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Rutland HOUSING STUDY UPDATE

This presentation highlights the key findings from the Rutland housing study update, including the weak housing market fundamentals, affordability issues in the rental market, revitalization efforts in NW Rutland, evidence of demand for higher-end rental housing, and recommendations for housing strategies and collaborations.

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Rutland HOUSING STUDY UPDATE

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  1. Rutland HOUSING STUDY UPDATE Final presentation

  2. Key findings

  3. Housing market fundamentals are weak • Since 2010, Rutland County has lost 2 percent of its jobs, its population has declined by 4.8 percent, and median household income has dropped by 1 percent after adjusting for inflation. • Overall housing vacancy rate is 13% in Rutland City

  4. RENTAL Housing affordability problems are driven mostly by low incomes • 56% renters are housing cost burdened, but rents in Rutland City have declined 3% since 2010 after adjusting for inflation • Virtually all cost-burdened renters earn under $35,000

  5. FOR-SALE MARKET ACTIVITY IS COMING BACK; prices are still a deal • Interviewees report improving market • House prices in Rutland are affordable even to families earning ~60% of the HUD-adjusted Median Family Income

  6. Revitalization efforts in NW RUTLAND are paying off… • Increased homeownership rate • Increased home sales activity and stronger prices • Interviewees report improved look of the neighborhood, improved perceptions of safety, spin-off investment • 54% of Rutland residents in survey feel neighborhood quality of life has improved over last 5 years • 62% of Rutland residents in survey feel “Rutland neighborhoods are a great place to live”

  7. … BUT THE WORK IS NOT YET DONE • One-third of workers in survey living outside Rutland feel “Rutland neighborhoods are a great place to live”

  8. Evidence oF DEMAND for higher-end rental housing & DOWNTOWN HOUSING? • Widespread dissatisfaction with the quality of rental housing in Rutland (16% of survey respondents feel good quality rentals are available) • Employers report interest among recent recruits, temporary workers for better rental housing • Chamber of Commerce reports lack of good rental housing is creating a marketing challenge • Small, market-rate rental rehabs downtown have leased up quickly and performed well • Survey data does not show interest among respondents in smaller units or rental housing… but are survey respondents the right target market?

  9. recommendations

  10. Housing strategy should support regional marketing for economic development • Continue to support the Regional Marketing Initiative / coordinate housing marketing with these efforts • Prioritize highly visible improvements to housing stock that change the look and story of Rutland • Support a pilot development of high-quality housing product that relocating workers would demand • Think about how to welcome diverse populations to Rutland

  11. Support focused, sustained investment in downtown and surrounding neighborhoods • Focus on the most visible parts of the City first • Support the downtown strategic plan / holistic strategies for downtown • Continue efforts in the Northwest neighborhood • Could try greater focus on rehab lending as opposed to acquisition-rehab-resale

  12. Partner as needed to improve access to financing tools that could support downtown development • Significant de-risking through subsidy will likely be needed for downtown residential, commercial and mixed-use development • A variety of incentives and financing tools are available for downtown, but can be complex to access and deploy: • New Markets Tax Credits • Opportunity Zones • Federal Historic Tax Credits • State Downtown Tax Credits • Rural Development Programs (e.g. IRP) • CDFI Fund • Key to attract an investment partner who can help to access these resources and who will care about Rutland long-term

  13. Better housing, not more housing • Continue to work to take the worst housing units out of the stock and manage down the overall housing supply • Prioritize long-term neighborhood outcomes over short-term revenues when disposing of vacant lots and properties • Provide accessible, affordable financing to fix up existing housing in Rutland • Better housing, combined with services, for the lowest end of the income spectrum

  14. Act regionally and collaboratively • Continue to build cross-sector partnerships (government, nonprofit, business and institutional leaders) • Participate in regional planning to help attract dollars and partners • Boston Federal Reserve Bank / Blue Hub Capital Working Cities Challenge • Examine intersection of state policy with local property tax burdens, landlord regulation, how community development funds are programmed • Talk and work with statewide community development players to try to build their commitment to Rutland (e.g. VCLF, Vermont Rural Ventures, VEDA, VHCB, VCDP)

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