Information of Value—You Send….We Trend WBARS Accuracy…Nuances….Fun Facts
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Transcript of Information of Value—You Send….We Trend WBARS Accuracy…Nuances….Fun Facts
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Information of Value—You Send….We Trend
WBARS Accuracy…Nuances….Fun Facts
RAISE THE ROOF!Envision Excellence in Affordable Housing Management
AHMA/ARHC ConventionYakima 2014
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City of Seattle Office of Housing Joanne Quinn
Washington State Housing Finance Commission Lanakay Lipp
Washington State Department of Commerce Nona White
YOU SEND…..WE TREND
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BUILD BUILD BUILD BUILD BUILD BUILD BUILD
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FEED ME—WE ARE INSATIABLE!!
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YOU SEND
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WBARS
We TREND and Report• HU
D• IRS
• Governor
• Mayor• Ci
ty • County
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WBARS uses “most restrictive” income and rent limits
ALL Funders—except WSHFC—use the Section 8 income and
rent limits
WBARS Nuances - Limits
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• Other funders Most restrictive limits• Other funders Most restrictive limits• Other funders Most restrictive limits• Only WSHFC Tax Credit limits
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• Section 8
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• Tax Credit
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Set up UTILITY ALLOWANCES correctly!
1
2
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WBARS Tips
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Importance of Utility Allowances• Affect the rent that can be charged• Biggest reason for over charging Tax Credit rent• Alternate methods in WSHFC Tax Credit Manual
Appendix O
$ $ $ $ $
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Table 4 is used by Funders to:• Confirm compliance with contracts• Evaluate financial condition of properties • Calculate averages • Do trending analysis
Incomplete/inaccurate info skews these analysis
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FUN FACTS FROM FUNDERS
OCCUPANCY RATES BY POPULATION
• Average for OH funded projects was 94.7%
• General Population—96.3%• Chronic Mental Illness—94.8%• Developmentally Disabled—97.2%• Elderly/Senior Housing—95.5%• Veterans—94.0%• Youth—86.1%
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FUN FACTS FROM FUNDERS
INCOME AND EXPENSES in 2012• Average Effective Gross
Income--$9,340/unit/year• Average Operating
Expense--$6,593/unit/year• Include Reserves & Total Average Cost--
$7,107• Replacement Reserve deposits are averaging
$451/unit/year• Cashflow after debt service and reserves is
$584/unit/year
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FUN FACTS FROM FUNDERS
EXPENSES by Population• General Population--$5835/unit/year• Chronic Mental Illness--$7,529/unit/year• Developmentally Disabled--$3,538/unit/year• Senior Housing--$5,908/unit/year• Veterans--$7,387/unit/year• Youth--$15,763/unit/year
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FUN FACTS FROM FUNDERS
Around the State with WBARS data:
• 7 monitoring funders• 1,529 Projects• 380 unique Contractor/Owners• 1,679 Sites (69 in Yakima County)• 79,675 Units
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FUN FACTS FROM FUNDERS
Households & Occupancy in 2012:
• 79,326 Households Served• 26% of sites serve primarily special
needs• Average Occupancy Rate was 93.5%
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FUN FACTS FROM FUNDERS
First cut of Financial Data• Net Operating Income averaged $179k
• Cash Flow averaged $52k
• 57% of sites reported debt payment
• Average debt payment was $128k
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FUN FACTS FROM FUNDERS
A Brief Look at Reserves:
Operating Reserves Balance per UNIT was $1,301 on avg
Replacement Reserves Balance per UNIT was $2,410 on avg
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City of Seattle Office of Housing Joanne Quinn [email protected]
Washington State Housing Finance Commission Lanakay Lipp [email protected]
Washington Department of Commerce Nona White [email protected]
FUN FACTS FROM FUNDERS