BY T AT IANA E SCOBAR CDBG PROJE CT S COORDINAT OR OF F ICE - - PowerPoint PPT Presentation

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Aug 15, 2022 47 likes •108 views

F unding the Ga p o f 1 Affo rda b le / Wo rkfo rc e Ho using Units I n the City o f Mia mi Be a c h BY T AT IANA E SCOBAR CDBG PROJE CT S COORDINAT OR OF F ICE OF HOUSING AND COMMUNIT Y SE RVICE S CIT Y OF MIAMI BE ACH

SLIDE 1

F unding the Ga p o f Affo rda b le / Wo rkfo rc e Ho using Units I n the City o f Mia mi Be a c h

BY T AT IANA E SCOBAR CDBG PROJE CT S COORDINAT OR OF F ICE OF HOUSING AND COMMUNIT Y SE RVICE S CIT Y OF MIAMI BE ACH

1

SLIDE 2

T he Pro b le m

Re nt c o ntro ls limit the a mo unt o f de b t a pro je c t c a n suppo rt c re a ting a g a p b e twe e n the pro je c t’ s to ta l c o st a nd the le nding o ppo rtunitie s a va ila b le fo r wo rkfo rc e ho using .

2

SLIDE 3

F unding so urc e s

Afforda ble Housing

nc o me ho using ta x c re dits (L imit a t 60%)

e de ra l funds c a p a t 80% AMI

Workforc e housing

Re g ula r le nding

institutio ns – limite d funds a va ila b le

Sta te funds c a p a t

120% - sma ll a llo c a tio ns

Co unty F

unds c a p a t 140% - Co unty surta x – c o mpe titive

a pplic a tio n

3

SLIDE 4

Curre nt a c tio ns b e ing ta ke n to re duc e c o sts

L

c a l L

e ve l (I n pro c e ss)

De nsity I

nc re a se - Unit Size Re duc tio n

Re duc tio n o r E

limina tio n o f Pa rking Re q uire me nts

I

nte nsity Bo nus - F lo o r Are a Ra tio (F AR)

F

ull L a nd Sub sidy – Unde rutilize d Asse ts 4

SLIDE 5

Po ssib le So lutio ns

 Mix o f Wo rkfo rc e / Ma rke t –Re nt Units  I

de ntify Adja c e nt L

ts with E

xtra Sq ua re F

o ta g e – De ve lo p Jo intly

 City to Pro vide F

unding Ga p

 Cre a te a Wo rkfo rc e Ho using De ve lo pme nt

T a x F und

 I

nc re a se I nte nsity T hro ug h T ra nsfe r o f De ve lo pme nt Rig hts – Cha rte r Ame ndme nt

5

SLIDE 6

Ac kno wle dg me nts

 Pe te r Mc Do ug a l - Ra za De ve lo pme nt F

und

 Sha hrza d E

ma mi - L e g a l Se rvic e s o f Gre a te r Mia mi, I nc .

 Andre w F

re y - T e c e la

 Jim Wa lke r - F

lo rida Co mmunity L

a n F

und

 Na nc y Me ro lla a nd Jim Mitc he ll - F

lo rida Co mmunity Ba nk, N.A.

 Sc o tt E

va ns - Ba nk o f the Oza rks

 Cinzia K

e e ve r & Che ryl He nry-Re nn - Ne ig hb o rho o d L e nding Pa rtne rs

 Do ug Ma ye r - Sto ne So up De ve lo pme nt