Affordable Housing Strategic Plan June 9, 2015 · 1999 AHSP. 2004 AHSP. 2009 AHSP. 2015 AHSP....
Transcript of Affordable Housing Strategic Plan June 9, 2015 · 1999 AHSP. 2004 AHSP. 2009 AHSP. 2015 AHSP....
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Affordable Housing Strategic Plan
June 9, 2015
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Questions for Council Consideration
1. Does Council generally agree with the stated goals and policies outlined in the draft plan?
2. Would Council like the strategies to be prioritized?
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City’s Role in Affordable Housing
• Policy direction • Funder • Facilitator • Regulator • NOT a builder
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Where we are today
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3.33%
4.41%
4.85% 5.17%
0.00%
1.00%
2.00%
3.00%
4.00%
5.00%
6.00%
1999 AHSP 2004 AHSP 2009 AHSP 2015 AHSP
Percentage of overall housing units that are publicly assisted, affordable housing
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Affordable Housing Locations
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Current Challenges
• Many cost-burdened renters • Rising rents, historic low vacancies • Home ownership gaps
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Current Challenges
• Housing more expensive to build
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Affordable Housing Definitions
Housing Affordability vs. Affordable Housing Fort Collins definition:
–Dwelling unit affordable for 80% > AMI •Renters: cost 30% > gross income •Homeowners: cost 38%> gross income
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Fort Collins AMI Limits
Percent of AMI AMI HUD Classification Maximum Affordable
Monthly Rent 100% $79,300 Moderate Income $1,983
80% $62,250 Low Income $1,556
60% $47,580 Low Income $1,190
50% $38,900 Very Low Income $973
30% $24,250 Extremely Low Income
$606
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Who Does Affordable Housing Serve?
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Relationship of Income to Need for Subsidy
0 30% 60% 80% 100% 120%
HIGH
LOW
SUBSIDY NEEDED TO BE AFFORDABLE
PERCENT OF AREA MEDIAN INCOME
LEV
EL
OF
SU
BS
IDY
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Units available and affordable to 100 HH earning 30% AMI
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Land Bank Program
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Proposed 5 Strategic Goals
1. Increase the inventory of rental housing 2. Preserve affordability of existing housing 3. Increase housing for special needs populations 4. Support affordable homeownership 5. Refine incentives and expand funding sources
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Goal: Increase Inventory of Affordable Rental Units
• Many cost-burdened, low income renters
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Goal: Increase Inventory of Affordable Rental Units
• Growing gap 31-80% AMI
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0-30% AMI 31-50% AMI 51-80% AMI Total Housing cost burden greater than 30% of income
6,269 4,354 2,590 13,213
Housing cost burden greater than 50% of income
5,825 2,009 440 8,274
Number of Cost-Burdened and Severely Cost-Burdened Rental Households
Source: CHAS 2007-2011
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Goal: Preserve Existing Affordable Housing Units
• Aging Inventory • Preserve physical condition of existing stock
- Improve livability and sustainability of stock
Year Unit Built Owner-Occupied Renter-Occupied Number % Number %
2000 or later 7,575 24% 3,624 15% 1980-1999 13,339 42% 8,479 35% 1950-1979 9,024 28% 10,156 41% Before 1950 1,937 6% 2,295 9% Total 31,875 100% 24,554 100%
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Goal: Increase Housing and Services for People With Special Needs
• Growing special needs populations
Special Need Category Number
Individuals with hearing difficulty 3,315
Individuals with vision difficulty 1,617
Individuals with cognitive difficulty 3,765
Individuals with an ambulatory difficulty 4,391
Individuals with a self-care difficulty 1,667
Individuals with an independent living difficulty 3,190
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Goal: Increase Housing and Services for People With Special Needs
• Growing senior population
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Goal: Home Ownership Support
• Price escalation continues
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Goal: Development Incentives & Alternative Funding Sources
Profits squeezed
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Other Colorado Communities
Communities • Boulder • Denver • Aspen • Vail • Snowmass • Telluride
Policies • Inclusionary Housing
Ordinance • Commercial Linkage Fee • Property Tax • Excise Tax • Head Tax
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Policies Not Recommended
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Policy Reason
Inclusionary Housing Ordinance Deed restricted homes would be at same price point as unrestricted homes
Commercial Linkage Fee
Commercial linkage fees add costs and makes Fort Collins less competitive with surrounding municipalities
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Recommended Policies
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Policy Expected Outcome
Activate Land Bank 500-600 additional affordable units Improve financial and non-financial incentives
Incentivizing the types of units that are missing in our inventory
Preserve affordable units in exchange for affordability commitment Maintain supply of affordable units
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Policies for Feedback
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Policy Expected Outcome
Progressive fee structure Fees commensurate with impact of development
Phased improvements of existing housing Incremental improvement in condition of housing
Remove barriers to accessory dwelling units (ADUs) Increase supply of affordable units
Construction Defect Litigation remedy Increase supply of townhomes and condominiums
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Next Steps
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• Vision • Data analysis and metrics • Outreach • August 18th Regular Meeting
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Questions for Council Consideration
1. Does Council generally agree with the stated goals and policies outlined in the draft plan?
2. Would Council like the strategies to be prioritized?
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Contact
Sue Beck-Ferkiss Social Sustainability Specialist [email protected] 221.6753
Clay Frickey Associate Planner [email protected] 224.6045
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Land Bank Program
• 5 Properties • 50 acres • Combined Purchase Price: $3,002,235 • Value under Current Ordinance: $2,150,000 • Full Fair Market Value: $6,630,000
Systematic investigation to best leverage
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Construction Defect Reform
• 2015 Legislature Failed to Act – SB 177: Mediation and Notice – SB 91: Reduce Statute of Limitations - 8 to 6 – Likely Addressed in 2016 Legislative Session
• 4 Cities Have Adopted Local Ordinances
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