community housing goals
DESCRIPTION
Community Housing Goals. Stoughton has recently conducted a detailed community housing report, which set the dual goals of revitalizing the downtown area while increasing home ownership opportunities for residents of all income levels. - PowerPoint PPT PresentationTRANSCRIPT
Community Housing Goals
• Stoughton has recently conducted a detailed community housing report, which set the dual goals of revitalizing the downtown area while increasing home ownership opportunities for residents of all income levels.
• Further, the report recommended exploring opportunities to revise zoning through smart growth, overlay districts and transit oriented development, while preserving the unique character of the community.
Meeting community goals is the MISSION ofMSC DEVELOPMENT LLC
Stoughton Downtown Overlay District
The View “Before”The View “Before”
“Before” ConditionsRose Street, Stoughton
“Before” ConditionsRose Street, Stoughton
“Before” ConditionsStoughton Town Hall from Rose Street
Stoughton Downtown Overlay District
The View “After”The View “After”
Front View, Rose Street
Side View, Porter Street
Front Elevation, Rose Street
Interior Photos, Rose Street
Interior Photos, Rose Street
Mixed Use Overlay District- Stated Goals -
MSC DEVELOPMENT LLC
• Downtown Redevelopment
• Higher & Better Use of Blighted Parcels
• Targeted Demographics
• A Vibrant, Mixed Use District
• Affordable Housing Component
Affordable Component- Regional Comparison -
Canton: 10% Milton: 10%
Westwood: 12% Walpole: 10%
Needham: 10% Hingham: 10%
Holbrook: 10% Quincy: 10%
Stoughton: 20%-25%???
MSC DEVELOPMENT LLC
PROJECT ECONOMICS- 4 Story Limit -
4 Units x 20% Affordability = 0 Units
Milton: 10%
Westwood: 12% Walpole: 10%
Needham: 10% Hingham: 10%
Holbrook: 10% Quincy: 10%
Stoughton: 20%-25%???
MSC DEVELOPMENT LLC
AdditionalPARKING
AREAon
RoseStreet
ECONOMIC REALITY- Developer Loss Per Unit -
Market Rate Sales Price: $320,000 - $340,000 per unit
Affordable Rate Pricing: $140,000 per unit
1 Affordable Unit: Developer Lost Revenue: $180,000 - $200,000
2 Affordable Units: Developer Lost Revenue: $360,000 - $400,000
3 Affordable Units: Developer Lost Revenue: $540,000 - $600,000*
4 Affordable Units: Developer Lost Revenue: $720,000 - $800,000*
* Project is NOT Economically Feasible
MSC DEVELOPMENT LLC
