Jobs/housing balance Affordable housing Jobs/housing balance - - PowerPoint PPT Presentation

• Fiscal sustainability
• Affordable housing
• Jobs/housing balance

Affordable housing Jobs/housing balance

Financial feasibility

• Short-term measure
• Can we afford the

infrastructure to accommodate growth

Fiscal sustainability

• Long-term measure
• Does development generate

enough revenue to provide and maintain facilities and services

• Budget is balanced

Revenues Expenditures

• Are we deferring maintenance?

Narcoossee East (developing comm.) Central (mixed use) West (mature comm.)

Fiscal Impact Analysis

West (mature community) East (developing community) Central (future development)

East (developing community) Central (mixed use area) West (mature community)

$37,600 $48,600 $77,100 $33,600 $21,200 $22,700 $43,700 $33,100 $16,400 $25,900 $33,400 $500

10,000 20,000 30,000 40,000 50,000 60,000 70,000 80,000 90,000

East Central 25-year Central buildout West

Revenue per acre Expenditure per acre Net fiscal impact per acre

Cumulative Results per Acre, Osceola County Fiscal Impact Analysis

Without connection With connection

Taxable Value 2005

$5.2 M

Office: 75,000 square feet Residential: 300 units Retail/Restaurants: 370,000 square feet

Shopping center renovation

Property assembly and redevelopment Redevelopment New townhomes

Taxable Value 2005

$5.2 M

Taxable Value 2010

$42 M

Taxable Value 2016

$71 M

Redevelopment

Opened 2001 Closed 2012

Fiscal sustainability Jobs/housing balance

0% 10% 20% 30% 40% 50% 60%

None One Two Three or more

Cars per Household

1960 1970 1980 1990 2000

Florida: $20.68 30% of income Two- bedroom

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

$50,000 or more $35,000 to $50,000 $20,000 to $35,000 Less than $20,000

Less than 30% 30% to 49% 50% or more

Households by Income Level – How Much They Pay for Housing

27,000 households

ELDERLY YOUNGER AND 1-PERSON HOUSEHOLDS SINGLE PARENTS HOSPITALITY WORKERS PEOPLE LIVING IN MOTELS

21% of Osceola’s workforce Average annual wage: $22,405 50% have hh incomes under $35,000 34% live alone 77% are homeowners 11% of Osceola’s households 68% have incomes below $35,000 20% of households have 1 person 38% have 1 worker Median per capita wage is $19,950 ??? Tourist workers Single parent households $1,200/month

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House Size

Zero- and 1- bedroom units:

8%

52% 18% 16% 14%

Household Size One or two Three Four Five +

$44,254 $25,488 $0 $10,000 $20,000 $30,000 $40,000 $50,000 All hhs: 1-person hhs:

Median Income

$815 $948 $1,192 $1,465 $1,754

$0 $200 $400 $600 $800 $1,000 $1,200 $1,400 $1,600 $1,800 $2,000 1 2 3 4 5+

Median Rent by Number of Bedrooms

Complex Name # units Bedrooms

Madison Crossing I

86 1-2 bedrooms

Madison Crossing II

88 1-2 bedrooms

Osceola Pointe

176 1-4 bedrooms

Heritage Park

238 1-4 bedrooms

The Loop Apartments

152 1-4 bedrooms

San Juan Apartments

112 1-2 bedrooms

Total Units

852

Affordable Housing Developments, Last Five Years

$50,000

$45,000 $40,000 $35,000 $30,000 $25,000 $20,000

Decrease housing costs

• - or--

Increase income/ability to pay

Narrow the gap

$50,000

$45,000 $40,000 $35,000 $30,000 $25,000 $20,000 Narrow the gap

• Diversify housing product
• Provide for a mix of uses
• Allow many housing types by right
• Offer incentives
• Education, training, job placement
• Diversify job base
• Reduce other household costs
• Encourage house-sharing options

Decrease housing costs Increase income/ability to pay

3- or 4- bedroom, single family home

$35,000/ year $156,000 $111,000 $65,400

Cottage Homes 12 units/acre

0.15 acres Last sold: 2010 $1.1 million

HOUSING NEEDS

Tourist sector workers Elderly households (>65) Younger households (<25) One-person households One-worker households Single-parent households People living in motels

Rank Metropolitan Area Percent of Jobs Reachable in 90 Minutes by Transit 1 Honolulu HI 59.8% 2 Salt Lake City UT 58.9% 3 San Jose-Sunnyvale-Santa Clara CA 58.4% 4 Madison WI 58.2% 5 Tucson AZ 57.2% 6 Fresno CA 57.0% 7 Albuquerque NM 52.9% 8 Milwaukee-Waukesha-West Allis WI 48.6% 9 Provo-Orem UT 48.3% 10 Denver-Aurora CO 47.5% 91 McAllen-Edinburg-Mission TX 16.6% 92 Augusta-Richmond County GA-SC 16.4% 93 Tampa-St. Petersburg-Clearwater FL 16.3% 94 Miami-Fort Lauderdale-Pompano Beach FL 16.2% 95 Orlando-Kissimmee FL 15.8% 96 Virginia Beach-Norfolk-Newport News VA-NC 15.4% 97 Youngstown-Warren-Boardman OH-PA 14.2% 98 Poughkeepsie-Newburgh-Middletown NY 8.2% 99 Riverside-San Bernardino-Ontario CA 7.9% 100 Palm Bay-Melbourne-Titusville FL 7.4%

0% 10% 20% 30% 40% 50% 60% 70%

Osceola Co Montgomery Co New York City Austin Portland Housing and Transportation Costs as a Percent of Income Housing as % of Income Transportation as % of Income

How

Fiscal sustainability Affordable housing

Jobs per Household

0.5 1 1.5

Current Recommended Goal

0.75 – 1.5 0.9 0.6

Type of Imbalance Jobs Housing Units Example Type 1 Too many low-wage Too few low-end Suburban employment centers (edge cities) Type 2 Too many high-wage Too few high-end Downtown employment areas in central cities Type 3 Too few low-wage Too much low-end Older suburbs and central-city neighborhoods Type 4 Too few high-wage Too much high-end High-income bedroom communities