HomeMy WebLinkAboutCity Council Packet 03-19-2002 Special 2PLYMOUTH HOUSING FORUM
March 19, 2002
6:30 p.m. — 8:30 p.m.
Plymouth Creek Center
AGENDA
6:30 — 6:35 Welcome Introduction (Anne Hurlburt)
6:35 — 6:45 Mayor's Welcome (Mayor Joy Tierney)
6:45 — 7:05 City Presentation (Jim Barnes)
7:10 7:30 Builders Association of the Twin Cities (Rick Packer)
7:30 7:50 Metropolitan Interfaith Council on Affordable Housing (Joy
Sorensen Navarre)
7:50 — 8:00 Break and move to small groups
8:00 — 8:20 Small group discussion
8:20 — 8:30 Small group reports
8:30 — 8:40 Conclusion (Mayor Joy Tierney)
Note: There will be a packet of information available for all participants that staff
is still putting together. The packet will include: Affordable Housing Summary;
Statistical Information; Updates on Comprehensive Plan; 2000 Census Information;
Housing Studies; Related Newspaper Articles; and, Related City Brochures
What is Affordable Housing?
Direct Relationship to Income
30% Standard
Not Just Associated with Low Income
What is Affordable
4 Person Household Paying 30% of Income
Towards Housing can Afford:
Ownership
80% of median income = $180,000 mortgage
Rental
30% of median income = $575
50% of median income= $959
80% of median income = $1,360
Plymouth and. Affordable
Housing
Priority of City Council for years
Created LIRA - 1976
Support Legislative Initiatives
Increases in Funding for Housing
TIF law changes
Increased density in current Comp Plan
Currant Average Rent/
House Payment
Rent for 2 Bedroom 'Unit $1,058
Mortgage Payment for Average Home in
Plymouth (existing)
243,300 = $1,780(PITI)
Average Rent in Plymouth
t995-2001
S1,400'
S1,200
1,000
5800 1995
5600 20111
5400
SZ00
So iiji
1 Bedroom 2 Bedroom - 3 Bedroom
1
Percent Increase in Rents
Plymouth _I 995-2001
I Bedroom= 38.80%
2 Bedroom = 40.30%
3 Bedroom= 33.10%
Comparison of
Average SF Home Price
New & l;ai ting
S350,000
S300,000
5250,000
5200,000
5150,000
1995
2001
100,000
501000
so
Plymouth Maple -- Minnetonka Eden Prairie
Grove
Plymouth'S t-IOusilIg Stock
Type of of Units % Of Total
Housing
Single Family 15,178 57.8%
Apartments 5,766 22.1%
Other Multiple 5,207 19.8%
Housing
100%
Average Price Of SF Home
New & Existing in Plymouth
SzSo,000
azao,o°o'
Szao,o°o
5220,000. 1995
20°12/0,000
Szno,000
S19n,000
S1e°,000
Average Solea Price
Other..:
Total 26,241 100%
Current Housing
Affordable Housing Stock
Change Over "['ime ;
1995 - 10,803 units valued at $1.20,000 or
below
2002 - 6060 units valued at $170,000 or
below
Loss of 4;743 units to appreciated values
2
Housing Needs
continued)
Maxfield Research & GVA Marquette
Advisors Study (2001)
Approximately 9,900 units needed in metro
area
26,800 needed over 5 years to cover projected
job growth
Over 1 billion dollars in gap financing needed
State Sources
Minnesota Housing Finance Agency
MHFA)
Metropolitan Council
Housing Needs
continued)
Plymouth HRA Section 8 Waiting List
438 on current list
Closed for at least the next 3 years
Plymouth HRH's Senior Building (PTS)
74 on current list
Closed for the past 5 years
Federal Sources
Community Development Block Grant
Program (CDBG)
HOME Investment Partnership Program
HOME)
Low income Housing Tax Credits
Section 8 Program
Vouchers
Project Based
3
City Sources
Federal CDBG Funds
HRA Tax Levy
Housing Revenue Bonds
Tax Increment Financing
Tax Abatement
Stogie Creel: `pillage
Example
Metropolitan Housing Investor Equity (Tax Credits)
Opportunity Program (MHOP) Hennepin County AHI Account
Hennepin County HOME funds .:: MHFA
MHA First Mortgage (pending) :.
Plymouth HRA (CDBG), City of Plymouth TIF (pending)
Plymouth HRA (AHA) Met Council(SACJWAC
Met Council LHIA-- Rebate) -
Family Housing Fund Owner Equity
Employer Loan
RentalProjects
Regent at Plymouth
120 unit senior facility
10% affordable to households at 50% of
median income
Stone Creek Village
130 unit mixed income facility
26% affordable to households at 50% of
median income
Other Sources
Philanthropic Foundations
Non -Profit Housing Providers
Businesses
ownership Projects'
The Reserve (Rottlund)
638 for sale units
125 affordable to households at 80% of median
income = 20% of units
Harvest Hills (Town & Country)
166 units
96 priced between $156,000 - $167,000
4
Plymouth HRA Programs
First Time Homebuyer Assistance
100,000 annually
up to $20,000
average loan $12,000
Rehabilitation Loans
100,000 annually
up to $15,000
average loan $11,000
Plymouth Housing (mals
2000-2020
Rental = 35%
Ownership = 21%
Progress 1995-2001
Rental = 35% (377 units)
Ownership = 14% (442 units)
SMALLGROUPQI_ ESTION
What are the two most important
things the City, of Plymouth can do to
promote more affordable housing?
Plvniouth HRA Proa-ams
Continued
v
Affordable Housing Fund
Tax Increment Housing Assistance Program
Plymouth Towne Square
1