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Home My WebLink AboutMINUTES - 12061988 - 1.68 TO: REDEVELOPMENT AGENCY Contra FROM: PHIL BATCHELOR, CWIa EXECUTIVE DIRECTOR County DATE: November 23 , 1988 SUBJECT: Housing Activities of Redevelopment Agencies in Contra Costa County SPECIFIC REQUEST(S) OR RECOMMENDATIONS(S) & BACKGROUND AND JUSTIFICATION RECOMMENDATIONS ACCEPT REPORT . from Redevelopment Director on the housing activities of redevelopment agencies in Contra Costa County. BACKGROUND/REASONS FOR RECOMMENDATIONS Community Redevelopment Law includes three requirements related to the provision of affordable housing (these apply to redevelopment plans adopted or amended after January 1, 1976) ; 1) replacement of low and moderate income housing units removed as a result of redevelopment activities on a one-for-one basis; 2) 150 of units developed be affordable to low and moderate income of which 400 must be affordable to very low income: and 3 ) 300 of all units developed by the agency must be affordable to low and moderate income of which 50% must be affordable to very low income. To accomplish this, Redevelopment Law requires that 200 of all tax increments be set-aside to provide housing affordable to low/moderate income households. While this previously applied only to project areas formed after January 1, 1976, recent amendments now require that the tax increments be set aside for housing in all redevelopment projects. CONTINUED ON ATTACHMENT: X YES SIGNATURE: RECOMMENDATION OF EXECUTIVE DIRECTOR RECOMMENDATION OF GENCY COMMITTEE APPROVE OTHER ! SIGNATURE(S) : ACTION OF AGENCY ON December 6, 1988 APPROVED AS RECOMMENDED X OTHER VOTE OF COMMISSIONERS I HEREBY CERTIFY THAT THIS IS A X UNANIMOUS (ABSENT ) TRUE AND CORRECT COPY OF AN AYES: NOES: ACTION TAKEN AND ENTERED ON THE ABSENT: ABSTAIN: MINUTES OF THE REDEVELOPMENT AGENCY ON THE DATE SHOWN. cc: Redevelopment Director ATTESTED December 6, 1988 PHIL BATCHELOR, AGENCY SECRETARY BY I AAA b , DEPUTY jk2/jb/hsgact/bos I At. the direction of the Board, Agency staff has compiled a summary report on the housing activities of redevelopment agencies in the County. The report is attached. The following general conclusions can be made with respect to this activity: 1. Redevelopment Agencies continue to be active and interested in assisting affordable housing programs for low and moderate income households; 2. Redevelopment Agencies see their proper role as financing permanent housing affordable to low and moderate income households; and 3 . Redevelopment Agencies are limited by State Law and the State constitution in using tax increments for regional facilities, such as facilities serving the homeless. Re'devE lopment AgencyContra 1_055 Commissioners Tom Powers •/ County Administration Building Costa 1st D:str ct 651 Pine St.,4th Mr.,North Wing J Nancy C.Fanden Martinez,California 94553 County 2nd District Phil Batchelor Robert I.Schroder Executive Director 3rd D:svict Harvey E.Bragdon Sunne Wright McPeak 4th District Assistant Executive Director Tom Torlakson James Kennedy 5th District Deputy Director-Redevelopment (415)646-4076 TO: Board of Supervisors DATE: November 28, 1988 Housing Authority Advisory Housing Commi ssi on... - --- FROM: Jim Kennedy-----) Deputy Direct Redevelopment SUBJECT: :Reporon�County Redevelopment Agencies' Tax Increment Set-Aside for Lir and t- Moderate Income Housing At the request of your Board, the County Redevelopment Agency hosted a meeting on September 19th of Redevelopment Agency staffs to discuss affordable housing efforts. The purpose of the meeting was to exchange information on Redevelopment Agencies' efforts to provide low and moderate income housing, particularly as they relate to a state requirement for 20% tax increment set-asides for low and moderate income housing. Discussion at the meeting also focused on the potential for use of tax increment funds for homeless shelters and transitional housing. Nine of the 15 redevelopment agencies were represented at the meeting. The following general conclusions can be made: 1. Redevelopment Agencies continue to be active and interested in assisting affordable housing programs for low and moderate income - households; 2. Redevelopment Agencies see their role as financially assisting permanent housing affordable to low and moderate income households_; and 3. Redevelopment Agencies will resist the use of tax increments for regional facilities serving the homeless due to constitutional problems. County staff followed up the meeting with a survey of specific affordable housing projects and programs funded out of redevelopment tax increment dollars, which represent each redevelopment agency's efforts to meet the state's 20% "set aside" requirements. Redevelopment agencies finance their programs, including housing, with tax increment funds. These are funds generated from the increase in assessed value resulting from new development within a designated redevelopment area. The assessed value of any land and improvements at the time a redevelopment plan is adopted provides a base value. Any taxes generated, which are based on an increase in the assessed value of property within a redevelopment area, represent the "tax increment" paid to the redevelopment agency to finance activities within the redevelopment area. Generally, it takes at. je4st several years for new development to generate significant tax increments after a redevelopment area is created. Redevelopment programs, including housing activities, are frequently financed by the sale of bonds. Future tax increments are pledged to repay the bonds. The sale of these "tax allocation bonds" is generally limited to amounts that can be secured by tax increment existing at the time of sale. The issuance of tax allocation bonds for anything other than public infrastructure is severely limited by recent tax law changes. Community Redevelopment Law includes three requirements related to the provision of affordable housing (these apply to redevelopment plans adopted or amended after January 1, 1976) : 1) replacement of low and moderate income housing units removed as a result of redevelopment activities on a one-for-one basis; 2) 15% of units developed be affordable to low and moderate income of which 40% must be affordable to very low income; and 3) 30% of all units developed by the Agency must be affordable to low and moderate income of which 50% must be affordable to very low income. To accomplish this Redevelopment Law requires that 20% of all tax increments be set-aside to provide housing affordable to low/moderate income households. While this previously applied only to project areas formed after January 1, 1976, recent amendments now require that the tax increments be set aside for housing in all redevelopment projects. The rate at which tax increments must be set aside for housing is dependent on previous debt obligations of :the Agency; therefore, funds will be available in different time frames. Redevelopment law permits exemptions for redevelopment project areas which have adopted certain findings, including 1) that no need for such housing exists, 2) that less than 20% is necessary to meet the need,_ 3) that a substantial effort is already being made to meet the need, or 4) that existing obligations or needs to complete specific projects do not' permit the 20% set aside. Because of these exemptions, not all redevelopment areas will have the 20% set aside requirement. Attachment A describes the efforts of each Redevelopment Agency in Contra Costa County to provide low and moderate income housing opportunities. Attachment B presents a table of the number of affordable units in different income categories that are being provided by redevelopment funds. Of the 15 agencies in Contra Costa County, 8 have 20% set aside funds. Of these, 3 have committed funds for low and moderate income housing, 6 have projects in the planning stages, and 1 has a very small amount of funds (i .e. , only $20,000) . Of the redevelopment areas which did not have 20% set aside funds, most are planning affordable housing projects in anticipation of future funds. Several agencies, Concord, El Cerrito, and San Pablo, have committed funds for affordable housing which far exceed the state requirements. A significant amount of funding for affordable housing has been generated by tax increment funds to date. We can expect a substantial increase in funds as recently formed redevelopment agencies -2- begin to generate tax increment funds and as the new state requirement for the 20% set aside applies to redevelopment areas which were previously exempt. The redevelopment agency staffs discussed at the September 19th meeting the potential for using redevelopment funds for homeless shelters or transitional housing. There were two legal/political concerns raised: 1) whether redevelopment agenc'ies are authorized to spend the 20% set aside funds for homeless shelters and 2) whether tax increment funds may be spent -Ma homeless facility which is -outside of a redevelopment area. The Community Redevelopment Agencies Association' s Board of Directors recently determined that they could not support such legislation. The basis for the opposition is not opposition to homeless facilities, but rather are constitutional and political concerns. The state constitutional section authorizing tax increment financing requires that funds be expended in the project area where the tax increments were generated. Politically, limitations on the authority for expenditure of tax increments is desired by both redevelopment agencies and other taxing entities who are foregoing property tax revenue for redevelopment functions. Not discussed at the September 19th meeting but of tremendous importance to redevelopment agencies is recent legislation, AB 4567, effective January 1, 1989, which specifically authorizes redevelopment agencies to use housing funds to preserve publicly assisted or subsidized, low income rental housing which are threatened with conversion to market rates. The problem which is facing communities nationwide, is that owners of federally assisted low income rental projects are allowed to prepay mortgages and terminate rent subsidies. Under the HUD Section 236 and 221(d)3 and FmHA Section 515 programs, for-profit owners can usually repay mortgages after 20 years. Under the Section 8 rent subsidy program, owners usually have the option to opt out of the program every 5 years. As changes in federal tax legislation have decreased the available tax shelters or as tax she-lters expire, participation in federal subsidy programs has become less attractive to many owners of well maintained buildings in areas with high rents. The result is that owners can raise rents to market levels or convert to condominiums or other uses and involuntarily displace the low income residents. A U.S. General Accounting Office prediction gives an indication of the magnitude of the problem nationwide. They estimate that 1.8 million federally assisted rental units may be lost by the year 2000, or 90% of all such units. Contra Costa County could lose 3,786 low income units by the year 2008, according to-a list developed by the California Coalition for Rural Housing Project, based on a HUD database of all low income rental units subject to termination of federal mortgages or rent subsidies. Almost 1,000 units (970) may be converted within the next two years, with as many as 2,518 units up for conversion within 5 years. 31%, or 1,104, of these units are occupied by seniors and the handicapped. 42 units (6 in Concord and 36 in Walnut Creek) have already converted to market rates. 2,045 (or 55% of the 3,786 units) of the units threatened are in redevelopment areas, according to the redevelopment agencies in Contra Costa County. -3- Federal legislation has helped to slow down the potential conversions on an interim basis. In 1986, a moratorium was placed on mortgage prepayments under the Farmers Home Administration (FmHA) Section 515 program. Subsequent legislation, the Federal Housing and Community Development Act of 1987 prohibited owners of low income housing from prepaying HUD below market-rate mortgages without HUD' s approval , based on a Plan of Action. These plans are required to demonstrate that the low income residents will not be displaced or experience economic hardship as a result of the conversion,, __ While the legislation intended to provide financial incentives for owners to maintain low income affordability, the necessary funding was not approved. Without the necessary federal funding to preserve these low income units, much of the burden may be placed on local communities to use the funds they have available. Because of the severity of the problem of the potential loss of low income rental units and the sizable portion of these units which fall within redevelopment area boundaries, redevelopment funds may be an important source of assistance to preserve these low income units. Source materials: 1) American Planning Association, Tax Increment Financing, December, 1984. 2) Community Redevelopment Agencies Association, Seminar III , Introduction to Redevelopment, September 17, 1987 seminar materials. 3) County of Contra Costa, Community Development Department, Primer on Redevelopment. 4) Northern California Association for Non-Profit Housing, Low Income Housing Preservation Project (with Contra Costa County as one of cosponsors) , Endangered Species: The Threat to Affordable Housing in the East and North Bay, June 30, 1988, conference materials. 5) State of California, Housing and- Community Development Department, Redevelopment Agencies in California: The Effect of 'Their Activities on Housing, FY 1986-87, April , 1988. 6) Warren, Gorham and Camont, Housing and Development Reporter, October 3, 1988. 7) Wiener, Robert, "Grappling with the Loss of Federal Housing Subsidies," Western City, July 1988. JA:cg cd12/rptxinc.mmo -4- Tax Increment Spending for Affordable Housing in Contra Costa County Attachment A Antioch While Antioch Redevelopment Agency has not received any tax increment set aside funds, it is planning a 300 unit senior congregate care facility which would be 100% affordable to low and moderate income households. Brentwood With a current balance of $98,000 of set-aside funds for affordable housing, Brentwood Redevelopment Agency is anticipating a total of $160,000 of set-aside funds by June, 1989. Brentwood is considering commitments beyond this $160,000 for three projects in the planning stages: 1) $50-60,000 in infrastructure improvements for a farmworker housing project, 2) capital improvements and rent subsidies for a 28 unit senior low to moderate income project, and 3) a land donation and $100,000 of financing assistance for a 20 unit senior project. Clayton Clayton Redevelopment Agency has no tax increment set-aside money and has no specific plans at this time for affordable housing projects utilizing redevelopment funds. Concord While Concord-, Redevelopment- Agency has been exempt from the 20% set aside requirement since its redevelopment area was incorporated in 1974, it has spent $5,736,000 on affordable housing projects. They include: 1) $120,000 for housing counseling -in 1987/88 and 1988/89, 2) $144,420 for a Homeownership Opportunities program providing 2nd mortgages for downpayments, 3) $3,948,000 of loans, land donation and syndication fees and $144,420 for taxes for a 96 unit lower income rental project for senior and handicapped (supplementing $150,000 of CDBG money, $4,627,000 of CHFA low interest loan, and $335,580 of private syndication contribution) , 4) $429,000 land writedown for 22 moderate income units in the 87 unit Broadway Plaza Condos, supplemented by County mortgage revenue bond financing, 5) $310,000 land writedown for 9 moderate income units in the 45 unit Park Terrace Apts. project, and 6) $226,000 land writedown, $150,000 10 year deferred payment for land, $200,000 low interest construction financing, and $44,000 revenue bond fees for 14 moderate units in the 72 unit Broadway Apts. project. -5- Also, in the planning stages are commitments to a 150 unit senior project and a 20 unit developmentally disabled project to provide affordability to low and moderate income households. Contra Costa County The County has three redevelopment project areas - Pleasant Hill BART, North Richmond, and West Pittsburg. Only the Pleasant Hill BART Station, project Area has generated ta* increments to date. Approximately $420,000 in housing set-aside has been generated to date. The Agency expects to commit these funds, plus all future tax increments generated by an 892 unit apartment complex, to said project to realize the Agency's affordability goals. The Agency' s affordability goals are tighter than state law requirements, i .e. , the Agency is requiring 6% of the project (54 units) to be reserved for very low income (as required by state law) and 9% of the project (81 units) for moderate income at the Section 8 existing rent subsidy program's Fair Market Rents, which is more restrictive than state law. Even though the North Richmond Project Area has yet to generate tax increments, the Agency is involved in a 7-unit infill housing development targeted to lower income homebuyers. , Families with incomes of around $20,000 will be able to achieve homeownership through a land subsidy and equity sharing mechanism. County CDBG funds are being used to achieve the affordability goals. The Agency is pursuing other affordable housing opportunities in both North Richmond and West Pittsburg at this time. Danville As of last year, Danville Redevelopment Agency has accumulated $56,000 of tax increment set -aside funds. The Redevelopment Agency is planning to subsidize a 50 unit senior project affordable in part to low and moderate income residents. E1 Cerrito . _ The E1 Cerrito Redevelopment Agency has contributed $675,_000 for 63 very low income units in the Eskaton-Hazel Shirley Manor and $565,000 for 30 very low and 20 low income units in the 103 unit . El Cerrito Royale project. They are also considering a $1.2 million land writedown for a 125 unit, 20% moderate income project. They have been able to exceed their 20% set-aside requirement. Hercules Hercules Redevelopment Agency has committed its $80,000 set aside funds to a deferred payment 2nd mortgage program to provide mortgage assistance to moderate income households. Pinole Pinole Redevelopment Agency will have accumulated $500,,000 in set-aside funds by end of this year. " They are hiring a consultant to develop a plan for the allocation of these funds within the next year. -6- Pittsburg Pittsburg Redevelopment Agency has only accumulated $20,000 of set aside funds to date and has no specific plans at this time for commitments to affordable housing projects. Pleasant Hill Pleasant Hill Redevelopment Agency has $200,000 of set-aside funds 'which they intend to use for interest writedowns for home repair loans. Richmond While Richmond Redevelopment Agency has had no set-aside funds, they intend to contribute redevelopment funds for a land writedown for a 267 unit moderate income project to be developed by BRIDGE, a non-profit housing development corporation. They also intend to develop a rehabilitation loan program using redevelopment funds. San Pablo San Pablo Redevelopment Agency has not had any set-aside funds but has contributed a large amount of redevelopment funds to affordable housing projects. In addition to utilizing $742,000 to construct a mobile home park for relocation purposes, San Pablo Redevelopment Agency has assisted 753 units through mortgage revenue bond financing totaling $56,384,232 for 4 bond issues between 1978 and 1983. They have also donated land to the 68 unit low income Runrill Gardens project. San Ramon While San Ramon has not had any set-aside funds, they are considering using redevelopment funds to achieve affordability in projects_ . representing approximately 600 units. Walnut Creek Walnut Creek is exempt from the state set-aside requirement and has no specific plans for redevelopment funding of affordable housing at this time. 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