1. Creating the Vancouver Affordable Housing Fund
Peggy Sheehan, Community Development Programs Manager
(360)
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2. $42 million over 7 years for affordable housing in Vancouver, Washington
Background and housing needs
Development of proposed housing fund
Community-led campaign to pass ballot measure
Implementation of new funding source
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3. 6,855 spend more than half of their income on housing
Vancouver’s affordable housing crisis
Vacancy rate 2-3%
Rapidly increasing rents (among fastest cities for rent growth in the nation)
Increase in homelessness
6, spend more than half of their income on housing
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4. Affordable Housing Task Force
21 members from public, nonprofit and private sectors
Convened in April 2015 and met for 9 months
Tasked with recommending policies to protect vulnerable renters and increase supply of affordable housing in Vancouver
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5. #1 priority to move forward in 2016
Task force priority recommendation
Creating a locally controlled fund for affordable housing was identified as the most direct way to impact Vancouver’s most vulnerable families
#1 priority to move forward in 2016
Property tax levy selected over sales tax and B&O tax as best opportunity for local funds
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6. Policy development – key components
State enabling legislation for property tax levy for affordable housing (RCW )
Declaration of housing emergency
Spending plan for levy funds (“Administrative & Finance Plan”)
Ballot measure approved by voters
Must serve households earning up to 50% AMI
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7. Vancouver Affordable Housing Fund details
$6 million annually for 7 years ($42 million total)
At current values, approximately $0.36 per $1,000 of assessed value
Applies to all taxable property in the city, not just single-family
Included as ballot measure in November 8, 2016 election
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8. How the fund works
$90* average annual single family taxpayer investment generates $42 million over 7 years
(*for a home valued at $250,000)
Partnerships harness the private market and community nonprofits
Create safe, affordable housing for over 2,300 (34%) of the families in need
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9. Spending plan – three program areas
Increase Housing Supply: 40%
Acquisition and construction of new affordable housing
Preserve Existing Housing: 27%
Rehabilitation of single- and multi-family housing
Prevent and Address Homelessness: 30%
Rent vouchers and self-sufficiency services
Rent buy downs for market-rate properties
Homeless shelter
Implementation: 3%
Development of contracts, program management, monitoring
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10. Distribution of levy funds
City of Vancouver collects & distributes funds through public process
Non-Profit Developers
For-Profit Developers
Housing & Service Providers
Property Owners
Increase Supply
Preserve & Support
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11. Anticipated outcomes Program area Estimated units/households
Housing production
336 units – 20 year affordability
Housing preservation
454 units – 20 year affordability
Rent vouchers and services
1,500 households
Shelter
# beds TBD
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12. City public outreach process
Housing data “snapshots”
Four informational meetings on proposed levy
2-page levy fact sheet
Council workshop and public hearing
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13. Yes No Campaign by Bring Vancouver Home to pass ballot measure 57.6%
Election results:
57.6%
Yes
42.4% No
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14. From proposed idea to policy
April-December 2015
Affordable Housing Task Force convened
April 2016
Declaration of citywide housing emergency
April-June 2016
Public outreach and development of spending plan
June 2016
City Council decision to pursue housing levy ballot measure
November 2016
Voter approval of housing levy (Prop. 1)
January 2017
Levy in effect (7 years)
City of Vancouver staff and elected officials:
June-November 2016: Campaign led by Bring Vancouver Home (a Political Action Committee)
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15. Implementation
Spring of 2017 – first request for applications for construction, acquisition and rehab projects
Funding provided as half grant, half loan
Required affordability period up to 20 years
Separate from CDBG/HOME process this year but some projects overlap; may combine application processes in the future
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16. Engineering & environmental
Flexible funding uses
Appraisals
Architectural costs
Permit fees
Engineering & environmental
Closing costs
Gap financing
…and more
Property purchase
Construction
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17. Eligible households – up to 50% AMI
1-Person Household
2-Person Household
4-Person Household
Annual income
Max. affordable rent
$26,150
$654
$29,900
$748
$37,350
$934
Prioritizing seniors, people who are homeless, families with children, veterans and people with disabilities
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18. Funding decision criteria
Organizational Capacity
Financial Feasibility
Investment Priorities
Readiness
Collaboration
Cost Benefit/
Leveraging
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19. Lessons learned – getting the levy approved
Chose general election to capture votes from larger share of population
Importance of messaging – “the only option that provides housing for Vancouver’s lowest income and most vulnerable residents”
Support from nonprofit and faith based organizations
Voters wanted to see:
That City was also pursuing other tools such as multifamily tax exemption
That tax levy did was shared by all property owners not just single- family homeowners
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20. Lessons learned – implementation
Adherence to Administrative and Finance Plan
????
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21. Additional information and resources
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