Affordable homes for a sustainable Vermont.

Housing Solutions for Vermont Downtowns

Affordable homes for a sustainable Vermont.

Affordable homes for a sustainable Vermont.

What’s the problem?

Affordable homes for a sustainable Vermont.

Affordable homes for a sustainable Vermont.

State’s Housing Policy Goals: Smart Growth• Designated communities

Affordable homes for a sustainable Vermont.

Source: https://www.uvm.edu/crs/Census/presentations/vcda_033111.pdf

Affordable homes for a sustainable Vermont.

• Act 250 Priority Housing Projects

State’s Housing Policy Goals: Smart Growth & Affordable Housing

Affordable homes for a sustainable Vermont.

Resources Available: Datahousingdata.org• Profiles of every community

• Population

• Income

• Housing stock

• Homeownership costs

• Rental housing costs

• Special needs populations

• Directory of Affordable Rental Housing

Affordable homes for a sustainable Vermont.

Resources Available: Data-Informed Policy Toolshousingdata.org/assessment• Needs Assessment Guide

Affordable homes for a sustainable Vermont.

Resources Available: Funding• State housing funding:

• Housing Trust Fund (Vermont Housing & Conservation Board)

• Housing Tax Credits

• Bond????

• Federal investments• HUD funding (HOME, CDBG)

• USDA Rural Development funding (RD 515)

• Low Income Housing Tax Credit

Affordable homes for a sustainable Vermont.

Vermont’s Rental Housing Priorities

Twin Pines Housing Trust

Safford Commons – 28 UnitsWoodstock, VT

Who is Twin Pines Housing Trust?

• Upper Valley’s leading developer and provider of Affordable Housing

– 399 Rentals at 19 Properties• 238 in NH• 161 in VT

– 45 Homeownership Properties• Twin Pines is permanent

steward– Over 1,000 people housed

• 18-member staff with expertise in project development, property management, and resident support services.

Twin Pines Team at Safford CommonsWoodstock, VT

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Serving the Upper Valley since 1990

Why does Affordable Housing matter?

• Housing prices are high, especially near core economic centers

• Few ‘Subsidized’ and ‘Affordable’ housing units

• Waiting lists for units often measured in years

<1% Vacancy Rate• Low incomes are common among most

vulnerable groups: – single-parent households – disabled individuals– early career workforce– seniors without adequate savings

Gile Hill in Hanover, NH

Safford Commons in Woodstock, VT 3

• Eligibility based on income and household size.

• HUD determines an Area Median Income (AMI) for each housing market. Half of households earn more than AMI and half earn less.

• Subsidized Housing: Residents pay 30% of their income toward rent and the balance is subsidized by the federal government.

• Affordable Housing: Rents are capped and based on resident income as a % of AMI.

What is “Affordable Housing”?

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2016 AMI for Windsor County = $72,300

Income Required for “Affordable Housing”

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PEOPLE IN HOUSEHOLD

% of AMI 1 2 3 4

50% $25,350 $28,950 $32,550 $36,150

60% $30,420 $34,740 $39,060 $43,380

80% $40,500 $46,300 52,100 $57,850

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Median Gross Rental CostLebanon, NH

Source: NHHFA

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Rental Housing Vacancy RatesLebanon-area Marketplace

Source: NHHFA

Timberwood Commons252 Units

Emerson Place160 Units

Gile Hill & Recession

Hartford Scattered Sites Project

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459 South Main Street Quechee Pines

Hillcrest Manor388 South Main Street

Gile Hill - Hanover, NH

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120 Units

76 Rentals61 Affordable

44 Owned Condos7 Affordable

Final 15 UnitsCompleted

October 2016

Parkhurst - Lebanon, NH

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Rehabilitation of circa 1890 building

• 18 units to serve chronically homeless

• Enhanced case management services

• Central location near public transportation and services

Sykes Mountain Ave ProjectWhite River Junction, VT

6.5 Acres

45-162-0

45-243-0

45-246-1

514 544 610

444

Sykes Mountain Avenue ProjectPhase 1 Site Plan

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Elevations: South and East Sides

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Housing Solutions for Vermont Downtowns

Cathedral Square

Advancing Healthy Homes, Caring Communities & Positive Aging for 40 years

Cindy ReidDirector of Development

The Need for Affordable Housing

• The VT Housing Needs Assessment indicates the need for rental housing for households <80% area median income from 2015-2020 exceeds 41,000 units

• Vermont Futures Project of the Vermont Chamber of Commerce set a growth target of 5,000 new and improved housing units annually

• The overall vacancy rate in VT is 1% for rental units

• Nearly 48% of renter households are cost burdened and over 22% are severely cost burdened

Demographic Changes – Growth in Senior Population

• The population between ages 65-74 is the fastest growing and is projected

to increase by 14,245 persons, or 22.4% between 2015-2020

• A strong determinant in “successful aging” is social connectivity

• Seniors prefer non-institutional, residential settings to age in place

• Affordable and accessible housing options near transportation & services

critical for low income seniors on fixed incomes who do not drive

Development in Downtowns & Village Centers

State Funding Policies target development in downtowns & village centers

• Qualified Allocation Plan

• Consolidated Plan

• Downtown tax credits

Municipalities can support affordable housing development

• TIF districts support infrastructure improvements

• Density Bonus

• Form Based Code – predictability

• Local Housing Trust Funds

• Impact Fee Discounts for Affordability

• Inclusionary Zoning

Elm Place, Milton

New 30-unit Senior Community

Positives

• Downtown Business District

• Municipal Water/Sewer

• Public Transportation

• Proximity to Goods, Services, Shopping

• Receptive Community

Downtowns & Village Centers:

Importance of Access to Goods & Services

Elm Place, Milton

Challenges

• Impact Fees*

• Staging Areas*

• HUD Environmental Review*

• Density* – needed 1.73 acres for 30 1-BR units (3 parcels)

Allard Square, South Burlington City Center POSITIVES

• City plan calls for dense, mixed use, mixed income walkable center

• City Affordable Housing Committee

• Currently vacant land in heart of city = opportunity!

• Density - .66 acres supports 39 units

• City Housing Trust Fund

• Inclusionary Zoning

• TIF District – incentive for new infrastructure

• Priority Housing Project

• Impact Fee Reduction

• Form Based Code – predictability

Allard Square, South Burlington City Center

Challenges

• Form Based Code*

• No residential on first floor

• Glazing requirement & High Performance Energy Standard

• High Land Cost

• Urban Soils (in some urban areas)

• Staging Areas

Strong Community Centers & Resident Health

• Elderly and/or disabled adults are at high risk for social isolation

• Social isolation has negative health ramifications: increase in heart disease, hypertension, diabetes, obesity & depression

• Feeling connected to others & establishing support systems helps the treatment of chronic diseases in seniors

“This place has everything I need!”

Contact Information:

Cindy ReidDirector of DevelopmentCathedral Square412 Farrell StreetSouth Burlington, VT 05403www.cathedralsquare.orgreid@cathedralsquare.org

LEDGEWORKS, INC

Presented by Managing Agent - Tim Sidore

75 BANK STREET

75 BANK STREET

• Commercial Fitness Gym (KDR Fitness)

• Community Center (SPARK!)

• Private Music Lesson Room

• 43 Modern Studio Apartments

SCHOOL STREET SCHOOL

SCHOOL STREET SCHOOL

• Montessori School

• Private Professional Office Space

• 3 Modern Apartments

THE FREIGHT HOUSE

THE FREIGHT HOUSE

• Elixir Restaurant

• Engine Room Co-Working Space

• Silver Cougar Lounge

• Residential Studio Loft Apartments

• Private Office Space

230 SOUTH MAIN STREET

230 SOUTH MAIN STREET

• River Roost Brewery

• HP Roofing

• White River Grow Pro

• 6 Modern Apartments

241 SOUTH MAIN STREET

241 SOUTH MAIN STREET

• 6 Luxury Loft Apartments

• 30 Studio Apartments