Thursday, October 1, 2015Collier County, Florida

David A. Jackson, Visiting Advisor, Community Economic Development, Federal Reserve Bank of

Atlanta

This presentation and my comments are mine and mine alone and do not necessarily reflect those of others in Federal Reserve Bank

of Atlanta or the Federal Reserve System.

David A. Jackson, Visiting Advisor, Community Economic Development, Federal Reserve Bank of

Atlanta

Visiting Advisor inCommunity and Economic Development

Environmental Scan of Housing and Neighborhood Revitalizations Issues in the 6th District

Durably Affordable Housing

Blight Remediation

CED works to ensure capital access in all communities – not just financial capital, but also human and social capital.

• Generally it is when a family pays no more than 30% of their income on housing.

• Families are considered “Housing Cost Burdened” when they pay more than 30% of income for housing

• Teachers, police, service workers, hospital workers – these are the people who are facing this challenge

• Many advocates have stating looking at The Housing and Transportation (H+T®) Affordability Index which provides a comprehensive view of affordability that includes both the cost of housing and the cost of transportation at the neighborhood level

Thurber et al. 2014 4

What is Affordable Workforce Housing?

• Atlanta – Miami – Nashville - New Orleans and many other municipalities are working on this challenge

• Once focused on very low income families, now more focused on workforce housing and housing for seniors

• Employers need more housing for recent college grads, service workers, municipal employees and other low wage workers

• Creating comprehensive housing plans to address affordability this and other housing needs

• A focus of HUD - the Affirmatively Furthering Fair Housing Rules

Thurber et al. 2014 5

Municipalities in the District are Working to Create More Affordable Workforce Housing

Comprehensive Housing Plans

Thurber et al. 2014 7

Efforts to Create More Affordable Workforce Housing Fall Into Four Broad Categories

CreationPreservationAcquisition

Land BanksHousing Trust Funds

Inclusionary Housing Policies

Zoning for Density & Infill

Tax Increment Financing

Permanently Affordable Housing Models

Community Benefit Agreements

The Housing Toolbox ThatSeveral Municipalities Are Using

Thurber et al. 2014 9

Passive Vs. Active Strategies for Affordable Workforce Housing Development and Preservation

Push: Pushing the idea of developing workforce housing.

Waivers of impact fees Discretionary inclusionary zoning

Pull: Having something to make the developers come to you.

Mandatory inclusionary zoning Low cost financing through workforce housing funding pools Costumers with down-payment assistance ready to purchase Land-banked properties

Source: Hickey, Sturtevant and Thaden, Achieving Lasting Affordability through Inclusionary Housing, Lincoln Institute of Land Policy, 2014.

Growing National Interest in the Use of Inclusionary Policies

Governmental entities that specialize in the conversion of vacant, abandoned and foreclosed properties into

productive use or hold properties for long-term strategic public purposes.

Growing National Interest in the Use of Land Banking

Other Tools Being Used Include:

• Mandatory Inclusionary Housing• Discretionary Inclusionary Zoning• Tax increment Financing• Community Land Trusts• Shared Equity Homeownership• Down-payment Assistance Programs• Limited Equity Co-ops• Low Interest Permanent Mortgage Financing• Subsidy Recapture• Rent Controls• Provide Rental Subsidies• Low Income Housing Tax Credit Development

What is Scalable for Collier County?

What is Scalable for Collier County?

Technically speakingany and all of these are

scalable for Collier County!

Other Tools Being Used Include:

• Mandatory Inclusionary Housing• Discretionary Inclusionary Zoning• Tax increment Financing• Community Land Trusts• Shared Equity Homeownership• Down-payment Assistance Programs• Limited Equity Co-ops• Low Interest Permanent Mortgage Financing• Subsidy Recapture• Rent Controls• Provide Rental Subsidies• Low Income Housing Tax Credit Development

What is Scalable for Collier County?

Technically speakingany and all of these are

scalable for Collier County!

The Real Question is:

Technically speakingany and all of these are

scalable for Collier County!

The Real Question is:

Which of these are best for Collier County?

What is Scalable for Collier County?

What is the Next Step for Collier County?

• Consider Developing a Comprehensive Multiyear Affordable Workforce Housing Plan