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Shared Equity Transformative Wealth
Resale Formula Comparison Tool

Balancing Wealth Creation and Affordability
A workshop at the National Inclusionary Housing Conference
October 31, 2007

Inclusionary housing ordinances can produce vital community assets and valuable personal assets. Should the programs seek
to preserve these community assets, or allow residents of the affordable units to reap the full rewards of homeownership?
This session examined various techniques for balancing these two important goals, including resale provisions that utilize
shared appreciation formulas and community land trusts.

Moderator: Carla Robinson, Research Director, National Housing Institute, Montclair, New Jersey
Rick Jacobus, Partner, Burlington Associates in Community
Development, Oakland, CA
Dev Goetschius, Executive Director, Housing Trust of Sonoma County, Petaluma, California
Myrna Melgar, Director of Homeownership Programs, San Francisco Mayor's Office, San Francisco, California

Materials:
Resale Formula Comparison Tool
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Additional Resources:
Preservation of Affordable Homeownership: A Continuum of Strategies

Shared Equity, Transformative Wealth

This paper outlines some of the challanges of ongoing administration of Inclusionary housing programs and highlights the policies, procedures and systems that successful programs have been using to address these challanges. The paper identifies common approaches to staffing these programs over time including partnerships with local consultants or nonprofit organizations and looks at scalable revenue sources to support the ongoing costs of administration.

Click here to download the PDF File (2MB).

Panelists:

John Payne
Acting Deputy Director for Real Estate and Development
Fairfax County, VA
John.Payne@fairfaxcounty.gov

www.fairfaxcounty.gov/rha/adu/aduprogram.htm
* Affordable Dwelling Unit Section of the County Zoning Ordinance
* ADU regulations
* Specifications for Prototype Affordable Dwelling Units
* ADU Covenants (for sale and multifamily rental)
* Rider to Residential Contract of Sale
* Income Certification Forms

Bonne Gabler
Housing Administrator, City of Petaluma, CA
bgaebler@ci.petaluma.ca.us

cityofpetaluma.net/cdd/housing.html
* Eligibiliy Criteria
* First Time Homebuyer Application
* Frates Square Flyer

Annabel Yurutucu
Housing Officer, City of Sunnyvale, CA
408-730-7698
AYurutucu@ci.sunnyvale.ca.us

sunnyvale.ca.gov/Departments/Community+Development/
* BMR Administrative Procedures
* BMR Purchase Waitlist Information
* BMR Sales Prices

Moderator: Rick Jacobus
Partner, Burlington Associates in Community Development

www.BurlingtonAssociates.com
* Understanding Subsidy Retention
* Designing Resale Formulas
* Starting a Community Land Trust
* Administration of Inclusionary Housing Programs

Handout:
Delivering on the Promise of Inclusionary Housing: Best Practices in Administration and Monitoring.

See Also:
Inclusionary Housing Production Study

Sponsored by PolicyLink and Bay Area LISC

This one-day workshop/discussion brought together local government staff, community advocates, economic development practitioners, and others who are working to bring healthy food retailers to underserved, low-income, urban, or rural communities.


The event provided an overview of the many obstacles that make new store development challenging and highlighted some of the emerging best practices that have made new stores possible in previously underserved areas. The emphasis of the event was on discussion of the real world challenges that participants are facing and potential strategies to overcome them.

Yael Lehmann, Executive Director, The Food Trust
TFT has led a concerted effort to bring grocery stores back to underserved communities throughout Pennsylvania. TFT has led high profile research into the need for stores which helped to convince the state to invest $20 million into a fund to finance new store development and support for existing independent grocers.

Ertharin Cousin, LaVelle Cousin Issues Management
Ms. Cousin is a former senior vice president of public affairs at Albertson’s who now consults with national retailers on a variety of issues including bringing food stores to lower-income communities.

Francis Spencer, Assistant Commissioner, Retail Chicago
Retail Chicago is a program of the City of Chicago that provides a comprehensive set of services designed to assist retailers in opening new stores in Chicago’s underserved neighborhoods. The program has successfully attracted several new supermarkets to Chicago’s lower-income neighborhoods.

Michael Levine, Local Initiatives Support Corporation
In 1994 LISC created a private equity fund called The Retail Initiative to finance new retail centers in low-income urban neighborhoods that are anchored by supermarkets. LISC recently closed the fund after facing some significant challenges, but in the process learned important lessons that can inform other food store financing efforts.

Gwendolyn Flynn, Los Angeles Community Health Councils
Community Health Councils, a nonprofit health promotion and health policy advocacy organization based in South Los Angeles, has engaged in a wide range of efforts to improve local access to healthy food. These efforts have included neighborhood assessments, conversations, and meetings with a wide range of stakeholders, and policy advocacy efforts.

Introductory Powerpoint:

Affordable By Choice:Trends in California Inclusionary Housing Programs was commissioned by the Nonprofit Housing Association of Northern California, The California Coalition for Rural Housing, The San Diego Housing Federation and the Sacramento Housing Alliance. The report details the findings of a statewide survey of local government agencies that have adopted inclusionary housing policies. Key findings include:

* Nearly one-third of California jurisdictions have inclusionary programs
* More then 80,000 Californians have housing through inclusionary programs
* Most inclusionary housing in integrated within market rate developments
* Inclusionary housing provides shelter for those most in need
* Lower-income households are best served through partnerships

Click here to download an exceprt of the report.

Complete copies of the report can be purchased from the Nonprofit Housing Association of Northern California for $50.

The presentation has proven extremely popular and has been shown by myself and a number of other advocates to thousands of people at a series of housing and urban development conferences. The latest version includes an imbedded voice narration. The presentation can also be run without the audio with either full text narration on screen or with bulleted text for live presentations to groups.

View Full Screen
View with Voice Narration

This animation is included on Burlington Associates Starting a CLT Multimedia Kit. The CD version can be run from a laptop without an internet connection.

Click here to order the disk.

This hands on guidebook is filled with detailed direction that will provide practitioners with a starting point for organizing comprehensive commercial district revitalization efforts. It takes the reader through each stage of revitalization from planning, research, and visioning to understanding the potential of the community, analyzing the business mix, marketing the assets, and implementing the work plan. The planning guide also provides a set of practical tools to assist in implementation.

Table of Contents:
Forward
Urban Commercial Revitalization Programs
Planning For Revitalization
Identifying and Involving Stakeholders
Developing a Community-Based Vision
Compiling Building and Business Inventories
Understanding Market Data
Using Surveys and Interviews to Collect Local Market Data
Assessing Crime and Community Safety
Developing Business Attraction Goals
Evaluate Streetscape Conditions
Branding the District Identity
Defining an Implementation Strategy
Measuring Impact

Appendix A: Hiring a Market Analysis Consultant
Appendix B: Resources
References
Acknowledgements

Order a hard copy of this book - $24.95
Order the Companion CD-Rom - 9.95

Download a sample chapter

This guide is designed to assist CDCs in becoming educated consumers as they think about, plan and become partners in joint ventures with for-profit developers.

Joint ventures between a community development corporation ("CDC") and a for-profit partner present tremendous opportunities for a CDC to build its skills and complete projects that are larger in scale and/or beyond its core competencies. However, there are a host of business issues raised by the prospect of a CDC co-owning or working closely with a for-profit on a project. Many issues need to be carefully negotiated for the CDC to protect its financial integrity and credibility. Based on Greg Maher's 2005 memo, this guide is structured to assist CDCs in becoming educated consumers as they think about, plan and become partners in joint ventures with for-profit developers.

Download PDF file

Panelists:
Kara Douglas, Affordable Housing Programs Manager, Contra Costa County
Rick Jacobus, Community Economic Development Consultant, Burlington Associates
Juliet E. Cox, Attorney, Goldfarb & Lipman LLP

Handouts
Presentation Outline
Contra Costa Occupancy Letter
Contra Costa Owner Declaration

Additional Resources:
Preservation of Affordable Homeownership: A Continuum of Strategies by Rick Jacobus for the Center for Housing Policy

Ensuring Continued Affordability in Homeownership Programs by Polly Marshall and Barbara Kautz Goldfarb & Lipman LLP for the Institute for Local Government

Open full screen

I developed this series of day long and multi-day workshops for the Local Initiatives Support Corporation's national Center for Commercial Revitalization to help community development corporations and local governments understand the unique challanges associated with neighborhood retail development. I have been delivering these training courses in communities around the country including: Philadelphia, Providence, Indianapolis, San Francisco, Toledo, Jacksonville, San Diego, and Cincinnati.

Workshop topics include:

Developing a Neighborhood Retail Strategy (1 day)
Commercial District Revitalization 101 (2.5 days)
Introduction to Commercial Real Estate Development (2 days)
Developing a Retail Leasing Strategy (1 day)
Joint Ventures with Private Developers (1 day)
Financing Commercial Real Estate Projects (1 day)
Negotiating Commercial Leases (1 day)
Evaluating Commercial Tenants (1/2 day)
Commercial Property and Asset Management (1 day)
Overview of Commercial Real Estate Development (2.5 hours)
Overview of Commercial District Revitalization (2.5 hours)

Download flyer with detailed course descriptions

This general purpose educational tool was designed to help community leaders understand the relative performance of different limited equity resale formulas. So much of what sets one model apart from the other is dependant on the assumptions you make about interest rates, home price inflation and income growth. This tool allows a side-by-side comparison between several models, and allows you to change these input assumptions and immediately see changes in the relative performance of each of the models in terms of both ongoing affordability and equity building for homeowners. The tool also allows you to look up historical data on home prices and median incomes for every metropolitan area in the country in order to get a better feel for what appropriate assumptions might be going forward.

The tool compares several of the most common resale formulas including a basic AMI index, an appraisal based formula, a mortgage based formula and a shared equity loan model.

The tool is intended to help policy makers to evaluate questions like:
· When housing costs are rising rapidly, which approach preserves affordability best?
· Which approach provides the greatest asset building opportunity in the face of rising interest rates?
· If incomes grow more slowly than we expect, which approaches will be most impacted?

You can make the analysis more relevant to your local conditions by customizing a number of background assumptions like cost of production for a new affordable unit, the level of subsidy available, and the monthly housing costs that homeowners will face.

Like many mixed-use development projects, EBALDC's Swans Marketplace relied on grants and subsidized loans from local and federal government agencies. These subsidies were tied to the creation of quality jobs but EBALDC decided that requiring small business tenants to hire disadvantaged workers could make the project impossible to lease. The alternative strategy was to encourage targeted hiring by identifying a team of placement, training and referral organizations and insuring that their clients were the best qualified candidates for any new jobs that were created at Swans. This strategy document outlined clear systems through which EBALDC would identify the skills that Swans employers would need, communicate those needs to referral and training partners and track the results of the hiring process for the purpose of reporting to the government agencies that had provided the subsidies.
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The Lower San Antonio Neighborhood plan grew out of a 2 year long community planning process involving over 1000 neighborhood residents. I led a team of planners and community organizers in an outreach process to bring together community leaders, nonprofit organizations, and cultural institutions from the area's many different ethnic groups. I facilitated neighborhood planning council meetings leading to development of a final plan which outlined the area's most pressing needs, identified what individuals and organizations were already doing to confront those problems and prioritized a list of new ideas for collaborative solutions to community problems. The plan directly led to the creation of several ongoing new multi-ethnic collaboratives including the Roosevelt Village Center youth collaborative, the EastLake Main Street Program, CIRCLES welfare to work initiative, and a neighborhood arts alliance. The strong cooperation evidenced by the LSA Plan was an important factor in the Annie E. Casey Foundation's decision to select Lower San Antonio as one of the neighborhoods in their national Making Connections Initiative. The Casey Foundation will invest millions of dollars in the community over a 5 to 10 year period.

Download PDF Document

Download PDF Document