Partnerships For Affordable Housing BC Housings Role

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Partnerships For Affordable Housing BC
Housings Role
Armin Amrolia Director, Regional Development
Responsible for Development in the Fraser and
North Region October 5th, 2007
Housing solutions for healthier futures
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Overview of BC Housing

• Our Organization Structure
• Who We Serve
• What We Do
• Programs
• Partnerships
• BC Housings Role
• Local Governments Role

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BC Housing Organization
Minister of Forests and Range Minister
Responsible for Housing Honourable Rich
Coleman v Board of Commissioners Brenda Eaton,
Chair v Chief Executive Officer Shayne Ramsay
OPERATIONAL BRANCHES
SUPPORT BRANCHES
Operations
Development Services
Corporate Communications
Corporate Services
Human Resources
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Households Assisted by the Continuum of Housing
and Support Services
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What We Do

• BC Housing fulfills governments commitmentto
  subsidized housing through the following core
  services
• Administration of housing programs and services
• Management of existing public housing stock
  and group homes
• Facilitation of an increased supply of
  subsidized housing

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BC Housing Programs

• Independent Living BC
• Provincial Homelessness Initiative
• Aboriginal Housing Initiative
• Supportive Seniors Housing
• Community Partnership Initiative
• SAFER
• RAP

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Partnership Model

Private/Voluntary Sector Design, Build, Own and
Provide Equity
Health Authorities Personal Care
Local Government Zoning, Planning and Provide
Equity
Community Based Housing Delivery
Provincial Government Facilitation/Coordination,
Financing and Rental Assistance
Federal Government Capital Grants
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BC Housings Role

• Advice
• Partnerships
• Program Delivery
• Project Feasibility Funding
• Financing
• Grants and Subsidies
• Support Services

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The Local Government Role

• Kamloops Expediting Permits, Waived DCCs
• Surrey Housing Trust Fund - 9M
• Kelowna Land
• North Van City Density Bonus
• Coquitlam Land

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Project Initiation Issuing Proposal Calls

• Project is evaluated
• Providing Project Development Funding
• Reviewing approving key aspects of the
  development
• Providing a financing package, interim and
  take-out
• Providing operating assistance

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BC Housings Funding

• NHA Lender Status
• Interim and takeout financing
• CMHC insured loans
• On-going mortgage administration
• Grants
• Project has to underwrite

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Funding Example
OPERATING BUDGET PI 35 year amortization at
6.8...228,785 Operating costs
165,438 Total
Costs...394,223 Less Revenue
(30x375x12)135,000 Annual subsidy25
9,223 Per unit per month subsidy.720
CAPITAL BUDGET Land500,000 Soft
Costs...1,143,330 Construction3,900,00
0 Total Capital Budget.5,543,330 Land
Equity...500,000 Society Cash....165,00
0 Can-BC AHA Ph II ...2,250,000 Total
Deductions...2,915,000 Mortgage
Financing..2,628,330 Gross cost per unit
.199,944 Net cost per unit ..177,778
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Annual Operating

• Mortgage payments
• Housing operating costs
• Rent revenue
• Subsidy rent cost to operate
• Assistance from other partners

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Leadership Strategies for Affordable Housing

• An organic process
• Its complicated but achievable
• Its a competitive
• Results focused

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