Financing Landscape for Public Housing Panel, March 17, 2011

PRESENTER:  Anthony O’Leary,  Executive Director, Akron Metropolitan Housing Authority

 Profile: 

AMHA is a county jurisdiction (non-MTW) comprised of 4,500 low income public housing units, 5,000 vouchers and 1,000 other affordable housing units.

 

·        High Performer under Public Housing Assessment System (PHAS)

·        High Performer under Section Eight Management Assessment Program (SEMAP)

·        2 - Hope VI Developments

·        Contract Administrator for Section 8 new construction

 

Market: 

 

Rents are below national average, unemployment at the national average, home prices and rents are modest.

 

Local Government Relationship: 

 

Strong relationships but available resources from local government are rapidly declining

 

Biggest Issues:

 

-          Preservation of public housing

-          Market for senior properties is softening due to tax credit properties recently built

-          Need more supportive housing

-          Housing stock in good shape but projected capital needs are high

 

Strategies Used to Generate Revenue and Reinvest in Properties:

 

·        Capital fund borrowing

·        Energy service contracts

·        ARRA – CFRC/TCAP/TCE

·        Capital needs assessment

·        High reserve levels

·        Partnerships with other agencies and providers

·        Targeted use of project-based vouchers

·        Low income tax credits – HOPE VI and other non-federal projects

·        Tax-exempt bonds

·        Bank loans

·        HDAP

·        Green Communities grants

·        HOME funds

·        Community Development Block Grant

·        Municipality funded/built infrastructure

·        Replacement Housing Factor Funds

·        Accrued loan interest

·        Deferred developer’s fee

·        Federal Home Loan Bank Affordable Housing Program grant

·        PHA loan of non-federal funds

·        NSP III

 

Lessons Learned:

 

1.      Use asset planner to make best use of scarce capital fund

2.      Be very targeted in all of project based voucher contracts

  3.  Expand partnerships

4.      Loaning of non-federal resources to promote new housing

5.      Partial ownership has potential or recognize that you do not need to own it

6.      Dispose of non-performing properties

7.      Succession Planning for key staff

8.      Adequate funding of operating and capital fund and Housing Choice Voucher still critical

9.      Operating reserves are critical

10.  TRA – remains questionable