HOUSING AUTHORITY STAFFING, FUNDING, AND BUDGET EXAMPLES The following table gives examples of staffing, funding and budget options from several housing authorities in Colorado. Jurisdiction Staff Annual Funding Operating Budget # of units Average Subsidy Douglas County Housing Authority (Not yet formed) Douglas County is contributing $100,000 per year for start up, with Castle Rock, Parker and Lone Tree each contributing $33,333 per year for three years. One of the primary purposes of this authority is to produce affordable housing. Because of this purpose, they have allowed three years for start- up and plan to hire a person who is skilled in property acquisition and development. At the end of the three-year period, they expect that sufficient revenues generated through development and other cash flow sources will be available to underwrite the operations of the housing authority. The first year budget is projected to be $218,200, which includes approximately $15,000 for capital expenditures. The following two years, the operational budget is projected to be $163,200. N/A N/A Boulder Housing Partners (Nonprofit) 5 All but $25,000 of operating budget is raised through development fees and a portion of cash flow from some of the smaller rental and for-sale housing projects they have developed. For example, the Housing Authority developed Poplar Housing in partnership with the Affordable Housing Alliance. This is was a "self- help" home ownership project that used a land trust model to retain affordability over time. Residents of these 14 units pay about $1900 per year to the housing authority for some program oversight. $450,000 Summit County Housing Authority 3.5 Approximately $177,000 is received from the county, towns and ski areas. The balance is generated through Section 8 Administrative fees, consulting fees and development fees. The Summit County Housing Authority is pursuing a Regional Housing effort. Currently, only Summit County and Silverthorne have agreed to join and a ballot initiative planned for this November. The ballot question asks for a .075% increase in sales tax ($.75 on a $10 purchase) along with a $0.45 per square foot impact fee. If passed, this funding mechanisms will generate $1.2 million annually -- 10% to 15% will be used to cover administrative costs with the balance will be used to subsidize affordable housing projects in the area. Currently $370,000. This includes the costs associated with a project manager who is overseeing the construction of 40 units in Breckenridge, a Program Director, and Executive Director, Office Manager and half time bookkeeper. After this project is complete, this staff will no longer be part of the housing authority. 50 units $10,000 to $40,000 per unit City of Boulder 10 In addition to its inclusionary zoning program, the City generates approximately $3 million dollars annually through a combination of CDBG/HOME funds; property tax and excise tax and cash in lieu fees paid by developers buying out of their inclusionary zoning requirements. $30,000 per unit Average cost of acquiring and/or developing affordable attached housing is $130,000. Town of Vail 1.5 Fees generated through the sales of deed- restricted units are about $25,000 annually and are used to pay for the program compliance function. The executive director is paid through the town's general revenues; however, the housing authority has just initiated its first development project. Through this, they hope to generate $250,000 in revenues that would be used for operations and seed funds for other development projects Roughly $100,000 84 City of Aspen 8-10 Funded with proceeds from four revenue sources. a real estate transfer tax (RETT) of one percent; cash-in-lieu fees; a sales tax of 0.45 percent (of which 55 percent is dedicated to housing and 45 percent to other uses such as day care); and revenue from housing operations. $6,000,000 nearly 2,000 units $50,000 per bedroom subsidy for new construction.