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Home My WebLink About10-15-18 City Commission Packet Materials - SP1. Affordable Housing Program Update - SUPPLEMENTAL MATERIALS 10/15/2018 BOZ E MANMT Community Development Strategic Plan 4.5.1b Develop a Comprehensive Affordable Housing Action Plan that includes but is not limited to: 1. l.tgndafes the creation of affordable housing across all dwelling unit types. 2 Provides the prescribed fleribility in the manner in v:hich the mandate can be accomplished. 3. Provides a substantial.brogd-bused ohd reliable source of funding for the construction of affordable housing and for affordable housing loans. 4. Actively encourages Bozeman's major employers to develop workforce housing Programs for their employees. rOZEMAN"' Median Home Sale Price August'16-18 wnav vamp avmi sus s�vm srmuu OZEMAN"' 1 10/15/2018 Rentals Rental Rates o$1022 per month 2 bedroom •Rates continue an upward trend o Vacancy Rates •Continue to sit around 0-1% 'OZEMAN"r Affordability Housing Costs as a Percent of Household Income,2016' 60% 50.1% 50% 41.4% 40% 30.0% 30% 20% lox 0% Bozeman city,MT Montana •Monthly cost>30%of household income ■Gross rent>30%of household income BOZEMAN"r Residential Construction Trends Housing Starts by Type(v of Dwellings) r t _.nr, Single 143 161 247 388 283 266 296 350 152 Household ADU 2 10 11 6 13 14 9 29 7 Townhouse 21 4 38 74 77 24 72 53 25 Duplex 8 8 28 14 40 35 74 112 23 h4u1e(3+) 68 33 111 332 495 443 282 272 42 2 10/15/2018 Affordable Housing • Goals of this evening's presentation o Current Data c Update on the Work,Plan c Highlight Successes and Progress o What's Next?l iOZEMAN" Work Plan BOZEMAN"r Work Plan rT== BOZEMAN" r-= -- 3 10/15/2018 AH Successes • CDBG Grant Award—Housing Needs Assessment • Community Outreach • Affordable Housing Bus Tour • AHO Projects 0 8 Homes-Lake at valley West-Sold&Moved Into •All documentation and requirements set 0 6 Homes-West Winds Subdivision-Moving Towards Final Plot • 1.2 homes paid out in Cash-In-Lieu I'OZEMAN"' Affordable Housing Ordinance t Number of Persons rn Household:, ] 2 3 4 5 $39,798 $45,472 $51,156 $56,840 $61,387 $45,472 $51,968 $58,464 $64,960 $70,157 Q$51,156 $58,464 $65,772 $73,080 $78,926 rr $56,840 $64,960 $73,080 $81,200 $87,696 BOZEMAN"' Affordable Housing Ordinance t Studio 1-2 Bedroom 3+Bedroom(AMl (AM]for 1-person(AMI for 2-person for 4-person household) household) household) $151,346 $173,291 $216,518 r $204,558 $233,936 $292,297 .r BOZFMAN" 4 10/15/2018 Affordable Housing Ordinance 2018 Cash-in-Lieu Rates 1-2 Bedroom 3+Bedroom $229,374-$173,291 $314,407-$216,518 $55,453 $97,889 t_TZ F MAN Affordable Housing Ordinance • Updates o Administrative Manual-Resolution 4918 o Updated Affordable Housing Application Form(AH)-for developers o Sale Documents-Buyer,Lender,Appraisal, BOZEMAN"' Affordable Housing Ordinance • Updates o Outreach Materials-Buyers.Lenders,Builders o Tracking(ail required documentation) o Short-term Revaile-goes to Planning Zoning on Tuesday 1 011 6/20 18 •Changes to incentives,pricing structure and definitions BOZEMAN"r 5 10/15/2018 Affordable Housing Ordinance • Updates o Down Payment Assistance Palo Out(8 Homesl-$80.000 e Impact Fee Reimbursements Paid Out(3 Homesl-$15,245.67 o Impact Fee Reimbursement Requested(5 Homes)—Not known yet OZEMAN"' CAHAB Restructure Passed by Resolution 4948-8/13/2018 Update to Roles R Responsibilities Rebuilding a Quality Working Relationship • Membership change 0)(,to 7 voting members(currently I open spot) o Removal of HP.DC from voting membership to E<Ofrico role ,)ZEMAN"' Community Outreach Gallatin Association of Realtors-Housing Forum o Good discussion around housing and the beginning stages of fermina the Housina Needs Assessment Wars.Group •See the follow up document Community Housing Online/Paper Survey o Almost 1000responses •See the survey results -)ZEMAN"' 6 10/15/2018 e Housing Needs Assessment State of Montana-Community Development Block Grant o Awarded-$25,000 Broken down into 2 ports now o Part 1-Housing Needs Assessment o Port 2-Housing Work Plan Development City Staff will be helping coordinate data collection processes and conducting outreach BOZEMAN"' Housing Needs Assessment Data Collection through primary&secondary sources Housing Work Group to consist of 20 key community partners o Kick-off meeting on October 231d Focus Groups&Key Informant Interviews o November 51^&61^ Report Creation and City Commission Presentation o Early to Mid-February BOZEMAN"' Housing Needs Assessment Housing Work Group • Gallatin Association of Realtors Intrinsik • Lending Prosper.?I • Chamber of Commerce Gallatin Valley Land Trust • Bozeman School District Bozeman Area Community • Bozeman Health Foundation?! • HRDC Gallatin Valley Interfaith Association • MSu City of Bozeman Staff • City Commission Downtown Partnership • CAHAB Gallatin County?! • SWMBIA West Paw?I BOZEMAN"' 7 10/15/2018 What's Next Continuing the Community Housing Needs Assessment Continuing to work with developers around the AHO Housing Work Plan More Program Development with new Manager The Housing Continuum • New 5m&Farm1y&Town Humes • P—I&d by the dezefoper • For Sao U/nits ' r SuMdved FmerFency /AlfordaLle AraislM Senlar H Hng U.neuAlp HousinK renting Seiunal Market Market .nZEMAN"' vrk rate „- rrnrab er,niP Strategic Plan Develop Comprehensive Affordable Housing Action Plan that Includes but is not limited to: 1. Mandofes the creation of affordable housing across all duelling unif types. 2. Provides the prescribed fle•.ibtlily in the manner in which the mandate can be accomplished. 3. Provides o substantial.brood-based and reliable source of funding for the consfructian of affordable housing and for affordable housing loons. A. Actively encourages Baseman's major employers to develop workforce housing programs for their employees. OZEMAN"' 8