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

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

3. 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

4. Affordable Housing Levy Housing Emergency - 4 RCW 84.52.105 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

5. 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

6. 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

7. 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

8. Housing Emergency: Low Vacancy Rate Housing Emergency - 8 1.87% as of Q3 2015 Source: Norris Beggs & Simpson

9. 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 2015 11.0% increase from March 2015 to March 2016

10. Household Incomes vs. Rents Housing Emergency - 10 38.3%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

11. Housing Cost Burden Housing Emergency - 11 11,6756,855 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 84.52.105 defines very low-income as 50% AMI and below

12. 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

13. 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

14. 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

15. 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

16. Questions and Discussion Peggy Sheehan, Community Development Programs Manager peggy.sheehan@cityofvancouver.us (360) 487-7952 www.cityofvancouver.us/cdbg Housing Emergency - 16