Transcript CREATIVE SOLUTIONS TO HOUSING THE HOMELESS NALHFA 2013 EDUCATIONAL CONFERENCE Ernestine W. Garey.

CREATIVE SOLUTIONS TO
HOUSING THE HOMELESS
NALHFA 2013 EDUCATIONAL CONFERENCE
Ernestine W. Garey
The Challenges
• “Blueprint to End
Homelessness in Atlanta”
• No dedicated source of
funding for capital costs
• Rental Housing and
Assessment Centers
• Connect to Social Services
& Identify Funds
• Combatting NIMBYism
Structure of Transaction
• Review of Georgia Rental Car Tax Lawestablished to promote industry, trade,
commerce and tourism
• Providing housing for the homeless supports this
public purpose
• City could pledge its revenues from rental car
taxes as security for the revenue bonds
Bond Issue
• $22,000,000 in bonds
issued in 2005
• Car Rental Tax
Revenues pledged as
sole security for the
bonds
• Not General Obligation
Bonds
• Bonds insured by Ambac
Financial Group
• AAA Rating
• 20 year maturity
Project Review Criteria
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Project Feasibility & Readiness
Realistic Development Timetable
Financial Feasibility
Social Service Plan
Ability to Leverage Other Dollars
Relocation Requirements
Developer Track Record
Ability to remain in compliance for 15 years
Results
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16 Rental Projects Completed
4 Assessment Centers
Total Permanent Supportive Units & Beds-740
Workforce Units Created - 1485
Public to Private Leverage Ratio – 1:5
Homeless Populations served
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Men and Women
Veterans
Women with Children
Men & Women w/Developmental Disabilities
Grandparents
Reuniting Families
Columbia Tower
• Acquisition and
substantial rehab of 95
unit high rise tower
• Developmentally
Disabled-Target
Population
• Project Cost- $12.8m
• Grant Funding-$2 million
• Social Services provided
on site
Columbia Tower
Eden Village I and II
• Received grants totaling
$2,121,506
• Residential Service
Center for homeless
women with children
• 232 beds, on-site day
care, central laundry &
kitchenettes, life skills
training, computer center
• On site Culinary Arts
training program
Eden Village I & II
Automatic Self Cleaning Public Toilets
• Five units installed at
strategic locations
• Pre-fabricated - Public
Facilities & Services, Inc.
• Plumbing & electrical
connections
• Self cleans on set cycle
• $250,000 each
• Initial maintenance
Costs-$80,000 annually
Automatic Public Toilets
Columbia at Sylvan Hills
Columbia at Sylvan Hills
For More Information
www.investatlanta.com
(404) 880-4100