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than the guideline of thirty percent (30%) of their income on housing costs, including the utility <br /> cost. He showed another slide that depicted the diversity of housing type in the South Bend <br /> housing stock. He explained, In this area, we have predominantly single-family detached homes <br /> that accounts for seventy-six percent(76%) of the housing stock. What we do see,though, is a <br /> strong multi-family/rental demand. The proposed housing market study has a purpose to <br /> encourage development at market rates by having the information of what the market actually is. <br /> We hope that if developers have confidence in it, they will be encouraged to go build in these <br /> neighborhoods knowing that there will be buyers at the end of it all. We are also hoping the <br /> study looks at what different interventions the City can execute to increase the level of <br /> investment and the types of housing that would be built in different areas. The study will look for <br /> the demand of different housing units of all types but will not include large high-rise apartments. <br /> It will also span across all income ranges. The general timeline based off the current scope is <br /> roughly four(4)months and the cost is roughly $50,000. The appropriation that is pending <br /> approval for next meeting is for roughly $70,000. Due to the holiday we hadn't gotten back the <br /> changes of the scope that we had taken back and had not heard back from them in time before <br /> submission, but we expect it to be roughly $50,000. The scope would be to do data collection, <br /> meet with clients, evaluate the study areas, conduct neighborhood meetings, meet with <br /> developers and conduct their own market analysis that would project the demand. It is not a <br /> static model, rather, it would be very dynamic. They would then come and present the findings to <br /> the community. We are also, as an Administration, working on relative assessments. So our <br /> Diversity and Inclusion Officer is working to do a study with ProperityNow, which was formally <br /> C-FED out of Washington, D.C. Of the many different areas they are looking at, relevant to this, <br /> they will be looking for like-profile by census-tract neighborhoods on the availability of rental <br /> property,the owner-occupied mobility rates, and displacement risk rates in the neighborhood. <br /> The other relative assessment is Repurpose for Results. South Bend was selected as a pilot city <br /> for this program. The program is a subpart of Results for America. They want to figure out how <br /> to funnel limited public dollars to get the maximum results as well as figuring out how to get the <br /> most out of our housing expenditures. <br /> Mr. Mueller went on,As part of that,they asked us to break down the different funding streams <br /> that go into our housing programs. He referenced a graph displayed in the presentation that <br /> showed the funding by source. He explained, The total spent on housing is roughly $5.7 million. <br /> $3.7 million is Federal funds we receive and there are a lot of requirements for spending those <br /> funds. There are also local matching funds that include State grants, as well as COIT, EDIT, and <br /> TIF expenditures. One (1) of the challenges is the expansion of the expenditures into groups that <br /> are not eligible under the Federal programs. Higher income ranges require us to start competing <br /> for dollars in COIT, EDIT and other funds which already have priorities assigned to them. Also <br /> as a note,this is taken directly from the funding source. Mr. Mueller showed a pie graph of <br /> expenditures from 2016. He explained, We are looking at potential solutions to attacking the <br /> problem. We think getting this housing market study that people have confidence in will help us <br /> be able to market the neighborhoods and push development in the neighborhoods that can be <br /> sustained at the market rates. We also know that the construction costs are often times higher <br /> than the value, so, we are also looking to figure out how to leverage limited dollars available for <br /> this to unlock new financing for new construction and rehabilitation. We are also really trying to <br /> make an effort to figure out how to synthesize the existing efforts in housing to get the greatest <br /> impact. Often times we want to control what is going on in our neighborhoods but sometimes we <br /> 3 <br />