Post on 08-Jan-2018
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Thursday, October 1, 2015Collier County, Florida
David A. Jackson, Visiting Advisor, Community Economic Development, Federal Reserve Bank of
Atlanta
This presentation and my comments are mine and mine alone and do not necessarily reflect those of others in Federal Reserve Bank
of Atlanta or the Federal Reserve System.
David A. Jackson, Visiting Advisor, Community Economic Development, Federal Reserve Bank of
Atlanta
Visiting Advisor inCommunity and Economic Development
Environmental Scan of Housing and Neighborhood Revitalizations Issues in the 6th District
Durably Affordable Housing
Blight Remediation
CED works to ensure capital access in all communities – not just financial capital, but also human and social capital.
• Generally it is when a family pays no more than 30% of their income on housing.
• Families are considered “Housing Cost Burdened” when they pay more than 30% of income for housing
• Teachers, police, service workers, hospital workers – these are the people who are facing this challenge
• Many advocates have stating looking at The Housing and Transportation (H+T®) Affordability Index which provides a comprehensive view of affordability that includes both the cost of housing and the cost of transportation at the neighborhood level
Thurber et al. 2014 4
What is Affordable Workforce Housing?
• Atlanta – Miami – Nashville - New Orleans and many other municipalities are working on this challenge
• Once focused on very low income families, now more focused on workforce housing and housing for seniors
• Employers need more housing for recent college grads, service workers, municipal employees and other low wage workers
• Creating comprehensive housing plans to address affordability this and other housing needs
• A focus of HUD - the Affirmatively Furthering Fair Housing Rules
Thurber et al. 2014 5
Municipalities in the District are Working to Create More Affordable Workforce Housing
Comprehensive Housing Plans
Thurber et al. 2014 7
Efforts to Create More Affordable Workforce Housing Fall Into Four Broad Categories
CreationPreservationAcquisition
Land BanksHousing Trust Funds
Inclusionary Housing Policies
Zoning for Density & Infill
Tax Increment Financing
Permanently Affordable Housing Models
Community Benefit Agreements
The Housing Toolbox ThatSeveral Municipalities Are Using
Thurber et al. 2014 9
Passive Vs. Active Strategies for Affordable Workforce Housing Development and Preservation
Push: Pushing the idea of developing workforce housing.
Waivers of impact fees Discretionary inclusionary zoning
Pull: Having something to make the developers come to you.
Mandatory inclusionary zoning Low cost financing through workforce housing funding pools Costumers with down-payment assistance ready to purchase Land-banked properties
Source: Hickey, Sturtevant and Thaden, Achieving Lasting Affordability through Inclusionary Housing, Lincoln Institute of Land Policy, 2014.
Growing National Interest in the Use of Inclusionary Policies
Governmental entities that specialize in the conversion of vacant, abandoned and foreclosed properties into
productive use or hold properties for long-term strategic public purposes.
Growing National Interest in the Use of Land Banking
Other Tools Being Used Include:
• Mandatory Inclusionary Housing• Discretionary Inclusionary Zoning• Tax increment Financing• Community Land Trusts• Shared Equity Homeownership• Down-payment Assistance Programs• Limited Equity Co-ops• Low Interest Permanent Mortgage Financing• Subsidy Recapture• Rent Controls• Provide Rental Subsidies• Low Income Housing Tax Credit Development
What is Scalable for Collier County?
What is Scalable for Collier County?
Technically speakingany and all of these are
scalable for Collier County!
Other Tools Being Used Include:
• Mandatory Inclusionary Housing• Discretionary Inclusionary Zoning• Tax increment Financing• Community Land Trusts• Shared Equity Homeownership• Down-payment Assistance Programs• Limited Equity Co-ops• Low Interest Permanent Mortgage Financing• Subsidy Recapture• Rent Controls• Provide Rental Subsidies• Low Income Housing Tax Credit Development
What is Scalable for Collier County?
Technically speakingany and all of these are
scalable for Collier County!
The Real Question is:
Technically speakingany and all of these are
scalable for Collier County!
The Real Question is:
Which of these are best for Collier County?
What is Scalable for Collier County?
What is the Next Step for Collier County?
• Consider Developing a Comprehensive Multiyear Affordable Workforce Housing Plan