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WBARS Accuracy…Nuances….Fun Facts

RAISE THE ROOF!Envision Excellence in Affordable Housing Management

AHMA/ARHC ConventionYakima 2014

City of Seattle Office of Housing Joanne Quinn

Washington State Housing Finance Commission Lanakay Lipp

Washington State Department of Commerce Nona White

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WBARS

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D• IRS

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ty • County

WBARS uses “most restrictive” income and rent limits

ALL Funders—except WSHFC—use the Section 8 income and

rent limits

WBARS Nuances - Limits

• Other funders Most restrictive limits• Other funders Most restrictive limits• Other funders Most restrictive limits• Only WSHFC Tax Credit limits

• Section 8

• Tax Credit

Set up UTILITY ALLOWANCES correctly!

1

2

3

WBARS Tips

Importance of Utility Allowances• Affect the rent that can be charged• Biggest reason for over charging Tax Credit rent• Alternate methods in WSHFC Tax Credit Manual

Appendix O

$ $ $ $ $

Table 4 is used by Funders to:• Confirm compliance with contracts• Evaluate financial condition of properties • Calculate averages • Do trending analysis

Incomplete/inaccurate info skews these analysis

FUN FACTS FROM FUNDERS

OCCUPANCY RATES BY POPULATION

• Average for OH funded projects was 94.7%

• General Population—96.3%• Chronic Mental Illness—94.8%• Developmentally Disabled—97.2%• Elderly/Senior Housing—95.5%• Veterans—94.0%• Youth—86.1%

FUN FACTS FROM FUNDERS

INCOME AND EXPENSES in 2012• Average Effective Gross

Income--$9,340/unit/year• Average Operating

Expense--$6,593/unit/year• Include Reserves & Total Average Cost--

$7,107• Replacement Reserve deposits are averaging

$451/unit/year• Cashflow after debt service and reserves is

$584/unit/year

FUN FACTS FROM FUNDERS

EXPENSES by Population• General Population--$5835/unit/year• Chronic Mental Illness--$7,529/unit/year• Developmentally Disabled--$3,538/unit/year• Senior Housing--$5,908/unit/year• Veterans--$7,387/unit/year• Youth--$15,763/unit/year

FUN FACTS FROM FUNDERS

Around the State with WBARS data:

• 7 monitoring funders• 1,529 Projects• 380 unique Contractor/Owners• 1,679 Sites (69 in Yakima County)• 79,675 Units

FUN FACTS FROM FUNDERS

Households & Occupancy in 2012:

• 79,326 Households Served• 26% of sites serve primarily special

needs• Average Occupancy Rate was 93.5%

FUN FACTS FROM FUNDERS

First cut of Financial Data• Net Operating Income averaged $179k

• Cash Flow averaged $52k

• 57% of sites reported debt payment

• Average debt payment was $128k

FUN FACTS FROM FUNDERS

A Brief Look at Reserves:

Operating Reserves Balance per UNIT was $1,301 on avg

Replacement Reserves Balance per UNIT was $2,410 on avg

City of Seattle Office of Housing Joanne Quinn Joanne.Quinn@seattle.gov

Washington State Housing Finance Commission Lanakay Lipp Lanakay.Lipp@wshfc.org

Washington Department of Commerce Nona White Nona.White@commerce.wa.gov

FUN FACTS FROM FUNDERS