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AND GET STARTED.[Dallas 2024 Capital Bond ECONOM Meeting on June 13, 2023]
UH, MEETING WAS WEDNESDAY, TUESDAY PM WELCOME TO THE COMMUNITY BROAD TASK FORCE SUBCOMMITTEE ON HOUSING.BUT ALL YOU AS ALWAYS, WE WILL BE TAKING THE LAST 50 MINUTES, SO PROBABLY WANT TAKE ADVANTAGE OF THAT.
UH, AND, UH, YOU HAVE ANY MINUTES? THANKS.
UH, SO WE'RE YOU SIR? GOOD EVENING.
UH, MAKE SURE EVERYONE ELSE WITH THIS SPEED IS BEING RECORDED.
AND, UM, BACK IN EVENING, I'M D SERVICE DIRECTOR OF HOUSING AND PLANT STATION.
UM, AND WITH ME WE HAVE OUR ASSISTANT DIRECTOR, ERICKSON AND CYNTHIA.
WHAT WE'RE GONNA BE WALKING THROUGH THIS EVENING IS AN OVERVIEW OF HOUSING NEEDS THAT WE HAVE BOTH ACROSS OUR REGION AND THEN MORE DIRECTLY, UM, ACROSS OUR CITY.
THEN WE'RE GOING TO, UM, PIVOT AND TAKE A LOOK AT OUR CAPACITY TO ADDRESS THOSE NEEDS, LOOKING AT OUR FINANCIAL CAPACITY AS WELL AS OUR STAFFING CAPACITY AND VARIOUS TOOLS THAT WE USE TO, UH, CARRY OUT THAT.
AND THEN WE'RE GONNA MOVE INTO THE, UH, THIRD PHASE OF TODAY'S PRESENTATION, UM, ADDRESSING, UH, SOME OPPORTUNITIES THAT WE HAVE TO UTILIZE BOND FUNDS, UH, TO MAXIMIZE THE EFFICIENCY OF THOSE FUNDS AND TO OFFER YOU SOME OPPORTUNITIES, UM, SOME OPTIONS FOR, OR WHAT THE 20 FILE LOOK LIKE FROM THE HOUSE.
SO, GOOD EVENING EVERYONE FOR DRAFT.
SO WE MENTIONED THAT THE PRESENTATION OVERVIEW, UH, I DO WANT TO SAY THAT A RECENTLY APPROVED DOW'S HOUSING POLICY, UH, 2033 APPROVED IN APRIL, INCLUDES GOALS OF INCREASING HOUSING REDUCTION AND PRESERVATION OVER THE NEXT 10 YEARS.
AND THAT WE PLAN TO UTILIZE A FOCUS COLLABORATIVE APPROACH IN DELIVERING THAT PRESENTATION.
YOU CAN, YOU CAN STAY ON SLIDE THREE.
UH, THAT INCLUDES A LOT OF CREATING HERE.
THE BOT FUNDING SUPPORTS OUR HEALTH DEVELOPMENT AND RESERVATION, UH, PROJECTS AND THE OUTLINE, THE GOALS.
AND WHEN WE LOOK AT THE, WHO MAKES THAT, UH, WE, WE REALLY WANNA TAKE A LOOK AT SOME OF THE RECENT TRENDS.
RECENT AMERICAN COMMUNITY SURVEY DATA WAS JUST RELEASED AND IT SHOWS DALLAS COUNTY AS COLLATERAL JUST A LITTLE BIT COMPARED TO THE REST OF OUR NEIGHBORHOOD COUNTIES.
THERE'S A LOT OF REASONS FOR THAT.
UH, PEOPLE ARE BEING OUT OF DALLAS, UH, COUNTY TO OUR NEIGHBORING SUBURBS, MOSTLY FOR, FOR HOUSING TALKS.
UM, BUT WE ALSO HAVE, UH, HOUSING IMPORT OF MOSTLY AND SHORTAGE WITH OUR REGION.
UM, SO WE TAKE A LOOK AT THAT, THE COUNTY DATA.
ON THE NEXT SLIDE, WE LOOK AT CITY DALLAS DATA.
AND YOU MAY BE AWARE OF CANADIAN POPULATION FOR THE LAST COUPLE YEARS OF THE PANDEMIC.
AND, AND A LOT OF MAJOR CITIES ACROSS THE COUNTRY HAVE THE SAME THING.
PEOPLE ACTUALLY LEFT THE PANDEMIC BECAUSE, WELL, THEY GOT TO WORK FROM HOME.
YOU COULD GO RELOCATE ANYWHERE YOU BOUGHT AND THEN REPORTS AGAIN, IT WASN'T IN THE CITY AS YOU WERE THIS YEAR, AS PEOPLE ARE BEING PULLED BACK INTO WORK REVERSAL, SOME OF THOSE TRENDS, PEOPLE ARE HOLDING BACK TO CITIES ACROSS OF THE COUNTRY.
AND OUR CITY IS, IS NO DIFFERENT.
WELL, WE ONLY RID BY ABOUT THOUSAND RESIDENTS.
THAT'S SOMETHING THAT GET AND ADDING BAGS INTO THE POPULATION WE'VE LOST OVER THE LAST SIX OR SEVEN YEARS.
UH, PEOPLE ASK LIKE, WHY, WHO MAKES UP THESE PEOPLE? UM, YOU'LL SEE WE DO THAT.
WE HAVE A LOT MORE KIDS BEING MORE SO BEING MORE THAN NOW.
AND WE HAVE MORE PEOPLE MOVING HERE THAN IS NOW MAKING UP THAT SMALL INFLUENCE.
SO AS THE OTHER COUNTIES WILL SEE A LARGER UPTICK IN POPULATION FROM DALLAS COUNTY, WE'RE SEEING, UH, JUST THE OPPORTUNITY PEOPLE MOVING IN FROM OTHER STATES RATHER THAN OTHER COUNTIES.
SO WE KNOW THAT PEOPLE MOVE FOR A VARIETY OF HERE, WESTSIDE COUNTY.
UH, PEOPLE MOVE FOR A VARIETY OF REASONS.
UM, SINCE THE STATE TELLS US THAT PEOPLE MOVE, CAUSE THE HOUSING
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AND THEN FAMILY AND MAYBE THEIR JOBS, THE PRIMARY REASON FOR, SO IF PEOPLE CAN'T AFFORD WHERE THEY LIVE, JOB, THAT'S THE TREND WE'RE SITTING RIGHT NOW.CITY CAPITAL, UM, DAILY TELLS US THAT PEOPLE ARE MOVING FROM LOS ANGELES, SAN FRANCISCO, WASHINGTON, DC HIGHER COST OF LIVING SPACE, WHERE THERE'S A HIGHER SALARY FOR PEOPLE WHO MOVE HERE.
THEY HAVE A SURPLUS CASH, THEY CAN OFFER A FORM.
HIGHER RENTS FOR PAPERWORK FOR THAT SAME HOUSE WAS LISTED FOR MUCH US JUST A FEW YEARS AGO.
UH, CAUSE THEY'RE COMING WITH THAT EXTRA SURPLUS MONEY, UH, MAKING IT AFFORDABLE TO THEM, BUT DISPLACING SOME OF OUR RESIDENTS AT THE SAME TIME, DRIVING COSTS, UH, TOGETHER IN OUR CITY.
WHAT'S REALLY INTERESTING, LOOK AT THE BREAKDOWN OF PEOPLE IN DALLAS BY AGE.
YOU SEE, THERE'S JUST ABOUT AS MANY PEOPLE UNDER 20 AS THERE ARE OVER 50.
WELL, THERE'S REALLY BIG BUBBLE IN THE MIDDLE PEOPLE BETWEEN AGES NUMBER 20, UH, TO 49.
THE UNDER 18 ARE MOST LIKELY STILL LIVING AT HOME, UH, REQUIRED.
UH, THEY LIVE WITH FAMILIES WHEREAS THE OLDER POPULATION SERVE AT A VARIETY OF DIFFERENT HOUSING IN THE STAGE.
THINK EVERYBODY KNOWS GET YOUR HOUSING.
HOUSING NEEDS CHANGED, WHETHER IT'S GONNA BE LIVING IN PLACE FROM THE HOME THAT YOU GO, OR LOOKING INTO FACILITIES THAT HELP WITH DELIVER.
SO MAYBE REALLY GROWING NUMBER OF POPULATION FROM THOSE UNDER THE
THEY HAD A PRETTY SUBSTANTIAL COHORT WITHIN OUR CITY.
THAT DEMOGRAPHIC BETWEEN THEIR TWENTIES AND FIFTIES, UH, ARE OUR FIRST TIME HOME BUYERS.
THEY'RE THEIR PRIMARY, UH, RENTERS.
UH, IT'S INTERESTING TO NOTE THAT PEOPLE ARE NOT WORKING AS EARLY ON THEIR OWN TRADITIONALLY HAS HAPPENED IN THE PAST YEARS.
PEOPLE DON'T LOVE, UH, PEOPLE CONTINUE TO MOVE ABROAD OR ABANDON.
SO THAT NOTION THAT WHEN YOU'RE 18, MOVE BACK WHEN YOU'RE ON THEIR OWN FOR HAPPENING.
THAT'S CAUSE WE'RE JUST SEEING INCREASES JUST ACROSS THE CITY, MAKING THAT, UH, SOMETHING YOU ACHIEVE A LITTLE BIT LATER IN LIFE.
IF YOU REMEMBER 10 YEARS AGO, THERE'S A LOT OF STUDIES ON A MILLENNIAL POPULATION TREATING TO BE RENDERED.
AND NOW THAT THEY'RE IN THEIR FORTIES, THEY'RE ACTIVE, ACTIVE TAKEN FROM BECAUSE THEY A LITTLE LITTLE BIT LONGER AND HAVE HIGH PAYING JOBS, WHICH WOULDN'T NORMALLY HAPPEN TO THEM WHEN THEY ENTERED THEIR TWENTIES AND THIRTIES ABOUT THAT.
SO ALL THESE PEOPLE LIVE SOMEPLACE, UH, IN DALLAS AND ABOUT 60% PEOPLE IN DALLAS ARE RENTERS AND 40% ARE HOMES.
THE HOUSING STOCK RIGHT NOW HAS ABOUT 58,000.
IT'S JUST GENERAL UNITS THAT ARE VACANT.
THAT'S A CONFIRMATION OF, UH, HOUSING STOCK THAT JUST FULL AND VACANT, UH, MULTIFAMILY UNITS.
SO IT DOES GET UPDATED RATHER SLOWLY.
IT'S NOT A LIVE STATISTIC WHERE I REALLY HAVE MY PULSE ON THAT.
BUT GENERALLY ABOUT 95 ISH PERCENT OF OUR HOUSING STOCK IS OCCUPIED IN SOME MANNER.
IT'S REALLY INTERESTING THAT LOOK AT COUPLES, ABOUT HALF OF OUR HOUSING STOCK IS OLDER THAN 1980.
THE OTHER HALF ARE NEWER THAN 19.
AS YOU KNOW, WHEN YOUR HOUSING STOCK STARTS AGE, THEY COME WITH A WHOLE LOT OF OTHER NEEDS.
MAINTENANCE, UH, GETS A LITTLE BIT MORE ROBUST.
OR WHEN YOU HAVE HOMES THAT ARE OLDER THAN 50 YEARS, THEY START TO BE ELIGIBLE FOR HISTORIC DESIGNATION, WHICH STARTS OUT WITH OTHERS RULES ON YOU'RE IN ARCHITECTURE.
THAT WILL START TO BE FROM THE LATE SEVENTIES AND EARLY EIGHTIES OR HISTORIAN OVER THE NEXT 10 YEARS.
SO WE STARTED START TO SEE SOME DIFFERENT CHALLENGES WITH OUR AGENT HOUSING STUFF.
THERE'S A, A KEY REPORT THAT LOOKS ON OUR REGIONS CALLED UP FOR GROWTH.
TELLS US THERE'S ABOUT 85,000 UNITS HOUSING PRODUCTION, UM, THAT NORMALLY WOULD HAPPEN TO WORK IN OUR MARKETS.
UH, EXCEPT FOR PEOPLE WHO ARE CONTINUING TO DOUBLE UP OR LIVE WITH FAMILY LOCKER.
SO THEY'RE NOT LIKEACTUALLY PAYMENTS.
BUT GIVEN THE AMOUNT OF PEOPLE WE HAVE, THE DIFFERENT, WE SHOULD HAVE HUNDRED THOUSAND MORE UNITS, THE W IN ORDER TO HOUSE ALL THOSE PEOPLE THAT COULD BE LIVING ON THEIR OWN BASED UPON THEIR
THIS SLIDE WE PUT TOGETHER, SCROLL LITTLE MORE SO WE CAN SEE ON THE BOTTOM.
UH, ON THE LEFT HAND SIDE, THAT CHART REPRESENTS A FAMILY AND A HUNDRED PERCENT AREA MEDIA
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INCOME.THE MIDDLE WILL BE 80% AREA MEDIA INCOME AND THE RIGHT HAND SIDE IS 50% AREA MEDIA INCOME.
THAT MEAN, UH, COST TO PURCHASE A HOME IN DOUBTS IN MARCH OF THIS YEAR WITH $405,000.
THAT'S ABOUT OUR AVERAGE HOME SALES WORLD TIME.
IN ORDER TO BE ABLE TO QUALIFY TO PURCHASE THAT HOME FAMILY HAS TO MAKE $135,000, WHICH IS THE HOUSEHOLD A HUNDRED PERCENT I FAMILY EARNS FOR A FAMILY OF ONE EARN $97,000 AND A FAMILY OF FOUR WOULD EARN $105,000 PRODUCING A GAP OF ABOUT $30,000 FOR THAT FAMILY OF FOUR.
OR IF YOU LOOK AT THE 50% HOUSEHOLD, IT'S ABOUT A 90,000 GAP, A FOUR.
SO WE CAN SEE THAT OUR AVERAGE HOUSING COST RIGHT NOW IS FAR MORE EXPENSIVE THAN A FAMILY BANK.
A HUNDRED PERCENT OF THE AREA NEED INCOME CAN AFFORD MUCH LESS.
ANYBODY WHO MAKES LESS THAN THAT'S ACQUIRING AFFORDABLE HOUSING.
SO, VIOLENT PORTABLE HOME CAN BE CHALLENGING.
IN OUR CURRENT DEPARTMENT IN JANUARY, THERE ARE ABOUT 200 HOMES LISTED.
2 71 WAS AN IMPORTANT NUMBER LAST YEAR.
AND THAT THAT WOULD BE OF THE THE CAP BUY HOME.
WE'RE GONNA GET FEDERAL ASSISTANCE FOR DELL PAYMENT ASSISTANCE.
YOU COULD PURCHASE AN HOME FOR MORE THAN THAT.
THE CHART HERE SHOWS YOU OUR DELL'S, UH, HOME BUYER ASSISTANCE PROGRAM DATA FOR THE LAST 10 YEARS.
IT'S NOTEWORTHY THAT TO SHOW YOU THAT 10 YEARS AGO THE SAME HOUSING STOCK WE HAVE, THE AVERAGE OFFSET WAS $97,000 FOR THE BUYER SYSTEM.
THIS YEAR, OUR AVERAGE SALE GOING FOR THROUGH 27, SAME HOUSING STOCK.
PEOPLE ARE, ARE LOOKING AT IT, SAY IN GENERAL YEARS.
UH, BUT WE'VE HAD TO PUT IN MORE SUB IN ORDER TO HELP FAMILY ACHIEVE FROM OWNERSHIP DREAMS. UH, BECAUSE THE HOUSING COSTS GETTING TO RISE, THE LEVEL OF ASSISTANCE, UH, NEEDS TO GROW SO THAT THAT GAP.
WHEN WE LOOK AT RENTERS, UH, RENTERS STATE PRESSURE AS WELL, THIS IS PITCHING MAY BE AWARE THEY'RE BASING SOME, UH, PRESSURE MORE RECENTLY IN RISING RENT COSTS OVER THE LAST YEAR.
RENT OF PRISON ABOUT 11% WITHIN OUR CITY AS AS AN AVERAGE.
SO SOME AREAS OF PRISON MORE AND SOME LESS, LESS.
BUT THEN THERE'S GENERALLY A RENT INCREASE THAT'S HAPPENED.
HOWEVER, INCOMES ARE REMAINING PERFECTLY THE SAME.
A RECENT REPORT FROM FEL UH, TELLS US THAT 40% OF THE JOBS ARE GENERALLY IN SERVICE INDUSTRY JOBS OR LOW PAYING JOBS WITHIN THE CITY OF DALLAS.
AND WE KNOW THAT MOST PEOPLE WORKING MINIMUM WAGE AND NOT ABLE TO AFFORD THE AVERAGE JOBS OF AN DEPARTMENT.
SO THEY'RE OUT WORKING MORE THAN ONE JOB IN ORDER TO ACHIEVE THAT.
WE ALSO KNOW THAT THEY HAVE ABOUT HALF AS MANY THREE BEDROOM DEPARTMENTS AS WE MIGHT NEED FOR LOWER INCOME VALUES.
WE DON'T HAVE THE HALF STOCK, UH, FOR THAT PARTICULAR SIZE OF APARTMENT RENT.
IT DOESN'T HAPPEN TO BE APARTMENT COULD BE GENERALLY SPEAKING, UNITS THAT HAVE THREE MEMBERS ARE LESS AVAILABLE, UH, FOR LOWER BINDERS IN CITY.
AND CFA ALSO TELLS US THAT WE'RE SHORT SOME 30,000 UNITS FOR
SO AS OUR, AS OUR RENTERS HAVE A VARIETY OF OPPORTUNITIES ON WHERE TO RENT IN THE CITY IS 60% OF THE LEASE FOR RENT, THERE MAY NOT BE ENOUGH THAT ACROSS THE BOARD FOR ALL INCOME GROUPS, UH, TO BE ABLE TO ONLY PAY FOR 30% OF THEIR INCOME KEEPING THEIR HOUSING COSTS.
DATA TELLS US THAT THERE'S ABOUT 134,000 PEOPLE WHO PAY MORE, LESS THAN 30% OF THEIR INTERNET ON THEIR HOUSING COSTS IN DALLAS.
WHEN IT COMES TO PURCHASING THE HOUSE, YOU USE THE RATIO THREE ONE THIRD OF YOUR ANNUAL SALARY THAT YOU FALL OUTTA IT.
WHAT THE RATIO RENT FOR RENTING? I MEAN, SAME.
THE GENERAL RULE OF THUMB IS THAT 30% OF YOUR INCOME SHOULD GO TO YOUR HOUSE OFFICE MORE THAN THAT MAKES YOU HOUSING COSTS.
SO WITH RENTING WITH OUR
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THAT EXIST IN DALLAS.AND MANY OF THEM, ABOUT HALF OF THEM MAY EXPIRED IN THE NEXT 10 YEARS.
SO THEY'RE AFFORDABILITY PERIOD WILL EXPIRED.
SO WE ATTEMPT TO LOOK AT SOME CONDITION DATA RELEVANT TO LIKE THOSE, THOSE MULTIFAMILY PRODUCTS BECAUSE WE KNOW THE OLDER THE BUILDINGS GET, UH, THE MORE, UH, MORE REHAB THAT THEY MIGHT NEED.
SO THERE'S, THERE'S PROBABLY OPPORTUNITY HERE TO LOOK AT WAYS TO PRESERVE SOME MORE OF THESE RENTAL UNITS IN THE LONG TERM OVER THE NEXT 10 YEARS.
ONE OF THE ACTIVITIES THAT WE WENT THROUGH TO TALK ABOUT OUR NEEDS IS WE NEED MORE UNITS AND IN ORDER TO LOOK AT WHERE OUR BUDGET COMES FROM OR WHERE IT COULD FALL FROM OVER THE NEXT 10 YEARS AND HOW MANY UNITS WE CAN PRODUCE, WE'RE SHOWING YOU HERE OUR BUDGET ON THE LEFT, 20 MILLION A YEAR BEING PRETTY STEADY OVER THE PAST FEW YEARS.
SO WE'RE GONNA TAKE THE ASSUMPTION THAT OUR GENERAL HOUSING BUDGET IS 20 MILLION A YEAR, WHICH WILL INCREASE 200 MILLION OVER THE NEXT 10 YEARS.
IF WE'RE SUCCESSFUL WITH TWO BOND PROPOSITIONS IN THE NEXT 10 YEARS AND 150 MILLION EACH, UH, THAT WOULD GENERATE ABOUT 300 MILLION.
AND WE LOOK AT THE GROWTH OF OUR CORPORATIONS AND THEIR REVENUE THAT THEY PRODUCE, AS WELL AS OUR FAMILY PROGRAM, UH, TO CONTRIBUTE ABOUT A HUNDRED MILLION OVER THE NEXT 10 YEARS.
SO IF WE HAD THE 600 MILLION BUDGET AND WE INVEST THEM TO, IN AFFORDABLE UNITS, ABOUT 10 TO 15% PER UNIT, UH, WE COULD YIELD ABOUT 31,000 PORTABLE UNITS IN THE NEXT 10 YEARS WITH OUR BUDGET.
THAT WOULD ALSO ALLOW US TO CONTINUE TO GROW OUR PRESERVATION PROGRAMS FOR SENIOR FAMILY GLOBAL COUNCIL.
WITH THE MAJORITY OF OUR FOCUS BEING ON, UH, PRODUCING MANY AFFORDABLE UNITS THAT WE CAN, OUR CORPORATIONS CAN LEVERAGE, UH, MIXED INCOME DEVELOPMENTS AND CONTINUE TO DO SO WITH THE PUBLIC FACILITY CORPORATION, HOUSING FINANCE CORPORATION, AS WELL AS ENVIRONMENT TRANS PROGRAMS, THE MIXED INCOME DEVELOPMENT, LOOKING AT GROWING AND BUILDING CAPACITY WITH THOSE CORPORATIONS EACH YEAR.
WE BELIEVE WE, THEY WOULD LEVERAGE ABOUT 90, UH, 92,000 UNITS, UH, OVER THE NEXT 10 YEARS.
SO MOST OF THOSE WOULD BE DIFFERENT.
SO TOGETHER WITH OUR CORPORATIONS AND INCREASED BOND FUNDING, WE COULD PRODUCE AROUND A HUNDRED THOUSAND UNITS OVER THE NEXT 10 YEARS BY FOCUSING IN ON THAT PRODUCTION.
THE PEOPLE NOTICE THE SCENARIOS AROUND, THERE'S CAVEATS TO THAT AND SOME DIFFERENT SCENARIOS.
WE COULD FUND THE BOND MONEY, BUT WE WANTED TO END THE FIRST PART OF THE PRESENTATION.
SOME DATA LOOKING AT, WE HAVE A REDUCTION BETWEEN LOOKING AT THE BUDGET FORECAST FOR THE NEXT 10 YEARS TO START THAT CONVERSATION.
AND WITH THAT, I'LL TURN THE NEXT PLEASE.
IF THERE'S ANY QUESTIONS RELATED TO NEEDS, THAT'S PROBABLY A GOOD, WE'RE GONNA THANK YOU.
YOU HAVE IN THE TROOPER OF THINK THINKING, YOU THINK ABOUT WHERE YOU'RE CHARGING, YOU PRIORITIZE LOCATIONS WHERE THE TRANSPORTATION COST.
UH, THE QUESTION REPEAT, UM, WAS DO WE FACTOR A TRANSPORT OR LOCATION AND WHERE WE'RE BUILDING IN AFFORDABLE HOMES, UH, TO, TO LESSEN TRANSPORTATION COSTS? UH, CAUSE TRANSPORTATION COSTS ARE DIRECTLY RELATED AND TO HOUSING COSTS? UH, SHORT ANSWER IS, IS IS ABSOLUTELY.
I MEAN, ANY, ANYTIME WE HAVE THE OPPORTUNITY TRANSIT ORIENTAL DEVELOPMENT WHERE LIKE WE TOOK THE, THE
UH, SOME DEVELOPMENTS HAVE AN OPPORTUNITY FOR
SO, UH, JUST HAS COMPLEXITY LOCATION INTEGRAL TO SUCCESS IN A LOT OF SO, OR THE DEVELOPERS COMING IN JUST SOLELY RENTAL COMMUNITIES, IS THAT HELPING OR HURTING BEING HELD TO A STANDARD? THINGS ARE NOT APPROVED? OR IS THAT JUST MORE SAY
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I THINK WE HAVE A COMBINATION OF BOTH.I MEAN, WE HAVE A LOT OF LUXURY UNITS COMING ONLINE, UH, AND WE HAVE A, UH, A LOT THROUGH CORPORATIONS THAT REQUIRE AFFORDABILITY.
BUT IN THAT THEY'RE, THEY'RE RECEIVING ADDITIONAL INCIDENTS, UH, WHETHER THEY'RE COMING IN THROUGH THE, THE DENSITY BONUS PROGRAM TO GET INCREASED DENSITY IN PARKING PRODUCTIONS.
OR THEY'RE PAYING US A FEE ON LIMIT TO GET THE DENSITY REQUIREMENTS, BUT PAYING US A FEE TO GET IT OUT OF THAT SO WE CAN USE THAT MONEY TO PRODUCE UNITS WHEN WE NEED THEM.
UH, OR THROUGH THE CORPORATIONS WHO ARE, UH, LOOKING AT SPLITS AND HOW AFFORD WHAT UNITS WE GET WITH THE PROGRAM.
SO IT'S KIND OF A COMBINATION.
UH, YEAH, SO WHAT, WHAT I WAS GONNA SAY IS IF YOU LOOK AT SINGLE FAMILY HOMES THAT ARE BEING BUILT, YOU'LL SEE UM, LARGE INVESTORS THAT ARE COMING IN AND BUYING, UH, LOTS OF SINGLE FAMILY HOMES WHERE THEY'RE BUILDING THEIR OWN WHILE IT IS ALLEVIATED, UM, SOME OF THAT RENTAL NEED FOR THOSE THREE BEDROOM UNITS.
CAUSE YOU KNOW, WE'RE NOT PRODUCING AS MANY THREE BEDROOM UNITS IN THE APARTMENTS.
IT'S ALSO REDUCING THE SUPPLY OF FOR SALE HOUSING THAT'S ON THE MARKET.
SO WHEN YOU LOOK AT THAT OVERALL RATIO OF 61 TO 40, WHAT YOU SEE IS THAT 61% IS GROWING, RIGHT? WHICH MEANS THAT BOTH COULD HAVE BOTH AFFORDED A 200 PLUS THOUSAND HOME NOW HAS FEWER AND FEWER OPPORTUNITIES TO BUY THAT.
AND PART OF THAT IS LOOKING AT INVESTOR SALES.
HERE'S A REPORT THAT CAME OUT LAST YEAR THAT SHOWED ABOUT, UH, A QUARTER OR SO FROM HOME SALES IN DALLAS OR SOLD INVESTORS.
UH, BUT I DON'T KNOW THAT WE'VE SEEN ANY OR REAL DEFINITIVE DATA.
HOW, HOW BIG OF AN ISSUE OR IS IT AN ISSUE INVESTORS BUYING? THERE'S SOME SORT OF ORDER CAN BE SET IN CORPORATIONS BUY CAUSE WE HAVE PEOPLE ON THE BUY.
SO I SUGGESTED THAT AND I JUST CALL SOCIALIST
CAN YOU GO BACK AND MAYBE TRANSLATE HOW WE GET FROM 50%? YEAH, WE JUST DIVIDED IN, UM, 10, 10% AND THEN I THINK WE GRADUALLY INCREASED IT BY A COUPLE PERCENT SINCE YEAR TO HAVE SOME MORE SUBSIDY, UH, TO, TO DO THE, IT'S JUST A GENERAL
UH, IT LOOKS THAT WE INVESTED 10% OF THE TOTAL BUDGET FOR THAT YEAR.
HOW MANY UNITS COULD IT YIELD? AND WHAT YOU'LL SEE IS THOSE LOWER AMIS WE'RE PUTTING IN A MUCH DEEPER, UH, SUBSIDY.
SO IF WE'RE DOING, UM, HOUSING FOR RESIDENTS WHO ARE FORMAL HOMELESS, WE'RE PUTTING IN A PRETTY SUBSTANTIAL SUBSIDY, IF NOT ALMOST A HUNDRED PERCENT.
AND THEN AS, AS WORK YOUR WAY UP THE INCOME SPEC, YOU'VE SEEN SMALLER AND SMALLER SUBSIDY.
BUT IF YOU LOOK UP LIKE YOU HAVE NOT ACROSS THE BOARD, WHICH IS WHAT LAUREN AND TEAM DID OVERALL, IT'S ABOUT 10 15.
YOU, YOU STRESS OUT TRIGGERS SPREADSHEET WITH A BUNCH OF FORMULA.
WHY 20? WE, WE LIKE TO ADD SOME RECENT DATA OF WHAT WE WERE INVESTING IN PRODUCTS.
UH, BUT THERE'S A LOT OF AREAS.
SOME MIGHT BE 25, SOME MIGHT BE LOWER.
UM, SO WE JUST JUMPED A, A MORE CONSERVATIVE APPROACH.
WE CAN BETWEEN 10, 15% OF THAT BUDGET.
AND WHAT COULD WE DO? UM, OBVIOUSLY TELL WE HAVE MORE OF THAT REAL PROJECT IN FRONT OF US THAT'S LOOKING WHAT DO PRODUCE WORK UNITS, UH, ALL OF 'EM ARE TAKEN TOGETHER, RIGHT? UH, ONE OF THE MAIN THINGS ON OUR HOUSING POLICIES IS IDENTIFYING BE STRATEGY AREAS.
WHEN WE IDENTIFY THOSE AREAS, WE'LL UNDERSTAND THE NEEDS OF THOSE AREAS MORE IN DEPTH SO WE CAN ACTUALLY BE BETTER RECRUITING CERTAIN DEVELOPMENT PROJECTS TO THAT AREA.
NOW ACHIEVE THE VISION AND NEEDS OF THAT AREA.
WELL DO YOU THINK THAT YOU, IF WE'RE HAVING A HOMEOWNER CHALLENGE THAT UM, IF WE PROVIDE MORE, AND IF NOT NOT, BUT
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THAT'S SUPPLY AND DEMAND OPERATOR SUPPLY OF THE DEMAND, UM, WOULD THAT NOT BE A WAY TO LOOK AT DRIVING SCALE? UM, OPPOSED TO JUST YEAH, SO WITH WITH THESE UNITS, UH, WE, WE'VE NOT SAID THAT THESE ARE ALLWE NEED MIGHT ALWAYS BE IN THE SINGLE FAMILY STOCK.
IT MIGHT BE MORE KEY BOX SHARED EQUITY MODELS OR PARTNER BUILDINGS WHERE YOU CAN BUY LEAD, UH, RATHER THAN BUYING SINGLE FAMILY.
SO THERE'S A VARIETY OF DIFFERENT HOUSING POLICIES THAT COULD BE OFFERED PERCENT.
ONE OTHER POINT I'LL ADD ON THE IN INCOME GROUP THAT WE'RE TRYING TO REACH FOR SALE HOUSING ISN'T ALWAYS AN OPTION, RIGHT? SO FOR FOLKS WHO ARE COMING OUTTA HOMELESSNESS, WE WOULDN'T, WE WOULDN'T, UM, SET THEM UP TO BE HOMEOWNERS RIGHT THEN THERE.
RIGHT? UM, WE TYPICALLY START HOME OWNERSHIP AT ABOUT 60% AREA MEDIA INCOME BECAUSE IT REQUIRES NOT THAT MUCH INCOME TO BE ABLE TO AFFORD JUST TO MAINTAIN YOUR HOUSE.
EVEN IF WE CAN HELP THEM PURCHASE THE HOUSE, IF THEY CAN'T FIX A RUNNING TOILET, UH, A HOLE IN THE ROOF, UM, ANY, ANY BUYING THINGS THAT COME UP, WE'RE REALLY SETTING THEM UP FOR FAILURE.
SO YOU'RE GONNA SEE, AS YOU LOOK AT THIS, THIS PRODUCTION, UM, THESE PRODUCTION NUMBERS THAT NEED FOR A COMBINATION OF BOTH RANCHO AND FOR SILA, BECAUSE WE TRY TO SERVE EVERYONE FROM SEAL.
UM, WE NEED, UH, HC IS THE TAX CREDITS AND ROLL ALONG WHY THEY EXPIRE? IS IT BECAUSE MARKET RATES APPLIED FOR IT? IT'S EXPIRED, LIKE SPEND TIME? IT'S, IT'S A TIME EXPIRATION.
SO WHEN THEY USED TO BE IN 30 YEARS, MOST ARE 45 YEARS.
SO THE END OF THEIR CURRENT AND SO THEY ARE ON A CASE BASIS
SO THOSE ARE APARTMENT COMPLEX IN MOST CASES.
AND THEY WERE, THEY WERE BUILT INITIALLY WITH TAX CREDIT FINANCING.
THE PART OF THE DEAL WAS THE INVESTORS PROVIDE TAX CREDIT FINANCING IN EXCHANGE THE PROPERTY OWNERS AND MANAGEMENT AND AND DEVELOPERS HAVE TO KEEP THE RENTS AT AN AFFORDABLE RATE FOR THIS 30 PLUS YEARS.
ONCE THEY'VE HIT THAT DEADLINE, ALL STRINGS ARE, UM, ARE, ARE OFF.
IF THEY'RE IN AN AREA WHERE PROPERTY VALUES HAVE GONE UP, THIS IS THEIR CHANCE TO JACK UP, UM, RENTS, UH, TO REHAB IT AND MAYBE BRING IN A DIFFERENT CLIENTELE OR TO ALLOW THE PROPERTIES TO, UM, BECOME BLANK AND, AND, AND NOT HAVE TO PUT ANY INITIAL INVESTMENT.
CAUSE THEY DON'T HAVE THE STATE LOOKING OVER THEIR SHOULDER, MAKING SURE THAT THEY'RE MEETING, UM, CERTAIN REQUIREMENTS THAT COME WITHIN TAX CREDITS.
SO THEY LOOK AT, SO YOU LOOK AT THESE PROPERTIES CAUSE THEY DON'T WHAT ROLL LAW AND TRY PROVIDE INCENTIVES TO KEEP THEM.
THAT'S EXACTLY WHY WE NEED TO.
AND THAT'S THE POINT OF THE SIDE IS TO SAY THAT IS A PRIME OPPORTUNITY TO, TO WORK WITH THE PROPERTY.
SO, I'M SORRY, I'M ASKING SO MANY QUESTIONS, BUT SO YOU, WHAT'S THE CITY NEED TO MARKET TO BENEFIT YOUR SPOTLIGHT? I KNOW ON THE NEIGHBORHOOD SITES WHERE ISLAND PEOPLE ARE VERY FREE OF THIS APARTMENT BUILDING THAT IS GOING UP IN DISTRICT 11, THAT IT'S LOW INCOME HOUSING, PEOPLE ARE VERY FREE.
BUT IT SEEMS LIKE ALL INFORMATION THAT'S MARKETING IS LED UP TO, I GUESS THE COUNCIL OF MURDER AND PEOPLE WHO UNDERSTAND WHAT COMMUNITY COUNCIL, THEY'RE AFRAID IS THE CITY TAKING THIS WHILE LIKE I'M CREATING A MARKETING CAMPAIGN.
SO DALLAS UNDERSTANDS THAT WHY IT'S FOR THE CITY AND NOT JUST HOPE THAT THE POLITICIZATION OF THE PERSON IN OFFICE, YOU KNOW, ISN'T JUST SHUT DOWN CAUSE WELL, THEY'RE NOT ME.
SO IF, IF YOU LOOK AT THE DALLAS HOUSE PROBLEM 2033, IT'S BROKEN DOWN INTO SEVEN PILLARS.
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IS EDUCATION.THE FOCUS OF THAT EDUCATION IS ON BUILDING
SO THERE'S A FEW THINGS THAT WE'RE LOOKING TO DO IN THAT INTERVIEW.
UH, RIGHT NOW WE'RE WORKING ON AN AFFORDABLE HOUSING, ONE ON ONE SERIES THAT WE CAN TAKE AROUND THE CITY TO START TO EDUCATE PUBLIC ON WHAT IS AFFORDABLE HOUSING, WHAT ARE THE TOOLS THAT WE USE TO, UH, PROVIDE IT FOR THE PEOPLE THAT WE SERVE, THAT SORT OF THING.
THERE'S AN OUTSIDE GROUP, UM, THAT COUNCILWOMAN BLACK MEN AND COUNCIL MEMBER, UH, CASEY THOMAS WORKED TO CREATE A YOUTUBE BILL THAT'S LIKE A TWO OR THREE MINUTE INSTRUCTION OF VIDEO.
WHAT, UM, AS WE ROLL OUT THE, UH, STRATEGY AREAS, YOU'LL SEE IT DRILL DOWN INTO THOSE AREAS AND START TO HAVE MORE CONVERSATIONS AROUND WHAT IS THIS? UM, HOUSING IS THE NUMBER OF DIFFERENT TERMS USED TO DESCRIBE AFFORDABLE HOUSING.
WE CALL IT ATTAINABLE HOUSING.
UM, WHO ARE WE SERVING? BUT WHAT WE'RE TRYING TO DO IS TO, UM, BREAK DOWN SOME OF THE NEGATIVE PERCEPTIONS OF WHO'S BEING SERVED, HOW IT, UM, AFFECTS NEIGHBORHOODS AND WHY EVERYONE SHOULD REALLY SUPPORT THIS.
SO IT'S NOT, IT'S OUR CONVERSATION AND IT'S TURNING THE S**T VERY SLOWLY.
UH, IT'S, YOU KNOW, THAT'S BAD NEWS.
THE GOOD NEWS IS THAT YOU COME MY COMMISSION OF WEEKS HAVING THAT CONVERSATION THERE.
I'LL TELL YOU, FIVE YEARS, FIVE YEARS AGO, YEAH, VELOCITY IS SO QUESTION ON EDUCATION.
HOW COME BALANCE DOES NOT, OR EVEN HOUSING DEPARTMENT DOES NOT ADVERTISE, PAY SOME MARKET DOLLARS IN GO TV AND DO WHAT, WHAT COMMERCIAL AFFORDABLE HOUSING, WHAT IT MEANS AND WHY IS IT NOT IN YOUR BACKYARD? WHY IS IT GOOD THAT SEEM TO BE DIRECTION? SO WHAT YOU'LL HERE FROM CYNTHIA NEXT IS OUR FINANCIAL CAPACITY, RIGHT? AND YOU HAVE TO FOLLOW THE ELIGIBLE USE OF THE DOLLAR.
EVERY DOLLAR THAT WE USE LIVES IN A BOX AND THAT BOX RESTRICTS WHAT WE CAN SPEND IT ON.
MARKETING IS PROBABLY THE SMALLEST BOX THAT WE HAVE.
SO YOU, SO THE TYPES OF ACTIVITIES THAT YOU'LL SEE US DOING TO MARKET OUR PROGRAMS ARE, ARE USUALLY VERY ORGANIC.
UM, AND IT IS, IT IS A VARIETY OF, OF STAFF GETTING OUT HERE, COMMUNITY SPREADING THE WORD THAT WE CAN, PARTNERING WITH THIRD PARTIES THAT WORK IN THIS AREA.
UM, RIGHT NOW SEE THE JAMIE ARMSTRONG BACK, HIS GROUP JUST RAISED BOTTOM, UM, JUST RAISED ABOUT GRANT FUNDS TO DEVELOP, UM, AN ANTI DISPLACEMENT TOOLKIT.
AND WE ARE COLLABORATING WITH THEM TO DEVELOP THAT TOOLKIT.
AND PART OF THAT EXERCISE IS EDUCATION.
SO YOU'RE SEEING US TRYING TO INVEST IN EDUCATION AS BEST WE CAN, BUT, UM, THE REALITY IS THAT MARKETING IS NOT TO BE, UM, BUDGET OF THE MOMENT FOR ANY FINANCIAL SOURCE.
TO ADD TO THAT IDEA, CONCEPT CITY CAPITAL TO FREE RESOURCES.
SO WE HAVE, WE WERE JUST DISCUSSING DALLAS SCHOOLS.
I NEVER THOUGHT I WOULD SEE THE DALLAS SCHOOLS.
PUBLIC SCHOOLS ARE AS GOOD AS, AND THAT IN SCHOOL WITH, WITH TONS OF POWER, WE'RE ABOUT TAPPING INTO THE SCHOOL RESOURCE, THE STUDENTS, AN INTER SCHOOL BETWEEN PRIVATE STUDENTS, A COMPETITION, LET THESE KIDS GET THAT IRELAND FREE AND JUST SCHOOL, I DIDN'T THINKING OUTSIDE THE HOUSE UTILIZING RESOURCES THAT DON'T HELP.
IN FACT, RIGHT UP ON THE OTHER SIDE OF THIS BUILDING, YOU LOOK OUT THE WINDOW, YOU'LL SEE, UH, CITY LEFT HIGH SCHOOL, RIGHT? WE FREQUENTLY GO OVER AND TALK TO THE KIDS IN CLASS ABOUT THIS VARI ISSUE AND WE'RE LOOKING FOR MORE OPPORTUNITIES TO COLLABORATE AROUND THIS TOPIC.
[00:35:01]
SO THAT'S AN ONGOING TOO.TWO QUESTIONS IN THE PRODUCTION, SEE CALLS, REPORTING, UM, PREDICTS ABOUT OR OR FORECASTS ABOUT UNIT, ABOUT THE YEARS.
CAN YOU TELL US A LITTLE BIT, YOUR NUMBERS ARE ALMOST DEALT WITH THAT, UH, ESPECIALLY IN LIGHT OF DELAYS, ISSUES, LENDING.
HOW, HOW DO YOU GET TO THOSE NUMBERS? AND YOU THINK THOSE NUMBERS ARE TRULY REALISTIC BECAUSE WE'RE ASKING ESSENTIALLY DALLAS TAXPAYERS TO BORROW MILLION, UM, WITH THOSE FILES.
SO CAN YOU TALK A LITTLE BIT ABOUT THE DISCREPANCY BETWEEN THE
UH, THERE, THERE'S A, THERE'S A NEED FOR PRODUCTION ACROSS THE REGION AND DALLAS WANTS TO BE COMPETITIVE, UM, AGAINST OUR, OUR POPULATION INCREASE IN SPEED.
UH, THERE, THERE'S A NEED TO BE A LITTLE BIT MORE AGGRESSIVE.
UH, AND IN SAYING THAT WE NEED MORE UNITS HERE IN DALLAS THAN, AND SO THAT WAS ONE OF THE ASSUMPTIONS.
UH, IN TERMS OF THE, THE REALNESS OF THE NUMBERS, UH, YEAH, THE, WE HAVE 18,000 UNITS, UH, UNDER PRODUCTION OF ALL CORPORATION ACTIVITY.
SO THAT'S, UH, IT'S A COMBINATION OF THE, OF THE CORPORATION AND SUBSIDIZED UNITS ALL, NOT ALL THAT.
IT INCLUDES ON MARKET THE ENTIRE DEVELOPMENT PROJECTS.
SO IT CONTRIBUTES TO BOTH OF THOSE COLUMNS, UNITS, AND MARKET.
UM, THERE'S AN AFFORDABLE HOUSING PERMIT TEAM, UH, THAT'S BEEN RECENTLY CREATED TO WORK ON PERMITING ISSUES AND HIGHLIGHT ALL THE DIFFERENT DEPARTMENTS.
UM, NOT TO SAY THAT THERE'S NO JOB, UH, BUT WE, WE DO BELIEVE THAT THE CITY WILL CONTINUE TO COME TOGETHER THROUGH OUR RECENT INITIATIVE TO DESIRE TO INVEST.
SO THERE'S UH, THERE WILL BE FIVE TO LEADING AS PART OF WHAT THIS PROCESS IS ABOUT AS WELL AS LIKE UNDERSTANDING WHAT THE HUNDRED 53 CAN GO TO OR WHAT'S TO ACHIEVE MULTIPLE NEEDS WITHIN THE, THE HOUSING PREMISES.
ONE WAY TO GET A, AND THEN JUST FOLLOW UP.
SO SAID THEIR ANALYSIS THAT DALLAS HAS AND OVER DEPARTMENT CONTINUES TO, BUT, UM, IS IT YOUR RECOMMENDATION OR YOU THINK THIS, THIS ADVISORY SUB COMMITTEE SHOULD THINK ABOUT FOCUSING ON PERCENT HAND LINE BELOW FOR RENTERS AND AND HOW DOES THAT IMPACT THE, SO THAT POPULATION WE'VE BEEN HAVING WITH C P A PART, PART OF THE ASSUMPTIONS THAT YOU SEE IN THAT REPORT IS ADDITIONAL UNITS.
THERE'S THE ASSUMPTION THAT ALL UNITS ARE APPLICABLE AND IN A CONDITION THAT ANY ONE OF THOSE HOUSEHOLDS WOULD WANT.
THE REALITY OF IT IS THAT WE HAVE MANY COLLABORATED UNITS THAT REMAIN VACANT BECAUSE, UM, THEY'RE IN SUCH A POOR CONDITION TO PEOPLE LIVE THERE.
AND FOR THOSE HOUSEHOLDS AT THE HIGHER END OF THE INCOME SPECTRUM, IF YOUR CHOICE IS LIVING IN THE HOUSE OR THE, UM, APARTMENT VERSUS LIVING WITH FAMILY, PROBABLY TAKE TAKE LIVING WITH FAMILY RATHER THAN READING IN OLD OR WHATEVER CONDITION THAT THAT THEORY.
SO, UM, I I WOULD CHALLENGE THAT THERE IS A SURPLUS OF UNITS FOR 60% A I 80% A I HOUSEHOLDS BECAUSE THAT'S NOT WHAT WE'RE SEEING.
THAT THAT THAT HAS NOT BEEN OUR EXPERIENCE.
UM, CHRISTINE WILL TELL YOU THAT THE FOLKS THAT SHE WORKS WITH NEED MORE UNITS AFTER THOSE AT THE LOWER END OF THE INCOME SPECTRUM.
AND THAT'S PART OF THE MOVEMENT.
YOU'RE SEEING THIS ROLE IN THE HOMELESS POPULATION.
SO THE CHALLENGE THAT WE HAVE BEFORE US IS THAT
[00:40:01]
WE ARE SITTING DALLAS WITH THE NINTH LARGEST CITY IN THE COUNTRY AND IT'S NOT ENOUGH FOR US TO SAY, OKAY, WE'RE JUST GONNA FOCUS ON 50% AMMI, HELLO, OR WE'RE JUST GONNA FOCUS ON NESS.WE'VE GOTTA FOCUS ON HOLDING THEM.
BUT IF THREATENING DEALS, WE HAVE TO SET SOME PRIOR ARGUMENT FOR HOW MUCH.
AND, AND THAT'S WHERE THE DISCUSSION FS IN HOW MUCH.
THERE'S ALSO PART OF THAT IS THE UNITS THAT ARE PRICE AREN'T NECESSARILY GOING IN FAMILY.
THOSE FAMILIES HAVE LOT OF THEM LEFT THE CITY WHERE THEY AND THE INFLUX OF THE NEW RESIDENTS COMING IN WITH HIGHER INCOME TO AFFORD THAT CHILDREN.
SO JUST BECAUSE I 80% CAN AFFORD IT MEAN OCCUPIED BY.
SO SEEING THAT 8,000 NEW PEOPLE, UH, ARE NOT ONES THAT NEED 80% IN BY RENT, THEY CAN AFFORD HIGHER THAT THEY ARE FORTUNATE TO NOT HAVE TO PAY FOR.
BUT I GUESS JUST A FOLLOW UP, NO ONE ELSE IS PRODUCING THE MARKET IS NOT PRODUCING THE MARKET THEY NEED PRODUCING 80% OR AT LEAST IN THE, LIKE YOU'RE SAYING, IF THEY AGE, IF THEY'RE NOT TOTALLY UNCAPABLE, THOSE ARE PROBABLY YOUR 80%.
BUT IF THE FOCUS BY THE CITY'S NOT 50%, GOOD QUESTION.
RIGHT? AND AND YOU'RE RIGHT, THE MARKET REDUCE UM, 50% OR, OR TYPICALLY SUBSIDIZED UNITS, RIGHT? UM, WHAT THAT REPORT SPEAKS TO IS NATURALLY OCCURRING AFFORDABLE HOUSING, NATURALLY OCCURRING AFFORDABLE HOUSING.
IF YOU TAKE A CLOSE LOOK AT IT, WHAT YOU SEE IS AN APARTMENT, TYPICAL PROFILE THAT AN APARTMENT COMPLEX THAT WAS PURCHASED SOME 20 TO 50 YEARS AGO THAT HAS NO DEBT AND THEY CAN AFFORD TO OFFER LOWER RENTS BECAUSE UM, THEIR OVERHEAD IS SO LOW.
ANYTIME YOU'RE BUILDING NEW CONSTRUCTION, YOU'VE GOT SIGNIFICANTLY HIGHER COSTS.
YOU CAN'T AFFORD TO OFFER THAT WITHOUT SOME KIND OF SUBSIDY, BE IT SECTION EIGHT VOUCHERS, BE IT TAX CREDITS, BE IT SUBSIDY FROM FROM FROM THE CITY.
SO YOU ARE RIGHT THERE IS, UM, UM, CERTAIN POPULATION SUB, BUT I GO BACK TO WHAT ARE THE PRIORITIES? WHO ARE WE TRYING TO SERVE AND WHAT DO WE WANT THAT OVERALL HOUSING STOCK TO LOOK LIKE ACROSS THE CITY.
WHEN YOU CONSIDER THAT WE ALREADY 60 PLUS PERCENTAGE OF OUR HOUSING STOCKS RENTAL AND LESS FORTI SPECIFIC.
WELL LEMME ASK A QUESTION BASED WHAT YOU'RE SAYING.
IF YOU HAVE THIS HOUSING HOUSING STOCK THAT IS PAID, SO IT HAS A LOWER OVERHEAD, IS IT NOT? IS IT, IS IT NOT THAT WE OFTEN SEE THAT NEIGHBORHOOD OR THAT HOUSING STOCK AS LIGHT AND UM, THE HOUSING DEVELOPMENT AND NOT ONE THAT IS VERY WELL MAINTAIN? I THINK IT DEPENDS ON WHERE IT IS.
I CAN SHOW YOU PARTS OF TOWN THAT HAVE VERY OLD HOUSING STOCK.
IT'S BEAUTIFUL BECAUSE IT'S BEEN, IT'S BEEN KEPT UP, RIGHT? UM, IN OTHER CASES WHEN YOU HAVE A LOT OF DEFERRED MAINTENANCE AND UM, AND, AND THEY CONTINUE TO BE HAPPENING AND USED, THEY, IT GOES DOWNHILL.
SO IT'S, IT'S REALLY SOMETHING A MIXED BAG.
UM, BUT WHEN YOU LOOK AT, I FORGET WHICH SLIDE IS, BUT ONE OF THE EARLY SLIDES STORY SHOW WAS THE NEED TO REINVEST IN SOME OF THAT, UM, NATURALLY CURRENT HURDLES.
OH, IN MY, TO BE ABLE, WHY WOULD THEY NOT WANT TO INVEST THESE BOND FUNDED DOLLARS INTO MAINTAINING THE, THOSE PROPERTY THAT ARE OLDER AND KEEPING THEM IN A LEVEL OF A RENTABILITY THAT WOULD ATTRACT A HIGHER PLANTS A RENTER OPPOSED TO BUILDING NEW.
AND DOESN'T MEAN THAT, UM, IT'S ALL NATURAL BECAUSE THE REALITY IS WE DON'T HAVE ENOUGH.
[00:45:01]
YOU CAN FIX IT, FIX IT, FIX.BUT IF YOU DON'T GROW THE POOL, YOU STILL GOT THE SAME PROBLEM, BUT WE GOT, YOU PROBABLY BALANCE IT BECAUSE YOU CAN, IF YOU, YOU CAN BUILD THE SAME THING OVER AND OVER AND OVER AGAIN AND YOU STILL, AND YOU LET IT SAY THE THE THE NATURAL NUTRITION HAPPEN TO THOSE THAT ARE, ARE AGING OUT, THEN DO YOU THEN GO BACK AND THEN TAKE THESE OLD UNITS AND ALL THE THOSE SO CAN START ALL OVER AGAIN? OR DO YOU NOT TRY TO REHAB THEM AND MAINTAIN, SEE, SO AS YOU DO BOTH AND YOU NEED TO TRY TO UH, CREATE NEW STRUCTURES IN TERMS OF AN AFFORDABILITY BASE, WE'VE LEARNED FROM HISTORY THAT CONCENTRATING MORE PEOPLE TOGETHER IS PROBLEMATIC.
SO I'LL, I'LL STICK TO, TO THIS QUESTION.
WHAT TOOLS IN THE TOOLBOX HAVE FOR THREE BEDROOM UNITS? WELL, WE SAW THE, UH, STATION, UH, THREE HAD SAID THAT SAY OR SOMETHING LIKE THAT OUT TWO 50 UNITS OR WHATEVER, UH, WHICH IS REALLY HIGH.
UH, THAT'S WHAT PART, BUT WHAT THERE OTHER, ARE THERE OTHER WAYS TO TARGET THAT COMMUNITIES TO ME, AND YOU KNOW WHAT, REAL TWO BEDROOM TOOLS, SO, AND YOU KNOW, I PUSH, WE NEED MORE THREE BEDROOMS, WE NEED MORE THREE BEDROOMS. THE REALITY IS THAT TAKE, IT'S HARDER TO ACHIEVE IN TIMES SCALE WHEN YOU'RE DOING MORE AND MORE FEW UNITS.
SO THE TOOLBOX IS THE ONE THAT WE ARE SITTING AROUND HERE FOR SUB, RIGHT? A LARGER SUBSIDY, A DEEPER SUBSIDY SO THAT THEY INFRA THEIR COSTS.
BUT IT IS SOMETHING WE'LL CONTINUE TO WORK ON.
CAUSE WE KNOW FAMILY NONSENSE.
I MEAN IT'S A REAL, BECAUSE THAT'S THE, THAT'S THE PROBLEM THAT SINGLE FAMILY UNDER HOUSING, WE JUST CAN'T YOUR QUESTION ANSWER ANYTHING TO FOLLOW QUESTION? YES, ABSOLUTELY.
WE'RE GONNA CHANGE
SO WHAT I WANNA START WITH IS FIVE 15, UH, I WANT TALK ABOUT FIRST OUR FINANCIAL CAPACITY, OUR BUDGETS TO HOW WE'VE USED OUR SOLID FUNDS IN THE PAST AND UM, AND THEN TALK A LITTLE BIT ABOUT HOW LEGAL CAPACITY IS TO A PUBLISH THAT.
SO, UM, ON NORMAL GIVEN YEAR, UM, MOST OUR FUNDING IS FEDERAL.
78% OF THE FUNDING THAT WE USE IS FEDERAL FUNDS TO PRODUCE OUR REFORM.
AND THAT IS, THAT COMPLETELY SHOWS HOW HOUSING IS HIGHLY DEPENDENT UPON FEDERAL DOLLARS.
AND THE FEDERAL JOBS ARE LIMITED.
UH, THEY CONTINUE TO DECREASE EVERY YEAR AND, UM, AND THERE IS A HEAVY BURDEN ON ADMINISTRATION WITH THOSE DOLLARS.
SO IT TAKES A LOT OF TIME TO GET THOSE DOLLARS OUT IN THE, IN THE STREETS.
UM, TWO ADDITIONAL FUNDING SOURCES THAT WE RECEIVED THIS YEAR WERE THE MULTIPLE FUNDS DUE TO COVID AND CDB G DR FUNDS DUE TO THE FREEZE THAT, UH, WE DID ALSO RECEIVE OUR FIRST TRA HOUSING FINANCE CORPORATION FUNDS AND PUBLIC FACILITY CORPORATION FUNDS TO USE FOR DEVELOPMENT.
WE RECEIVE ANNUAL, ANNUAL AND AS I MENTIONED, IT DOES GO DOWN ANNUALLY BECAUSE OUR
[00:50:01]
ALL OR MOST, IF NOT ALL OF OUR FUNDS ARE COMMITTED AT THIS TIME.
UH, 32.7 IS WHAT'S NOT SPENT YET, BUT IT IS COMMITTED AND THROUGH BEING, UH, AMONG HOME REPAIR, HOMEWORK ASSISTANCE, ACTIVITIES AND DEVELOPMENTAL PROJECTS.
SO IF WE RUN DOWN FROM OUR BUDGET, UH, CBG IS ABOUT 10.2 MILLION.
OUR HOME BUDGET IS ABOUT 6.9 MILLION.
THOSE ARE BOTH FEDERAL, UH, GENERAL FUNDS IS 4.6 MILLION.
OUR M I H D B, WHICH IS OUR BASED INCOME HOUSING DEVELOPMENT BONUS FUNDS THAT WE RECEIVED FROM FEES AND PAYOFFS, UH, ARE ABOUT 4.4 MILLION.
THIS IS THE FIRST YEAR THAT WE'VE RECEIVED THOSE DOLLARS.
LAND BANK TRANSFER IS ABOUT 0.2.
THOSE DOLLARS ARE FOUR CONVERSATIONS OF LAND.
AND THEN WE HAVE FROM PS AND AGENCY THAT MAKE UP THE 17 MILLION.
AND THESE ARE, THESE ARE DOLLARS TO WE USED FOR DEVELOPMENT DEVELOP ACTIVITIES.
AND OUR 23.2 MILLION AT THE BOTTOM IS OUR C B G D R AND R FUNDS.
SO TO TALK ABOUT, UM, HOW WE USE OUR FUNDS, FIVE 15, WE CURRENTLY HAVE 18 FROM IN OUR PORTFOLIO, WE, THEY ARE SPREAD BETWEEN OUR OWN FROM HOME CARE, UH, CATEGORY OR MEYER ASSISTANCE CATEGORY DEVELOPMENT AND LAND BANK.
UM, HISTORICALLY POINTS FUNDS WERE USED FOR JUST DEVELOPMENT EITHER IN INFRASTRUCTURE AND IN NEW CONSTRUCTION DEVELOPMENT.
BUT THEY WERE USED, UH, IN A WAY TO MIX THE PROJECT.
SO TO PRODUCE MIXED INCOME DEVELOPMENTS, WE COULDN'T USE FEDERAL DOLLARS FOR THAT LONG BECAUSE THOSE ARE FOR LOW INCOME PEOPLE AT 8% LOW.
WE WOULD MIX THAT WITH BOND FUNDS TO DO MIXED INCOME DEVELOPMENTS TO HAVE BOTH HIGHER INCOME AND LOWER INCOME IN THE SAME TIME.
WE WOULD ALSO USE THE, WE MIX INCOME MIXED USE DEVELOPMENTS WHERE WE PUT UH, COMMERCIAL RETAIL ON THE BOTTOM FLOOR AND HOUSING AT THE TOP.
UH, SO WE WOULD MIX OUR FUNDS FEE TO BEING FEDERAL INVOLVED.
WE DO THAT NOW WITH SOME OF OUR DEVELOPMENT WE FINANCING, BUT WE ONLY HAVE ANY BOTTOM FUNDS AT THIS TIME.
SO WE'VE BEEN UNABLE TO DO THAT.
AND THAT'S NOT BULLET TELLS YOU HOW MUCH LAW HOUSING HAS HISTORIC RECEIVED FROM 2006 TO 2017.
20 MILLION IN 2006, 20 MILLION IN 2012, 6 MILLION IN 2017.
AND THAT WAS NOT A DIRECT ALLEGATION.
THAT WAS DISCRETIONARY THAT FROM OUR COUNSEL.
DO YOU KNOW WHY? UH, I, I DON'T KNOW WHY.
THE ONLY THINGS THAT I IS THAT, UH, THE CITY DID NOT INVEST IN AFFORDABLE HOUSING BECAUSE WE HAD FEDERAL DOLLARS THAT DIDN'T, THAT WAS USUALLY THE BOND.
SO THERE'S NO GOOD REASON WHY IT IS COSTLY.
TAKES A LOT OF MONEY TO UH, I DON'T RECALL IT'S SMARTLY WAS EVER GOING TO A BOND LOCATION THAT WAS MORE THAN WHAT WE RECEIVED.
A LOT OF TIMES WHEN WE SAT IN ORDER ON CAMPAIGNS AND THROUGH THEM WE JUST RECEIVED WHAT WE, YOU KNOW, HAPPILY RECEIVED WHATEVER WE WERE GIVEN.
UH, THERE WASN'T A CAMPAIGN THE WAY THAT WE WERE DOING THAT TO REALLY GO AFTER AN AMOUNT THAT'S FISHING.
BUT THAT'S REALLY HOW IT WAS LOOKED AT.
WE WERE RECEIVED FEDERAL DOLLARS AND THEN THEY EXPECTED THAT.
BUT ALSO AS YOU CAN HERE, AS YOU'VE HEARD FROM BEFORE, EXCUSE QUITE A FEW YEARS AGO, IT DIDN'T COST AS MUCH TO DO AFFORDABLE HOUSING.
WE WERE ABLE TO DO A LOT OF OUR ASSISTANCE, A LOT OF PREPARED AND DEVELOPMENT TO SOME EXTENT.
UM, AND OUR DONORS ONLY FURTHER, THEY DON'T GO THAT FAR.
SO THAT'S WHY WE'RE, WE'RE OVER THE YEARS HAVEN'T COME.
UH, SO TO TALK ABOUT SOME OF THE CHANGES THAT WE'VE MADE ALREADY TO INCREASE CAPACITY.
UM, WORKING IN THE CITY CAN BE A LITTLE DIFFICULT WITH PROCESSING AND
[00:55:01]
RED TAPE AND ALL THOSE THINGS WE HAVE TO DO, MOST OF US KNOW AND OUR PROGRAMS BEING INTERNAL PROGRAMS CAN ALSO BE DIFFICULT TO MANEUVER THROUGH THE CITY PROCESSES.SO WE HAVE HAD SOME CHALLENGES OVER THE YEARS TO TRY TO GET OUR MONEY OUT FASTER TO DO MORE DEVELOPMENTS AND TO INCREASE OUR VACCINE VACCINE.
SO WHAT WE'VE DONE IS UNDER OUR VOLUNTEER, ONE OF THE CHANGES THAT WE'VE MADE BECAUSE, UH, PROCURING CONTRACTORS AND DRAFTING OUR CONTRACTS IS TIME CONSUMING HAS HISTORICALLY BEEN VERY TIME CONSUMING AND CUMBERSOME.
UH, WE DECIDED TO OUTSOURCE THAT AND WE BELIEVE BY OUTSOURCING THE, OUR VENDOR WILL NOT HAVE TO GO THROUGH THE SAME PROCESSES THAT WE HAVE TO DO AS AN INTERNAL.
CAN YOU EXPLAIN, YOU SAID IN REPAIR THIS IS AN INDIVIDUAL SAYS MY HOUSE IS BROKEN, I CANNOT FIT TO FIX A, CAN YOU CALL? YES.
SO WHY IS THAT DONE WITH YOU? IS DONE WITH CITY CONTRACTORS OR THE CITY HIRES? NO, IT'S DONE WITH PRIVATE CONTRACTORS THAT APPLY TO BE IN OUR PROFILE AND UH, THEY WORK THROUGH OUR SYSTEM WITH AN APPLICATION WITH MORE THAN FOUR CONTRACT, DRAFT, ALL THOSE THINGS.
BACKGROUND CHECKS AND ALL THAT STUFF.
AND, UH, THEY'RE NOT, THEY'RE NOT, THEY, THEY'RE CONTRACT WITH US.
IT'S NOT A CITY HAS THE, HAS IT EVER LOOKED AT WHETHER OR NOT THE PERSON LOAN TO OWN THEM, HIRE SOME SINCE THEY'VE DONE IT, THE FUNDS AND THEY SURE PROJECT SAY THE WORK WAS DONE THE WAY WAS SUPPOSED TO.
YEAH, SO WE HAVE TO CONTROL FOR SOME THINGS IT'S OTHER OF DOLLARS BECAUSE THEY'RE FEDERAL AND IT ISN'T TOO OUR BEST BENEFIT AS THE CITY TO HAVE TO MANAGE THESE DOLLARS TO JUST HAND THE MONEY OVER TO OVER HERE HOME BEFORE I SEE OVER THE PERSON WHO IS GONNA BE MOVED IN.
AN INSPECTOR COMES INSPECTOR IS STATED TO DO THE INSPECTION.
THE ONLY NOTICE IS PRIVATE THE THAT CONTRACT IF THE CONTRACTOR SIGNING UP FOR THIS PROGRAM.
THERE'S SO MUCH ONLINE DATA THAT YOU KNOW THE PRICE BECAUSE THINGS BASIS PEOPLE ARE COURSE WE ALREADY KNOW HOW MUCH TO STATISTICS THAT HOUSE BECAUSE WE DO WRITE BEFORE ANYONE ELSE ON OUTSIDE, UH, THE CONTRACTORS TIME THEY'VE BID ON THAT ACTIVITY AND ON THAT PARTICULAR PROJECT.
AND THEN THEY'RE REPORT ACCORDINGLY BASED ON CAPACITY AND FINANCIAL AND AND STAFF TO BE ABLE TO PRODUCE REPORT TO COMPLETE THAT, THAT UNIT.
BUT, BUT I THINK THE DIFFERENCE IS CITY FUNDS OPERATE ON A REIMBURSEMENT BASIS.
SO UNLESS A HOMEOWNER HAS $50,000 AND OR EVEN NEEDS CONVINCING $50,000 TO PAY THE CONTRACTOR AND WAITING FOR THE CITY, UM, THAT'S NOT FEASIBLE.
SO TYPICALLY WHAT'S HAPPENING IS THE CONTRACTOR HAS A LINE PRINT THAT THEY'RE USING AND THEN THEY'RE WAY THEY'RE GETTING REIMBURSED FROM THE CITY.
THE MAIN PERSON WE'RE SURFING IS A SENIOR CITIZEN ON A FIXED INCOME, PRETTY PRETTY ABOVE THE SPECTRUM HAS ON SIDE HERES AND YEARS INFERRED MAINTENANCE.
SO IT SEEMS LIKE IT'S MY, I MEAN IT'S MY IGNORANCE PROBLEM, IT'S PROCESS.
IT JUST SEEMS TO ME THAT THE GOVERNMENT STEPPING, HERES A WHOLE EXTRA STEP THAT DOESN'T NEED TO HAPPEN.
CAUSE THAT CONTRACT, WHO HAS A LINE OF CREDIT? CAUSE HE TRUSTS THE PAPER FROM THE CITY THAT AS LONG AS HE DOESN'T WORK ON PAID, I'M NOT SUGGESTING THE HOMEOWNER FRIEND, BUT IF SOME OF THE HOMEOWNER SAID, IF YOU KNOW, THE OWNER REPLIES SAYS I NEED IT, YOU KNOW HOW MUCH IT'S GONNA COST CUZ THERE ARE METRICS ONLINE.
THE WEBSITE TELLS YOU, YOU KNOW, TAKES ALL TIME.
WHY NOT JUST PASS ALL THE CITY RED TAPE AND PAPERWORK, WHICH HAS TO COST A LOT OF MONEY AT TIME AND LET THAT CONTRACT STILL LIMIT AND HE KNOWS HE GETS HIS INSPECTION, HE'S GONNA GET PAID.
AND AGAIN, MIKE, SO SO SOURCING ALLOWS US TO DO THIS.
BECAUSE WE'RE WORKING WITH A LARGE OUTFIT THAT CAN WRITE MILLIONS OF DOLLARS WORTH OF, OF EXPENSES AND WAIT FOR THE CITY TO REIMBURSE THEM.
AND THE AND THE AGREEMENT IS BETWEEN THE CONTRACTOR AND THE, AND THE GRANTEE.
SO IT'S NOT JUST, IT'S ABOUT THE
EVERYTHING ELSE'S BEEN ASTERISK.
THE CHALLENGES THAT WE DEAL WITH RIGHT NOW IS THE BUREAU
[01:00:01]
AS WE DESCRIBED ALL THE STEPS IN THE BUREAU, NOT TO MENTION MANAGEMENT JUDGE, YOU STILL HAVE TO LOOK, UM, YOU TALK ABOUT THE WHOLE SPEND A DAY WITH IT, IT DOES CHANGE THE CITY DIFFERENTLY THAN IT DOES DOING OUTSOURCE.SO WITH HOUSE, THE RED TAPE IS AND THAT YES, CAN WE OUTSOURCE IT? THEY DON'T HAVE THE SAME RULES AS WE DO.
SO OUR REHAB PROGRAM, HISTORICALLY IT'S TAKEN US 45 DAYS TO CLOSE ON UNION.
AND AS YOU CAN IMAGINE, WE HAD A LOT OF, AND LAURA HAS MENTIONED, UH, OUR HOME BUYERS ARE COMPETING WITH INVESTORS AND CASH CARRIER.
SO HOMES THEM FROM OTHER CITIES THAT HAVE LOTS OF CASH TO BUY ARE ABLE TO JUST THROW IT DOWN.
I'M SORRY, THAT'S HOME BUYERS SYSTEM.
AND SO AGAIN, BECAUSE IT TAKES THIS WHILE TO GET CONTRACTS, DRAFT, GET ALL THE ELIGIBILITY THAT IS DONE AND THINGS LIKE THAT.
CAUSE WE DID HAVE SOME COMPLETELY UH, TERMS IN OUR LOANS.
WE CHANGED, WE REVISED OUR LEVELS BY INCREASING RATIOS TO BE MORE ALIGNED WITH MARKET RATES AND WE INCREASE THE PAYMENT TO PROVIDE SUBSIDY TO HELP THOSE.
AND THIS WHOLE IS THE APPROVAL PROCESS.
IS IT HOUSE CAN THESE BASIS FOR, SO IT'S NOT LIKE THE TRADITIONAL ORDER.
I'M NOT SHOPPING FOR HOUSEHOLD PRE-APPROVED, SO MY BED HOUSE LET HER PRE-APPROVED IT'S TOO, SO QUALIFY WORKS AND THEN THEY GO HOUSE.
ONCE THEY FIND THAT HOUSE, THEN THEY COME BACK TO US AND WE PROCESS THE BUT IT, IT IS TIME TO BECAUSE THEY HAVE TO LATER AND THEN WE HAVE TO GO FIND IT CAN TAKE TIME AND ANYTIME WE PUT ANY ADDITIONAL TERMS THAT THE CITY WANTS TO SEE THAT DON'T REALLY WORK WELL IN THE MARKET IT GETS.
SO WE MADE SOME CHANGES TO THAT.
UM, AND THEN FROM DEVELOP CONTRACTS, IT'S TAKEN US ABOUT SIX TO EIGHT MONTHS TO DRAFT CONTRACT OUR CITY ATTORNEY'S OFFICE.
READING THAT, IT'S JUST VERY
WE HAVE MULTIPLE LENDERS AND, AND MULTIPLE DEVELOPERS WORKING ON OUR DEALS THAT WE NEEDED TO OUT.
WE HAVE OUTSOURCE THOSE DEVELOP SO THAT THEY CAN USE FASTER.
AND FOR
SO LET'S TALK ABOUT OUR, OUR STAFF RESOURCE EXPERIENCE CAPACITY THAT WE CARRIED.
WE HAVE A TOTAL STAFF COUNT 59 32 OF THEM ARE FEDERALLY FUNDED.
WE HAVE 21 GENERAL DEPART POSITIONS.
FIVE ARE FUNDED BY CORPORATIONS.
THAT GIVES ME THE HSC AND LAB BANK AND THEN ONE IN MY H D P FUNDING POSITION, WE HAVE FOUR EXECUTIVES, 13 MANAGERS, SEVEN INSPECTORS, FOUR ADMINISTRATION STAFF, AND 28 PROFESSIONS POSITIONS.
AS YOU CAN SEE HERE ARE A MAJORITY LIBERALLY FUNDING.
OUR STAFF ARE CROSS TRAINED ACROSS DIFFERENT FUNDING SOURCES AND DIFFERENT FEDERAL PROGRAMS. UH, WHAT WE DON'T HAVE A LOT ARE THE GENERAL FUNDING POSITIONS THAT CAN DO ALL OF IT.
BUT BECAUSE AGAIN, HISTORICALLY THAT'S TREATED AS GIVEN OUR MONEY PAY FOR THE FEDERAL TIMES.
UM, IF, WHEN AND WHEN WE GET THE TROCHE, WE DO EXPECT THAT WE WON'T NEED PARTICULAR POSITIONS RIGHT OFF THE BAT.
THOSE DOLLARS TO GET 'EM BALANCE, UM, AND GET 'EM TO DEVELOPERS, GET 'EM TO CONTRACTORS, GET OUR CONTRACTORS
[01:05:01]
PAID MORE TIMELY.UH, AND THAT INCLUDES BUDGET, STAFF, ADMINISTRATION, STAFF, AND OUR INSPECTIONS USE, DEPENDING ON HOW WE USE OUR FUNDS, DEPENDING ON HOW MUCH MONEY GOES TO OUR DEVELOPING DEEDS VERSUS WILL DETERMINE WHERE WE PUT.
SO, UM, AS SOME OF YOU KNOW, OH, I'M NOT THAT.
ALRIGHT, UM, THE CITY COUNCIL ADOPTED A NEW HOUSING PHARMACY IN, UM, APRIL THIS YEAR.
AND MORE RECENTLY THEY ADOPTED A, UH, IMPLEMENTATION CONTRACT FOR US TO GET MOVING ON.
UM, THIS THIS NEW HOUSING POLICY, THE FIRST STEP IN THAT IS TO REALLY, UM, DO SOME COMMUNITY ENGAGEMENT AROUND WHAT THEY WANT TO SEE US FOCUS ON IN TERMS OF AREAS TARGET, TARGET AREAS, UM, WHERE THERE, THE COUNCIL EXPRESSED A BIG INTEREST IN ADOPTING A HOUSING TASK FORCE.
WE'VE HAD DIFFERENT TYPE, UH, LEVELS OF TASK FORCES OVER THE YEARS AND THEY'VE HAD MIXED REVIEWS.
UH, WE ARE REALLY KEYING IN ON WHAT'S WORKED IN THE PAST, WHAT WE'RE HEARING FROM THE COMMUNITY TO OFFER UP, UM, A LATEST RECOMMENDATION ON HOW MANY PEACECORP MIX THAT, WHERE ARE THEY COMING FROM.
UM, WE WANNA MAKE SURE THAT WE GOT THE, A NICE COMBINATION OF RESIDENTS FROM THE TARGET AREAS, TECHNICAL EXPERTS AND KEY ADVISORS TO LEAD TO THE COUNCIL MEMBERS.
SO THAT THAT'S WHAT WE'RE WORKING TOWARDS.
UH, MENTIONED SELECTION OF THE TARGET AREAS, SELECT THOSE TARGET AREAS IS KEY BECAUSE THAT WILL REALLY HELP US UNDERSTAND WHAT THE NEEDS ARE IN THOSE GEOGRAPHIES.
IT'LL HELP US UNDERSTAND, UH, WHO OUR, UM, WHO WE'RE GONNA BE HEARING FROM, WHO SUPPORTS THE WORK THAT THEY'RE DOING, WHO'S, WHO'S GONNA BE CHALLENGING ANY, ANY EFFORTS THAT WE MADE IN, IN THOSE AREAS.
AND THEN ONCE WE GET PAST THAT, WE WANNA LOOK AT, UM, CROSS ART MENTAL AGREEMENTS.
SO WHAT I, WHAT I MEAN BY THAT IS IN ANY GIVEN AREA YOU HAVE WATER DEPARTMENT, YOU HAVE OTHER WORKS, YOU HAVE COMMUNITY PROSECUTION, YOU HAVE ALL THESE DIFFERENT DEPARTMENTS THAT ARE ACTIVELY DOING THEIR WORK ACROSS THE CITY.
WE WANNA LOOK AT WHERE THEIR PRIORITIES ARE AND TRY TO NEGOTIATE, UH, A FOCUS ON THESE AREAS THAT THEIR SELECT SO THAT WHAT THESE, UM, TARGET AREAS END UP RECEIVING.
IT'S NOT JUST, UH, HOUSING PROGRAMS THAT ARE BEING ALIGNED WITH THOSE AREAS, BUT OTHER CITY PROGRAMS. AND THEN AS YOU'LL SEE IN THE NEXT SLIDE, WE CAN THROW DOWN EVEN DEEPER THAT, UM, BUT NOT, WE'VE GOT, UM, 18 PROGRAMS THAT THO
WE'VE GOT SET CONFORMANCE METRICS TO EACH OF THE GOALS, LOW ANNUAL GOALS FOR WHAT PROGRAM IS SUSPEND TO ACCOMPLISH.
AND WE'VE GOT THE START TO STEER THEM.
SO, UM, AMEND THE PROGRAM STATEMENTS SO THAT WE CAN PRIORITIZE THESE HERE.
SO WE'RE GOING FROM JUST A BROAD PRODUCTION APPROACH TO, TO A MORE TARGET.
AND THEN THE SAME FOR OUR CORPORATIONS.
AND TO THE EXTENT THAT IT IS, IT IS POSSIBLE OUR LANDING AND OUR
WE ALSO REALIZE THAT WE CAN'T TAKE A WE CALL APPROACH.
UM, UH, YOU MENTIONED CHILDREN, THE MENTIONED THAT, UM, YOU, WE SHOULD BE LOOKING TO PARTNER ON AND WE REALIZE THAT THAT'S IMPORTANT.
SO WE'RE LOOKING AT VACANT PROPERTIES, VACANT LAND THAT THE SCHOOL DISTRICT HAS WHERE WE'RE, WE ACTUALLY HAD A MEETING THIS FRIDAY
[01:10:01]
WITH, UM, THE HOUSING AUTHORITY TO SEE, OKAY, WHAT PROPERTIES DO THEY HAVE THAT UH, THEY'RE ALREADY PLANNED TO REDEVELOP AND HOW CAN WE SPEED UP THE REDEVELOPMENT OF SOME OF THOSE PROJECTS AND PERHAPS INTEGRATE A WIDER RANGE OF INCOMES ON SOME OF THOSE PROJECTS SO THAT, SO THAT YOU'RE SEEING, YOU'RE SEEING, UM, US BUILDING, UH, THINGS BEING COME ALONG COMMUNITIES, NOT JUST NEW HOUSING FOR CONCENTRATIONS OF ABOVE FOUR PEOPLE.UM, WE'VE GOTTA DO THE SAME THING WITH
WE'RE LOOKING ACROSS THE CITY AT OTHER PARTNERS THAT MIGHT BE ABLE TO HELP US FURTHER INVEST IN WEAK TARGET AREAS AS ADVANCED.
BEFORE WE LAID OUT FOR YOU, SIMILAR WHAT YOU FROM ECONOMIC DEVELOPMENT IS A FEW OPTIONS.
ONE, HOW WE THOUGHT, UM, FUTURE BOND FUNDS COULD BE USED.
THIS OPTION ONE IS INVESTING IN MIXED INCOME MIXED USE DEVELOPMENTS.
UM, THESE, THESE WOULD BE DONE IN, UM, A TARGETED WAY, UM, USING HOUSING BOND FUNDS, PERHAPS USING OTHER BOND FUNDS OR OTHER CITY RESOURCES TO BUILD OUT, WHETHER IT BE A MASTER PLAN COMMUNITY OR A LARGE SCALE, UM, DEVELOPMENT THAT, UM, ALLOWS US TO WORK ACROSS DEPARTMENTS TO WORK ACROSS RESOURCES TO REALLY HAVE, HAVE THAT HAVE OF BIG IMPACT.
UM, AND ULTIMATELY TO LEVERAGE PRIVATE INVESTMENT.
WE REALIZE WE DON'T WANT TO PAY FOR IT ALL JUST USING CIVIC RESOURCES.
I, OPTION TWO IS TO INVEST IN, UM, THE INFRASTRUCTURE DEFICIT.
THE, UM, BUSH INSTITUTE RECENTLY CAME OUT, UM, WHEN THEY MADE DIFFERENCE, UM, WITH THE STUDY ON AN INFRASTRUCTURE DEFICIT THAT WE HAVE ACROSS THE, THE CITY.
UM, OPTION TWO IS TO ALLOCATE HOUSING BOND RESOURCES TO THESE KINDS OF ACTIVITIES.
ROADSIDES, CURBS, DRAINAGE, UM, THAT WILL HELP ALLEVIATE SOME OF THAT BURDEN ON HOUSING DEVELOPERS.
IF WE WERE TO JUST THIS, IT WOULD MAKE, UM, HOUSING DEVELOPMENT MUCH MORE AFFORDABLE.
UM, UM, WHEN YOU'RE LOOKING AT THIS, ARE YOU LOOKING AT THIS HOLISTICALLY A FULL ENTIRE CITY OR WHEN THE NEEDS ARE? SO, SO WE WOULD BE FOCUSED ON THOSE TARGET AREAS THAT WE'RE SELECTING, RIGHT, TO REALLY MAXIMIZE IMPACT.
UM, AND THEN WE WOULD WORK OUT RELATED QUESTION, DID YOU KNOW PROJECT, PROJECT PROJECT SAVE IT'S A HUNDRED MILLIONS, JUST BUILD AFFORDABLE HOUSING AND WELL, 14 A MILLION DOLLARS IT'S INVESTED IN ABOUT, UM, CONNECTIVITY TO PARK TO BETTER JASON SCHOOLS AND THAT SORT OF THING.
UM, AND IT SOUNDS LIKE YOU WERE TALKING ABOUT THIS A COUPLE MINUTES AGO.
ARE YOU LOOKING AT WAYS TO FORMAL THINGS WITH, UH, SAY, UH, PARK DEPARTMENT TRANSPORTATION, PUBLIC WORKS MENTIONED TO SHOULD CASES WHERE WE ARE ACTUALLY DEVELOP, UH, JUST A LITTLE BIT MORE MONEY PROJECT? YES, BUT I WOULD SAY IT'S HAPPENING NOW, PROJECT BUT UH, GEOGRAPHY, RIGHT? SO, SO, SO THE CONVERSATIONS ARE HAPPEN ON WHAT IS THE GEOGRAPHY AND, AND WHERE ARE THOSE PARTS, WHERE ARE THOSE PIPES, WHERE ARE THOSE ROAD SILENCE GOING IN? AND THEN WE HAVE TWO STAIRS.
THE PROJECT RIGHT NOW, WE SPENT A LOT OF TIME AT THE PROJECT LEVEL AND AT THE END OF THE DAY WE'VE BEEN ONE PROJECT.
SO FOR EXAMPLE, WE DEPARTMENT NOW'S UTILITIES MAKING A BIG PUT TO REPLACE PIPES THAT WERE STORED IN 1920 OR PRIOR.
WE'RE, WE'RE GONNA BE LOOKING AT THAT DATA TO SEE LOCATE OF ALL THE
[01:15:01]
1920 PIPES AND OLDER, WHICH ONES ARE IN OUR PRIORITIES, WHICH ONES ARE IN OUR TARGET, AND HOW DO WE ADJUST THEIR PRIORITIES TO FOCUS ON THOSE AREAS.UM, THE THIRD OPTION IS ASKED ABOUT IN, UM, PRESERVATION HOUSE.
WE'VE GOT LAMINATED SINGLE FAMILY HOMES THAT, UM, RUN SOME 10 HOME REPAIR PROGRAMS THAT SERVE THIS LEVEL OF HOUSING STYLE.
THEN THERE'S, UM, EXPIRING LOCAL HOUSING TAX CREDIT PROJECTS.
THERE'S SOME SEVEN PROPERTIES THAT ARE EXPIRING OVER THE NEXT 10 YEARS THAT ACCOUNT FOR ABOUT 13,000 UNITS.
AND IF THIS IS AN OPPORTUNITY TO PRESERVE, UM, SOME OF THESE UNITS, UM, AND, AND NOT JUST IN THE PORT BUILDING, BUT TO REALLY, UM, REINVEST IN THEM, UH, TO TODAY'S DAY EVIDENCE.
UM, THERE'S DALLAS, SOUTH OF PROPERTY HOUSE AUTHORITY PROPERTY.
THEY'VE DONE A LOT OF, AND THAT'S NATURALLY, WILDLY LOOKING AT AS WELL AS ACQUIRING, UM, EXISTING MULTI MULTIFAMILY TO REHAB.
A LOT OF THAT NATURALLY OCCURRED.
AND THEN THAT NEXT, AND THEN THE FINAL OPTION THAT WE OFFERED IS, WHICH IS A COMBINATION, WHICH IS WHERE I THINK WE ALSO WANNA GET TO IS SOME COMBINATION OF BOND FUNDS THAT ARE ALLOCATED TO MIXED INCOME, MIXED USE ACTIVITIES AS WELL AS INFRASTRUCTURE AND RESERVATION.
SO NEXT STEP, THIS, THIS SLIDE WAS ADDED TO, UM, HELP IN, UH, LOOKING AT THE DIFFERENCES BETWEEN THE OPTIONS.
SO YOU SIDE BY SIDE, NEXT SLIDE.
AND THEN THE LAST SLIDE IS REALLY PREPARATION FOR THE AUGUST 1ST, UM, BRIEFING.
WE'RE GONNA BE COMING BACK TO YOU ON AUGUST 1ST.
AND WHAT WE'RE LOOKING FOR IS SOME FEEDBACK ON WHAT WE'VE SHARED WITH YOU TODAY.
IF THERE ARE THINGS THAT YOU DID NOT TELL, TELL US THAT IF THERE ARE THINGS THAT YOU WANNA LEARN MORE ABOUT, UM, TELL US THAT SO THAT YOU CAN HAVE MORE, UM, DETAILED CONVERSATION TO PREPARE YOU, UM, TO MAKE WHERE, WHERE THE PROCESS ARE GOING AND HOW ALL TIED TOGETHER ALL THESE DECISIONS.
SO FOR ME, CONSIDER WHICH, WHICH, UH, SO DO IT MUST COME HOW THAT, THE MASTER ACCESS TO RESOURCES, MS. DUE? NO, THERE'S A LOT OF CONVERSATIONS, UM, HOW THEY WAS, SO CONVERSATIONS ARE, I WOULD SAY THAT POSSIBLE 59 STATIONS, GUARD STATIONS ACROSS THE CITY AND WHAT THEY'VE ASKED US TO DO IS TO PRIORITIZE WHERE WE WOULD PLAN TO SEE DEVELOPMENTS HAPPEN.
SO YOU'RE SEEING US DOING A LOT OF GEOGRAPHIC INFORMATION ANALYSIS TO FIGURE OUT WHERE OUR INVESTMENTS GOING.
WHERE DO WE THINK WE CAN GET THE GREATEST BANG FOR BUCK IF WE WERE TO PARTNER WITH THE NORTH OR IF WE WERE TO PARTNER WITH, UH, DALLAS HOUSING FIRM.
UH, SO, SO THAT WE COULD REALLY ISOLATE WHICH OF THOSE STATIONS, WHICH OF THOSE AREAS MAKE THE MOST SENSE FOR US TO, UM, BE OUT AS QUESTION.
SO AROUND PLACES, RIGHT? THERE WAS A SUGGESTION WHERE THERE'S GEOGRAPHIC FOCUS, UM, SURPRISED I DIDN'T HEAR THAT HERE ABOUT POTENTIALLY JUST GOING ALONG WITH, UH, WITH ECONOMIC DEVELOPMENTS, CAPITAL INVEST IN AREAS.
AND THEN 200% OF THE TIMELINE AREAS IS THAT THEY BE DETERMINED UNTIL ON THE BOND.
SO THERE ISN'T THAT OPPORTUNITY TO SAY, HERE'S WHERE WE WOULD PROPOSE THAT.
[01:20:02]
HOW DO PROPOSE TO MARKET A BIG BOND WHERE YOU, YOU CAN'T, OR AT LEAST RIGHT NOW THERE IS A PROPOSAL HERE IS PLACES WHERE YEAH, SO, SO WHAT YOU SAW WITH ECONOMIC GOING WAS A LOT OF AREAS THAT MEANT 25, 20% POVERTY.AND WHAT WE REALIZED IN, IN, IN DOING THE RESEARCH AROUND, UM, THE NEW HOUSING POLICY AND IN LOOKING BACK, YOU WENT BACK TO THE EARLY NINETIES ON THIS WHOLE TARGET LOOKING AT THE PROGRAM CITY HAS TAKING TARGET FUNDS.
WE COULD FEASIBLY DO ABOUT FIVE AGAIN AS WE SAW ONE, THE FIRST PROPOSAL, THE NOT, NOT THE TARGET.
SO, SO PART OF THE CHALLENGES IS AS PRACTITIONERS JUST JUST IDENTIFYING AREAS, THAT'S PRETTY EASY FOR US TO DO, DO THAT TOMORROW.
BUT WHAT WE REALLY NEED TO ACTIVATE THOSE AREAS IS BIAS, RIGHT? BUY IN FROM THE FOLKS WHO LIVE THERE, BUY IN FROM THE OTHER INVESTORS THAT ARE WORKING IN THOSE AREAS.
AND THAT'S WHAT THIS ENGAGEMENT IS HELPING US GENERATE.
SO IN THE COMING MONTHS WE CAN DESCRIBE THE IMPACTS OF FACTORS THAT WILL GO INTO THE SELECTION, BUT I WOULD REALLY BE JUMPING THE GUN TO SAY, THIS IS THE NAME, THIS IS THE NAME, OR THIS IS THE AREA.
WHAT WE KNOW IS THAT UH, WE'RE GONNA LOOK AT QUALIFIED SENSE OF STRENGTHS.
WE'RE GONNA LOOK AT INVESTMENTS THAT WE ALREADY HAVE UNDER INVESTMENTS THAT, THAT OTHER CITY DEPARTMENTS ALREADY HAVE UNDER INVESTMENTS THAT OTHER, UM, OTHER, OTHER PARTNERS, EXTERNAL PARTNERS HAVE ON POINT TO SELECT THOSE THAT UM, THE CITY.
UH, SO I THINK JUST AS A COMMITTEE SUGGEST, WE SHOULD LOOK AT OPPORTUNITIES WHERE THERE'S AN ABILITY LEVERAGE.
THE CITY DOESN'T WANNA BE, WHETHER IT'S SEE THE MARKET MAY BE TO INVEST IN OUR DOLLARS TO GO AND THEN PRESERVATION.
COULD YOU TALK TO THE, A LITTLE BIT ABOUT WHAT OF OUR CORPORATIONS SEEN
RIGHT? SO YOU, YOU TALKED ABOUT HOW LAST GRANT, SO WE CAN'T GET ANY PAY, BUT LAST FUNDS ARE USED TO ACQUIRE PROPER SECURITIES MENTALITIES.
WE DO HAVE THE ABILITY TO HAVE EARNED REVENUE, RIGHT? SO, SO, SO RIGHT NOW TWO CORPORATIONS DO NOT, UH, INVEST DOLLARS IN HOUSING.
THE PSC IS IN IS IS OFFERING EXEMPTIONS OVER A 75 YEAR PERIOD IN EXCHANGE FOR AFFORDABILITY AND THE ANNUAL FEES THAT DEVELOPED REPAIR ON, ON HOUSING FINANCE CORPORATION SIDE, IT'S CIVIL, BUT WE TYPICALLY USE THE CIVIC CORPORATION FOR UM, NEW CONSTRUCTION, THE HOUSING FINANCE CORPORATIONS FOR EXISTING CONSTRUCTION.
WE USE HOUSING FINANCE CORPORATION FOR UH, TAX CREDIT PRODUCTS AS WELL.
IN, IN BOTH CASES WE'VE GOT 75 EMPLOYEE FROM PFC.
WE'VE GOT OWNERSHIP WITH THE HSC.
SO IF WE'RE WORRIED ABOUT LONG-TERM TRANSFORMATION AND LONG-TERM INFLUENCE, THESE ARE KEY TOOLS.
WHAT I WOULD SEE AS DOING SIMILAR TO WHAT AUSTIN HAS DONE IS PAYING BOTTOM FUNDS AND ALLOCATING THAT VIA BRAND TO THE CORPORATION AND LETTING THE CORPORATION SPECIFY ACTIVITIES, RIGHT? SO IF YOU WERE TO SAY, OKAY, WE WANT TO SEE PROJECTS THAT FIT THIS PROFILE, THEN THOSE ARE THE MARCHING THAT WE WOULD BE TO BY THE CORPORATION.
[01:25:01]
OKAY, NOW GO OUT AND DO MORE HILL'S LIKE THIS.BUT I THINK SAYING THE SAME THING IS EXCEPT THE GOES TO CORPORATIONS, THEY'RE YES.
AND IF WE'RE GRANTING IT OUT TO IT, NOT TO A CORPORATION, THERE'S NO YOU HAVE QUESTIONS, THERE ARE QUESTIONS, THERE ARE ION FOR EMAILS AND MAKE SURE RESPONSES.
I LIVE IN DISTRICT ONE AND A MEMBER OF WEST FOR SAFETY HOUSING AND AGAINST EQUITY.
AND UM, ONE OF THE THINGS THAT UM, WE WERE TOLD, I'M REALLY GLAD THERE WAS MANY CITY PLANNING COMMISSIONERS HERE ON YOUR COMMITTEE, UH, TODAY.
CAUSE YOU KNOW THAT LOT OF AREAS IN DALLAS, THERE ARE SEVERE FORCES OF DISPLACEMENT ON LONGTIME RESIDENTS, ESPECIALLY IN LATINO AND AFRICAN AMERICAN AND EVERYWHERE FROM ALL TO OVER CLIFF WEST DALLAS, 10TH STREET, UM, LAJA, UH, MANY, MANY PLACES.
AND WE KEEP BEING TOLD AS ACTIVISTS THAT IN THE ANTI DISPLACEMENT TOOL IN THE CITY'S TOOLKIT IS THE WHOLE REPAIR PROGRAM.
BUT WHEN YOU LOOK AT IT, THE, FRANKLY THE FEDERAL DOLLARS SET THE CITY GETS FOR REPAIR PROGRAM IS GONNA BE 3.5 A YEAR.
AND THE CITY IS SERVING 50 FAMILIES CITYWIDE THE ENTIRE CITY FOR A YEAR WITH HOME PARENT FUNDS.
SO SENIORS, VETERANS ARE FIXED INCOME.
DISABLED PEOPLE WANT FIXED INCOME, LOW INCOME FAMILIES OR PEOPLE TO PROPERTY TAXES ARE ESCALATING BECAUSE THEY LIVE IN MODEST, AFFORDABLE HOMES.
LIKE THERE ARE GIANT, YOU KNOW, BIG MANSIONS BEING BUILT AT.
UM, THEY'RE, THEY AREN'T IN THE MOST AFFORDABLE HOUSING THAT THEY CAN BE IN RIGHT NOW, BUT MONEY, THEY CAN'T AFFORD TO STAY IN THAT HOUSING AND THEY ARE GOING TO BE DISPLACED OUT OF THE CITY OF DALLAS.
YOU'RE DOING THIS ENTIRE NEIGHBORHOOD'S CHANGED.
UM, THIS IS A RACIAL EQUITY ISSUE.
IT IS, IT IS A REALLY, REALLY IMPORTANT ISSUE AND OPTIONS THAT YOU'VE PRESENTED, I REALLY DON THINK YOU SHOULD ACCEPT AN OPTION THAT BECOME INVESTMENT AND HOME REPAIR PROGRAM.
UM, THE PROBLEM WITH FEDERAL COLORS, THERE'S A LOT OF SPRINGS ATTACHED, BUT WHEN THE CITY DOES THOSE PROGRAMS, THEY CAN REQUIREMENTS THAT PREVENT PEOPLE FROM GETTING THOSE HOME REPAIR.
THEY GOT 2 MILLION DISCRETIONARY FUNDS FROM THE 2020 ON THAT ARE LEFT OVER AND THE CITY.
BUT COUNCIL WAS ABLE TO VOTE INSURANCE THAT WHICH MEANS THAT PEOPLE COULDN'T GET THEIR HOMES INSURED BECAUSE THEY WERE IN SUCH BAD SHAPE THAT NO ONE WOULD INSURE THEM, COULD STILL GET THEIR HOUSES FIXED UP AND INTO A PLACE WHERE THEN THEY COULD GET INSURANCE.
SO IT'S REALLY IMPORTANT TO HAVE CITY FUNDS AND NOT FEDERAL FUNDS IN THAT
AND I'M JUST HERE TO REALLY ADVOCATE THAT AS MUCH MONEY AS YOU POSSIBLY COULD PUT INTO THAT PROGRAM OF CITY DOLLARS GETS PUT IN THAT PROGRAM.
I WAS DOING SOME QUICK MAP AT OPTION FOUR.
IF 25% IS GOING TO THE AFFORDABLE HOUSING INCARCERATION, THAT WOULD BE $32.50 FOR AFFORDABLE HOUSING RESERVATION.
AND EVEN IF ALL OF THAT MONEY WENT TO OVER 10 YEARS, YOU'RE LOOKING AT ABOUT 3.25 MILLION A YEAR SERVING HERE.
YOU KNOW, IT'S JUST NOT ENOUGH.
UM, SO MY LAST POINT, YOU DIDN'T GIMME A TIME, BUT MY LAST POINT REALLY MONEY TO FIGHT FOR EVERY SINGLE DOLLAR EXTRA.
YOU 50 MILLION IS NOT ENOUGH FOR THE HOUSING DEPARTMENT.
THEY NEED LIKE $400 MILLION IF THE CHILD PROPERTY ISSUE, IT'S RACIAL EQUITY ISSUE.
IT'S YOU DON'T JUST HAVE HOUSING, CHILD PROPERTY CRISIS.
THIS IS THE COMMITTEE THAT HOUSING DEPARTMENT FOR MONEY, FOR MONEY FOR, THANK YOU.
[01:30:11]
MY NAME.JUST WANTED INVITE YOU TO OUR LAUNCH AT 11:00 AM SEEDS CDC FOUNDATION, GATEHOUSE.
SO LOVE TO SEE YOU ON THERE AS POSSIBLE WITH THIS BOND PROGRAM FOR A 220 INVESTMENT.
NO GUARANTEE THAT 29 BOND TAKE THIS OPPORTUNITY AS POSSIBLE.
I'M NOT TRYING PUT THIS TOGETHER.
IT'S HARD TO HEAR THAT THERE WITH THIS TALK GOING ON IN THE CONFERENCE DURING THE CHAMBER.
SO I'LL GO BACK TO THE ORIGINAL DOWNSTAIRS, BUT I DON'T KNOW ABOUT EVEN THE