Costa Mesa Homeless Task Force Housing Options 101
- Slides: 11
Costa Mesa Homeless Task Force Housing Options 101 Workshop September 9, 2011
What Types of Homeless Projects / Programs can be Paid for with Set-Aside Funds? Housing Options 101 Workshop September 9, 2011 2
Allowable Uses of Set-Aside Funds � Funds must be used to increase, improve and preserve the supply of low and moderate income housing. � 55 -year income and affordability covenants must be imposed on rental units. � Set-Aside ◦ ◦ funds can be used to: Acquire land buildings Rehabilitate buildings Provide subsidies to income restricted projects Preserve the availability of existing restricted units Housing Options 101 Workshop September 9, 2011 3
Prohibited Uses of Set-Aside Funds � Temporary � Hotel Vouchers � Access � Code Housing Centers / Social Services Enforcement � Public Safety Services Housing Options 101 Workshop September 9, 2011 4
Housing Types for the Homeless � Short-Term Shelters and Hotel Vouchers: Daily occupancy � Transitional Housing: ◦ Tenants stay in the project for nine to 24 months ◦ Goal is to provide tenants with the skills needed to move to conventional housing � Long-Term Housing: ◦ Tenants require significant supportive services ◦ It is anticipated that tenants will not mainstream into traditional housing Housing Options 101 Workshop September 9, 2011 5
Costs of Providing Housing for the Homeless � Project Costs: ◦ Property Acquisition ◦ Building or Rehabilitation Costs ◦ Soft Costs and Financing Costs � Ongoing Operation Costs: ◦ General operating expenses ◦ Social services referrals ◦ Reserves for future capital repairs � Contingent Costs ◦ Relocation if units are occupied by permanent residents ◦ Provision of supportive services Housing Options 101 Workshop September 9, 2011 6
Importance of Code Enforcement � Some existing transient motels are renting rooms to tenants on a long-term basis. � The Code Enforcement Task Force launched a multi-disciplinary effort to improve the appearance of existing motels and to reduce criminal activity. � The key objectives of this effort are: ◦ To create maintenance and operational standards ◦ To control vice activities ◦ To encourage the intended transient use Housing Options 101 Workshop September 9, 2011 7
Motel Conversion Prototypes Housing Options 101 Workshop September 9, 2011 8
45 -Unit Motel Conversion Project 9% Tax Credits 4% Tax Credits Project Costs Acquisition Costs $60, 000/Unit Development Costs $107, 100/Unit 4, 819, 000 $110, 400/Unit 4, 970, 000 $167, 100/Unit $7, 519, 000 $170, 400/Unit $7, 670, 000 Total Project Costs $2, 700, 000 $60, 000/Unit $2, 700, 000 Net Operating Income (NOI) Effective Gross Income $6, 100/Unit $274, 520 $7, 600/Unit $341, 770 Operating Expenses $5, 200/Unit (234, 750) Total NOI $39, 770 $107, 020 Available Funding Sources Permanent Loan 1. 2 DCR / 7% Int Net Tax Credit Proceeds $115, 300/Unit Total Available Funding Sources Financial Gap $415, 000 5, 189, 000 1. 2 DCR / 7% Int $51, 100/Unit $5, 604, 000 $42, 600/Unit $1, 915, 000 $1, 117, 000 2, 301, 000 $3, 418, 000 $94, 500/Unit Housing Options 101 Workshop $4, 252, 000 September 9, 2011 9
150 -Unit Motel Conversion Project 9% Tax Credits 4% Tax Credits Project Costs Acquisition Costs $60, 000/Unit $9, 000, 000 Development Costs $98, 500/Unit 14, 771, 000 $105, 900/Unit 15, 882, 000 $23, 771, 000 $165, 900/Unit $24, 882, 000 Total Project Costs $158, 500/Unit Net Operating Income (NOI) Effective Gross Income $6, 200/Unit $933, 560 $7, 700/Unit $1, 157, 120 Operating Expenses $5, 200/Unit (782, 500) Total NOI $151, 060 $374, 620 Available Funding Sources Permanent Loan 1. 2 DCR / 7% Int $1, 577, 000 1. 2 DCR / 7% Int Net Tax Credit Proceeds $106, 400/Unit 15, 957, 000 $56, 700/Unit Total Available Funding Sources Financial Gap $17, 534, 000 $41, 600/Unit $6, 237, 000 $3, 910, 000 8, 503, 000 $12, 413, 000 $83, 100/Unit Housing Options 101 Workshop $12. 469, 000 September 9, 2011 10
Local Financial Resources � Set-Aside Funds ◦ Unencumbered funds equal approximately $600, 000 per year ◦ These funds support approximately $4. 5 million in bond proceeds � Federal HOME Funds ◦ City receives approximately $700, 000 per year ◦ Funds are awarded annually and cannot be bonded � City General Fund Dollars Housing Options 101 Workshop September 9, 2011 11
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