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Affordable Independent Senior Housing

Affordable Independent Senior Housing A Proposal for Developing Community-Based Aging-In-Place with Foreclosed Properties Jack Powers / December 2, 2010 Urban Policy Dynamics and Constraints CUNY Graduate Center. Demographic Pressure.

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Affordable Independent Senior Housing

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  1. Affordable Independent Senior Housing A Proposal for DevelopingCommunity-Based Aging-In-Placewith Foreclosed Properties Jack Powers / December 2, 2010Urban Policy Dynamics and Constraints CUNY Graduate Center

  2. Demographic Pressure New York’s 65+ Population Will Growfrom 13% to 20% over 30 Years 10% Live in Poverty, 26% in Low Income 40% Experience Housing Problems: Cost Burden, Physically Inadequate Housing or Crowded Housing

  3. Senior Housing Options Aging in Place at Home Home Care, Visiting Nurses Retirement CommunityFitness Activities, Support Services Assisted Living Personal Care Services, State Regulated Nursing HomeLong Term Medical Care, State Regulated

  4. Senior Housing Options Aging-in-Place at Home Home Care, Visiting Nurse Affordable Independent Senior Housing Room, Optional Board Retirement CommunityFitness Activities, Support Services Assisted Living Personal Care Services, State Regulated Nursing HomeLong Term Medical Care, State Regulated

  5. “Family Style” Community Living Six to Eight Seniors Per Unit Community-Based Staff of Two on Premises Private Pay or Section 8Vouchers Fees for Meals, Housekeeping,Activities

  6. Foreclosed Housing Stock Pro Forma Income Statement Property Cost (est) $275,000 Rent per Room $600 MONTHLY YEARLY Mortgage $1,800 $21,600 Taxes, Maintenance 1,000 12,000 Staff Salaries, $10/hr 3,200 38,400Expenses 1,000 12,000 $7,000 $84,000 Rental Income, 8 Rooms $4,800 $57,600 Fee Income, 8 x $275 2,200 26,400 $7,000 $84,000

  7. Pilot Project Ten Units, 70 to 80 Seniors, 20 Staff Members $3,000,000 Property Costs 840,000 One Year Operating Costs 1,000,000 Initiation and Management Costs $4,840,000 First Year Investment Clients selected from public housing waiting lists: Healthy, 50 to 70 years old ~50% married couples Unit rosters composed by social worker

  8. Study Goals Effects on Senior Clients Older Americans 2010 Key Indicators of Well-Being Federal Interagency Forum on Aging-Related Statistics Compared to Control Group Feasibility of “Family-Style” Approach Proof of Concept Management Learnings Return on Investment Effects on Community

  9. Policy Goals A Self-Sustaining Senior Housing ModelAffordable, Market Rate, Mixed Aging-in-Place Options for Poor and Minority PopulationsFamily, Friends, Church, Healthcare Make Foreclosed Properties ProductiveRetrofit for Access and Sustainability Develop Entrepreneurial OpportunitiesLow Barriers to Entry, Not Outsource-able Anchor At-Risk CommunitiesSupport Neighborhood Rejuvenation

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