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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 [email protected]
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