Perspectives on Pain Points, Unmet Needs, and Disruption ...
Unmet Needs Ports
12
People Before Ports Finish Housing First 1 Saturday, December 22, 2007
description
What is the overall damage level? What remains unsolved after subtracting MS's recovery programs? How to target lower-income needs?
Transcript of Unmet Needs Ports
People Before PortsFinish Housing First
1Saturday, December 22, 2007
Scope of the Problem• Small Rental Housing
• Apartment Complexes
• Very Low Income Housing (subset of rental)
• Wind-Damaged Home Owners
2Saturday, December 22, 2007
Scope of the ProblemSmall Rental Housing
47,013 units were damaged
42,187 single family rentals damaged
MS CDBG plan replaces only 6,000 units
3Saturday, December 22, 2007
Scope of the ProblemMultifamily Housing
15,457 units were damaged
7,081 units with major/severe damage
MS LIHTC plan replaces only 5,700 units
4Saturday, December 22, 2007
Scope of the ProblemVery Low Income Rental
VLI = working poor families
37,105 units damaged
11,914 severely damaged or destroyed
MS LIHTC plan replaces only 5,700 units
5Saturday, December 22, 2007
Scope of the ProblemWind Damaged Homes
33,885 severely damaged or destroyed by wind only
10,299 without wind insurance
MS Home Grants Deny All Relief
6Saturday, December 22, 2007
Small Rental - $1.072 Billion
Units
Total
Units from CDBG
Unmet Need
47,013
6,000
41,013
Unmet Need
Level of Damage
limited
moderate
severe
total
Units
33,215
9785
4013
47,013
Damage
Level of Damage Unit Cost
Limited
Moderate
Severe
$1,295
$74,972
$136,017
Unit Cost Damage
Cost
Limited
Moderate
Severe
Total
Current Program
Unmet Need Cost
$43,013,425
$733,601,020
$545,836,221
$1,322,450,666
$250,000,000
$1,072,450,666
Unmet Need Cost
Before deductions for insurance or SBA
7Saturday, December 22, 2007
Multifamily Rental - $257 Million
Units
Total
Units from LIHTC
Unmet Need
15,457
5,730
9,727
Unmet Need
Level of Damage
limited
moderate
severe
total
Units
8,376
5,102
1,979
15,457
Damage
Level of Damage Unit Cost
Limited
Moderate
Severe
$1,295
$74,972
$136,017
Unit Cost Damage
Cost
Limited
Moderate
Severe
Total
Less 5,730 Units
Unmet Need Cost
$10,846,920
$382,507,144
$269,177,643
$662,531,707
$405,462,440
$257,069,267
Unmet Need Cost
Before deductions for insurance or SBA
8Saturday, December 22, 2007
Very Low Income Rental $726 MillionDamage
Level of Damage
limited
moderate
severe
total
Units
25191
8535
3379
37105
Unmet Need
Units
Total
Units from LIHTC
Unmet Need
37,105
5,730
31,375
Unit Cost Estimate
Level of Damage Unit Cost
Limited
Moderate
Severe
$1,295
$74,972
$136,017
Unmet Need Cost
Cost
LimitedModerate
Severe
Subtotal
Less 5,730 units
Unmet Need
$32,622,345
$639,886,020
$459,601,443
$1,132,109,808
$405,462,440
$726,647,368
Before deductions for insurance or SBA
9Saturday, December 22, 2007
Wind-Damaged Home Owners - $557 MillionDamage
Level of Damage
limited
moderate
severe
total
Units
105,741
24,957
8,928
139,626
Unit Cost Estimate
Damage Uninsured Insured Net of Insurance
Limited
Moderate
Severe
$1,144 $1,114 $0
$31,948 $34,676 $14,676
$70,275 $91,756 $71,756
Uninsured Insured
ModerateSevere
Total
Lower-Income
$211,208,228 $269,245,896
$259,174,200 $376,001,440
$470,382,428 $645,247,336
$235,191,214 $322,623,668
Uninsured
Level of Damage
limited
moderate
severe
total
Units
39,419
6,611
3,688
49,718
Insured
Level of Damage
limited
moderate
severe
total
Units
66,322
18,346
5,240
89,908
Unmet Need Cost
Total Unmet Need Cost $557 Million
Assumes average $20,000 insurance settlement
Estimated LMI Units: 16,942Estimated Units With Moderate/Severe Damage: 33,885
10Saturday, December 22, 2007
Recap of Unmet Needs
Small Rental $1.072 Billion
Multifamily Rental $257 Million
Home Grants Wind $557 Million
Total $1.886 Billion
Target Lower Income MississippiansVery Low Income Rental $726 MillionLower Income Homeowners $557 MillionTotal $1.283 Billion
11Saturday, December 22, 2007
Sources:
FEMA Damage Assessment: February, 2006 Report, p. 12Small Rental DamageMultifamily Rental Damage
FEMA Damage Assessment: July 2007 Report, p. 7Very Low Income Rental Damage EstimatesHomeowner Wind-damage EstimatesUnit Cost Estimates
Governor Barbour Press Release, September 18, 2007Units from CDBG programUnits from Tax Credits
MS Department of Insurance Press Release June 16, 2006. Estimate on Average Wind Insurance Payout
Notes on Calculations:
Small RentalCurrent Program Dollar Value: MDA Small Rental Assistance Program, Final Plan, p. 2.
Multifamily RentalVery Low Income Rental“Less 5,730 Units” (1910*limited damage)+(1910*moderate damage)+(1910*severe damage)
Wind-damaged Homeowners - Lower Income($470 million+$645 million) ÷ 2 = $557 million
12Saturday, December 22, 2007
