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Rutland Housing Study Meeting Two Presentation
Rutland Housing Study Meeting Two Presentation
Rutland Housing Study Meeting Two Presentation
Rutland Housing Study Meeting Two Presentation
Rutland Housing Study Meeting Two Presentation
Rutland Housing Study Meeting Two Presentation
Rutland Housing Study Meeting Two Presentation
Rutland Housing Study Meeting Two Presentation
Rutland Housing Study Meeting Two Presentation
Rutland Housing Study Meeting Two Presentation
Rutland Housing Study Meeting Two Presentation
Rutland Housing Study Meeting Two Presentation
Rutland Housing Study Meeting Two Presentation
Rutland Housing Study Meeting Two Presentation
Rutland Housing Study Meeting Two Presentation
Rutland Housing Study Meeting Two Presentation
Rutland Housing Study Meeting Two Presentation
Rutland Housing Study Meeting Two Presentation
Rutland Housing Study Meeting Two Presentation
Rutland Housing Study Meeting Two Presentation
Rutland Housing Study Meeting Two Presentation
Rutland Housing Study Meeting Two Presentation
Rutland Housing Study Meeting Two Presentation
Rutland Housing Study Meeting Two Presentation
Rutland Housing Study Meeting Two Presentation
Rutland Housing Study Meeting Two Presentation
Rutland Housing Study Meeting Two Presentation
Rutland Housing Study Meeting Two Presentation
Rutland Housing Study Meeting Two Presentation
Rutland Housing Study Meeting Two Presentation
Rutland Housing Study Meeting Two Presentation
Rutland Housing Study Meeting Two Presentation
Rutland Housing Study Meeting Two Presentation
Rutland Housing Study Meeting Two Presentation
Rutland Housing Study Meeting Two Presentation
Rutland Housing Study Meeting Two Presentation
Rutland Housing Study Meeting Two Presentation
Rutland Housing Study Meeting Two Presentation
Rutland Housing Study Meeting Two Presentation
Rutland Housing Study Meeting Two Presentation
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Rutland Housing Study Meeting Two Presentation

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  • Official proclamation may not be helpful – do it if you need it for funding purposes. Keep it low key.
  • Public action for private market reactionIMAGE: of who’s moving in and moving out
  • Employer-based marketing – Syracuse University
  • Transcript

    • 1. RUTLAND HOUSINGMARKET STUDY AND Final project presentationNEEDS ASSESSMENT
    • 2. AGENDA 6:00 Welcome and overview of the study 6:15 Presentation  Recap of findings  Discussion of recommendations 7:00 Questions and comments
    • 3. PROJECT TASKS FOR THE HOUSING STUDY Met with City staff and toured Rutland neighborhoods Interviewed local housing market stakeholders (Realtors®, affordable housing providers, landlords) Compiled, analyzed and mapped data about the Rutland housing market Meeting One: public feedback and input Developed strategic recommendations
    • 4. KEY TOPIC AREAS FOR TODAY Revitalizing neighborhoods (and addressing vacant/blighted properties) Promoting homeownership Af fordable housing needs
    • 5. REVITALIZINGNEIGHBORHOODS
    • 6. REVITALIZATION IN RUTLAND: KEY FINDINGS The City of Rutland is losing population not just because of a regional economic decline, but also because it is not competing well against other towns when households decide where to live Poverty and unemployment is concentrated in particular neighborhoods in Rutland The housing ―product‖ being of fered in parts of Rutland – especially older, small -multiunit stock – is not desired by the marketplace Key areas of concern are located west of Route 7 and close to downtown Locally Undesirable Land Uses (LULUs) may be contributing to some issues with vacant buildings
    • 7. COMPETITION FOR HOUSEHOLDS The region is not competing strongly for households Population County locations are 70,000 63,400 62,142 61,642 58,347 60,000 outcompeting city locations for 50,000 household choices about where 40,000 Rutland City to live 30,000 18,436 18,230 Rutland County 17,292 16,495 20,000 From 2000 to 2010, Rutland 10,000 City households declined by 0 1%; Rutland County increased 1980 1990 2000 2010 Year by 1%. Source: Vermont Housing Data (www.housingdata.org); US Census Areas west of Route 7 have Households 2000 2010 % change declined the fastest Tract 9630 1,955 1,970 1% Tract 9631 1,713 1,644 -4% Tract 9632 1,400 1,356 -3% Tract 9633 2,384 2,434 2% Source: US Census Bureau
    • 8. CONCENTRATIONS OF POVERT Y Area Percent below poverty in 2010 Tract 9630 13% Tract 9631 25% Tract 9632 19% Tract 9633 11% Rutland City 16% Rutland County 12% Vermont 11% Area Unemployment rate, 2010 Rutland City 8.8% Rutland County 7.3% Vermont 6.2% Source: American Community Survey 2010 5-year estimates
    • 9. A HOUSING PRODUCT IN NEED OF IMPROVEMENT Median sale price of 2 -4 unit properties during 2010 -2012 was $75,000 (40% less than single-family) Current value does not support home improvements or financing
    • 10. ―LULUS‖ AND VACANT BUILDINGS Vacant Structures N Churc and Undesirable h St E x e te Land Use Fiel d Av e r Rd n ci a L Phillip s St Patri US Hwy 7 Lav erne Dr Rd o od Wendy Ln Jan Ave She rw St Churc h S olin 30 vacant structures out of 152 vacant Northea st M ar Grov e S t Lincoln A Ve rn on St structures are adjacent to land uses Adams S tus Ave that are not desirable for residential property. t St Eme ri Dr Ve rn on Alt ve t Rd Dr ru i Gleas on Rd Hillc re s do w Mea Pl City Dump Rd t Orchard Dr Tu ttle S t Ex d N orth Vacant Structures Pearl St y Wa llie Hills ide Th ra Ca St 200 Foot Buffer - Undesirable Land Uses* N Mai n S ll rs on Ash St Av e Jeffe NE S ch oo Belle vue Av Rd North S t City Parcels Holly St Ct Melro se Ave H igh St Pa r k Sain t Walnut St Clark St Wood Ave no data/unsure l Rd t Jo Av e e Oa k St Ave C linton Ge no Ave Fairvi ew Ave t hn le S ve Davis Tem p kA Land Use Map Prev ille Ave Kin gs ley St t St Sea bury St s to c Healy Ln Crescen d St oo Nels D ee r S t Roberts Av e Park Av e W Hil l Pond Rd 1-Family Newpo rt D Ct on P Kings ley Ives Av Irv ing Hts K endall Ave Av e Sha ro n Dr Stratton Rd ve gt on 2-Family l Library A A ve H ar ri n Lib ra ry A ve Burnh am Rach el Dr e Ev ergreen Ave r C lev eland Baxter S Victor Pl Gran dview Te r Aik en Pl 3-Family She pard Ln Maple St Watk ins Ave Sum mer S Elm St St St William s ve Haze l St r to n ard A Pie rpo e Dr Robbins St Edg H ow e ri ne C a th Wate r St 4-Family Nichols C ottage St Em m e t Norton Pl Nic ole Pl Av e St B lv d int Av l g e tt i Cra mton Ave Terril ve Gi or erly A M erchan t Pine S t t t A ve Eas t Upland D r Apartments (5+ Units) St E as t S Court S q e Pl sfi eld B u tt e r State St Robinwoo d Ln West St M an Lafayett e S Mobile Home Hilltop Ter ts R o w Foster P l Alt a Ter t er St ve Wi llow S t E Cen t fly Av e nA Cente r St ton S t S Ma in S b ia Commercial Wales St in g lu m Bu s P l E Was h Woodland Dr Co wy 4 Trav ers e n St t US H She dd Pl to Was hing Elmwood Dr Exempt Morse P d School S t t en R Ho Beld Av e we Smith St re m Son ia Dr En g Industrial St St n Av e Central Ave l so lin Madi so n St Jack nk Gi lrain Av e Ri pl e Fr a MISC Land B r o w n St So u yR Royce St y Ln Av eCl Pe r r St Ave A P os em d Av e ro thern en Agricultural ng C t St tR Riv er St sA Spru B d ve B lv d n Av e Mead ow S t a Sou th St r St Free m Utilities ce S e C lov Common St ve Fo rest S t Gr a n Sc ale A t St 1st Rooming Houses ger r Dorr D St Ca Porte mp Dr be ge n St ll R Rid Pla i d ne St S to n r Pl Alle ve St M us s o nA Pa r k Gib Perkins Rd se y Ot ll e Wa St te r e Sto n Av e o o d Av Chapl in Hayw Cr ± ee Av e k Curtis e Dana Av Billings Dr * Undesirable Land Uses include ve Marble A Horton St C has e A Route 7 and West Street corridors, industrial uses, prisons, rooming houses, and flood-prone areas. ve 0 0.2 0.4 0.8 Miles
    • 11. PROMOTINGHOMEOWNERSHIP Area Homeownership Rate, 2010 Tract 9630 72% Tract 9631 29% Tract 9632 57% Tract 9633 49% Rutland City 52% Rutland County 70% Vermont 71% Source: American Community Survey 2010 5-year estimates
    • 12. PROMOTING HOMEOWNERSHIP: KEY THEMES Now is the time to buy (especially in Rutland)! A large pool of renter households exist that could qualify to buy a home Housing stock exists that could be converted from investor ownership to owner-occupancy Mortgage market issues are the major barrier
    • 13. NOW IS THE TIME TO BUY Median home price in Median Sales Price Rutland of about Residential Properties 6 acres or less $112,000 (28 percent $180,000 decline from 2006) $160,000 Affordable to $140,000 households earning ~ $120,000 $100,000 $34,250 (56% of $80,000 Rutland City Rutland County HAMFI) $60,000 Estimated 829 renters $40,000 in Rutland County have $20,000 income between $- 2000 2002 2004 2006 2008 2010 2012 $22,000 and $55,000 (through 4/30/2012) and savings and debt Source: VT Property Transfer Tax data characteristics to buy Another 600 renters in higher income tiers
    • 14. CONVERTING STOCK TO HOMEOWNERSHIP Investor Owned N Churc Single and Two h St E x e te Family Homes Fiel d Av e r Rd n ci a L Phillip s St Patri US Hwy 7 Lav erne Dr dR d rwo o Wendy Ln Jan Ave She St Churc h S olin Northea st M ar Grov e S t Lincoln A Ve rn on St Adams S tus Ave Census Tracts t St Eme ri Dr Ve rn on Alt ve t Rd Dr ru i Gleas on Rd Hillc re s do w Mea Pl City Parcels City Dump Rd t Orchard Dr Tu ttle St Ex d N orth Pearl St y Wa Other Parcels llie Hills ide Th ra Ca St Investor Owned N Mai n S ll rs on Ash St Av e Jeffe NE S ch oo Belle vue Av 963200 Rd North S t Holly St Ct Melro se Ave H igh St Pa r k Investor Owner 1-Family t Walnut St Clark St Wood Ave l Rd Av e e Oa k St Ave C linton Ge no Ave Investor Owned 2-Family Fairvi ew Ave St 963000 Davis m ple Prev ille Ave Te e St Kin gs ley Av Healy Ln Crescen t St Sea bury ck s to St Nels D ee r S t Ave d e Roberts oo Hil l Pond Rd Park Av Newpo rt D Ct W on P Kings ley Ives Av Irv ing Hts 963100 Ken dall A ve A ve Sha ro n Dr Stratton Rd gt on l A ve H arri n Lib ra ry A ve Burnh am Rach el Dr e Ev ergreen Ave r C lev eland Baxter S Victor Pl Gran dview Te r Aik en Pl She pard Ln Maple St Watk ins Ave Sum mer S Elm St St St William s Ave Haze l St on Pie rpo g e rt oward Dr Robbins St Ed H e ri ne C a th Wate r St Nichols C ottage St Em m e t Norton Pl Nic ole Pl 480 single- Av e lv d l St e tt i B int Av Cra mton Ave Terril ve Gi or g erly A M erchan t Pine S t t t A ve E as t Upland D r St E as t S Court S q e Pl sfi eld B u tt e r State St Robinwoo d Ln West St M an Lafayett e S family homes Hilltop Ter ts R o w Foster P l Alt a Ter t er St e Wi llow S t E Cen t fly Av e Av St n Cente r ton S t S Ma in S b ia Wales St Bu s s hin g lu m P l E Wa Woodland Dr Co wy 4 Trav ers e n St US H t She dd Pl to Was hing and 334 two- Elmwood Dr Morse P Rd School S t t Ho Be l d en Av e we Smith St re m Son ia Dr En g St St n Av e Central Ave l so Jack family homes lin St nk Madi so n Ri a Gi lrain Av e pl e Fr B r o w n St So u yR Royce St y Ln Av eCl Pe r r St Ave A P os em d Av e ro thern en ng C t St tR in Rutland are Riv er St sA Spru B d ve n Av e B lv d Mead ow S t a Sou th St er S t Free m ce S C lov Common St ve Fo rest S t Gr a n Sc ale A t St 1st not owner- ger r Dorr D St Ca Porte mp Dr be ll R Rid ge n St 963300 occupied d ne P la i St S to n r Pl Alle ve St M us A s on Pa r k Gib Perkins Rd se y Ot Wall St e te r Sto n ve Av e oo d A Chapl in Hayw Cr ± ee Av e k Curtis e Dana Av Billings Dr ve Marble A Horton St C has e A ve
    • 15. MORTGAGE MARKET ISSUESRutland County: 2006 2010Home purchase loan 19% 17%denial rateHome improvement loan 30% 29%denial rateRefinance denial rate 29% 23%Purchase originations 844 246Home improvement 286 101originationsRefinance originations 1,011 69090+ day mortgage 0.8% 6.7%delinquency90+ day credit card 9.2% 16.3%delinquency Source: 2010 HMDA data; New York Federal Reserve credit conditions data
    • 16. Hickory Street apartments, Rutland Housing AuthorityAFFORDABLE HOUSING
    • 17. HOUSING AFFORDABILIT Y IN RUTLAND: KEY FINDINGS Real household incomes have declined while rents have risen Housing cost burdens are much more common now than they were 10 years ago Cost burdens are as much a product of incomes as of house prices or rents Af fordable rental stock is concentrated in the City of Rutland out of proportion to its share of households and jobs in the region
    • 18. RENTAL STOCK PRICING VS. RENTER INCOMES Rental Units Rental Income Considered• Unavailability of Households Affordable* affordable rental stock in Rutland is Less than $5,000 155 16 most pressing for $5,000 to $9,999 326 153 very low-income $10,000 to $14,999 473 209 renters $15,000 to $19,999 373 185 $20,000 to $24,999 384 452 $25,000 to $34,999 603 1,138 $35,000 to $49,999 603 1,202 $50,000 to $74,999 522 21 $75,000 to $99,999 125 29 $100,000 to $149,999 12 0 $150,000 or more 11 0 Source: American Community Survey 2010 5-year estimates
    • 19. HOUSING COST BURDENSRutland City: 2000 2010 % changeMedian gross rent (2010 dollars) $634 $723 14%Median income (2010 dollars) $39,317 $38,108 -3%Percent of renters earning under $35,000 58% 69% 11 pointswho are cost burdenedPercent of renters earning over $35,000 3% 7% 4 points/who are cost burdenedPercent of homeowners earning under 54% 70% 16 points$35,000 who are cost burdenedPercent of homeowners earning over 6% 24% 18 points$35,000 /who are cost burdened Source: 2000 Census; American Community Survey 2010 5-year estimates
    • 20. CONCENTRATION OF SUBSIDIZED RENTAL HOUSING Jobs (as of May Households Subsidized 2012) (2010) Housing Units (2012) Rutland City 8,000 7,404 801 Rutland County 31,550 25,984 1,309 % of City within 25% 28% 61% the County Source: DoRAH; Vermont Department of Labor; 2010 Census
    • 21. RECOMMENDATIONS
    • 22. REVITALIZATION RECOMMENDATIONS: SUMMARY1. Implement revitalization initiatives in the neighborhoods surrounding downtown2. Use a ―Healthy Neighborhoods‖ approach3. Focus on a small area, building from strength rather than weakness4. Neighborhood marketing5. Connect neighbors to drive revitalization work
    • 23. REVITALIZATION RECOMMENDATIONS: SUMMARY6. Incentivize and facilitate private market investment7. Set outcomes by property, including targeted acquisition/rehab/resale8. Invest in downtown and in key assets and amenities near the target area9. Support community development nonprofits to develop a work focus on neighborhood revitalization10. Support ―big picture‖ planning ef forts to change the regional context
    • 24. ―HEALTHY NEIGHBORHOODS‖ ORIENTATION A healthy neighborhood is:  A place where it makes economic and emotional sense for people to invest their time, money and energy  A place where neighbors successfully manage neighborhood -related issues and neighborhood change Outcome areas:  Image  Market  Physical conditions  Neighborhood self-management A healthy neighborhoods approach is oriented around increasing demand for the neighborhood. This is not the same type of activity as increasing housing supply, providing social services, or other activities that local governments and nonprofits are used to doing.
    • 25. TIGHT GEOGRAPHIC FOCUS, SELECTED BASED ON STRENGTHS A revitalization initiative will work best in a defined area (as small as 10-15 blocks) Core of the work happens house by house, block by block Need to pick this area based on strengths:  Strong resident engagement  Marketable assets (e.g. parks, schools, housing stock, location)  Emerging market segments or at least potential market segments of desirable homebuyers that could be attracted to the neighborhood
    • 26. NEIGHBORHOOD MARKETING EXAMPLES Name the neighborhood Neighborhood ambassadors Realtors® on retainer Neighborhood tours Employer-based marketing
    • 27. NEIGHBORHOOD MARKETING EXAMPLESBeauty, History, Civic SpiritThe Corn Hill NeighborhoodCorn Hill, a historic treasure on the banks ofthe Genesee River next to Center City, offersthe best of the old and new. It is a revitalizedlandmark community full of restored 19thcentury homes in a variety of modest andelaborate styles—that are blended well with20th century townhouses andcondominiums. In most cities, these kinds ofneighborhoods are only accessible by thewealthy. Here in Rochester, people from allwalks of life make Corn Hill their home….
    • 28. CONNECTING NEIGHBORS: EXAMPLES Ice cream socials, dog walks, potlucks Beautification projects Purchasing cooperatives Neighborhood mini-grants One-on-one interviews, ―neighbor circles‖
    • 29. INCENTIVES FOR PRIVATE INVESTMENT Housing rehab loan fund, purchase / rehab loan packages Tax stabilization or abatement for owner -occupants purchasing in the target neighborhood Study regulatory reforms for landlords ―Buy -hold‖ fund to intervene in key properties and make sure they go to a good buyer
    • 30. SET OUTCOMES BY PROPERT Y Examples:  Market an exterior repair loan  Give help to this owner to bring building up to code and improve their rental management practices  Get this homeowner better connected to their neighbors  Get a strong homebuyer into this property that is for sale – help the seller to market it, hold a ―pick your neighbor‖ party  Acquire, convert this property from a 3-family back into a 1-family and sell it to a strong buyer  Properties are next to an acquisition-rehab project – help neighbors organize a beautification effort
    • 31. AFFORDABLE RENTAL DEVELOPMENT? Goal of revitalization needs to be to increase demand, not increase the supply of af fordable units Generally, priority should go towards encouraging more people to buy homes in the neighborhood, including converting small multifamily properties to more appropriate designs for owner - occupancy whenever practicable Want to encourage private sector investment, including investment by responsible landlords That said: af fordable rental development financing tools provide a unique resource to address existing, problem multifamily properties and rehabilitate them to a very high standard.
    • 32. INVEST IN DOWNTOWN, KEY AMENITIES Downtown location for high -end rental development, cultural attractions Farmer’s market, other quality -of-life investments Waterways (East Creek, Otter Creek) / greenways / green space
    • 33. POTENTIAL ROLES FOR COMMUNIT Y DEVELOPMENT NONPROFITS Community building and organizing Neighborhood marketing Loan programs Targeted redevelopment Property management assistance for small landlords
    • 34. ―BIG PICTURE‖ PLANNING EFFORTS Regional planning around:  Economic and workforce development  Land use planning  Arts and culture  Environmental preservation  Food systems  Recreation  Education  Public health  Regional collaborations between local governments
    • 35. COST IMPLICATIONS
    • 36. TRIAGE APPROACH FOR VACANT / BLIGHTED HOUSING
    • 37. Distressed Property Intervention Decision Tree Located Rehab Historic In target no Market- no no Moderate appraisalin strong no or arch. no LULU no revitaliza- able with rehab gap <neighbor- signifi- impacts? tion incen- cost? demo hood? cance? area? tives? cost?yes yes yes yes yes yes yes yes noLet the Rehab Incen- Incen- Acquisi- Demomarket Historic Feasible appraisal tives for tives for tion / and land create rehab to gap < purchase purchase rehab / bank the project mitigate? demo + -rehab -rehab resalesolution infill cost? no yes no Acquisition- Demolish Demolish rehab-resale and and project; or create create rental project if green buffer part of a cluster space or of multi-unit build infill properties
    • 38. TACKLING REGIONALAFFORDABLE HOUSING CHALLENGES
    • 39. KEY ACTION IMPLICATIONS OF STUDY FINDINGS FOR AFFORDABLE HOUSING Future af fordable housing creation needs to focus on households at income levels under $20,000 Future af fordable housing creation needs to improve fair housing choice for these low -income populations – more should not be created in existing high -poverty Census Tracts in Rutland Given overall economic and population trends, af fordable housing creation should avoid adding significant net new units to the stock, when possible Initiatives to boost employment and earnings are critically important for working -age households facing af fordability challenges

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