03-21-18 Residential Neighborhoods

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®CITY OF SOUTH BEND I OFFICE OF THE CLERK interesting. There are also differences in the owner occupations from Study Area to Study Area as well as the percentages of the single-family detached houses. Eighty-five percent (85%) of the dwelling units in Study Area C are single-family, so they do need to diversify their housing stock. Study Area A and Study Area B are already fairly diverse and I think the need is more to introduce more new housing as well as rehab. By life-stage, this (referencing a slide in the presentation) is how the three(3) Study Areas breakdown.Again,you will see there are far more families in Study Area C than there are in Study Areas A and B. And there are far more young people in Study Area A as opposed to Study Areas B and C.A lot of that is driven by the housing stock.The more single- family houses you have, the more families you tend to have living in them because most single persons find a single-family house a little large for just one(1)person.When you look at the annual market potential for each of those three (3) Study Areas, we went through the same processes we did for the City as a whole. The bottom line was just under nine hundred (900) households represent the annual potential market for Study Area A, about eight hundred and fifty (850) households represent the annual potential market for Study Area B, and about 1,250 households represent the annual potential market for Study Area C. She went on, One may ask why there are so many more in Study Area C. That is partly because there are more households living there in the first place and they also have a much higher mobility rate than Study Areas A and B. People tend to move there more frequently than the other two (2) Study Areas. So the next question is who those potential renters and buyers are. This (referencing a slide in the presentation) shows you the mix by life-stage. You will see in Study Area A, fifty- three percent (53%) of the market is young people. In Study Area C, forty-five percent (45%) of the market are traditional and non-traditional families. The interesting point for me was that Study Area B was the highest in terms of having the empty-nester and retiree market. Study Area C was second highest at twenty-six percent (26%). When we are looking at capturing the same percentages, ten to twelve percent (10% - 12%) of the multifamily and five to seven and a half percent(5% -7.5%)of the for sale single-family attached and detached,you could then capture up to fifty-six to seventy(56—70)mixed-income units,per year,over the next five(5)years in Study Area A,fifty-nine to sixty-nine(59—69)mixed-income units,per year,over the next five(5)years in Study Area B, and seventy-one to ninety-three(71 —93)mixed-income units,per year, over the next five (5) years in Study Area C. The share of households with incomes between thirty and eighty percent (30% - 80%) AMI for those total mixed-income units in Study Area A would be forty percent (40%) rental, thirty-nine percent (39%) in B and forty-seven percent (47%) in C. Following down the columns (on the slide of the presentation), you can see that it varies by Study Area based on the composition of who those households are in that particular market potential for that Study Area. She continued, So the findings and takeaway is that there is market potential, not demand, but potential, in all three (3) Study Areas. That includes both affordable, approximately forty percent (40%), and market-rate units, approximately sixty percent (60%), and both ownership and rental at about fifty-fifty(50—50)balance between the two(2).It is based on smaller-scale neighborhood development.Not wholesale demolition of blocks. But, infilling lots and infilling sites,rehabbing houses and maybe converting a super large single-family house into four (4) condominiums. It means greater housing diversity, greater income diversity, stronger neighborhoods and all in hope to get a stronger City. Committee Chair White then opened the floor to questions and comments from Committee and Council members. EXCELLENCE I ACCOUNTABILITY I INNOVATION I INCLUSION I EMPOWERMENT 455 County-City Building 227 W.Jefferson BvldI South Bend,Indiana 466011p574.235.9221If574.235.9173;TTD574.235.5567jwww.southbendin.gov 5