The Neighborhood Transformation Initiative Philadelphias Equitable Development Strategy

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<ul><li>Slide 1</li></ul> <p>The Neighborhood Transformation Initiative Philadelphias Equitable Development Strategy Slide 2 1.Use planning as an investment tool 2.Balance affordable and market rate housing 3.Invest public funds to stimulate private market activity 4.Foster competition to get the best product 5.Maximize private capital and minimize public dollars 6.Link housing with other public and private investments NTI Guiding Principles Slide 3 $306.6m Investment in Neighborhoods Slide 4 Demolished 7,713 vacant buildings Removed 275,012 abandoned cars Stabilized and maintaining 3.7 mil. sq. ft. of vacant land (= 3700 row home parcels); cleaned and maintaining 2.5 million sq. ft. of vacant land (=2500 row home parcels). Completed 12,974 new residential units, including 8,931 affordable housing units Provided 31,315 units with housing preservation assistance NTI Accomplishments Slide 5 Housing Markets, 2001 Source: The Reinvestment Fund Slide 6 Housing Markets, 2003 Source: The Reinvestment Fund Slide 7 To create and stabilize mixed-income neighborhoods, NTI will lead or support efforts to: Manage and influence neighborhood change Strengthen neighborhood markets Promote open space; and Propel transit-oriented development Sustainable, Smart Growth Revitalization Slide 8 Positives and negatives in neighborhood change + Increased equity = more wealth + Attractive physical environment = better quality of life + Higher density = new markets, more amenities - Low / fixed income impacted by higher cost of living - Higher property taxes = liens, exposure to predatory lenders - Less than perfect credit = less options, deferred home repairs Managing and Influencing Neighborhood Change Slide 9 Pursuing Equitable Community Development Slide 10 Equitable Community Development actions that build and protect the assets of low-wealth residents in revitalizing neighborhoods so they may fully enjoy the benefits of a healthy neighborhood. Slide 11 Principal Issues &amp; Challenges recent appreciation of residential properties in markets that were stagnant for the previous decades perceptions that property taxes, operating costs, and rents will increase beyond the means of low-wealth residents fears that the above factors will lead to gentrification and eventual displacement of low-income residents how to best use, target, and deploy limited City resources (principally counseling and home repair programs) to address the above issues Slide 12 Rapidly Appreciating Market Areas Studied Brewerytown area Northern Liberties/West Poplar neighborhoods Walnut Hill area of West Philadelphia South Kensington/Fishtown area South Philadelphia, West of Broad Slide 13 Emerging Patterns/Characteristics (2000-2006) High rate of homeownership (60% to over 80%) Incidence of: cost-burdened owner-occupied households (paying &gt; 30% of income on housing) annual household income &lt; $25,000 Moderate to heavy single-family sales activity 20%-30% in some blocks-groups 30%-50% in others Slide 14 Emerging Patterns/Characteristics (2000-2006) Modest to substantial increases in median sales prices $10,000 to $50,000 generally in most areas $50,000 to $100,000/$150,000 in some block-groups $150,000+ in others 30% of all single-family properties tax-delinquent (23% in rest of city / 24% citywide) 23% increase in foreclosure filings 2005-2006 (2% rest of city / 3% citywide) Slide 15 Mortgage Foreclosure Filings (2005 and 2006) mortgage foreclosure filings in 2005 mortgage foreclosure filings in 2006 % change Targeted Areas % of all SF properties 312 0.8% 396 0.9% 23% Rest of City % of all SF properties 4,247 1.1% 4,329 1.1% 2% Citywide % of all SF properties 4,568 1.0% 4,725 1.1% 3% Slide 16 Slide 17 Proposed Interventions Slide 18 Slide 19 Slide 20 Equitable Development Goals facilitate lower-wealth residents participation in neighborhood revitalization and its benefits by: protecting and building their equity and wealth preserving existing affordable housing units increasing supply of new affordable housing units enhance role of/coordination between housing counseling, financial literacy and home repair programs Slide 21 Principal Actions Community Outreach: identify at-risk households/at-risk blocks facilitate targeting/delivery of: housing counseling/financial literacy services home repair/improvement resources Housing Counseling: create two-track case management service: core services (pre/post-purchase, credit analysis, budgeting) special services (foreclosure prevention, loss mitigation) Housing Preservation: ensure access to resources to support : home repairs and improvements community outreach housing counseling Slide 22 Reporting/Performance Integration create/track performance goals measuring: outputs outcomes impacts track outcomes and impacts at household and neighborhood levels as measures of success Slide 23 Resources NTI bond proceeds will fund: Project management Training, professional services, staff Performance measurement Flexible loans and/or grants Reserve for HERO loan program Leverage CDBG resources Slide 24 </p>