Post on 13-Jan-2015
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Virginia Housing Development Authority
Leveraging Mixed-Use Development to Drive Downtown Economic
Revitalization
Leveraging Mixed-Use Development to Drive Downtown Economic
Revitalization
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Challenges Facing Our Communities
Challenges Facing Our Communities
• Residential areas are becoming increasingly segregated by incomes
• Residents voice concerns about traffic but must drive a car to perform almost every task
• Large areas of land are devoted to impervious parking
• Older persons face transportation problems, feel disconnected when they cannot drive
• New workers find it increasingly difficult to live anywhere near their jobs
• Residential areas are becoming increasingly segregated by incomes
• Residents voice concerns about traffic but must drive a car to perform almost every task
• Large areas of land are devoted to impervious parking
• Older persons face transportation problems, feel disconnected when they cannot drive
• New workers find it increasingly difficult to live anywhere near their jobs
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Benefits of Mixed-Use Developments
Benefits of Mixed-Use Developments
• Bring people closer to things that are needed on a day to day basis
• Efficient use of public land and public infrastructure
• Create a pedestrian friendly neighborhood that is self sustaining
• People want to live there!
• Bring people closer to things that are needed on a day to day basis
• Efficient use of public land and public infrastructure
• Create a pedestrian friendly neighborhood that is self sustaining
• People want to live there!
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Benefits ofMixed-Income Developments
Benefits ofMixed-Income Developments
• Promote inclusion and diversity • Can providing housing for people of all income
levels within one development• Corridor reinvestment & revitalization
• Promote inclusion and diversity • Can providing housing for people of all income
levels within one development• Corridor reinvestment & revitalization
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Complementary ApproachesComplementary Approaches
• New urbanism• Green design• Livable communities• Sustainable developments• Smart growth• Healthy neighborhoods• Neo-Traditional developments
• New urbanism• Green design• Livable communities• Sustainable developments• Smart growth• Healthy neighborhoods• Neo-Traditional developments
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Livonia Avenue Corridor
Looking west on Livonia Avenue at Phase II SitesSource: Google Maps, accessed 13 February 2013.
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Retail & Real Estate Development Process
Pre-Development
/ Due Diligence
Retail Site Selection
Finance and close deal
Identify market
Lease signed
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Retail Development in Neighborhoods
• Market Problems-Perception of crime-inactive property owners -Insufficient data or lack of data -Broker network-Existing spaces inadequate
• Low capacity or lack of economic development groups-No champions-Lack of anchors (retail, cultural, institutional)
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Retailer Site Selection Process
Source: DC Vibrant Retail Streets Toolkit, p. 39.
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Beyond Vacancies: Impact of Retail Space
Impact Neutral
Responsive to the needs of the local
community
Catalyst for revitalization
Redundant business type
Adversely effects local community
AnchorGrocery StoreCheck Cashing ServicesVacant Space
Convenience Stores
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Phase I
Phase II
Future Phases
Source: Bing Maps, accessed 13 February 2013.
Phasing Map
Development GoalsPhase I: Create critical mass and prepare entire corridor for redevelopment (master planning, land use approvals, partnerships)Phase II: Focus on quick implementation to build on Phase I momentumPhase III: Implementation of community plans to support HPD investment, connect East New York and Brownsville
Strategy
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Symbol Key Site KeyA. Entry siteB. Anchor institutionC. Public space
Entry point
Critical site
Disruptive building
Additional site
Elevated train line
Corridor Redevelopment Strategy
A
A
B C
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Livonia Avenue RFP
Land Use• Map commercial overlay• Increase density• Allow for more retail diversity
Design• Ground-floor use required• Minimum ceiling height of 14 feet• Minimum window glazing• Additional Lighting• Setback to achieve 22-foot
sidewalk on Livonia Ave and 13-foot sidewalk on side streets
Implementation• Retail attraction/retention• Coordinate investment with SBS
and other agencies• Partnerships
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Livonia Avenue Initiative – Phase I
Development Team• Dunn Development Corp• L&M Development• Boys’ Club of New York• NYC HPD• NYC HDC
Proposal Components• 290 units of affordable
housing• 14,000 sf retail space• 20,000 sf community facility
space• 60,000 sf Boys’ Club of NY
facility
Source: SLCE Architects, 2012.
Source: SLCE Architects, 2012.
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Why VHDA?Why VHDA?• Experience in promoting an array of housing
opportunities throughout the Commonwealth• Mission is to help low and moderate-income
Virginians attain quality affordable housing• VHDA vision is to be “The Leading Mobilizing
Force for Affordable Housing in Virginia” • Legislation effective on July 1, 2004 to enable
VHDA to finance mixed use/mixed income properties
• Experience in promoting an array of housing opportunities throughout the Commonwealth
• Mission is to help low and moderate-income Virginians attain quality affordable housing
• VHDA vision is to be “The Leading Mobilizing Force for Affordable Housing in Virginia”
• Legislation effective on July 1, 2004 to enable VHDA to finance mixed use/mixed income properties
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REACH VirginiaREACH Virginia
Resources
Enabling
Affordable
Community
Housing in Virginia
Resources
Enabling
Affordable
Community
Housing in Virginia
Outreach & Liaison
Capacity Building
Resource Facilitation
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Mixed Use Mixed Income Program Criteria
Mixed Use Mixed Income Program Criteria
• Loan product for the acquisition, construction and/or rehabilitation of developments integrating mixed income housing units and commercial spaces in targeted revitalization areas
• 20% of units must be 80% or less of area median income and 20% must be 120% or below.
• Remaining 60% of residents are not subject to income limits
• Majority of project is residential
• Loan product for the acquisition, construction and/or rehabilitation of developments integrating mixed income housing units and commercial spaces in targeted revitalization areas
• 20% of units must be 80% or less of area median income and 20% must be 120% or below.
• Remaining 60% of residents are not subject to income limits
• Majority of project is residential
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Underwriting StandardsUnderwriting Standards• Lesser of 90% LTV or 95% TDC excluding
developer’s fees. Non-profits 100% LTV or 100%TDC
• Minimum 1.10 debt coverage ratio• Loans are typically permanent forward• 1% fee• 30-year loan for new construction or adaptive
re-use; 25-year loan for rehabilitation• All loans are non-recourse
• Lesser of 90% LTV or 95% TDC excluding developer’s fees. Non-profits 100% LTV or 100%TDC
• Minimum 1.10 debt coverage ratio• Loans are typically permanent forward• 1% fee• 30-year loan for new construction or adaptive
re-use; 25-year loan for rehabilitation• All loans are non-recourse
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Project Location Mixed Use Mixed Income
Mixed Income
Revitalization District Y Y
Conservation District Y Y
Rehabilitation District Y Y
Qualified Census Tract Y Y
Non revitalization area (local gov. support)
N Y
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MUMI Planning GrantsMUMI Planning Grants
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Keswick StreetKeswick Street
• Town of Clifton Forge and Total Action Against Poverty (TAP)
• Located 2 blocks from Town Hall
• Convenient to local businesses, shops, churches, banking, local theater
• 13 homes on street– 4 acquired by a private resident
– 5 acquired by TAP
• Town of Clifton Forge and Total Action Against Poverty (TAP)
• Located 2 blocks from Town Hall
• Convenient to local businesses, shops, churches, banking, local theater
• 13 homes on street– 4 acquired by a private resident
– 5 acquired by TAP
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Keswick Street-Clifton Forge
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Waynesboro Heritage MuseumWaynesboro Heritage Museum
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Heritage MuseumHeritage Museum• Former First National Bank of
Waynesboro• Six one-bedroom apartments on upper
floor with one commercial space and a space for Waynesboro Heritage Museum
• Financial sources and uses include VHDA, New Markets Tax Credits, Enterprise Zone Grant and Historic Tax Credit Equity
• Former First National Bank of Waynesboro
• Six one-bedroom apartments on upper floor with one commercial space and a space for Waynesboro Heritage Museum
• Financial sources and uses include VHDA, New Markets Tax Credits, Enterprise Zone Grant and Historic Tax Credit Equity
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Contact InformationContact InformationKeith Sherrill
Community Housing Officer - Local Government Outreach
601 S. Belvidere Street Richmond, VA 23220
(804) 343-5735keith.sherrill@vhda.com
Keith SherrillCommunity Housing Officer - Local
Government Outreach601 S. Belvidere Street
Richmond, VA 23220(804) 343-5735
keith.sherrill@vhda.com