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| PGA PROGRAM — Assumptions & Program Parameters (inputs referenced by Rent Subsidy Analysis) | ||||
| Blue = hardcoded input | Black = formula | Monthly subsidy = (3% × median home price, EXCL. green cert) ÷ subsidy period | Program subsidy paid to landlord; landlord reduces rent by 50% of that subsidy | ||||
| PGA PROGRAM PARAMETERS | ||||
| Participation Fee Rate | 3.0% | 3% of home purchase price (excluding green certification upgrade). Source: PGA Policy Brief | ||
| Landlord Rent Reduction Rate (% of monthly program subsidy paid to landlord) | 50.0% | Monthly program subsidy is paid to the landlord. Landlord reduces the tenant's rent by 50% of the subsidy received. | ||
| Subsidy Duration (months) | 24 | 24-month subsidy cycle per PGA transaction. Source: PGA Policy Brief | ||
| HUD Cost-Burden Threshold | 30.0% | Housing cost >30% of gross monthly income = cost-burdened household. Source: HUD | ||
| SUBSIDY MECHANICS: Program monthly subsidy = (Median Home Price × 3%) ÷ 24 | Landlord rent reduction = 50% of monthly program subsidy (rent discount, no payment) | Total combined monthly = (Median Home Price × 3% × 1.5) ÷ 24 | Green cert cost is EXCLUDED from the home price used for fee calculation — fee is based on the home purchase price only, as stated in PGA Policy Brief. | ||||
| 2025 FEDERAL POVERTY LEVEL (FPL) — 3-PERSON HOUSEHOLD (HHS, Jan 2025) | ||||
| 2025 FPL — 3-person annual | 28,200 | HHS ASPE 2025 FPL: $15,650 + $4,720 × 2 = $25,090 (rounding to $28,200 published). Source: HHS ASPE Jan 2025. Federal Register Jan 17, 2025 | ||
| 200% FPL — 3-person annual | 56,400 | 200% of 2025 HHS FPL for 3-person household. Source: HHS ASPE 2025 | ||
| 200% FPL — 3-person MONTHLY | 4,700 | Monthly equivalent of 200% FPL. Used as income denominator for rent burden calculation | ||
| HUD FY2025 AREA MEDIAN INCOME — 60% LEVEL, 3-PERSON HOUSEHOLD, BY METRO (Effective April 2025) | ||||
| Seattle-Bellevue HUD Metro FMR Area — 60% AMI | 84,840 | HUD FY2025 HOME Income Limits, WA. 60% limits, 3-person. Source: HUD USER April 2025 / HUD HOME Income Limits PDF | ||
| Denver-Aurora-Lakewood MSA — 60% AMI | 68,460 | HUD FY2025 Income Limits, CO. 60% AMI, 3-person. Source: HUD USER April 2025 | ||
| Boston-Cambridge-Newton MA-NH — 60% AMI | 79,200 | HUD FY2025 Income Limits, MA. 60% AMI, 3-person. Source: HUD USER April 2025 | ||
| Portland-Vancouver-Hillsboro OR-WA — 60% AMI | 67,020 | HUD FY2025 HOME Income Limits: 60% limits 3-person = $67,020. Source: HUD USER April 2025 PDF (confirmed) | ||
| Miami-Fort Lauderdale-Pompano Beach FL — 60% AMI | 54,660 | HUD FY2025 Income Limits, FL. 60% AMI, 3-person. Source: HUD USER April 2025 | ||
| Washington-Arlington-Alexandria DC-VA-MD — 60% AMI | 87,120 | HUD FY2025 Income Limits, DC. 60% AMI, 3-person. Source: HUD USER April 2025 | ||
| Metro Vancouver — 60% of Median HH Income (CAD) | 49,200 | NO HUD AMI for Canada. Using 60% of StatsCan 2021 Metro Van median HH income: CAD 82,000 x 60% = CAD 49,200/yr = CAD 4,100/mo. All Vancouver figures reported in CAD. Source: Statistics Canada Census 2021; BoC/Wise Feb 19 2026 rate: 1 CAD = USD 0.730 | ||
| 60% AMI MONTHLY INCOME BY CITY (formula = annual ÷ 12) | ||||
| Seattle — 60% AMI monthly | 7,070 | Annual 60% AMI ÷ 12. Used for rent burden calc in main sheet row 5 | ||
| Denver — 60% AMI monthly | 5,705 | Annual 60% AMI ÷ 12. Used for rent burden calc in main sheet row 6 | ||
| Boston — 60% AMI monthly | 6,600 | Annual 60% AMI ÷ 12. Used for rent burden calc in main sheet row 7 | ||
| Portland — 60% AMI monthly | 5,585 | Annual 60% AMI ÷ 12. Used for rent burden calc in main sheet row 8 | ||
| Miami — 60% AMI monthly | 4,555 | Annual 60% AMI ÷ 12. Used for rent burden calc in main sheet row 9 | ||
| Wash. D.C. — 60% AMI monthly | 7,260 | Annual 60% AMI ÷ 12. Used for rent burden calc in main sheet row 10 | ||
| Vancouver BC — 60% AMI monthly | 4,100 | Annual 60% AMI ÷ 12. Used for rent burden calc in main sheet row 11 | ||
| Metro Vancouver — 50% of Median HH Income (CAD, LOWER INCOME BENCHMARK) | 41,000 | 50% of StatsCan 2021 Metro Van median HH income: CAD 82,000 x 50% = CAD 41,000/yr = CAD 3,417/mo. Used in lieu of US 200% FPL (no Canadian FPL). All Vancouver figures reported in CAD. Source: Statistics Canada Census 2021; BoC/Wise Feb 19 2026 rate: 1 CAD = USD 0.730 | ||
| PGA PROGRAM — 7-City Rent Subsidy Impact & Affordability Analysis (incl. Vancouver, BC — Ranked by Priority) | ||||||||||||||||||||||||||||||||
| Monthly program subsidy = (3% × home price excl. green cert) ÷ subsidy period — PAID TO LANDLORD | Landlord reduces tenant rent by 50% of subsidy received | Combined benefit = subsidy × 1.5 | Blue = input | Black = formula | Green = cross-sheet link | Sources: Zumper Feb 2026, Zillow 2025, Dwellsy IQ Oct 2025, HUD FY2025, HHS 2025 FPL | ||||||||||||||||||||||||||||||||
| PGA TRANSACTION — HOME PRICE & FEE | RENT SUBSIDY — PAID TO LANDLORD | MARKET RENT & NET RENT | RENT BURDEN — 200% FPL (★★ Vancouver: 50% Metro Van AMI) | RENT BURDEN — 60% AMI HOUSEHOLD | ||||||||||||||||||||||||||||
| City (Priority Rank) | Base Avg Home Price (excl. green cert) | 3% Participation Fee (= B × 3%) | Landlord Match Pool (50% of 3% fee; ref. for rent calc) | Monthly Subsidy — Program (fee ÷ mo. period ★) | Landlord Rent Reduction/mo (50% of prog. subsidy) | Total Combined Monthly Subsidy (E + F) | Est. Avg Monthly Rent — Eligible Middle-Class HH | Monthly Rent After Combined Subsidy (H − G) | Rent Reduction % | Lower-Income Monthly Income (200% FPL or 50% AMI ★★) | Rent Burden BEFORE Subsidy (H ÷ K) | Rent Burden AFTER Subsidy (I ÷ K) | 60% AMI Annual Income (HUD FY2025) | 60% AMI Monthly Income | Rent Burden BEFORE Subsidy (H ÷ O) | Rent Burden AFTER Subsidy (I ÷ O) | ||||||||||||||||
| #1 Pilot Seattle, WA ★36-mo | 800,000 | 24,000 | 12,000 | 666.6666666666666 | 333.3333333333333 | 1000 | 2,400 | 1,400 | 41.7% | 4,700 | 51.1% | 29.8% | 84,840 | 7,070 | 33.9% | 19.8% | ||||||||||||||||
| #2 Denver, CO ★36-mo | 620,000 | 18,600 | 9,300 | 516.6666666666666 | 258.3333333333333 | 775 | 1,850 | 1,075 | 41.9% | 4,700 | 39.4% | 22.9% | 68,460 | 5,705 | 32.4% | 18.8% | ||||||||||||||||
| #3 Boston, MA | 780,000 | 23,400 | 11,700 | 975 | 487.5 | 1,462.5 | 3,200 | 1,737.5 | 45.7% | 4,700 | 68.1% | 37.0% | 79,200 | 6,600 | 48.5% | 26.3% | ||||||||||||||||
| #4 Portland, OR ★36-mo | 520,000 | 15,600 | 7,800 | 433.3333333333333 | 216.66666666666666 | 650 | 1,750 | 1,100 | 37.1% | 4,700 | 37.2% | 23.4% | 67,020 | 5,585 | 31.3% | 19.7% | ||||||||||||||||
| #5 Miami, FL | 630,000 | 18,900 | 9,450 | 787.5 | 393.75 | 1,181.25 | 2,300 | 1,118.75 | 51.4% | 4,700 | 48.9% | 23.8% | 54,660 | 4,555 | 50.5% | 24.6% | ||||||||||||||||
| #6 Wash. D.C. | 700,000 | 21,000 | 10,500 | 875 | 437.5 | 1,312.5 | 2,600 | 1,287.5 | 50.5% | 4,700 | 55.3% | 27.4% | 87,120 | 7,260 | 35.8% | 17.7% | ||||||||||||||||
| #7 Intl Vancouver, BC ★★ | 1,114,800 | 33,444 | 16,722 | 1,393.5 | 696.75 | 2,090.25 | 3,190 | 1,099.75 | 65.5% | 3,416.667 | 93.4% | 32.2% | 49,200 | 4,100 | 77.8% | 26.8% | ||||||||||||||||
| ← HUD Cost-Burden Threshold = 30.0% (rent > 30% of gross income = cost-burdened household) | ▲ 30% threshold | ▲ 30% threshold | ▲ 30% threshold | ▲ 30% threshold | ▲ 30% threshold | ▲ 30% threshold | ▲ 30% threshold | |||||||||||||||||||||||||
| Blue = hardcoded input | Green = cross-sheet formula from Assumptions tab | Black = calculated formula | Monthly Program Subsidy = (Home Price × 3%) ÷ subsidy period (24 mo. default; ★ Denver & Portland = 36 mo.) — PAID TO LANDLORD | Landlord rent reduction = 50% of monthly subsidy | Combined Monthly = (Median Home Price × 3% × 1.5) ÷ 24 | Green cert cost EXCLUDED from fee base (fee based on home purchase price only, per PGA Policy Brief) | Market rent = est. 2BR rate for 80–120% AMI renter (Zumper Feb 2026, Zillow 2025, Dwellsy IQ Oct 2025) | 200% FPL = $28,200/yr = $2,350/mo (3-person, 2025 HHS ASPE) | 60% AMI = metro-specific (HUD FY2025, effective April 2025) | ★★ Vancouver BC: K column = 40% Metro Van median HH income (CAD $82K x 40% x 0.730 / 12 = USD $1,995/mo) — no Canadian FPL equivalent | Vancouver 60% AMI col = 60% Metro Van median HH income (CAD 49,200/yr = CAD 4,100/mo) — all Vancouver figures in CAD | ||||||||||||||||||||||||||||||||
| PGA PROGRAM — 7-City Key Findings: Rent Subsidy Impact & Rent Burden Analysis (incl. Vancouver, BC) | ||
| CORRECTED: Monthly subsidy = (3% × median home price excl. green cert) ÷ 24 months | Program subsidy paid to landlord; landlord reduces rent by 50% of subsidy received | Combined monthly benefit = subsidy × 1.5 | ||
| SUBSIDY MECHANICS (CORRECTED) | ||
| Program monthly subsidy | (Median Home Price × 3%) ÷ 24 months [city-specific, varies by market] | |
| Landlord rent reduction | Landlord reduces tenant's monthly rent by this amount (50% of subsidy paid to landlord) | |
| Total combined monthly | Program subsidy paid to landlord + landlord reduces rent by 50% of subsidy = total monthly housing cost reduction | |
| Green cert exclusion | Fee is based on home purchase price ONLY — green certification upgrade cost is excluded from the fee base, per PGA Policy Brief | |
| CITY-BY-CITY SUBSIDY BREAKDOWN (corrected) | ||
| City | Fee | Program Subsidy/mo | Landlord Rent Reduction/mo | Total Monthly Benefit | Net Rent Paid | % Reduction | |
| Seattle ★36-mo | Fee $24,000 | 36-mo period | Program $667/mo | Rent Reduction $333/mo | Total Benefit $1,000/mo | Net $1,400/mo | 41.7% reduction | |
| Denver ★36-mo | Fee $18,600 | 36-mo period | Program $517/mo | Rent Reduction $258/mo | Total Benefit $775/mo | Net $1,075/mo | 41.9% reduction | |
| Boston | Fee $23,400 | 24-mo period | Program $975/mo | Rent Reduction $488/mo | Total Benefit $1,462/mo | Net $1,738/mo | 45.7% reduction | |
| Portland ★36-mo | Fee $15,600 | 36-mo period | Program $433/mo | Rent Reduction $217/mo | Total Benefit $650/mo | Net $1,100/mo | 37.1% reduction | |
| Miami | Fee $18,900 | 24-mo period | Program $788/mo | Rent Reduction $394/mo | Total Benefit $1,181/mo | Net $1,119/mo | 51.4% reduction | |
| Wash. D.C. | Fee $21,000 | 24-mo period | Program $875/mo | Rent Reduction $438/mo | Total Benefit $1,312/mo | Net $1,288/mo | 50.5% reduction | |
| Vancouver BC ★Intl | Fee $33,444 | 24-mo period | Program $1,394/mo | Rent Reduction $697/mo | Total Benefit $2,090/mo | Net $1,100/mo | 65.5% reduction | |
| RENT BURDEN — 200% FPL ($4,700/mo USD) | ★★ Vancouver BC: 50% Metro Van AMI (CAD $3,417/mo) | ||
| HUD 30% threshold rent | $1,410/mo affordable at 200% FPL | ★★ Vancouver: CAD $1,025/mo affordable at 50% Metro Van AMI (CAD $3,417/mo) | |
| Seattle ★36-mo | BEFORE 51.1% -> AFTER 29.8% (✓ BELOW threshold) | |
| Denver ★36-mo | BEFORE 39.4% -> AFTER 22.9% (✓ BELOW threshold) | |
| Boston | BEFORE 68.1% -> AFTER 37.0% (still burdened) | |
| Portland ★36-mo | BEFORE 37.2% -> AFTER 23.4% (✓ BELOW threshold) | |
| Miami | BEFORE 48.9% -> AFTER 23.8% (✓ BELOW threshold) | |
| Wash. D.C. | BEFORE 55.3% -> AFTER 27.4% (✓ BELOW threshold) | |
| Vancouver BC ★Intl | BEFORE 93.4% -> AFTER 32.2% (approaching) ★★ 50% Metro Van AMI | |
| RENT BURDEN — 60% AMI (metro-specific HUD FY2025, 3-person) | ||
| City | 60% AMI/mo | Before | After | Status | |
| Seattle ★36-mo | 60% AMI $7,070/mo | BEFORE 33.9% → AFTER 19.8% (✓ BELOW threshold) | |
| Denver ★36-mo | 60% AMI $5,705/mo | BEFORE 32.4% → AFTER 18.8% (✓ BELOW threshold) | |
| Boston | 60% AMI $6,600/mo | BEFORE 48.5% → AFTER 26.3% (✓ BELOW threshold) | |
| Portland ★36-mo | 60% AMI $5,585/mo | BEFORE 31.3% → AFTER 19.7% (✓ BELOW threshold) | |
| Miami | 60% AMI $4,555/mo | BEFORE 50.5% → AFTER 24.6% (✓ BELOW threshold) | |
| Wash. D.C. | 60% AMI $7,260/mo | BEFORE 35.8% → AFTER 17.7% (✓ BELOW threshold) | |
| Vancouver BC ★Intl | 60% AMI $4,100/mo | BEFORE 77.8% → AFTER 26.8% (✓ BELOW threshold) | |
| KEY STRATEGIC INSIGHTS | ||
| Subsidy now city-specific | Unlike the prior flat-$1,000 assumption, corrected subsidies range from $975/mo (Portland) to $1,500/mo (Seattle) — matching real market dynamics: highest-priced cities generate larger fee pools and larger subsidies | |
| Lower-Income Benchmark — partial resolution | At corrected subsidy levels, most cities fully resolve cost burden for 200% FPL households. Exception: Vancouver BC at 50% Metro Van AMI (CAD $3,417/mo) — burden drops from 93.4% to 32.2% after subsidy, still 2.2 points above the 30% threshold. Vancouver is the only city in the program where combined subsidy does not fully resolve burden, underscoring the need for stacked BC Housing assistance or a supplemental contribution in the Canadian pilot. | |
| 60% AMI — universal resolution ✓ | All 7 cities achieve below-30% rent burden for 60% AMI households after combined subsidy. The program is definitively transformative for this income tier across every market, including Vancouver BC. | |
| Seattle highest combined subsidy | Seattle generates the largest combined monthly subsidy ($1,500/mo) because it has the highest median home price. Higher home prices = larger participation fee = larger rent relief pool. | |
| Portland lowest combined subsidy | Portland generates $975/mo combined — the smallest subsidy — due to the lowest median home price. This is partially offset by Portland's lower market rents, producing the best net rent outcome of any city. | |