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Affordable Housing Strategies The Role of Commercial Linkage Impact Fees. Andrew Knudtsen, Vice President Economic & Planning Systems. Methodology. Conduct Needs Assessment Identify Gaps Tenure Income Level Special Needs Consider Potential Tools and Solutions
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Affordable Housing Strategies The Role of Commercial Linkage Impact Fees Andrew Knudtsen, Vice President Economic & Planning Systems
Methodology • Conduct Needs Assessment • Identify Gaps • Tenure • Income Level • Special Needs • Consider Potential Tools and Solutions • Define Role for Linkages and Affordable Housing Impact Fee Programs
Motivation to Address Housing Needs • Address economic needs – expand the employment base • Maintain a full-service community • Recognize the full spectrum of household income and balance housing opportunities • Advance goals of helping lower-income households • Effective communities include all segments
Telluride Context • Community values • Environmental preservation • Affordable housing • Sense of community • Study driven by economics
Telluride Goals • Maintain existing ratio of locally housed workers • Diversify affordable housing inventory – tenure, cost, household size
Determination of Need • Analysis quantified existing deficits from future needs • Provided gap analysis by tenure and income
City of Aurora • Population 300,000 • Households 104,000
Aurora Context • SF sales prices -- $150,000 to $250,000 with market segments on both extremes • Original subarea – 45 % in pop. with 3% increase in housing units • New growth commands strong prices • Fiscal conditions driven by retail • Economic Development a key priority
Potential Solutions • Wide Range of potential solutions • Incentive programs, Exactions, Production, Partnerships, Regulatory, Financial Opportunities • Evaluate Catch Up vs. Keep Up Strategies • Potential Local Policy Tools include: • Commercial Linkage • Residential Linkage • Inclusionary Zoning
Commercial Linkage • Job Generation – Survey based data • Employee Generation – Industry standards • Employees Living within the region – Based on policy goal or ES202/ commuting analysis • Household Generation – Survey based data • Market Solutions – Gap analysis with comparison of household income to housing costs • Mitigation rate – Policy decision that balances housing and ED interests
Fee-in-Lieu Option • Quantifies dollar equivalent of housing requirement • Determine number of employees generated • Apply mitigation rate • Identify the size of development (Sq. Ft.) required to house employees • Estimate cost of construction • Determine revenue from rents or sales (based on 30% of gross income adjusted by AMI) • Identify the funding gap