Item 1A: Affordable Housing Update — original pdf

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Mueller Redevelopment October 2020 RMMA Plan Implementation Advisory Commission Affordable Housing Update – November 13, 2020 1 Housing Goal Mueller will be an interactive, mixed-use community that will be a model for responsible urban development, offering a compact pedestrian-oriented alternative to the land-consumptive and automobile- dependent development patterns that could influence the form and pattern of growth within Austin. Vision Goal Redevelopment must offer a wide range of housing choices in order to create a new community of socially and economically diverse residents. 2 | RMMA PIAC November 2020 Overall Approach & Roles Initial Program Design & Strategy • • City of Austin & Catellus Francie Ferguson & consultants (Compass Advisors) Development Implementation • • • Catellus/AH Builders – product & pricing PIAC/CDC – community oversight Catellus/AH Builders/Program Admin – marketing & outreach Long Term Strategy & Implementation • Mueller Foundation – nonprofit governing body • Mueller Foundation/Program Administrator – resale program • Program Administrator – operations and management Affordability Stewardship • • • Program Administrator – education and credit counseling Lenders/Program Administrator – screening buyers City of Austin/Program Administrator – monitoring compliance 3 | RMMA PIAC November 2020 MDA Requirement – Affordable Housing • MDA requires 25% affordable housing built during development • MFI requirement o For Sale o For Rent < = 80% MFI < = 60% MFI • Affordability period (per S.M.A.R.T. Housing) o For Sale = one year o For Rent = five years • Good-faith effort to deliver longer and deeper affordability • Indistinguishable and interspersed • AEGB 3-Star 4 | RMMA PIAC November 2020 Current Status/Affordability Period 663 families served to date Current Status/Affordability Period • 555 original new homes o Includes 45 workforce homes at 120% MFI o 108 resales • 30 homes released to market total 525 affordable new and resale homes currently in portfolio: TOTAL Yard Row Mueller Homes Garden ALL 525 60 307 94 64 GROUP 1 GROUP 2 RETAINED RELEASED 103 41 37 13 12 422 19 270 81 52 108 28 51 12 17 30 3 20 7 0 7 | RMMA PIAC November 2020 MFI Level: New Homes, Apartments Median Family Income MDA Requirement Current MFI For Sale For Rent Requirement <= 80% MFI <= 60% MFI <50% to 80% <30% to 60% Over and Above (a broader qualification in addition to what is required in the MDA) For Sale For Rent up to 120% up to 80% 5 | RMMA PIAC November 2020 MFI Level: Resale Homes • 108 total resales • 47 Group 2 • 61 Group 1 • 30 total homes released to market 6 | RMMA PIAC November 2020 COVID-19 Response • Comprehensive Resource List: local and federal COVID-19 resources shared with homeowners in need of support during the pandemic, such as: Foreclosure/eviction prevention Loans/grant opportunities o o Utility assistance o Unemployment benefits o o CARES Act o o Communication provider support Texas benefits • Community Wheelhouse assistance to homeowners with mortgage forbearance programs and refinancing assistance • Effective April 2020, funding approved for eligible homeowner emergency assistance for POA/condo dues: $6,798.58 expended to date, assisting 9 affordable owners. o o Anticipating another $7,000 in funding to be deployed to assist with Oct-Dec 9 | RMMA PIAC November 2020 Development Status – Product / Design Garden Homes Yard Homes Row Homes Mueller House Condos 10 | RMMA PIAC November 2020 Product/Design – For Rent Wildflower Terrace AMLI @ Mueller Sync @ Mueller AMLI @ Aldrich Aldrich 51 Mosaic @ Mueller The Jordan 11 | RMMA PIAC November 2020 Mueller Foundation Purpose: The Mueller Foundation is a 501C-3 non-profit corporation created by Catellus to support and fund long-term community goals for Mueller with an emphasis on affordable housing Suzanna Caballero, Senior VP, SBA Lending Manager, Texas Capital Bank Mueller Foundation Board Members: • • Robert D. Repass, Partner, Maxwell, Locke & Ritter • • • Greg Weaver, EVP, Catellus • Matt Whelan, Principal, RedLeaf Properties Kerry Tate, Moore/Tate Builders Jim Walker, Director of Sustainability, UT 12 | RMMA PIAC November 2020 Audit Report “In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the Mueller Foundation as of December 31, 2019 and 2018, and the results of its operations and its cash flows for the years then ended in accordance with accounting principles generally accepted in the United States of America.” • Financial statement disclosures are neutral, consistent and clear • Encountered no significant difficulties in dealing with management relating to the performance of the audit • No uncorrected and/or corrected misstatements identified by us as result of audit procedures were material, either individually or in the aggregate 17 | RMMA PIAC September 2019 Transition Update Expression of Interest – 2018: No one vendor met all our needs Since then: outsourced functions Hiring new executive director and determining how to staff • Multiple Mueller Foundation board planning sessions National experts consulted Developing 10-year forecasts and projections Developing extensive financial model for current and future HousingWorks hired to help navigate additional planning and planning purposes the transition process • • • • • 19 | RMMA PIAC November 2020 Outreach • • • • Infographic: pathway to ownership Resource guide FAQs Updated marketing materials: o o o Emails to interest lists and stakeholder groups Limited advertising spend on social media, radio and newspapers Encourage attendance to online information sessions, visit website DRAFT 20 | RMMA PIAC November 2020 Thank you. Q&A 21 | RMMA PIAC November 2020