Our Two Cents Worth (part 2)
Shared Ownership Affordable Housing :
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.
County Government suspending R.E. Taxes on
qualifying properties , as a first step , could quickly
help factor in
affordability
computations.
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.
SENIOR STUDIO UNIT'S
aka: "Granny PODS"
Universal Design considerations are
are extremely suggested /required.
We have a county " 50 PLUS PLAN.
THE OVER 60 POPULATION WILL DOUBLE
IN NUMBERS AND REMAIN AT THAT NEW LEVEL.
House- less SENIOR numbers will be increasing !
A 33%
increase by 2050 is expected for the US.
300 mil to 400.
6.7 billion to 9 billion worldwide .
FAMILY STUDIO UNITS
SINGLE PARENT HOUSEHOLDS make up the largest
% of
Family Units in the P.I.T.Point in time surveys.
Single Parents with
1 or 2 children may be cramped ,
but self
respect and empowerment increase by
handling our own needs. Creating a strength
all need
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.
The Terwiliger/ULI Transportation efficiency
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?
SMALL STUDIO UNITS ARE GREEN.
Tiny Housing units in the "entire" size of 300 sq.ft.
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.
RECYCLED GREEN STUDIO'S .
8 x40 foot shipping containers are a viable format
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.
40x8 container 320 sq.ft./ 2 person
ECONOMICAL STUDIO UNIT'S.
Water and Sewer infrastructure as well as other
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 .
FHA single family options which can be financed
with
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.
Conventional lending sources have minimum house
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.
ZONING limitations act in ways that can be likened to
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.
Urbanizing and Renovating the existing Housing
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 .
Walking distance
to shopping and Bus important. Convenient to Professional
services.Self empowerment and
living within one's own
resources develops self respect.McKinney/Vento SHP
Location examples might include: Woodburn rd.,
1 block off Rt.1 from woodlawn to Beacon Hill, Downtown
Springfield, R.1 areas 1 block from Major Arterial and
bus stop. Bailey's . , Reston/herndon 1 block to bus.
EXCLUSIONARY ZONING EXCLUDES PEOPLE.
Economic Development that ignores the Minimum
wage workers only externalizes the expenses and puts
the stress
on to County services. Avg. Occupancy county
wide is 2.74 residents per Housing unit inclusive all types.
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.
B. 500 sq.ft. FAMILY STUDIO 2 adult 1 child/1adult2child
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.
$40,000 joint income FHA qualifying. The "NEW" Starter.
C. Three Bedroom Efficiencies 750-900 sq.ft.
30x25, 30x30. 2 adults 3 children
How much will this cost?
How can this be paid for?
2500 RSU's x 125,000. est. avg. cost= $312,500,000.
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
Two PENNIES would pay off BOND in _21_ yrs.
or repay a 65 million dollar Revolving line
of credit every 2 years.
2018 is nearly here.
COST GUIDANCE :
All rental income could be be assigned to
min/max categories of Admin.6%of Rental value
/Maintenance 4% /
Bond accelerated payoff
to provide for an
active ownership concern .
Direct deposit and Account Direct deposit
payment options for rent payment facilitation.
Live Internet
connections in
all units would allow
for
email contact to