Preserving Affordable Housing Near Transit

Case Studies from Atlanta, Denver, Seattle and Washington, D.C.

Sept. 27, 2010

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Preserving Affordable Housing Near Transit

Collaboration with NHT and Reconnecting America

Studied TOD in Atlanta, Denver, Seattle and Washington, D.C.

Identified 12 properties that successfully accessed new capital/funds to preserve affordable housing in planned TOD projects

Download a copy of the report: www.greencommunitiesonline.org/TOD

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Key Findings From the Report

Leveraging new sources of capital subsidy, local zoning incentives and pooled financing

Seeking flexible acquisition financing to hold properties until financing is available

Securing unsubsidized rental housing near planned transit

Engaging in collaboration with housing, transit and planning agencies

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TOD Opportunities in Atlanta

MARTA guidelines

Housing Opportunity Bond program

Beltline Affordable Housing Trust

Tax credits

Land Banking Authority

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TOD Opportunities in Denver

TOD acquisition fund

$19 million in NSP2 funds

Affordable Housing Policy to govern land disposition and joint development

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TOD Opportunities in Seattle

$145 million housing levy

Rainier Valley Community Development Fund

Incentive zoning programs

Washington Works program

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TOD Opportunities in Washington, D.C.

Housing Production Trust Fund

Bridge lending resources

Tenant Opportunity to Purchase Act

Tax-exempt bond financing with 4% LIHTC

Greater Washington 2050

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Preservation Strategies in Atlanta

Property:

Wheat Street Gardens

Strategies:

Targeting at-risk properties near transit

Targeting physically distressed properties

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Preservation Strategies in Denver

Property:

Jody Apartments

Strategies:

Acquisition of land/buildings prior to price appreciation

Land banking

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Preservation Strategies in Seattle

Property: Brewster Apartments

Strategies:

Zoning incentives New funding for rehab Acquisition & targeting

at-risk properties

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Preservation Strategies in Washington, D.C.

Properiy: Martin Luther King Jr.

Latino Cooperative

Strategies: Tenant laws Pooled financing Targeting at-risk

properties

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Taking on the Challenge in Your Community

Take an affordable inventory

Identify acquisition resources

Asses repositioning resources

Map out strategic partnerships