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Preservation Strategies for Affordable Housing in DC

Learn about the ABC’s of Preservation in DC, the DC Housing Finance Agency’s role, and the revitalization stories of Samuel J. Simmons and Samuel Kelsey. Find out how advocacy groups are working to preserve 35,000 units and support housing initiatives. Understand the funding commitments, strategic goals, and success stories that shape affordable housing preservation in DC. Take the quiz, New Orleans' style, to test your knowledge on key housing preservation concepts. Stay informed and engaged with the DC Preservation Network.

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Preservation Strategies for Affordable Housing in DC

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  1. ABC’s and A Tale Allison Ladd District of Columbia Housing Finance Agency April 5, 2013

  2. Presentation Overview • ABC’s of Preservation in DC • DC Housing Finance Agency’s Role • A Tale of Two Samuels • Samuel J. Simmons • Samuel Kelsey • Quiz…New Orleans’ Style

  3. ABC’s of Preservation In DC • Advocacy • DC Preservation Catalog • 35,000 units • Main Goals • Increase awareness of projects at-risk • Contribute to the preservation of affordable housing • Serve as accurate accounting of the total affordable housing stock • DC Preservation Network • Co-Leaders - Coalition for Nonprofit Housing and Economic Development and Urban Institute • 12-15 stakeholders met monthly • Advocates, agency representatives (federal and local), developers, owners • www.neighborhoodinfodc.org/dcpreservationcatalog

  4. ABC’s of Preservation In DC • Build a Strategy 2006 2013

  5. ABC’s of Preservation In DC • Build a Strategy • 2012 Task Force and 2013 Report • 3 Strategic Goals • Preserve approximately 8,000 existing affordable housing units with subsidies that will expire by the year 2020 • Produce and preserve 10,000 net new affordable housing units by 2020 (10x20) • Support the production of 3,000 market rate housing units annually through 2020 • 24 Action Items • Increase Supply • Decrease Demand www.taskforce2012.org

  6. ABC’s of Preservation In DC • Commit Funding • FY2013 - Combined DC Funding - $936.5 Million • Proposed FY2014 – Mayor proposing $100 million of new funds for affordable housing

  7. DC Housing Finance Agency’s Role • Invested • $600 million in tax exempt bond proceeds • $330 million in 4% Low Income Housing Tax Credit Equity • 41 residential developments • 24 rehabilitation • 17 new construction

  8. A Tale of Two Samuels… …Columbia Heights Monthly Rents – 1 BR - $1500 2 BR – $1700-2700 Retail $500K Median Sales New Homes

  9. Samuel J. Simmons- before Built in 1981 - HUD 202 KEY: 100% HAP Contract – 30% of Income for Rent 175 Units of Senior Housing

  10. Samuel J. Simmons - After $55.7 Million Total Development Cost $318K per unit Rent – 1 bedroom $1480 Tenant Services New Everything! Kitchens, Baths, Floors, Common Area and Design

  11. Samuel Kelsey- Before Built circa 1920 National Register of Historic Places Key - 100% HAP Contract 150 units (mostly seniors) First floor retail (locally owned small businesses)

  12. Samuel Kelsey - After • Rents – • 1 Bedroom - $1,726 • Tenant • Services $33 million – Total Development Cost $225K per unit

  13. Quiz… New Orleans’ Style! • ABC’s • Advocate • Build a Strategy • Commit Funding • Tale of Two Samuels • Key - Section 8 HAP Contract

  14. Thank you

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