5157-25 Resolution Approving and Adopting the LaSalle Park Neighborhood Plan

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Housing Study For Sate and Rental Opportunities Demographics 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 new units: to infill sites throughout the StudyArea,it would Community5urvey(ACS)data. 9 (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$20,000,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 $50,000 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 6o%ofAMI 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 $25,000,which is significantly lower than the city's potential absorption of tiny homes,accessory dwelling, Following modern principles of urbanism,it is apparent8 median of about$70,000 small cottages,and micro lofts that could be built to that some improvements may be necessary to address • Rental Median Income:renters have a median address affordability. local 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 lower than the city's median of about The initial study indicates that new-build for-sate streets)south to Western Avenue-even if it means Soo 00o units could have values in the range of$3.55.0oo to undoing the expensive infrastructure that created those gri gli t, • Median Home Value:the median home value is $250,000,again depending on the building format. dead-ends in the first place.As much as possible.the closer to$95.000 in the Study Area and$145.000 Duplex houses or attached cottages could be at the city also should strive to purchase parcels needed toill el 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 StudyArea. end of the range.Developers could cautiously test Price Range:$155,000-$299,000 Addressing High Vacancy 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 $275.000 and perhaps even$2gg.9oo. 2 9 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$950 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- renovations.remodels,and perhaps even family structures,which implies apartments or lofts. expansions to add accessory studios or suites. However,some of the smaller units could also include aft itra ate itra 41 1411 • One-to-one:At least one existing unit in the study a mix of accessory dwellings and small cottages,which area should be rehabbed for every new unit that is tend to be detached formats. built. We consider the possibility that even low-income SIR ate ate 141 gitti al* households might be able to afford a new-build ny*!t irr construction like an accessory dwelling,small cottage,or micro-loft. Price Range:$950-$1,750 monthly