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HomeMy WebLinkAbout05/02/2014 - Planning And Zoning Board - Agenda - Work Session (2)Planning & Zoning Board Work Session Agenda Friday, May 2, 2014 281 N. College Ave – Conference Room A Web users: Documents for the Consent and Discussion items shown below can be found online under the May 8, 2014, Hearing agenda. 12:00 – 2:00pm Consent: 1.) P&Z Hearing Minutes – April 10, 2014 2.) East Ridge, Final Plan Extension of Vested Rights #33-98 (Wray) 3.) Harmony and I-25 Rezone – REZ140001 (Mapes) Discussion: 4.) 2014 Annual Revisions, Clarifications and Additions to the Land Use Code (Shepard) 5.) Lincoln Corridor Plan (Wray/Lewin) 6.) Mason Street Sustainable Development (Mapes) 2:00 – 5:00pm Board Topics: • TOD Parking Study Discussion with Parking Advisory Board (Lorson) Policy and Legislation: • Housing Affordability Policy Study (Beck-Ferkiss) 1 4.25.14 Sue Beck-Ferkiss, Social Sustainability 2 ©Copyright 2014 City of Fort Collins. All Rights Reserved. 3 2 ©Copyright 2014 City of Fort Collins. All Rights Reserved. 3 Why? • Citizen survey, Idea Lab, focus groups • Social Sustainability Gap Analysis • Foothills Mall Agreement • Affordable Housing vs. Housing Affordability 0-50% AMI Very Low Income 50-80% AMI Service Workforce 80-100% AMI Community Workforce 4 ©Copyright 2014 City of Fort Collins. All Rights Reserved. 4 Interdepartmental City Team Economic & Policy Systems, lead consultants Stakeholder Workshops Two Public Open Houses Scheduled (May) Board Involvement • Affordable Housing Board (Advisory) • Senior Advisory Board • Planning and Zoning Work Session • Council Finance Committee • Economic Advisory Commission City Council Work Session The Process 5 ©Copyright 2014 City of Fort Collins. All Rights Reserved. 5 • Local & National Issue • Poster Campaign Began in 2001 • 2001 Nexus Study • Housing Costs Outpaced Income Increases Since 1960s. Historical Perspective 6 ©Copyright 2014 City of Fort Collins. All Rights Reserved. 7 6 ©Copyright 2014 City of Fort Collins. All Rights Reserved. 7 #1 - Best Practices Identified affordable housing tools, funding sources, comparable cities #2 - What is the Need? Defined, reviewed data & questions, identified and discuss trends #3 - Recommendations Discuss policy & direction fcgov.com/socialsustainability Stakeholder Workshops 8 ©Copyright 2014 City of Fort Collins. All Rights Reserved. 8 fcgov.com/socialsustainability Regulatory Programs & Funding Options 9 ©Copyright 2014 City of Fort Collins. All Rights Reserved. 9 - Ownership Housing & Commuting Patterns - Rental & Student Housing - Housing Cost Components - Distressed Populations Four Major Topic Areas 10 ©Copyright 2014 City of Fort Collins. All Rights Reserved. 10 Average Housing Costs • 2.8% annual--42% increase since 2000 • 2nd highest among surrounding communities Affordability Comparisons, 2000-2012 • Fort Collins less affordable to median income earners* • Greeley, Johnstown, Loveland, Timnath & Wellington more affordable in 2000 • However, Timnath became less affordable by 2012 *Source: MLS, Census Ownership Housing 11 ©Copyright 2014 City of Fort Collins. All Rights Reserved. 11 2003-2011 Price or Preference • Nearly 60% of new jobs are in-commuters* • In-commuting up 32% over 2003 • Out-commuting flat *Source: LEHD Commuting 12 ©Copyright 2014 City of Fort Collins. All Rights Reserved. 12 Market Conditions Rents increasing 3.2%/yr. since 2000* Vacancy rates low, tight market CSU growing at 300 students/yr. since 2000 *Sources: CDOH & CSU Rental & Student Housing 13 ©Copyright 2014 City of Fort Collins. All Rights Reserved. 13 Multi-Family Development 4,827 off-campus units in pipeline • 1,843 units (5,158 beds) student-oriented • 2,984 units other On-campus will increase 1,950 beds over 4yrs. Gaps in the Market? Most significant for households under $25k/yr. Students are a large part of this, but who else? *Source: CDOH Rental & Student Housing 14 ©Copyright 2014 City of Fort Collins. All Rights Reserved. 14 Trends • Land values increased 4.6%/yr. since 2000 • Hard costs increased 3.1%/yr. • City/County fees and taxes up 2.8%/yr. Analysis of community-wide affordability - Includes new and existing home sales *Sources: MLS, Assessor. BLS, Res. Const. PPI, City data Housing Cost Components 15 ©Copyright 2014 City of Fort Collins. All Rights Reserved. 15 Sources: City of Fort Collins, Larimer County Assessor, Elevations Real Estate, Economic & Planning Systems $0 $50,000 $100,000 $150,000 $200,000 $250,000 $300,000 $350,000 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 Average Housing Costs by Component City Fees & Taxes Other Soft Costs + Profit Hard Costs Land Source: City of Fort Collins; Larimer County Assessor; Elevations Real Estate; Economic & Planning Systems 25% 55% 11% 9% As % of Total Escalation in Costs: City Fees & Taxes = 9% ▲ ($7,500) Other Soft Costs + Profit = -6% ▼ ($4,800) Hard Costs = 60% ▲ ($50,200) Land = 37% ▲ ($30,620) 20% 53% 18% 9% 2000-2013: Average Sales Price = 42% ▲ ($83,500) Profit margins squeezed? Housing Cost Components 16 ©Copyright 2014 City of Fort Collins. All Rights Reserved. 16 Escalation in Costs City Fees & Taxes = 9% ▲ ($7,500) Other Soft Costs & Profit = -6% ▼ ($4,800) Hard Costs = 60% ▲ ($50,200) Land = 37% ▲ ($30,620) 2000-2013: Average Sales Price = 42% ▲ ($83,500) 17 ©Copyright 2014 City of Fort Collins. All Rights Reserved. 17 Who are they? Cost-burdened Households Disabilities, Seniors, In-poverty, Homeless First-time Homebuyers Mobile Home Park Residents Houses going for more than asking/appraisal Distressed Populations 18 ©Copyright 2014 City of Fort Collins. All Rights Reserved. 18 What is needed? FCHA has Growing Wait List (85% with household incomes under $19k/yr.) ADA Accessible Units Senior Housing Supportive Services Homelessness Prevention Assistance Distressed Populations 19 ©Copyright 2014 City of Fort Collins. All Rights Reserved. 19 Current City Policy - Fee structures same for large and small units - Fee structure same for AH development -“You plus 2” drives investor purchases -“Code creep” Stakeholder Feedback 20 ©Copyright 2014 City of Fort Collins. All Rights Reserved. 20 • Manufactured Housing Must be Considered • More Subsidies Needed for Housing for Low Wage Earners • More Homebuyer Assistance Needed • Better Incentives Needed to Produce Affordable Housing Stakeholder Feedback 21 ©Copyright 2014 City of Fort Collins. All Rights Reserved. 21 Remember why we Need affordable housing 22 ©Copyright 2014 City of Fort Collins. All Rights Reserved. 22 For more information: Sue Beck-Ferkiss, Social Sustainability Specialist 970-221-6753 l sbeckferkiss@fcgov.com fcgov.com/socialsustainability 23