Consulting Project Description
There is great demand for the development of housing for the population with incomes below 30% of Area Median Income (AMI) in many cities across the United States. Over the last decade, the primary “supply side” development tool to reach this population has been the 9% Low Income Housing Tax Credit (LIHTC). Partners for Dignity & Rights is working with small non-profit housing developers and community land trusts (CLTs) who often cannot obtain 9% LIHTCs, to develop alternative “capital stack” financing to meet the 30% AMI level. This project will require the identification and explanation of at least 10 successful financing models that have been used in the last ten years to produce and maintain housing at or below the 30% AMI level, without the primary use of 9% LIHTCs.
Scope of Work
The work will inform non-profit developers, activists, and advocates on the various combinations of subsidy, equity, debt, and operating assistance that has been used to meet the 30% AMI target to date. It also will suggest and guide how efficacious financing tools might be advanced through political mobilization. Deliverables will include financing details (including pro formas where available) of the 10 selected case studies and internal memos. This technical work will form the basis for Partners for Dignity & Rights’ presentations, fact sheets, and education for various audiences.
- The research consultant will identify 10 different “capital stacks” used to develop and maintain housing for households with incomes less than 30% AMI, however defined, during the last decade by non-profit housing developers, Community Development Corporations, Community Land Trusts, and other housing developers.
- The research consultant will secure financing information (including pro formas) on each, and present each via internal memo to Partners for Dignity& Rights with specifics on the “capital stack” and types of financed used, disaggregated by type (equity, soft equity, public equity, debt, soft debt, other) and by funding program (federal, state, local) where appropriate, and durations of affordability (if time limited).
- The research consultant will identify, assess, and share how operating expenses for such housing is being met and opine on its sustainability.
- The research consultant will identify common and creative funding sources used for such housing development and operation, and assess their effectiveness and flexibility.
- The research consultant will work with the Partners for Dignity & Rights staff to present these “case studies” in media that is accessible and understandable to persons not familiar with housing development.
Structure, Funding, Resources
Partners for Dignity & Rights has $15,000 set aside for this research. It can be conducted from any location but will require weekly consultation with Partners for Dignity & Rights staff.
Please submit 1) a letter of interest that includes your availability for the remainder of 2020 and rate for this type of research, 2) a resume (or other description of relevant qualifications), and 3) a list of three references to . Materials will be reviewed on a rolling basis starting on September 25, 2020. No phone calls, please.
About Partners for Dignity & Rights
Partners for Dignity & Rights works with community organizations to elevate their voices, strengthen their campaigns and build a broad movement for economic and social rights, including housing, health, education and work with dignity. Working in a participatory way and guided by human rights principles, Partners for Dignity & Rights takes action on the ground, fosters coalition building or offers broader analysis, always accountable to its partners and their grassroots leadership.