1. Housing Works 2019 NC Affordable Housing Conference
October 7, 2019
Paul D’Angelo
Community Development Program Director

2. What we’ll learn together
Asheville Affordable Housing
Asheville Bond November, 2016
$25M for Affordable Housing
$15M for High Impact Sites
$5M for Housing Trust Fund
$3M for Land Banking
$1M for ABCLT
$1M for DPA
Are we spending & are we creating housing?
When in Wilmington
Takeaways
Promise I won’t make this sound so easy to fix / no silver bullet; Strategy needs to include Preservation, Protection & Construction

3. What we’ll learn together
Asheville Affordable Housing
Asheville Bond November, 2016
$25M for Affordable Housing
$15M for High Impact Sites
$5M for Housing Trust Fund
$3M for Land Banking
$1M for ABCLT
$1M for DPA
Are we spending & are we creating housing?
When in Wilmington
Takeaways
Promise I won’t make this sound so easy to fix / no silver bullet; Strategy needs to include Preservation, Protection & Construction

4. Wages, Housing Types & Our Mission
Most wages, salaries & incomes we produce in our area don’t support the average housing costs in Asheville, both rental & homeownership.
*****
A healthy affordable mixed-income community needs a variety of housing types at a variety of price points, both homeownership and rental, for the variety of incomes & wages we produce in Asheville.
But what about the Market? Where is their solution? Where are the wages?

5. FY 2019 Income Limits Summary

6. Housing Plan - ABC of AMIs
<30% Area Median Income
Homeless Agencies - Housing First
30%-80% of Area Median Income
Public Housing
30%-60% of Area Median Income
Housing Choice Voucher (Rental & Homeownership)
Tax Credit Housing (9% or 4%)
80-100% of Area Median Income
For-profit developers
Asheville Incentives only up to 100% AMI; *Perception around Vouchers - race & equity issue; *Workforce - others are working, whitewashing the problem with community heroes

7. Who’s at the table for Affordable Housing?
Developers
Non-profit, Mission-driven, Tax credit, For-profit
Partners
Housing Authority, Habitat, Land Trust, City/County
Funding / Programs
LIHTC, HOME, Rent subsidies, Banks / CDFIs, Philanthropic
Incentives
Housing Trust Fund, City/County Land, Tax Abatement
Coalition
Plans & Committees, Community / Education
= COLLECTIVE IMPACT

8. Housing Challenges
Subsidy needs are higher the more you are asking for … more units, longer length of affordability, lower AMI targeting

9. Subsidy Needed <30% Area Median Income Up to $120,000 per unit
30-60% of Area Median Income
Up to $100,000 per unit
80% of Area Median Income
Up to $80,000 per unit
Depends on % of AMI, length of affordability, # of units, location of build, style of build
Subsidy needs are higher the more you are asking for … more units, longer length of affordability, lower AMI targeting

10. What we’ll learn together
Asheville Affordable Housing
Asheville Bond November, 2016
$25M for Affordable Housing
$15M for High Impact Sites
$5M for Housing Trust Fund
$3M for Land Banking
$1M for ABCLT
$1M for DPA
Are we spending & are we creating housing?
When in Wilmington
Takeaways
Promise I won’t make this sound so easy to fix / no silver bullet; Strategy needs to include Preservation, Protection & Construction

11. Asheville Bond $74M General Obligation Bond - November, 2016
Transportation Bond - $32 million
Passed with 76% of the vote
Parks Bond - $17M
Passed with 77% of the vote
Affordable Housing Bond - $25M
Passed with 71% of the vote
Subsidy needs are higher the more you are asking for … more units, longer length of affordability, lower AMI targeting

12. What we’ll learn together
Asheville Affordable Housing
Asheville Bond November, 2016
$25M for Affordable Housing
$15M for High Impact Sites
$5M for Housing Trust Fund
$3M for Land Banking
$1M for ABCLT
$1M for DPA
Are we spending & are we creating housing?
When in Wilmington
Takeaways
Promise I won’t make this sound so easy to fix / no silver bullet; Strategy needs to include Preservation, Protection & Construction

13. $25M Affordable Housing Bond
$15M for High Impact Sites
3 sites chosen
$5M for Housing Trust Fund
Created in 2000 / $500,000 / year GF
$3M for Land Banking
Purchasing land for affordable housing
$1M for ABCLT
Creation of a Community Land Trust
$1M for DPA
Down Payment Assistance
Subsidy needs are higher the more you are asking for … more units, longer length of affordability, lower AMI targeting

14. $25M Affordable Housing Bond
Cities can’t take the lead on Bonds
Chamber of Commerce
Bonds in general can’t make the City $$ / 7 years
$15M / $10M
“Buckets” were chosen very late (2 weeks)
What do we need? Shovel ready? Flexibility?
No policies around the “buckets”
City-owned Land
Land Banking
ABCLT
DPA
Transportation & Parking got a dedicated team
Housing did not
Subsidy needs are higher the more you are asking for … more units, longer length of affordability, lower AMI targeting

15. How are we doing w/ the $25M?

16. $15M High Impact Sites 319 Biltmore Avenue
Lee Walker Heights RAD / 212 units <60%
Subsidy needs are higher the more you are asking for … more units, longer length of affordability, lower AMI targeting

17. $15M / 319 Biltmore / Real Estate
Spend
$5.3M option to purchase
$1.82M for site improvements at 319
In coordination with Lee Walker Heights
$400k expected in additional site work
Investment
$7.5M in subsidy / investment
Looking for 90 affordable units
60% AMI (vouchers)
80% AMI
$83k per unit in subsidy / investment
Is that enough for the developer? The community?
Concentration of moderate to low-income with LWH?
Subsidy needs are higher the more you are asking for … more units, longer length of affordability, lower AMI targeting

18. $10M / Community Development
$5M for Housing Trust Fund
City of Asheville’s low-interest lending tool
$3M Land Banking
No policy
Asheville hitting $2M an acre close to the CBD
$1M Down Payment Assistance
Expanded with the FHLBA
No staff resources
$1M Asheville Buncombe Community Land Trust
No CLT when this started
Very engaged community
All volunteer board
No funding for an Executive Director
Subsidy needs are higher the more you are asking for … more units, longer length of affordability, lower AMI targeting

19. $25M by the end of FY 19/20? $15M High Impact Sites $10M Other
$7.5M 90 Units Biltmore
212 Units Lee Walker Heights
$500k ?? Oak Hill
$500k Units Cedar Hill
$10M Other
$2M (HTF) > 50 Units City of Asheville
$200k (DPA) 6 Units City of Asheville
$1M (land)
$11.7M of the $25M for 600 units / 400 units
Investment of $20k to $30k per unit

20. What we’ll learn together
Asheville Affordable Housing
Asheville Bond November, 2016
$25M for Affordable Housing
$15M for High Impact Sites
$5M for Housing Trust Fund
$3M for Land Banking
$1M for ABCLT
$1M for DPA
Are we spending & are we creating housing?
When in Wilmington
Takeaways
Promise I won’t make this sound so easy to fix / no silver bullet; Strategy needs to include Preservation, Protection & Construction

21. Is your community ready?
Chair of the Cape Fear Housing Coalition
Wilmington, NC / 2016
Call from Cape Fear Realtors
Call from the Cape Fear Home Builders Association
Call from a local housing non-profit who was on the Coalition
----
Who is your local Convenor / Collaborator?
Who is building the support?

22. What we’ll learn together
Asheville Affordable Housing
Asheville Bond November, 2016
$25M for Affordable Housing
$15M for High Impact Sites
$5M for Housing Trust Fund
$3M for Land Banking
$1M for ABCLT
$1M for DPA
Are we spending & are we creating housing?
When in Wilmington
Takeaways
Promise I won’t make this sound so easy to fix / no silver bullet; Strategy needs to include Preservation, Protection & Construction

23. Challenges & Thoughts for next time
We need this $25M to be successful to get another one
Plan, plan, plan
First 3 years just laying the groundwork
Give yourself some flexibility
Can you spend it in 7 years?
Work with good Bond Consultants
Have a dedicated lead / staff
Many bond items “picked up” by the team
Do you have a Policy for that?
Is it shovel ready?
Do you have partners for that?
Is your community ready? Do they get it?
Doing better now - We can spend it!
Learn from the challenges

24. Thank You! Questions? Please Contact me ... Paul D’Angelo 910.297.2749
ashevillenc.gov
Questions I can ask the audience
Notes on ?s … question on Tiny Homes as part of solution, KOAs as part of solution,