Fostering Dignity Through Housing

Population Growth in Central Oregon since 2007

185,000

190,000

195,000

200,000

205,000

210,000

215,000

220,000

225,000

2007 2008 2009 2010 2011 2012 2013 2014 2015

Data from American Community Survey. Includes populations of Deschutes, Jefferson and Crook Counties.

0.00%

2.00%

4.00%

6.00%

8.00%

10.00%

12.00%

14.00%

2008 2009 2010 2011 2012 2013 2014 2015

Vacancy Rate in Central Oregon since 2008

1.5%

Data from Central Oregon Rental Owners Association’s (COROA) annual rental surveys. No COROA data for 2010, but Census data available for 2010.

• Average household incomes have increased 10% • Average rent for a typical 2-bedroom apartment has increased 57%

Wages vs Housing Costs in Central Oregon

Jefferson County

20%

22% 58%

Crook County

45%

24%

31%

Deschutes County

HH - rent burdened

HH - extreme burden

HH without burden

29%

29% 42%

Rent Burden in Central Oregon

Housing Choice Voucher Program

2010 2016

Voucher to Lease-Up Success Rate

70%

46%

• Security Deposit Assistance through Families Forward Inc.

• Payment standards are at 110%

o Waiver requested from HUD to establish a “success rate payment standard” - further boost by $45 to $50 per month

• Designated apartments in new developments for VASH vouchers

o VASH is 100% leased (81 vouchers) and we are anticipating 8 more

• Including Project-based Vouchers in new developments

Adjusting to Market Conditions

Creating and Preserving Affordable Housing in Central Oregon

800 Affordable Apartments & Single-Family Homes

HW Portfolio by Locality

Bend

Madras

Prineville

Redmond

Sisters

63%

4% 18%

6%

9%

HW Portfolio by Type

Farmworker

Seniors

Special Needs

Tutor Home

Workforce

6%

7% 1%

73%

13%

Population by Locality

Bend

Madras

Prineville

Redmond

Sisters

La Pine

7%

21%

2% 1%

64% 5%

Quality, Innovative and Resourceful

Ariel Glen and Healy Heights 2013-14

• Relationship with NeighborImpact facilitated purchase of Healy Heights (70 apartments built in 1995)

• Combined with Ariel Glen (built in 1995, owned by HW)

• Recapitalized 140 affordable workforce apartments

• 4% tax credits and Housing Works-issued bonds – total project cost of $12.1 million

• 1st in Oregon to close a HUD insured 223(f) loan using the short-term bond cash collateralization structure

• Turned laundry room into Mosaic Medical clinic

• Includes 14 apartments set aside for NeighborImpact’s rapid rehousing program

• Healy Heights includes an onsite HeadStart facility

• Residents of both properties have after-school care at the Boys and Girl Club at neighboring Ariel South

Ariel Glen and Healy Heights 2013-14 cont.

• 50 senior apartments built in 1994

• 4% tax credits with Housing Works bonds

• Total project cost of $4.6 million

• Learned from Ariel/Healy: finding a direct lender saves transaction costs

• Partnered with Washington Federal: 16-year, fixed-rate loan

Reindeer Recapitalization - 2015

Paulina Peak Partners - 2015

• 9% tax credits – total project cost $12.1 million

• Recapitalizing small properties >20 years is challenging

• Took a risk: Combined recapitalization of 40 apts in Redmond with new construction of 40 apts in Bend on 9% application

• Successfully created new units in Bend AND revitalized units in Redmond that had been built in 1993

Quartz Avenue Apartments - 2016

• Housing Works had land and Cascade Community Development had a need

• 5 new apartments for people with Intellectual and Developmental Disabilities

• HOME Funds – total project costs $520,000

• Partnering with Redmond Association for Successful Community Living, Inc. (RASCL)

Cook Crossing LLC - 2016

• Serving the most vulnerable populations

• 9% credits. Combining new construction with rehab of an 8-unit PBV senior & disabled property (40 years old)

• Construction starting this summer - $11.3 million

• Key partners: o Mosaic Medical Clinic o DHS o School District o CET – dial-a-ride bus passes

Daggett Townhomes - 2016

• 24 townhomes to be constructed this summer

• GHAP and 4% bonds

• Key set-asides for vulnerable populations

• Proximity to services

o Ensworth Elementary School o Deschutes Children’s Foundation o MountainStar Relief Nursery o Head Start o Cascade Youth and Family o Big Brothers Big Sisters o Mosaic’s Ensworth Community

School-Based Health Center

Moonlight Townhomes - 2016

• 29 townhomes to be constructed this summer

• GHAP and 4% bonds

• Key set-asides for vulnerable populations

• Proximity to services

• Home First development – cost savings of 25% by using integrated design build team

Rehab of Chennai Landing and Riverside Apartments - 2016

• Chennai Landing located in Madras.

• Built in 1999, 24 family/workforce apartments

• $29,000/door in modernization

• Riverside Apartments located in Prineville.

• Built in 1996, 40 senior apartments

• $22,000/door in modernization

Combining with Moonlight Townhomes and Daggett Townhomes to attract an investor for 4% tax credits

Home Ownership

• 8 tutor homes

• 9 ground lease homes with 10 more on the way

• 6 lease to own homes being constructed for farmworkers

Ground Lease home on Hartford Ave in NWX in Bend

Development Pipeline: Ochoco School Conversion

• Potential of 29-30 affordable apartments

• Community benefit – gymnasium

• Facility for early learning or childcare

• Based on outcome of due diligence, plan to submit a 9% app this year.

Building Partnerships with other agencies – a key to quality of life and the success of our residents

Cascades East

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