25-52 Resolution Approving and Adopting the LaSalle Park Neighborhood Plan

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Housing Study Housing Demographics For Sale and Rental Opportunities Site Selection 8 Based on LandUseUSA's study of 2022 American The market can support the construction of the following Rather than scattering the Annual Forecast Absorption New for sale units Community Survey(ACS)data, new units: to infill sites throughout the Study Area.it would (townhomes or condominiums) • up to twenty-nine new for-lease rental units; be better to identify a few important neighborhood • Median Income:the study area's median • up to eight new attached for-sale units.including nodes where reinvestment is most likely to generate household income is about$2o,000,which is condominiums and townhouses;and trickle-through benefits for additional projects. significantly lower than the city's median of about • up to eight new detached for sale houses. Areas to consider include areas with best visibility to S5o.000 traffic(for marketing and advertising exposures):and • Rental vs.Owner Occupied:56 percent of This approach implies that all low-income households locations that can help serve as catalysts for additional occupied housing units are rented and 44 percent earning less than 60%of AMI will not be able to afford reinvestment. Price Range:Lower end of$155.000-$299.000 are owned new-builds,and instead will need to settle for units that • Owner Median Income:the study area's owners had been previously leased or previously owned by have a median household income of about prior tenants.However,this approach might overlook the Street Connections $25.00o.which is significantly lower than the city's potential absorption of tiny homes,accessory dwelling. Following modern principles of urbanism.it is apparent 8 median of about$70.00o small cottages,and micro lofts that could be built to address affordability. that some improvements may be necessary to address • Rental Median Income:renters have a medianlocal street connectivity.This could include extending household income of about$15,000,which also is four connectors(Chicago.Lake,Kentucky,and Bendix New For-Sale Single-Family Home significantly tower than the city's median of about The initial study indicates that new-build for-sate $40,000 units could have values in the range of$155,000 to streets)south to Western Avenue-even if it means undoing the expensive infrastructure that created those 1:n CO grit 12I • Median Home Value:the median home value is $250,000.again depending on the building format. Duplex houses or attached cottages could be at the dead-ends in the first place.As much as possible.the el closer to$g5,000 in the Study Area and$145,000 P g city also should strive to purchase parcels needed to in the City of South Bend lower end of the price spectrum.whereas detached complete the east-west Jefferson Boulevard through single-family houses are more likely to be at the higher the Study Area. Addressing High Vacancy end of the range.Developers could cautiously test Price Range:$155,000 $299,000 the upper threshold of the price spectrum for a few This study estimates that the current vacancy rate for houses in 2024 and 2025,nudging their prices upward to the Study Area and the City of South Bend is close to 29 $275,00o and perhaps even$2gg,g00. 15 percent.Ideally.vacancies should be at or below 6 percent Some ways to accomplish this are: New-build construction could have contract rents in the • Provide additional programs incentivizing range of$g50 to$1,750 per month.The study suggests New rental units property owners to reinvest into rehabs. that all of the new for-Lease units would be in multi- f renovations.remodels,and perhaps even family structures,which implies apartments or Lofts. �`� expansions to add accessory studios or suites. However,it is LandUseUSA's professional opinion that ate Ida altt altt Itra AI • One-to-one:At least one existing unit In the study some of the smaller units could also include a mix of area should be rehabbed for every new unit that is accessory dwellings and small cottages,which tend to built be detached formats. AI ate ale alla alk We consider the possibility that even low-income Ida Ski ate At 1116 households might afford a new-build construction like an accessory dwelling,small cottage,or micro-loft. Price Range:$950-$1,750 monthly I.„Salle Pork Neighborhood Plan Neighborhood Plan 47