1. Information of Value—You Send….We Trend WBARS Accuracy…Nuances….Fun Facts RAISE THE ROOF! Envision Excellence in Affordable Housing Management AHMA/ARHC Convention Yakima 2014

2. City of Seattle Office of Housing Joanne Quinn Washington State Housing Finance Commission Lanakay Lipp Washington State Department of Commerce Nona White YOU SEND…..WE TREND

3. BUILD BUILD BUILD BUILD BUILD BUILD BUILD

4. FEED ME—WE ARE INSATIABLE!!

5. YOU SEND

6. We TREND and Report HUD IRS Governor Mayor City County

7. WBARS uses “most restrictive” income and rent limits ALL Funders—except WSHFC—use the Section 8 income and rent limits WBARS Nuances - Limits

8. Other funders Most restrictive limits Only WSHFC Tax Credit limits

9. Section 8

10. Tax Credit

11. Set up UTILITY ALLOWANCES correctly! 1 2 3 WBARS Tips

13. Importance of Utility Allowances Affect the rent that can be charged Biggest reason for over charging Tax Credit rent Alternate methods in WSHFC Tax Credit Manual Appendix O

14. Table 4 is used by Funders to: Confirm compliance with contracts Evaluate financial condition of properties Calculate averages Do trending analysis Incomplete/inaccurate info skews these analysis

15. FUN FACTS FROM FUNDERS OCCUPANCY RATES BY POPULATION Average for OH funded projects was 94.7% General Population—96.3% Chronic Mental Illness—94.8% Developmentally Disabled—97.2% Elderly/Senior Housing—95.5% Veterans—94.0% Youth—86.1%

16. FUN FACTS FROM FUNDERS INCOME AND EXPENSES in 2012 Average Effective Gross Income--$9,340/unit/year Average Operating Expense--$6,593/unit/year Include Reserves & Total Average Cost--$7,107 Replacement Reserve deposits are averaging $451/unit/year Cashflow after debt service and reserves is $584/unit/year

17. FUN FACTS FROM FUNDERS EXPENSES by Population General Population--$5835/unit/year Chronic Mental Illness--$7,529/unit/year Developmentally Disabled--$3,538/unit/year Senior Housing--$5,908/unit/year Veterans--$7,387/unit/year Youth--$15,763/unit/year

18. FUN FACTS FROM FUNDERS Around the State with WBARS data: 7 monitoring funders 1,529 Projects 380 unique Contractor/Owners 1,679 Sites (69 in Yakima County) 79,675 Units

19. FUN FACTS FROM FUNDERS Households & Occupancy in 2012: 79,326 Households Served 26% of sites serve primarily special needs Average Occupancy Rate was 93.5%

20. FUN FACTS FROM FUNDERS First cut of Financial Data Net Operating Income averaged $179k Cash Flow averaged $ 52k 57% of sites reported debt payment Average debt payment was $128k

21. FUN FACTS FROM FUNDERS A Brief Look at Reserves: Operating Reserves Balance per UNIT was $1,301 on avg Replacement Reserves Balance per UNIT was $2,410 on avg

22. City of Seattle Office of Housing Joanne Quinn Joanne.Quinn@seattle.gov Washington State Housing Finance Commission Lanakay Lipp Lanakay.Lipp@wshfc.org Washington Department of Commerce Nona White Nona.White@commerce.wa.gov FUN FACTS FROM FUNDERS