Potential Senior Affordable Housing Project at Plummer School & Affordable Housing Tax Increment Financing
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1 Potential Senior Affordable Housing Project at Plummer School & Affordable Housing Tax Increment Financing August 10, 2015
2 Overview What is the concept for Affordable Senior Housing at the Plummer School? How can Town be a potential partner in this project? What is Affordable Housing Tax Increment Financing? How does it work and what are the requirements? How can TIF funds potentially be used in the Plummer Project?
3 Plummer Concept Plan
4 Potential Senior Affordable Housing Project at Plummer School All construction to be financed by OceanView/Developers Collaborative Scope of project: units Construction Options: 1. Renovation of Plummer Building 2. Plummer Renovation + New on-site addition 3. Plummer Renovation + Larger addition that uses portion of Town-owned Village Green
5 Plummer Option 1 Renovation of Plummer building: 18 units
6 Plummer Option 2 Renovation of Plummer building + New Addition within Property Line: 28 units
7 Plummer Option 3 Renovation of Plummer building + New Addition over Property Line: 34 units (Requires transfer of approx. 0.2 acres of Village Green to OceanView)
8 Proposed Affordability at Plummer School 33% of all units (= 6-11 units) will be kept affordable for 30 years for Plummer residents earning no more than 120% Area Median Income (AMI) 2015 income levels in Falmouth for 2-persons at 120% AMI = $74,100 (typical tenant will be single female senior) = base level, Maine Housing Affordable Housing TIF minimum requirements No Affordable Housing TIF Private development that is attempting to stay as affordable as possible
9 Plummer Concept Plan shows Option 3 Note: The proposed addition would be a little smaller than shown. The landscape plan for the Village Green will be updated.
10 Potential Role(s) for Town Expand scope of this project by selling or transferring 0.2 acres of the Village Green to allow a larger building expansion Expand the affordability of this project by using Affordable Housing Tax Increment Financing
11 What is Affordable Housing TIF? = Financing tool for affordable housing projects and related infrastructure Works same as conventional TIF: all, or a portion of, new taxes from an affordable housing project are set aside for up to 30 years to be used for specific, eligible affordable housing purposes Requires Town + MaineHousing approval Falmouth Benefit = TIF funds are worth triple the value as the assessed value of the new project is not included in total assessed value of the Town
12 Affordable Housing TIF Requirements Min. 1/3 of new housing units must be for households earning no more than 120% of Area Median Income (AMI) In Falmouth for family of two 120% AMI = $74,100 80% AMI = $49,400 50% AMI = $30,850 Rental: Maintain for min. 30 years Ownership: Maintain for min. 10 years MaineHousing does not prescribe any specific mechanism for meeting affordability requirements Town has flexibility to determine the appropriate means for ensuring affordability for the required time
13 Eligible Uses of TIF Funds Within district *: capital and operating costs of affordable housing and public infrastructure improvements related soft costs support services for residents of the affordable housing costs of recreational and child care facilities Outside district: infrastructure, public safety, school impact (if those costs are directly related to or made necessary by the establishment or operation of the District, and then only to a proportional extent) permanent housing development revolving loan, investment fund * District = the geographical limit of the affordable housing project (which can include other parcels, such as Mason-Motz Activity Center)
14 Affordable Housing TIFs in Maine Since 2004: 31 projects created 1,255 units 47% rental 43% senior rental 10% ownership Most typically 50-60% AMI combination 11 projects with 30 year TIF (lowest = 15 year) 13 projects with 100% capture (lowest = 50%) 6 projects share TIF funds with municipality (all had 100% capture)
15 Example: 29 Elm Street, Topsham Most recent Maine TIF project, approved in 2014 Before After
16 Example: 29 Elm Street, Topsham 36 units of senior rental housing: 31 1-BR BR Low Income Housing Tax Credit (LIHTC) State government subsidized Affordability: 50-60% AMI Affordability duration: 45 years TIF duration: 18 years Captured Assessed Value: 100% Estimated revenues: $684,507 (average: $38K/year) Developer uses 50% of TIF revenues for operating costs (this helps to subsidize rents) Town uses 50% of TIF revenues to fund public infrastructure improvements located outside the District (this reduced developer expense/met Town need)
17 Key TIF Considerations How much money will be available? Scope of project (number of units) TIF duration (max. 30 years) Captured Assessed Value (max. 100%) How will TIF funds be used? Share of captured value between Developer and Town
18 Eligible Uses of TIF Funds Within district *: capital and operating costs of affordable housing and public infrastructure improvements related soft costs support services for residents of the affordable housing costs of recreational and child care facilities Outside district: infrastructure, public safety, school impact (if those costs are directly related to or made necessary by the establishment or operation of the District, and then only to a proportional extent) permanent housing development revolving loan, investment fund * District = the geographical limit of the affordable housing project (which can include other parcels, such as Mason-Motz Activity Center)
19 Potential Use of TIF Funds Developer s share can use TIF funds to: Increase the number of affordable housing units (more than 33% of all units) Increase the level of AMI affordability of any affordable units (less than 120% AMI) In Falmouth for family of two: 80% AMI = $49,400 50% AMI = $30,850 Increase the affordability duration (in excess of 30 years) All these aspects require Town (and Maine Housing) approval
20 Potential Use of TIF Funds Town s share can use TIF funds to: Make additional improvements at Mason- Motz Activity Center Pay for required infrastructure improvements These aspects also require Town (and Maine Housing) approval
21 Potential TIF Scenario 1 Note: Falmouth TIF funds are worth triple in value than non-tif funds (If TIF: use $3. No TIF: can only use $1) Developer share: 65% ( $2 ) Use of funds: Increase affordability at Plummer in manner TBD by Town Town share: 35% ( $1 ) Use of funds: Make improvements at Mason-Motz Activity Center TBD by Town that are already planned Conclusion: TIF scenario 1 will cost the Town the same for the Mason-Motz improvements as if there was no TIF.
22 Considerations for Plummer What is the Council s interest in: Potential transfer of Town property to allow larger Plummer addition? Potential Town TIF to increase affordability for Plummer seniors and/or fund Mason-Motz improvements?
23 Next steps If Council s feedback is yes to either or both questions, OceanView and staff will return to a future Council meeting with specific financial options for Council consideration, including: Size of project/land transfer Scope of TIF (duration, share) Use of funds (number of affordable units, rental subsidy amounts, length of affordability, Mason- Motz improvements)
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