10 STEPS TO HOUSING DEVELOPMENT SDHDA

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1 1. Assess Housing Needs Methods of Assessment Yankton Area Housing Study (December, 2013) Yankton Area Progressive Growth (YAPG) partnered with the City of Yankton to hire Community Partners Research, Inc. to provide a detailed area housing analysis. YAPG Primary Sector Survey 2014 A survey of Yankton s 30 largest employers to predict job growth in the next five years. Results The assessments revealed a need for additional housing needs in certain market sectors. YAPG board of Directors has make Housing Development on of their top 5 priorities Focused presentation to Builders, Realtors, Bankers, Appraisers, Community Leaders, and YAPG Investors Formation of the YAPG Housing Committee. This committee has been charged with providing options and opportunities to meet the challenges discovered during the assessment phase SDHDA

2 Summary of Housing Study Recommendations Rental Housing Develop 50 to 60 Moderate Market Rate Units Develop 30 to 40 Higher Priced, High Amenity, Market Rate Units Develop 50 to 60 Tax Credit/Moderate Income Units Monitor need for additional Subsidized Units and Preserve Existing Units Promote Limited Expansion of Certain Senior Living Housing with Services Promote Opportunity to Provide Housing with Services in Subsidized Housing Consider Innovate Programs Efforts Housing Opportunities in the Downtown Area may exist

3 Summary of Housing Study Recommendations Home Ownership Demand for Single Family Construction will continue to be for Entry Level Priced Homes less than $175,000 as 10-15% of the market Moderate Priced Homes $175,000 - $250,000 as 25-35% of the market Higher Priced Homes $250,000 & up as 50-60% of the market Promote Affordable Housing (under $175,000) using Available Resources and Incentives Promote Twin Home Development Monitor Lot Availability and Promote Residential Lot Development Utilize and Promote all Programs that Assist with Home Ownership Explore the Creation of a Down Payment Assistance Program Coordinate with Agencies who Develop very Affordable Home Ownership

4 Summary of Housing Study Recommendations Housing Rehabilitation and Neighborhood Revitalization Promote Rental Housing Rehabilitation Programs Promote Owner-Occupied Housing Rehabilitation Programs Consider Developing a Program to Promote Housing Rehabilitation Consider Developing a Neighborhood Revitalization Program Acquire and Demolish Dilapidated Structures Investigate Implementing a Rental Inspection Program

5 Summary of Housing Study Recommendations Other Possible Initiatives Promote Employer Involvement in Housing Programs Develop a Mobile Home Program Create a Coordinated Plan and Effort among Housing Agencies

6 Summary of Primary Sector Survey as it relates to Housing Projected Jobs Demand in the next 5 Years Experienced Employee 4 year degree $60,000-$75, Limited Experienced Employee 4 year degree $40,000-$65, Skilled Employee 2 year degree $30,000-$55, Semi-Skilled Employee Certificate $28,000-$45, Unskilled Employee High School $20,000-$33,

7 Summary of Primary Sector Survey as it relates to Housing Labor Force Draw 78% live within 20 miles 21% live between miles 1 % live greater than 41 miles

8 Summary of Primary Sector Survey as it relates to Housing Written comments received within the survey. Availability of affordable housing is greatly needed. Perhaps if housing were more affordable and available it would entice people to move to the Yankton area thereby increasing the labor pool. I think moderate priced housing would help improve our employees quality of life. We have either high end or low end houses in the Yankton area with little housing in the middle that is affordable. $150,000-$200,000 type of housing pricing would be in the range of my employees. $150,000-$200,000 would be the high end of the price range. We have not heard affordable housing as an issue in attracting people. However, perhaps it would help improve the quality of life.

9 2. Confirm Political Will Support of local elected officials and citizens is essential. Consult elected officials, planning commissions, and local government staff. 3. Evaluate Site Options Consider existing zoning conditions, site surveys, soil tests, environmental restrictions, etc. 4. Secure Land 5. Set Design Standards Establish design standards, floor plans, materials, landscaping, etc. 6. Obtain Financial Commitments Complete proforma and cash flow analyses. 7. Hire a Developer YAPG may consider acting as developer and working with existing developers. 8. Assemble Project Team To include general contractors, planner, lender, owners, etc. 9. Complete Development Plan Finalize land use approvals, financial commitments, construction documents, and permits. 10. Manage Construction and Occupancy

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