ABC’ S AND A T ALE Allison Ladd District of Columbia Housing Finance Agency April 5, 2013

P RESENTATION O VERVIEW ABC’s of Preservation in DC DC Housing Finance Agency’s Role A Tale of Two Samuels Samuel J. Simmons Samuel Kelsey Quiz…New Orleans’ Style 2

ABC’ S OF P RESERVATION I N DC A dvocacy DC Preservation Catalog 35,000 units Main Goals 1. Increase awareness of projects at-risk 2. Contribute to the preservation of affordable housing 3. Serve as accurate accounting of the total affordable housing stock DC Preservation Network Co-Leaders - Coalition for Nonprofit Housing and Economic Development and Urban Institute stakeholders met monthly Advocates, agency representatives (federal and local), developers, owners 3

B uild a Strategy ABC’ S OF P RESERVATION I N DC

ABC’ S OF P RESERVATION I N DC B uild a Strategy 2012 Task Force and 2013 Report 3 Strategic Goals 1. Preserve approximately 8,000 existing affordable housing units with subsidies that will expire by the year Produce and preserve 10,000 net new affordable housing units by 2020 (10x20) 3. Support the production of 3,000 market rate housing units annually through Action Items Increase Supply Decrease Demand 5

C ommit Funding FY Combined DC Funding - $936.5 Million Proposed FY2014 – Mayor proposing $100 million of new funds for affordable housing ABC’ S OF P RESERVATION I N DC 6

DC H OUSING F INANCE A GENCY ’ S R OLE Invested $600 million in tax exempt bond proceeds $330 million in 4% Low Income Housing Tax Credit Equity 41 residential developments 24 rehabilitation 17 new construction 7

A T ALE OF T WO S AMUELS … …C OLUMBIA H EIGHTS 8 Retail Monthly Rents – 1 BR - $ BR – $ $500K Median Sales New Homes

S AMUEL J. S IMMONS - BEFORE Units of Senior Housing Built in HUD 202 KEY: 100% HAP Contract – 30% of Income for Rent

S AMUEL J. S IMMONS - A FTER 10 $55.7 Million Total Development Cost $318K per unit Rent – 1 bedroom $1480 Tenant Services New Everything! Kitchens, Baths, Floors, Common Area and Design

S AMUEL K ELSEY - B EFORE units (mostly seniors) First floor retail (locally owned small businesses) Built circa 1920 National Register of Historic Places Key - 100% HAP Contract

S AMUEL K ELSEY - A FTER 12 $33 million – Total Development Cost $225K per unit Rents – 1 Bedroom - $1,726 Tenant Services

Q UIZ … N EW O RLEANS ’ S TYLE ! 13 ABC’s A dvocate B uild a Strategy C ommit Funding Tale of Two Samuels Key - Section 8 HAP Contract

T HANK YOU 14