city of boulder division of housing

City of Boulder Planning, Housing and SustainabilityDivision of Housing Kurt Firnhaber

What we do

Planning, Housing and SustainabilityWe collaborate with our community and

colleagues to create a sustainable, resilient, and inclusive community, worthy

of its setting where we can all thrive together.

HousingPartner to create housing opportunities and

shape community

City Affordable Housing Goals The city’s goal is to ensure that at least 10%

of homes in the city are affordable to low- and moderate-income households.

Of those, the goal is to have 450 - middle income households

Community benefit package40-60% of new housing permanently

affordableLow/mod & middle incomeGenerally meet IH requirements

Annexation – Community Benefit

On-site affordable units

Off-site affordable units New construction Deed restrict existing

unitsCash-in-lieu Donate land

Inclusionary HousingOptions for 20%

Location Approval

Equal or better

Sites differentQuality

Off-site

1 Detached market unit (20% of an affordable unit) $28,216

Larger Projects:(Per required affordable unit - 5 market units) Attached - $139,963 Detached - $179,971

Amounts are adjusted down for smaller units & for developments with 4 or fewer units

Cash-in-lieu

Local• Affordable Housing Funds• Community Housing Assistance Program• Commercial Linkage Fees

Federal• CDBG (housing and community

development) • HOME (Consortium rotation)

Funding Sources

Affordable Housing and Community Development Fund Rounds Annual ▪ RFP released in May▪ Approved in November▪ Funds available early following year

Opportunity Funding Request Rolling Time Sensitive

Reviewed and recommended by Technical Review Group (TRG) Presented to City Manager for Approval

Funding Processes

Protect the home as a community asset Covenant, Promissory Note, Deed of Trust Compliance (rental, owner occupancy) Resale to income-eligible buyers

Maintain rights of program owners as closely as possible to those of market rate owners , while balancing community interests Appreciation Value of improvements Ability to rent (Limited)

Provide additional opportunities to owners Solar Grants program Rehab, repair programs Homeowner education referrals List of Realtors willing to work for 1.25% commission on affordable home transactions Pre-certified buyers when owners are ready to sell their homes

Owning a Home

Middle Income Housing Working Group

Draft Middle Income Housing StrategyAugust 16, 2016

Middle income jobs include: accountants, architects, librarians, veterinarians,

and web developers.

Who is the middle market?

1-person households earning $53,000-$104,000

3-person households earning $68,000-$134,000

80-150% of Boulder Area Median Income (AMI)

PEOPLE

Detached housing is no longer affordable to middle income households

$650,000

$331,750 $284,500

$439,950

$574,525

$291,863

$865,748

$348,450$286,000

$450,500

≤ 2,000 SQFT Homes

Median Home Price (2015)

MARKET

DRAFT Goal Recommendation

Goal: Build or preserve 3,500 middle income homes by 2030

Sub Goals: 1,000 of the units are deed

restricted 2,500 of the units are market rate

A 7% Goal

1989

2011 - 2013

2030

43%

37%

7%

Low to Moderate Middle

Steady

Down 6%

Up 6%

In 2030, 3,500 new

and preserved

middle income units

would represent 7% of the city’s

housing stock.

3,500 new and existing units would help achieve

the city’s goal:

Maintain the Middle

RECENT TRENDS:

4 Key Tools

1. Land Use & Policy: Provide recommendations for BVCP update (changes to policies and land use designations, including MI housing types and barriers to moderately-sized units).

2. Community Benefit/ Incentive-Based Zoning: Adopt policies and outline regulations for requiring additional middle-income housing in exchange for additional development potential.

3. Inclusionary Housing: Amend Inclusionary Housing (IH) regulations to include middle income housing.

4. Additional Community Benefit (Annexation): Increase middle income community benefit for annexations.