Fiscal Year 2013-2015 Special Budget Meeting

HONORABLE MAYOR AND CITY COUNCIL Subject: Affordable Housing in the Mayor's FY 2013-15 Proposed Policy Budget Date: June 11,2013 Page 2 Summary of City of Oakland's Investment in Affordable IHousing & return on the Investment from July 1, 2010 to June 30, 2013 May 24. 2013 v. 4 Year 2010-2011 2011-2012 2012-2013 Total Basic Investment CityofO^landNOFAinvestmemin » "'*"-000 $ 4,345,000 $ 3,960,000 S 31,968,000 Oaldand affordable housing projects (!) Total Investment Total investment in Oakland affordable housing projects including funding from S 139,705,726 S 17,833,291 $ 46,055,357 $ 203,594,374 other sources (1) Direct Return on Investment . J Affordable units (1) 433 185 154 772 Affordable bedrooms (1) 934 247 162 1,343 Oakland resident construction jobs (FTE annual equivalent) (2) 411 52 135 599 Indirect Return on Investment (3) Taxes, permit fees, business license fees and other revenue for local $9,628,053 $ 1,229,011 $ 3,173,982 S 14,031,046 government Local wages & salaries (4) $ 64,963,163 $ 8,292,480 $ 21,415,741 $ 94,671,384 Notes: 1) Data from the City's Housing & Community Development Department includes both new construction and rehabilitation projections. 2) Oakland residents construction jobs total based on an estimate of $85,000/annum average iwage rate for construction workers and 30% of total construction jobs were performed by Oakland Residents. 3) Indirect Retum on Investment data from National Association of Home Builders "Local Impact of Home Building In Typical Metro Area" Report, dated June 2009 4) Local wages & salaries include primary & secondary jobs in construction, professional services, wholesale & 'etail trade, medical, transportation and other support industries.