1 / 27

“Housing For A Healthy Economy”

“Housing For A Healthy Economy”. Presentation Outline. Workforce Housing Coalition of the Greater Seacoast What is workforce housing? Rental Homeownership Who needs it? What is available? Seacoast region Eliot Ways to address affordability Long-term affordability.

felton
Download Presentation

“Housing For A Healthy Economy”

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript


  1. “Housing For A Healthy Economy”

  2. Presentation Outline • Workforce Housing Coalition of the Greater Seacoast • What is workforce housing? • Rental • Homeownership • Who needs it? • What is available? • Seacoast region • Eliot • Ways to address affordability • Long-term affordability

  3. What Is The Workforce Housing Coalition of the Greater Seacoast? • An alliance of businesses, government and community groups • A catalyst for the development of a range of housing options for the diverse workforce of the Greater Seacoast Region

  4. What is Workforce Housing? • A variety of housing options for working households • Incorporates quality design, placement and land use • Examples include…

  5. Apartments

  6. Condominiums

  7. Starter Homes

  8. Workforce Housing: Who needs it? • Entry-level teachers, firefighters, police officers • Municipal employees • Nursing assistants and other medical workers • Hospitality employees • Retail employees

  9. Housing is not affordable for many Seacoast employees • Affordability is a function of income • Housing should not require more than 30% of monthly income • The lower your income, the harder it is to find housing that you can afford • It’s not just very low income people who feel the pinch. The shortage of affordable, workforce housing is an increasingly middle class problem

  10. Understanding income lingo • AMI = Area Median Income. HUD publishes annually, based on region • Eliot is located in the Portsmouth-Rochester NH-York ME MSA • MSA includes Eliot, York, Kittery, Berwick, and S. Berwick • AMI = $71,900 (2007)

  11. Workforce Housing: Who needs it? 2007 Area Incomes Portsmouth/Rochester/York MSA Includes York, Kittery, Eliot, Berwick, and South Berwick Source: NHHFA

  12. The Affordability Challenge

  13. 60% $43,140 80% $57,500 100% $71,900 120% $86,280 WORKFORCE HOUSING Homeownership Rental We need more Workforce Housing: rental & homeownership • Workforce Housing targets households between 60-120% AMI • Rental housing 60-80% AMI • Homeownership 80-120% AMI Seacoast region (2007)

  14. Example: Eliot family of four seeking to rent a home • Income: $43,140 • Affordable apartment: $1,078 • Median price for a 2-3 bedroom apt. in Eliot: $1,319 • Income needed to afford median priced apartment: $52,760 • At this income, a $1,319 apartment demands over 36% of monthly income

  15. Example: Eliot family of four seeking to buy a home • Income $57,500 • Affordable purchase price: $191,000 • Median selling price for a home in Eliot: $246,419 • Income needed to afford a home priced at the median selling price: $73,000 –27% more than what this family currently earns • Median price of home currently on the market: $393,900 (35 SFHs)

  16. Municipally-Sponsored Solutions • Workforce housing overlay districts • Density incentives • Smaller lot requirements • Accessory apartments • Narrower road ways • Sidewalk waivers (eliminate one or both sidewalks) • Substitute for granite curb or eliminate curb • Reduced parking requirements, narrower spaces • Clustering to maintain rural feel • Community water and sewer systems

  17. Developer-Sponsored Solutions • Use of manufactured/modular housing • Use slab vs. full basement • Smaller living spaces:  750 – 1,200 sq ft • Unfinished 2nd floors in capes • Foundation only for future garage (if one is planned)

  18. Examples of workforce housing:Pepperidge Woods

  19. Pepperidge Woods, Barrington • 44 manufactured/modular homes on 25 acres • Single family homes, all EnergyStar rated systems • Community center and playground • Prices range from $164,000-$187,000

  20. Watson Woods, Exeter

  21. Watson Woods, Exeter • 20 condominium units • Used Exeter’s open space density bonus ordinance • Targets households earning 80 to 120% of Area Median Income

  22. Norton Street, South Berwick

  23. Norton Street, S. Berwick, ME • 20 rental apartments • Targets households earning up to 60% of Area Median Income • Helped to revitalize a run down neighborhood • Lead to additional investments by nearby property owners

  24. Exeter’s Workforce Housing Ordinance:promoting affordable homeownership • 15% Density-Bonus (Affordable Housing): for open space developments that guarantee: •  20% of the total # of units set aside as affordable                      • 15% or more of the units – initial sale at a price affordable to households with income not more than 120% of the AMI • 5% or more of the units - initial sale at a price affordable to households earning not more than 80% of the AMI • Units sold with deed restrictions and a recorded housing agreement that limit, for a period of 30 years renewable upon sale or transfer, the resale value of the unit to not more than the purchase price plus two times the accumulated consumer price index.

  25. Portsmouth Affordable Housing Ordinance: promoting affordable apartments, condos or single family homes • Up to a 50% density bonus for inclusion of workforce housing • Targets households earning 120% AMI or less • Resale restrictions used • Limited to parcels of at least one acre in GRB/GRA zones

  26. Kittery Clustered Residential Development Ordinance • Allows minimum lot size of 20,000 square feet in areas without community sewage collection in return for preserving open space and creating recreational areas.

  27. For more information contact: Diane Hartley 603-766-3231 Diane@seacoastwhc.org www.seacoastwhc.org Additional data sources: http://www.keysregion.org/keys_ofbd/topics/.htm http://www.keysregion.org/publications.htm

More Related