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2. Disclaimer. The remarks contained herein are solely those of the author and do not in anyway represent the opinions of Wells Fargo
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1. The Impact of Housing on Jobs and the Arts: A Current Perspective Presented by:
Herman J. Milligan, Jr., Ph.D./Vice President
Wells Fargo
Enterprise Marketing
Marketing Insights and Measurement
Prepared for the Town/Craft Round Table on Housing Policy
April 22-23, 2009
Perry, IA
2. 2 Disclaimer The remarks contained herein are solely those of the author and do not in anyway represent the opinions of Wells Fargo & Company
3. 3 Acknowledgements Dr. Mickey Carlson of the Iowa Finance Housing Authority for the personal invitation
The Town/Craft Round Table on Housing Policy for hosting the conference
Roy Close, Heidi Kurtze, Wendy Holmes, Andrew Michaelson, and Shannon Joern of Artspace Projects, Inc. for their assistance with providing recommendations and documents for this presentation
4. History of Banking and Financial Collapse Timeline
5. 5 Historical Development of the Banking Industry
6. 6 Subprime Mortgages A mortgage product not heavily regulated, particularly for the non-banks, had catastrophic effects
7. 7 Credit Default Swaps Increase in use of the instrument without close regulation also played a significant role in the collapse of the global financial system
8. 8 Shock to the System
9. 9 Financial Collapse Timeline
10. 10 Financial Collapse Timeline (cont’d)
11. 11 The Economic Climate of The U.S.
12. 12 Tough Times Still Ahead
13. 13 Unemployment Rate (seasonally Adjusted), 2008-2009
14. 14 Major Collapse in Housing Market
15. 15 The Need for Assistance is Great
16. 16 Recent Dramatic Increases in First Time Home Loan Defaults
17. 17 Vacancies will continue to increase significantly through 2010
18. 18 State Budget Shortfalls, SFY2009
19. 19 New York State Housing Programs are Increasingly Becoming Victims of State Budget Downturns
20. 20 The Economic Cost of Foreclosures Iowa foreclosure costs are expected to be over $260 Million by Q4 2009
21. 21 Iowa High foreclosure rates are concentrated in certain counties
22. 22 Minnesota Foreclosures appear to be higher and more widespread in Minnesota
23. 23 Measures of State Economic Distress: Housing Foreclosures and Changes in Unemployment and Food Stamp Participation
24. 24 What a Family of Four Would Need to Earn in Selected Urban Areas to Have Purchasing Power Equal to 300% of the U.S. Federal Poverty Level ($63,600), 2008
25. 25 The Economic Impact of Two Year’s of Minnesota’s Housing Finance Agency Investment’s
26. 26 Other Minnesota Housing Initiatives Affordable housing organizations and advocates helped create a $10 million Minneapolis Housing Trust Fund; Anoka County Housing Incentive Fund; and the Hennepin and Ramsey County Endowment Funds
20% set-aside policy. Minneapolis housing policy now guarantees that all new housing development with 10 or more units will set aside 20% of those units as affordable. It also targets the city’s housing dollars to individuals earning below 50% of the metropolitan median income
27 land use plans have been strengthened to reduce regulatory barriers to affordable housing, including inclusionary zoning, increased housing densities, and reducing development fees.
27. 27 Other Minnesota Housing Initiatives Increased state appropriations by $52 million for affordable housing programs
Despite these great efforts, the Twin Cities community will still be challenged to meet the demand for affordable housing in the near future:
By 2010, demographic trends indicate that 60,500 new low-income households will be seeking affordable housing
The private market is projected to satisfy 40% of the increased demand, resulting in a shortfall of 36,100 units
Public and philanthropic funding may create 13,900 new affordable units, but 22,300 households will lack affordable housing in 2010
28. 28 Policy Academy on Coordinating Housing and Economic Development Best Practices and Lessons Learned
29. 29 National Best Practices
30. 30 National Best Practices
31. Housing and the Arts: A Worthwhile Pursuit
32. 32
33. 33 Economic Arts Impact Non-profits arts and culture industry generated $166.2 billion in 2007
34. 34 Scope and Size of the Creative Industries, 2008
35. 35 Composition of Arts Sector, 2008 Percentage of Businesses by Arts Sector Percentage of Employees by Arts Sector
36. 36 Creative Industries Bolster The Economy Arts vs. All D&B Businesses, Percentage Change 2007-2008 Arts vs. All D&B Employees, Percentage Change 2007-2008
37. 37 Creative Industries Businesses and Employees Characteristics compared to the U.S. for Select States, 2007-2008
38. 38 Economic Impact of Non-Profit Arts and Culture Organizations and Their Audiences, (FY2005)
39. 39 Art District Developments Usually Results in the Displacement of Affordable Housing Opportunities
40. 40 Unforeseen Consequences: Dreams Evaporated
41. 41 Bottoming Up Can Yield Positive Consequences
42. 42 Organized Communities can Create Positive Outcomes
43. Case Study: Artspace Projects, Inc.
44. 44 Artspace Projects, Inc.
45. 45 Artspace Projects Programs
46. 46
47. Harvester Artist Lofts Council Bluffs, IA A Little History
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49. 49
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51. 51 Artspace Projects Harvester Artist Lofts Rendering
52. 52 Artspace Projects--Council Bluffs, IA Project Description
53. 53 Artspace Projects--Council Bluffs, IA
54. 54 Artspace Projects, Inc. Recommendations for Town/Craft Round Table
