housing diversity in the new economy - hamilton county, iowa · most efficient way to grow •...

Agenda

• Process

• Findings

• Directions Forward

Process

Findings

Findings: Market Survey

Findings: Workforce Survey

Findings: Themes

• Regional Benefits

• Rental Availability

• Affordability for All

• Inappropriate Regulations

• Support for Action

Findings: Market Analysis

Findings: Future Demand

Findings: Community Observations

Directions Forward

• Accessible to metro activity centers

• Strong employment opportunities

• Respected schools and high quality of life

• Strong existing housing stock in many communities

• Collaborative partners

Directions Forward: Assets

• Low rental condition, options, construction

• Lack of housing variety

• Undervalued housing market

• Population stability

• Contractors for rehabilitation of existing homes

• Growing smart

Directions Forward: Challenges

• Find ways to share risk (a cascading goal)

• Increase housing variety

– Increase rental quality and supply

– Create options for seniors

• Fill gaps created by an undervalued market

• Invest in the existing housing stock

• Leverage existing lots and infrastructure

• Eliminate unnecessary regulatory barriers

• Offer desirable communities for all age groups

Directions Forward: Strategic Goals

G.1 Find ways to share risk

• This is a cascading goal because so many other goals depend upon it.

• Risk sharing includes cities, financial institutions, economic development agencies, and even employers to find new ways to address gaps in the private market.

1. Find ways to share risk

2. Increase housing variety

3. Fill gaps created by an undervalued market

4. Invest in the existing housing stock

5. Leverage existing lots & infrastructure

6. Eliminate unnecessary regulatory barriers

7. Offer desirable communities for all age groups

• This may include:

– Some way of pooling funding:

• Lending consortium/housing trust fund

– Partnerships

• Employers providing rent guarantees

– Incentives

• Employers providing incentives to live in the community – signing bonuses, etc.








G.1 Find ways to share risk

• Housing variety should bring more rentals and housing appealing to retirees to the market.

• Rental housing must serve all income levels, right now the majority of units serve middle to lower incomes. This also means quality and cost should match.

– New rentals are needed along with improvements to existing stock

– Rental housing needs to lessen its dependence on low value single-family homes








G.2 Increase housing variety

• Retiree housing can be one of the simplest ways to free up housing stock in a community.

– A community should allow a resident to transition through several homes in accordance with their lifecycle – from an affordable rental, to a family home, and eventually to a downsize option for their empty-nester years.

– Historically we’ve only built one type of unit.









• This may involve:

– Establish a not-for-profit developer that can leverage funding and take greater risk on new housing products.

– Establish a demonstration project in one community. But don’t forget:

• Scale, location, design – don’t sacrifice quality for getting a project done.

• Consider the long term consequences to a community’s infrastructure









• Issue for both owner and renter market

– Owner: homes can’t be appraised at cost

– Rental: low rental rates can’t support new construction.

• Need to elevate overall values and demonstrate that some higher rents can be absorbed








G.3 Fill Gaps in Undervalued Markets

• For owner occupancy this may involve:

– Bringing down the initial costs:

• Infrastructure, lot development, TIF, etc.

– Not-for-profit developer that can leverage funding sources

– Gap financing through lending consortiums

– Securing the lowest value homes: not-for-profit, land trust or land bank that acquires the properties

– Demonstration Project









• For rental occupancy this may involve:

– Bringing down the initial costs:

– Not-for-profit developer that can leverage funding sources

– Gap financing through lending consortiums

– Securing lowest value homes, rather then converting to rentals

– Demonstration Project: some higher rents can likely be support, market just needs to be proven









• Housing is a community’s largest capital investment

• Overall good stock of housing

• Demand for move-in ready and lack of contractors

• The rehabilitation of homes is essential to providing quality entry level housing in any community and continual maintenance and rehabilitation is a high priority.








G.4 Invest in Existing Housing

• This may involve:

– Property maintenance codes and enforcement of those codes. Communities should share resources

– Training of next generation contractors, sweat equity training

– Energy programs and emergency repair programs

– Rehab programs for both owner and renter








G.4 Invest in Existing Housing

• Existing lots and infrastructure are the most efficient way to grow

• Allows for greater variety in the housing market – smaller homes and lots

• Long term costs for maintenance on new streets and infrastructure








G.5 Leverage Existing Lots & Infrastructure

• May involve:

– Demonstration project

– Shared risk with local builder or developer

– Acquiring lots, dilapidated housing, and site prep to create affordable lots








G.5 Leverage Existing Lots & Infrastructure

• Regulations should not create barriers such as making the majority of a community’s lots non-conforming.

• Review all codes for:

– “Suburban” style site requirements

– Building codes that do not apply to older structures








G.6 Eliminate Unnecessary Barriers

• Don’t forget:

– Life safety

– Pedestrian access, circulation, parking, and landscaping

– Avoid short-term savings (use of cheaper materials or delaying of infrastructure like streets)








G.6 Eliminate Unnecessary Barriers

• Invest in quality of life amenities:

– Parks & Rec

– Trails

– Schools

• Invest in basic infrastructure – streets, sidewalk

• Maintain city property to a level you want residents to maintain personal property








G.7 Offer Desirable Communities

Questions?

Thank you!

housing diversity in the new economy - hamilton county, iowa · most efficient way to grow •...

Documents