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Financing Affordable Rental Housing: Defining Success Five Case Studies

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Financing Affordable Rental Housing: Defining Success Five Case Studies Financing Affordable Rental Housing: Defining Success Five Case Studies Bessy M. Kong and Derek Hsiang Financing Affordable Rental Housing: Defining Success Five Case Studies Bessy: Defining M. Kong and Derek Hsiang Success Five Case Studies ACKNOWLEDGEMENTS This report was produced with the support and collaboration of the Korea Housing and Urban Guarantee Corporation (HUG) as a part of a joint research initiative with the Urban Sustainability Lab- oratory of the Wilson Center to examine public finance programs to increase the supply of affordable rental housing in the United States and Korea. The authors would like to thank HUG leadership and research partners, including Sung Woo Kim, author of the Korean report, and Dongsik Cho, for his support of the HUG-Wilson Center part- nership. We would also like to thank Michael Liu, Director of the Miami-Dade County Department of Public Housing and Commu- nity Development, for sharing his knowledge and expertise to in- form this research and for presenting the work in a research sem- inar and exchange in Seoul in November 2016. We are grateful to Alven Lam, Director of International Markets, Office of Capital Market at GinnieMae, for providing critical guidance for this joint research initiative and for his contribution to the Seoul seminar. Thanks to those who provided information for the case studies: Jorge Cibran and José A. Rodriguez (Collins Park); Andrew Gross and Michael Miller (Skyline Village); and, Robert Bernardin and Marianne McDermott (Pond View Village). A special acknowl- edgement to Allison Garland who read all the drafts; to Marina Kurokawa who helped with the initial research; and to Wallah Elshekh and Carly Giddings who assisted in proof reading and the formatting of the bibliography, footnotes and appendices. Table of Contents I. Introduction…………………………..….....………….....................……..........….1 II. Public Housing Authorities…….....................................................................….5 Alexandria Redevelopment and Housing Authority Chatham Square and the Use of HOPE VI / 5 Miami-Dade Public Housing and Community Development and the Related Urban Development Group Collins Park: Private-Public Cooperation / 25 III. Non-Profit Housing Developers……......………....…...........……..........……….43 Los Angeles, Thomas Safran and Associates / 43 Skyline Village: Using Low Income Housing Tax Credits and Tax Exempt Bonds Gloucester, Massachusetts / 61 Pond View Village: Mixed-Income Development on an Historic Site Failure and Success in the Same Project IV. Private For-Profit Developers……….........…….........……..........................……79 New York City: The Effectiveness of 421-a in Midtown West, Manhattan / 79 Introduction Financing Affordable Rental Housing in the United States: Defining Success Five Case Studies he challenges facing the of housing providers: public hous- Tdevelopment of affordable ing authorities, non-profit housing housing across the United States developers, and private for-profit are growing as rent burdens in- developers. For each case we an- crease, as existing affordable alyze the circumstances that led housing ages and is in need of to the development of the partic- repair, and as neighborhoods ular project and the financial pic- gentrify and citizens compete for ture that made the project work. prime real estate. The five case Details of the projects vary great- studies that follow examine a ly, whether it is a project for the particular aspect of the develop- elderly in Los Angeles, California ment process and showcase the or a mixed income development different ways affordable housing in Alexandria, Virginia. Howev- eventually gets built. In particular, we will take a look at the financial er, though the reasons for the incentives used and how differ- development differ, the actual financing structure for construc- ent players are positioned to take tion and completion of the proj- advantage of the tools that are ect is limited to a narrow range available. of financial options. Therefore, The following case studies exam- we see the federal low income ine affordable rental housing proj- housing tax credit being used ects used by three different types time and again in projects across 1 the United States, as detailed in the loans from the city and coun- the cases studies from Califor- ty. Similarly, Chatham Square in nia, Massachusetts, Florida, and Alexandria, Virginia relied on the Virginia that are presented in this mutually beneficial arrangement report. When local governments between a private developer and get involved in building afford- the city that held title to the prop- able housing, they can also use erty being developed. the power of the local tax code to In all our case studies, we see incentivize the development that that the success of the project is most suited to their communi- depends on the developer being ties. Therefore, in New York, a tax able to piece together various abatement program spurs target- parts of the financial arrange- ed affordable housing develop- ment. This involves using the ment in communities in need of ubiquitous low income housing investment. tax credits for affordable housing, In addition, the primary actors in but it also involves using federal affordable housing--government and local grants, loans from mul- agencies, non-profit housing or- tiple sources, bond financing and ganizations and private develop- deferred fees. The exact com- ers--often work closely together bination will depend on funding on a single project. In fact, with- that is available locally as well as out a certain amount of public/pri- at the federal level but it is almost vate cooperation, many projects always true that not just one would be infeasible. There can source will provide all the funding be overt partnerships to develop necessary. a project such as the one at Col- Finally, the case studies have cer- lins Park in Miami-Dade, Florida. tain “soft” qualities in common. More often than not, however, These are not generally evident partnerships provide the neces- when a project is first being de- sary financial contribution at a veloped and financed but it be- crucial time in the life of a proj- comes more apparent as the ect. Thomas Safran would prob- project proceeds and begins to ably not have developed Skyline take shape. These commonalities Village in Los Angeles without 2 include the importance of design tory of successful housing devel- in any project. Each of the de- opment. When private, for-profit velopers highlighted in the case developers are enticed to enter studies emphasizes the impor- the affordable housing realm, it is tance of good design to enhance usually to ensure that the more the lives of their tenants wheth- profitable market rate apartments er it is the addition of thoughtful are built. Sometimes we see un- open space or the inclusion of intended consequences such as common amenities. Good design the use of a “poor door” (Navar- helps generate interest in the ro 2014) which separates afford- project and ensures tenant inter- able tenants from market-rate est in living in and caring for the tenants, and the use of early tax property. abatements for market rate hous- ing, illustrated in this report by Given the intersection of pub- the New York City cases. lic and private interest, it is also important that the developers of The case studies that follow are affordable housing are trusted not intended to provide a defin- partners in the process. Usual- itive answer to the question of ly the developers are known to how we can foster the produc- the city or county in which they tion of more affordable housing. work and often they have a track Instead, they can only show how record of similar housing proj- some projects succeeded and ects in the area. While there are what was important in making large for-profit firms that have af- that success possible. If they of- fordable housing divisions, such fer an overarching argument, it is as Related Urban Development this: 1) there must be a firm com- Group in Florida, many players mitment to creating affordable in this arena are non-profits or housing that benefits low-income were first established as faith- households by the government; based organizations such as Ca- and, 2) government cannot do it leb Foundation in Massachusetts. alone and needs the assistance In either case, effective devel- of players in the private and opers tend to have a good local non-profit sectors in order to suc- knowledge base and a solid his- ceed. 3 Alexandria Redevelopment and Housing Authority Chatham Square and the Use of HOPE VI INTRODUCTION THE COMMUNITY In this case study, we examine The City of Alexandria lies within the use of a federal grant pro- sight of the U.S. Capitol Building gram and how it can be used in in downtown Washington. Its conjunction with other financing proximity to the larger city has al- to redevelop and construct both ways made it attractive for people affordable and market rate hous- who work in Washington and its ing. Here the Public Housing history as a bedroom community Authority (PHA) and developer dates to the advent of commuter unite to create both affordable rail lines in the region. However, and market rate housing to real- the historical roots of Alexandria ize profit for the developer and to predate those of Washington, provide revenue for the housing having been established in 1749 authority. The Chatham Square as a “tobacco trading post and case study also shows us how site of the largest slave-trading affordable housing can be built firm in the country” (City of Al- when market conditions are ex- exandria 2016). But it was also actly right and the location of the home to a large free African public housing asset is desirable. American population who contin- ued to settle in the city after the Civil War. From its beginnings as a thriving town of about 2,700 peo- 5 ple in the 18th century, it is today, tered throughout the city.
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