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 Law-

established 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• 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• 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

– 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