Wednesday, February 23, 2011
2 Cents (part 2)
Sophisticated Investors use T.I.C.'s as a way to subdivide
ownership of what was the territory of larger investors.
If it were possible to partner Non Profits with small
investors, the FHA discount on Govt. Owned properties
could act as the equity down payment for a shared equity
arrangement. The property could enter the affordable
housing inventory at below market rents. More study of
FHA programs may find this technique possible.
qualifying properties , as a first step , could quickly
LOCATION EQUALS EXPENSE OFFSET:
Lack of Workforce Housing near employment cores
directly increases costs to a business bottom line.
Smart companies look closely for this supply. The
Impact is felt by Both employer and employee and
the environment is being given attention in this concern.
aka: "Granny PODS"
Universal Design considerations are
are extremely suggested /required.
SINGLE PARENT HOUSEHOLDS make up the largest
Family Units in the P.I.T.Point in time surveys.
Single Parents with
1 or 2 children may be cramped ,
respect and empowerment increase by
handling our own needs. Creating a strength
to Recover and or Grow up. Family Studios ? By
county standards two rooms , one 10x 7 and
another 10x10 would legally accommodate a single
parent with 2 children sharing the larger. 540 sq.ft.
with 2 bedrooms side by side 18x30 gross inside wall
dimensions. Or 1 Bedroom and Office.
WORKFORCE STUDIO UNIT'S.
Report Forecasts the need for 40,000 Affordable
Housing units. The 10 year Plan to Prevent and End
Homelessness forecasts 2500 units . Have we taken
5 years to reach a decision? What is this Decision?
are needed . How these relate to units per acre and
parking spaces per "unit" can be calculated. Is it
our WILL to address our needs that seems
to be lacking ?. Not the ability or desire.
and erect in a matter of days and weeks. They can
be stacked 4 high in modular fashion. 8x20's are a
bit small for permanent housing ,but as emergency
housing they would still be a God send.
ECONOMICAL STUDIO UNIT'S.
maintenance intensive residential supports can
no longer support Suburban Sprawl. Being subject
to Covenants and restrictions of existing Homeowner
Associations further complicate the mix . Simplified
BY-RIGHT OPTIONS to facilitate 1 to 4 unit investors
participation widen the possibilities .
Govt. insured mortgages have been ignored
and or abandoned. Single/Duplex/Triplex/
Financing limits range 700K to 1 Million Four Hundred.
Designs available could make Mclean and Great
Falls residents envious.
size limitations (620 sq.ft. +/-) so FHA guidelines need
to be consulted as does a dialog with Freddie Mac and
Fannie Mae concerning secondary financing conduits.
The Financing infrastructure we have enables us to
have multiple financing options other than cash.
creating value. Or reducing value . Does every 4 RSU's
act as 1 housing unit for density computations? Or
Should a person remodel a single family residence into
4 Master Bedroom/Full Baths and a wetbar in each room?
TRANSPORTATION EFFICIENT EFFICIENCIES.
Inventory to accommodate RSU conversions will
come . Proximity to the place of Employment in both
Distance and time must support walking and biking
as transportation needs. Bus and rapid transportation
that respects local users who do not have the ability
or resources to jump in a car must be respected if we
expect to continue to subsidize business by use of the Minimum wage laws.
GROUP HOUSING UTILIZING STUDIO MODEL
Develop 8 and 10 MBR McMansions with 5 facade
options that can be fast tracked in optimum habitat
locations? (ecological approach to housing) . Gross
rental income of $7200. per month limits maximum
acquisition costs /mortgage to 8OO k .
to shopping and Bus important. Convenient to Professional
services.Self empowerment and
A. 300 sq.ft. BASIC UTILITARIAN HOUSING priced
as starter housing would cost $60,000 to $90,000.
Subject to land cost which is directly related to ZONING.
(220 plus 80 ?) 10x30 / 16x 18.5/ 16x20 / 17x17?
90x6 = $540 .00 30 year amortized payment
33,600 gross income $17.50 combined hrly income.
Conventional lending strict Income to debt ratio's
29,900 income possible. 2 people making $8. hr each.
expected to cost $ 100,000 to $150,000.
( 350 plus 150?) 170 (70/100)/50 / 75/ 55/
150x6 = $900. per month PI payment 30 yr. mort.
THREE HUNDRED TWELVE MILLION.
( 18 Pennies for affordable housing)
One PENNY = 18 million 312/18 =
18 million would pay 5.5 % int. on 312.5
COST GUIDANCE :
All rental income could be be assigned to
min/max categories of Admin.6%of Rental value
/Maintenance 4% /