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HomeMy WebLinkAboutP3 Port Arthur Affordable Housing Power Point PresentationAffordable Housing Defined by housing cost not housing type or who lives there! Housing is considered affordable if a household spends no more than 30 percent of their income to live there. 1 Federal, State, Local Programs Bridge the Housing “Affordability” Gap Support Local Growth and Development – Economic Development Creates Affordable Housing Options Based on Area Median Incomes (AMI) Promotes Economic Development and Attracts Reinvestment Affordable Housing Benefits Addresses Gap between 30% Household Income – Market Housing Rate Cost Program Based Administering Agency Public and Private Income Eligibility Not Location Restricted Supports Rental and Home Ownership Housing Enhances Economic Diversity Supports Workforce Housing in the local market 2 Port Arthur Area Median Income (AMI) 3 Port Arthur Affordable Housing 4A - 4B Downtown Housing Initiative Neighborhood Stabilization Program Disaster Recovery Financing Entitlement Grant Financing CDBG HOME Low Income Housing Tax Credits 4 Federal Public Housing, Section 8 Rental Assistance State Disaster Recovery, LIHTC, Bond Financing Local 4A and 4B Economic Development Financing HUD Entitlement – HOME, CDBG, NSP, HOME ARP, Opportunity Zones, Empowerment Zones, Inclusionary Zoning Affordable Housing Resources Port Arthur, Texas Program Beneficiaries Average Salary Average Wage – All Jobs $47,000 Police – Law Enforcement $54,000 – 63,000 Teacher – Educators $45,000 - 65,000 Refinery – Operators $52,000 – 58,000 City Employees $48,000 – 56,000 Hotel Hospitality $35,000 – 27,000 80% of Median Income 4 - person household $58,900 5 Programs Overview 6 Affordable, rental housing for low- and moderate-income households owned / operated by housing authority and site based Public / Assisted Housing 7 Housing Vouchers Programs Covid 19 Rental Assistance Tenant Based Rental Assistance Low Income Housing Tax Credits Vouchers Section 8 Housing Choice Voucher Program Veteran Housing Voucher Program Federal and State Funded Housing Solutions 8 Two types of vouchers: Mobile Voucher Tenant finds her own apartment or unit Voucher stays with tenant when household moves. Can move anywhere in the eligibility area Rent must meet applicable fair market rent standards Project-Based Voucher Voucher is attached to a particular apartment and does not move with the tenant Section 8 Rental Assistance Housing Voucher programs provide rental assistance to help low-income residents afford apartments – the voucher covers the difference between the rent charged and the tenant’s contribution 9 City Grants Management: Administer Entitlement Grant Funded Housing Programs Local Financing Empowerment Zones, Inclusionary Zoning, Public Improvement Zones, 4A and 4B Financing Serve as a resource for other housing programs – Opportunity Zones State Grants Management: Administer Federal Entitlement Grants, Tax Credits, Bond Financing and State Funded Housing Programs Program Administration Housing Authorities Programs: Operate & Maintain Public Housing Administer Rental Vouchers Serve as a resource / applicants for other housing programs LIHTC, Veterans Housing 10 Affordable housing that is owned and managed privately, including rental & homeownership units Developers receive grants, tax credits, or other incentives in exchange for creating affordable housing units Examples: Inclusionary Zoning Units – developer required to set aside certain percentage of new units as affordable 4A and 4B Economic Development Financing Units built by Community Development Corporations (CDCs) or other non-profit developers Employer Assisted Housing Programs Other Affordable Housing Options 11 Federal, State, Local Programs Require Certifications to “Affirmatively Further Fair Housing Choice”. Federal Fair Housing Regulations Apply “Affirmatively Further Fair Housing Choice”. Eliminates disparities in Housing Choice Fosters Inclusive Communities Address Discriminatory Housing Practices Protect Fair Housing Rights of Federal Protected Classes Supports Rental and Home Ownership Housing Opportunities Enhances Economic Diversity Expand Housing Choice and Affordability Supports reinvestment diversity during revitalization and reinvestment and before market forces eliminate affordability 12 Downtown Development - The Renaissance at Lakeshore Apartments - 901 Fourth Street Downtown Port Arthur, Texas State - State Disaster Recovery and City Infrastructure Funds 13 Legacy CDC Development – 923 5th Street Downtown Port Arthur, Texas Homeownership - City Funded Infrastructure, Lots, Down Payment / Closing Cost 14 QUESTIONS AND ANSWERS 15