Affordable Housing Work Plan Update April 11, 2016 Vancouver City Council Peggy Sheehan, Community Development Programs Manager Carrie Lewellen, Treasurer

Presentation Overview Housing Emergency - 2 Background Housing Emergency in Vancouver Next Steps

Background Housing Emergency - 3 Affordable Housing Task Force met May–December 2015 Task Force recommendations presented January 2016 February 22 nd Council workshop – Affordable Housing Fund identified as first high priority option to move forward in 2016 Property tax levy most practical and timely option

Affordable Housing Levy Housing Emergency - 4 RCW allows property tax levy for affordable housing available to very low-income households (up to 50% AMI) Maximum $0.50 per $1,000 of assessed value Example levy fund amounts based on current values in Vancouver: $0.50 per $1,000 of assessed value = $8.41 million per year $0.36 per $1,000 of assessed value = $6.06 million per year (Bellingham: $0.36 per $1,000 resulting in approximately $3 million per year for 7 years) $0.25 per $1,000 of assessed value = $4.21 million per year

Affordable Housing Levy Housing Emergency - 5 Conditions that must be met: Housing emergency declared with respect to the availability of housing affordable to very low-income households (50% AMI and below) Ballot measure approved by majority of voters Administrative & Financial Plan adopted prior to levy funds being spent

Very Low-Income Households Housing Emergency - 6 Area Median Income (AMI) is $73,300 for a 4-person household Very low-income defined as 50% AMI Current median rents: $990 for 1-bedroom unit $1,070 for 2-bedroom unit 1-Person Household2-Person Household4-Person Household Annual income Max. affordable rent Annual income Max. affordable rent Annual income Max. affordable rent $25,700$643$29,350$734$36,650$916

Resolution Housing Emergency - 7 Declare emergency with regards to the availability of very low-income housing in Vancouver Authorize staff to develop an Administrative & Financial Plan specifying how potential levy funds would be managed and spent

Housing Emergency: Low Vacancy Rate Housing Emergency % as of Q Source: Norris Beggs & Simpson

Highest Year-Over-Year Rent Increases in the Nation Housing Emergency - 9 Source: Apartment List National Rent Reports 16.7% increase from December 2014 to December % increase from March 2015 to March 2016

Household Incomes vs. Rents Housing Emergency %3.1% Increase in average rent 2010 to 2014 Increase in median household income 2010 to 2014 Source: 5-Year ACS Estimates; Norris Beggs & Simpson Multifamily Market Reports

Housing Cost Burden Housing Emergency ,6756,855 Very low-income renter households spending at least 30% of income on housing Very low-income renter households spending at least 50% of income on housing, including 1,800 elderly households Source: HUD CHAS Data from 5-Year ACS Estimates RCW defines very low-income as 50% AMI and below

Homelessness Housing Emergency - 12 Source: Point-in-Time Homeless Count Photo: The Columbian 231 people are living on the streets in Clark County (up 12% from last year) An additional 456 people are homeless and living in shelters

Homelessness - Children Housing Emergency - 13 Source: Washington State Office of Superintendent of Public Instruction Homeless Student Data Reports Photo: Vancouver School District 432 children enrolled in Evergreen & Vancouver School Districts who are homeless and living in motels, shelters or on the street 1,163 children whose families are “doubled up” in overcrowded housing

Vancouver Housing Authority Housing Emergency - 14 Has had to abandon traditional waiting lists for subsidized housing Now operating a lottery system limited to highest-need applicants

Administrative & Financial Plan Housing Emergency - 15 If directed by Council, Administrative & Financial Plan brought back to Council May 2016 Preliminary details: Funds awarded to projects/programs through application process rolled into CDBG/HOME award process Would support very low-income rental housing as well as housing/services for people who are homeless or at-risk Considering down payment assistance Project types: partner with agencies and developers for acquisition, construction, preservation, rental assistance & services

Questions and Discussion Peggy Sheehan, Community Development Programs Manager (360) Housing Emergency - 16