Figure 17. Map – Publically funded housing properties in greater downtown ......................................................... 21 Figure 18. Table – LIHTC properties and units, active Jan 2016 ................................................................................. 22 Figure 19. Table – 711 W. Alexandrine: Post-redevelopment rents .......................................................................... 25 Figure 20. Table – 663 Prentis: Pre- & post-renovation rents, 2014-2015 ................................................................ 26 Figure 21. Table – 1214 Griswold: Post-redevelopment rents, 2015 ......................................................................... 28 Figure 22. Table – Risk of displacement ..................................................................................................................... 29 Figure 23. Table – Rental gap assistance assumptions and calculations ................................................................... 41 Capital Impact Partners | May 2016 | pii INTRODUCTION must follow a prescribed response to this type of displacement; yet in practice, public and private The half-century decline in Detroit’s population has relocation responses have been ad hoc. been accompanied by disinvestment in the city’s housing stock. While the plight of single-family homes As the CDFI and community-based organization captures the attention of the media, there has been network increases investment
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