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 Fiscal sustainability • Short-term measure • Long-term measure • Can we afford the • Does development generate infrastructure to enough revenue to provide accommodate growth and maintain facilities and services

• Budget is balanced • Are we deferring maintenance? Revenues Expenditures

Fiscal Impact Analysis East (developing community) West (mature community) Central (future development) East (developing comm.) Narcoossee Central (mixed use) West (mature comm.)

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

Cumulative Results per Acre, Osceola County Fiscal Impact Analysis 90,000 $77,100 80,000 70,000 60,000 $48,600 $43,700 50,000 $37,600 $33,600 40,000 $33,100 $33,400 $22,700 $21,200 $25,900 30,000 $16,400 20,000 10,000 $500 0 East Central Central West 25-year buildout Revenue per acre Expenditure per acre Net fiscal impact per acre

With connection Without connection

Taxable Value 2005 $5.2 M Office: 75,000 square feet Residential: 300 units Retail/Restaurants: 370,000 square feet

New townhomes Taxable Value Taxable Value Taxable Value 2016 2010 2005 $5.2 M $42 M $71 M Shopping center renovation Redevelopment Redevelopment Property assembly and redevelopment

Opened 2001 Closed 2012

Fiscal sustainability Jobs/housing balance

Cars per Household 60% 50% 40% 1960 1970 30% 1980 1990 20% 2000 10% 0% None One Two Three or more

Two- 30% of bedroom income Florida: $20.68

Households by Income Level – How Much They Pay for Housing Less than $20,000 27,000 households $20,000 to $35,000 Less than 30% 30% to 49% $35,000 to $50,000 50% or more $50,000 or more 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

HOSPITALITY ELDERLY YOUNGER AND SINGLE PEOPLE LIVING WORKERS 1-PERSON PARENTS IN MOTELS 50% have hh HOUSEHOLDS incomes under 21% of Osceola’s 11% of Osceola’s ??? $35,000 workforce households 20% of households Tourist workers have 1 person 34% live alone Average annual 68% have Single parent wage: $22,405 incomes below 38% have 1 worker 77% are households $35,000 homeowners Median per capita $1,200/month wage is $19,950

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House Size Household Size Five + Zero- and 1- 14% bedroom units: Four 8% 16% 52% One or 18% two Three

Median Rent by Number of Bedrooms Median Income $50,000 $44,254 $2,000 $1,754 $1,800 $40,000 $1,600 $1,465 $1,400 $1,192 $30,000 $25,488 $1,200 $948 $1,000 $815 $20,000 $800 $600 $10,000 $400 $200 $0 $0 1 2 3 4 5+ All hhs: 1-person hhs:

Affordable Housing Developments, Last Five Years 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

$ 50,000 $45,000 $40,000 Decrease housing costs $35,000 -- or-- Narrow the gap Increase income/ability $30,000 to pay $25,000 $20,000

$ 50,000 $45,000 Decrease housing costs • Diversify housing product $40,000 • Provide for a mix of uses • Allow many housing types by right • Offer incentives $35,000 Narrow the gap $30,000 Increase income/ability to pay • Education, training, job placement $25,000 • Diversify job base • Reduce other household costs $20,000 • Encourage house-sharing options

3- or 4- $35,000/ bedroom, single year family home $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

Percent of Jobs Reachable in Rank Metropolitan Area 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% 47.5% 10 Denver-Aurora CO 16.6% 91 McAllen-Edinburg-Mission TX 16.4% 92 Augusta-Richmond County GA-SC 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%

Housing and Transportation Costs as a Percent of Income 70% 60% 50% 40% How 30% 20% 10% 0% Osceola Co Montgomery New York City Austin Portland Co Housing as % of Income Transportation as % of Income

Fiscal sustainability Affordable housing

Jobs per Household 0.75 – 1.5 1.5 0.9 1 0.6 0.5 0 Current Recommended Goal

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