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1 photo credit: Ross Chapin - Pocket Neighborhoods Dubois County HOUSING STRATEGY JUNE 2015

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3 TABLE OF CONTENTS page 4 REGIONAL COMPETITION population growth commuting patterns commuting populations new housing construction housing growth share of housing employment growth share of manufacturing manufacturing salary page 18 HOUSING STRATEGY *conclusions employee factor housing factor employee projections key assumptions community preferences urban neighborhoods *Jasper strategy *Huntingburg strategy *Ferdinand strategy page 8 LOCAL HOUSING MARKET local housing supply pocket neighborhoods rural by design recent sales trends new construction state-wide market page 28 ACTION PLAN *pilot project project timeline page 12 LOCAL DEMAND employment partner roles sources & uses budget employee salaries employee housing desires rental affordability ownership affordability affordable supply community as an attractor employment projections growth locations page 32 TOOLS & RESOURCES organizational framework tools & resources overview IHCDA programs employer assisted housing *tools & resources *housing tools in action community/employer loan conventional loan neighborhood loan * indicates key portions of the document

4 understanding REGIONAL COMPETITION Dubois County continues to be a leader in the region reporting some of the higher growth totals in employment and housing, but competition from surrounding counties is increasing. While the County has shown signs of recovery, that recovery lags behind in several key categories compared to other strong counties. This has created a more competitive environment that makes resident and employee attraction and retention much harder. The current economic and demographic dynamic of the Region shows a mobile employment base that continues to take advantage of regional job growth and low unemployment. Employees are now able to make housing decisions independent of employment and now base decisions even more on quality of life and housing choices. Dubois County remains the employment center of the Region, but increased competition within the Region has affected the County s ability to retain and attract new residents who now have more choices than ever for jobs and housing. DUBOIS CO. DAVIESS CO. PERRY CO. PIKE CO. WARRICK CO. change* change change change change Population Growth Annual Growth Rate 0.43% 0.91% 0.43% -0.21% 0.57% Net Gain , ,357 Commuting Growth Annual Growth Rate 2.80% 12.7% 6.40% 8.30% 0.60% Net Gain Housing Growth Annual Growth Rate 0.66% 0.79% 0.36% -0.07% 0.79% Net Gain Employment Growth Annual Growth Rate 01.31% 1.78% 3.20% 3.05% 1.68% Net Gain * indicates growth / loss between , except commuting data indicates change between pre-recession and post-recession change page 4 Dubois County Housing Strategy

5 POPULATION GROWTH POPULATION 2014 POPULATION Population growth in Dubois County slowed 60, % coming out of the recent recession (0.43% annual rate), while several counties saw increased population growth during this same time period 7.4% - including Daviess (0.91%) and Perry (0.47% 10.0% up from 0.28%) Counties. Dubois County was one of three other counties that saw population growth rates slow after the recession. While 4.1% -0.8% Dubois County remains one of the more populous counties in the region, the rate of growth in Daviess, Perry and Warrick indicate that this may not be the case long-term. Dubois Daviess Perry Pike Warrick COMMUTING PATTERNS. The majority of commuters into Dubois County come from Pike, Spencer and Perry Counties - approximately 4,000 out of the 11,000 total commuters. However, because of the job concentration and low unemployment rate, employees commute from across the Southern Indiana Region extending into Kentucky and Illinois. -7.2% 12,000 COMMUTING POPULATION. Dubois 47.2% Daviess 35.9% Perry 21.9% Pike 2002 COMMUTERS 2011 COMMUTERS 10, % Warrick Because of the concentration of available jobs in Dubois County, the number of people who commute into the County for work has remained the highest in the Region, however the County has suffered from a gradual decline - on average 0.80% annually. This is in comparison to rising commuter populations in the surrounding counties who have seen the population grow anywhere from 1.14% to over 5% annually. The commuter workforce in Dubois County now accounts for only one-fifth of the total workforce compared to one-quarter in the early part of the last decade. page 5 Dubois County Housing Strategy

6 NEW HOUSING CONSTRUCTION. 5,000 Overall the Region showed improved construction numbers for the first time since dropping during the recession. In 2013 Dubois County accounted for 12% of the regional units added, down from 19% in the previous decade. Daviess and Perry showed strong improvements in new construction - gaining larger shares of the regional growth. A majority of new construction within the Region is single-family, with Warrick County building the majority of multi-family units (approximately 150 units) and Dubois County adding about 90 twofamily units in ,000 Dubois Daviess Perry NEW UNITS Pike NEW SINGLE FAMILY UNITS Warrick 2000 HOUSING UNITS 2014 HOUSING UNITS HOUSING GROWTH. 25,000 20, % 21.5% Over the last decade and a half, Dubois and Warrick County have been leading the way in housing growth. The recent recession has 8.1% changed growth patterns and now Daviess and Warrick County are growing at a nearly 1% annual 4.8% 1.9% rate (Daviess pre-recession rate was 0.48%), compared to Dubois County at 0.68% (previously 1.21% annually). Dubois County continues to grow its housing stock - with an approximate net Dubois Daviess Perry Pike Warrick gain of 461 units between 2010 and SHARE OF HOUSING. Other than Warrick County, Dubois County contains the largest share of housing and even with slowed growth in new construction has maintained their share (18%) of housing over the last decade or more. As new construction continues in counties like Daviess and Warrick, Dubois County may begin to lose that share if no action is taken to remedy the issue. Other Counties Warrick Dubois Daviess Perry Pike DUBOIS CO. DAVIESS CO. PERRY CO. PIKE CO. WARRICK CO. OTHER COUNTIES page 6 Dubois County Housing Strategy

7 2001 JOB TOTAL 2013 JOB TOTAL EMPLOYMENT GROWTH. -6.8% 40% Dubois County remains the economic stronghold of the Region, but has slowly been losing its employment edge. Since 2001, Dubois County 30% has lost nearly 7% of their employment. While the County has suffered a net loss in employment over the last decade and a half, post-recession 14.4% growth has allowed them to remain strong within 9.8% the larger Region. Since 2010, Dubois County has added nearly 1,000 jobs - more than any other 10.6% county in the Region, but they have not reached 7.8% pre-recession levels. Dubois Daviess Perry Pike Warrick SHARE OF MANUFACTURING. DUBOIS CO. DAVIESS CO. PERRY CO. Dubois County s slowed employment growth has PIKE CO. WARRICK CO. OTHER COUNTIES allowed other counties to grow their share of the Region s employment - but the County has been able to retain their share of manufacturing employment within the larger Region, approximately 30%. Perry County is showing 2013 Dubois Daviess Perry Pike Warrick Other signs of manufacturing growth - growing their job numbers by 32% between 2001 and Perry County now accounts for 10% of the Region s manufacturing jobs, up from just 6% in Dubois Daviess Perry Pike Warrick Other $70,000 MANUFACTURING SALARY. $50,000 The average annual pay for Dubois County ($41,078) is below the regional average ($45,957) and well below some of the counties (Perry, Pike and Warrick) that are competing with Dubois County for employees. This adds to the difficulty of attracting and retaining production-level Dubois Daviess Perry Pike Warrick employees at Dubois County businesses AVG. SALARY page 7 Dubois County Housing Strategy

8 defining the LOCAL HOUSING MARKET The housing supply in Dubois County is dominated by single-family homes built over the last years. Predominately these homes are owner-occupied and valued between $100,000 to $250,000. The availability of alternative housing options is limited and more affordable options are often older and of lesser quality than most households would desire. The recent recession affected housing markets across the entire US and Dubois County certainly felt its affects. The local housing market is in a recovery mode, increasing sales activity and home values over the last few years. The vast majority of those transactions have occurred in Jasper; additionally most new construction has taken place in Jasper as well. New construction has continued to increase coming out of the recession, however the rate at which new homes are built has significantly declined. Higher priced homes are recovering much quicker, with construction of new more affordable units still struggling to take hold in the current market dynamic. DUBOIS CO. CITY OF JASPER CITY OF HUNTINGBURG TOWN OF FERDINAND owner-occ owner-occ owner-occ owner-occ Household (HH) Profile Age of HH Family / Non-Family HH 77%/23% 73%/27% 76%/24% 73%/27% Average HH Size Median HH Income $62,274 $59,510 $62,500 $60,547 Year HH Moved to Unit Housing Profile Product Type SF SF SF SF Number of Bedrooms % One-Bedroom 21% 24% 20% 25% % Two-Bedrooms 39% 40% 38% 40% Median Year Built Vacancy Rate 1.9% 2.8% 6.3% 2.1% SF = SINGLE-FAMILY DETACHED source: United States Census and DCI analysis - data represents averages and most common occurances indicates comparison to Dubois County stat page 8 Dubois County Housing Strategy

9 LOCAL HOUSING SUPPLY. Dubois City of Jasper 2013 HOUSING UNITS City of Huntingburg 10,000 6,000 2,000 Town of Ferdinand 2013 SINGLE-FAMILY UNITS Within Dubois County there are approximately 18,000 housing units - 44% of those units are located outside of the three major municipalities. Jasper contains the largest share of housing and with an annual growth rate of 1.06% it will likely remain that way. This might be attributed to the fact that Huntingburg is home to just 14% of the County s units and has a much slower growth rate % annually. Additionally, over the last decade Ferdinand s housing supply has grown by 0.95% annually, but with only 4% of the County s housing that does not translate to a signficant number of new units. DUBOIS CO. CITY OF JASPER CITY OF HUNTINGBURG TOWN OF FERDINAND rental-occ rental-occ rental-occ rental-occ Household (HH) Profile Age of HH Family / Non-Family HH 54%/46% 46%/54% 62%/38% 33%/68% Average HH Size Median HH Income $31,914 $34,531 $24,792 $31,500 Year HH Moved to Unit Housing Profile Product Type SF SF/D SF/MF SF/D Number of Bedrooms % One-Bedroom 41% 47% 33% 66% % Two-Bedrooms 25% 21% 16% 18% Median Year Built Vacancy Rate 10.5% 12.7% 14.2% 0% SF = SINGLE-FAMILY DETACHED D = SINGLE-FAMILY ATTACHED / DUPLEX MF = SMALL MULTI-FAMILY source: United States Census and DCI analysis - data represents averages and most common occurances indicates comparison to Dubois County stat page 9 Dubois County Housing Strategy

10 $128,000 RECENT SALES TRENDS. $124, RECESSION YEARS AVERAGE SALES PRICE Dubois County, like most of the US, saw home values dramatically decline beginning in late 2007 and bottoming out in Since then, values have improved with sales indicating a recovering market. The submarkets (Jasper, Huntingburg and Ferdinand) follow similar sales trends with the exception of Huntingburg - where homes values faired slightly better during the recession, but have fluctuated greatly since then. Year to year, sales trends reflect a healthy market with a very similar number of sales each year. DUBOIS CO. CITY OF JASPER CITY OF HUNTINGBURG TOWN OF FERDINAND Total Number of Sales Median Sales Price $126,750 $139,000 $76,000 $144,500 Average # of Bedrooms Average Square Footage 1,723 1,763 1,616 1,704 Days on Mareket * source: Multiple Listing Service (MLS) recent sales data transactions provided by local REALTOR indicates comparison to Dubois County stat 100,000 75, AVERAGE LIST PRICE AVERAGE SALES PRICE CLOSED SALES PER YEAR source: Monthly Indicators provided by the Indiana Association of REALTORS - December 2014 page 10 Dubois County Housing Strategy

11 NEW CONSTRUCTION. The construction cost per unit in Dubois County has continued to climb post-recession, only slightly dropping during the height of the crisis in The average construction cost in 2013 was $293,305, compared to just under $140,000 in 2000 and $186,587 going into the recession. While the recession had little effect on the average construction cost, the number of units built greatly decreased across the entire County. One factor may be reduced construction of lower cost homes, likely tied to a changing housing market and effects of the recent recession. $250,000 $200, RECESSION YEARS AVERAGE CONSTRUCTION COST DUBOIS CO. CITY OF JASPER CITY OF HUNTINGBURG TOWN OF FERDINAND change change change change Annual Construction Rate Pre-Recession ( )* Post-Recession ( )* * source: US Census - CenStats Building Permits, numbers represent average number of building permits per year indicates comparison to Dubois County stat $125, % +3.3% MEDIAN SALES PRICE PER YEAR learn more STATE-WIDE MARKET Indiana has experienced a significant improvement in the residential real estate market since the 2008/09 recession. However, the number of sales in 2014 fell short of 2013 by -1.6%. Median sales prices did increase over 2014 to end the year at $126,000 a 5.2% increase from December of Year after year, the percentage of the original list price received continues to improve. With a good outlook for job growth projected in 2015, the real estate market in Indiana should see overall improvements. page 11 Dubois County Housing Strategy

12 examining LOCAL DEMAND The job market saw a drop in total employment during the recession, but quickly picked back up, but has yet to reach pre-recession highs. Unemployment, like employment, is improving as Dubois County transitions through its economic recovery. Through conversations with employers, many are struggling with employee recruitment and retention - citing recruitment as their number one challenge. Low unemployment rates and growth in the surrounding counties continues to affect the efforts of Dubois County s largest employers. Even with the challenges they face, many of the major employers are projecting growth over the next 3 to 5 years - with some estimates as high as 1,500 new jobs over the next 5 years. The majority of those jobs will likely be productiontype jobs with an average starting wage of $12.20 per hour, somewhat below the regional average. Regional competition adds to the difficulty of attracting and retaining quality employees, who often take advantage of the area s high concentration of jobs, varying wages between employers, thereby creating a cycle of employee trading and low tenure which all adds to the cost of doing business. The projected growth is likely to attract low- to middle-income residents seeking affordable housing options near centers of employment. The availability of these homes is not the issue - 58% of the County s homes are affordable - but product type, age, quality and location become increasingly important factors when looking at attracting a workforce to Dubois County. ALL RESPONDENTS average* PRODUCTION RESPONDENTS average Demographic Profile % Male / Female 50% / 50% 53% / 47% Average Age (in years) % High School Only / College Degree 30% / 46% 60% / 13% % Mgmt. / Professional / Production 22% / 36% / 31% n / a Time in Current Job (in years) Household (HH) Income $45,000 - $65,000 $25,000 - $45,000 One-Way Commute (in minutes) * information derived from DCI survey of top Dubois County employers (February 23 - March 3, 2015) indicates comparison to All Respondents page 12 Dubois County Housing Strategy

13 EMPLOYMENT. Jasper Huntingburg A majority of the top employers workforce is made up of production level employees - 85% on average. Accounting for 64% of the County s jobs, over 14,000 workers are employed at the 16 companies who participated - 12,000 of which are production level employees. Jasper contains the largest concentration of jobs - 67%, whereas Huntingburg (19%) and Ferdinand (12%) have smaller, yet still significant job clusters. Ferdinand Professional MUNICIPALITY BOUNDARIES MAJOR EMPLOYMENT LOCATION Production PRODUCTION EMPLOYEES PROFESSIONAL EMPLOYEES EMPLOYEE SALARIES. $18.00 Regionally, Dubois County s average manufacturing wage ($41,078) is below the regional average ($45,957) and significantly below several of the County s peers - Perry County ($51,338) and Warrick County ($65,681). The hourly wages provided by several large area employers indicate that an average entry level production worker would earn approximately $25,000 a year (based on 40 hour work week) and a senior level employee would earn $36,000 - both well under the County s average. Professional staff earn slightly more and are likely some of the reason for the higher County salary average. $14.00 Entry Level Production Entry Level Professional AVERAGE HOURLY RATE Senior Level Production page 13 Dubois County Housing Strategy

14 ALL RESPONDENTS PRODUCTION RESPONDENTS ALL RESPONDENTS existing existing desired* Housing Profile % Rural Setting 43% 51% 64% % Suburban Setting 20% 14% 12% % City Setting 37% 34% 24% % Own 81% 71% 87% % Rent 19% 29% 13% Housing Tenure (in years) n / a % Single-Family Detached / Attached 87% / 8% 81% / 11% 89% / 16% % Multi-Family 5% 8% 4% # Bedrooms Monthly Housing Cost $501 - $750 $250 - $500 $501 - $750 Estimated Home Value $125,000 - $150,000 $100,000 - $125,000 $100,000 - $150,000 % Home Value < $150,000 52% 82% 51% * information derived from DCI survey of top Dubois County employers (February 23 - March 3, 2015) EMPLOYEE HOUSING DESIRES. Overall, housing desires by the employees who completed the survey were reasonable and closely matched their existing housing choices. People were more likely to choose a single-family detached unit and rural setting. Only 34% of the respondents indicated they were likely to move in the future - of those that did, only 38% had plans to move in the next 5 years. When making future housing decisions, cost was given the most weight followed by proximity to work - this presents some opportunity to direct those employees to modestly priced homes near existing job clusters. The chart to the right shows the breakdown of responses to the question If your average commute is longer than 20 minutes, what was the primary reason for your housing choice? Overwhelmingly the choice was proximity to family and friends, followed by high housing cost and lack of options near their current job. PROXIMITY TO FAMILY /FRIENDS HOUSING COST TOO HIGH NEAR JOB NO DESIRABLE OPTIONS NEAR JOB PROXIMITY TO SPOUSES JOB RECENTLY CHANGED JOBS PROXIMITY TO CHILD S SCHOOL Proximity To Child s School Recently Changed Jobs Proximity To Spouse s Job No Desirable Housing Options Near My Job Housing Cost Too High Proximity to Family / Friends page 14 Dubois County Housing Strategy

15 RENTAL AFFORDABILITY. Average Rent < $250 $251- $499 $500 - $749 $750 - $999 $1,000 - $1,499 Based on the entry level production salary (estimated at $25,000 annually) an affordable rent range for a single earner household - one that does not exceed 30% of total income - would be $425 - $625. Approximately 60% of the existing < $250 $251 - $499 rental supply in Dubois County falls within or below that range indicating there is a supply $500 - $749 $750 - $999 $1,000 - $1,499 of affordable units. However, the location, availability and quality of that unit is unknown and may affect a renters decision to rent that unit over one outside the County. OWNERSHIP AFFORDABILITY. The average entry-level production worker could afford a $150,000 mortgage, assuming a 20% down payment and no other income earners in the household. This would allow that same household to afford approximately 58% of the County s housing supply, indicating there is sufficient affordable product within the County. The age, condition, location, type/size and availability of these units is unknown and may present some issues for potential homeowners. There are areas where a high concentration of units exist and areas where it would be hard to find an affordable unit. % of Affordable Units (<$150,000) < 25% 25-34% 35-44% 45-50% > 50% AFFORDABLE SUPPLY. There are several factors that lead to housing decisions - size/type, location, quality and age of the unit. Without an in-depth analysis of the > $150,000 < $150,000 existing supply it is hard to quantify how much this impacts Dubois County s ability to regionally compete for housing. While 58% of the County s housing units are below $150,000, a large portion PRODUCTION EMPLOYEES PROFESSIONAL EMPLOYEES of those are likely older construction - average value for a house built between is just $99,900. Due to the stability of the market, affordable housing is likely to be a long-term issue. page 15 Dubois County Housing Strategy

16 MASTERBRAND JASPER ENGINES & ENGINES 450 EMPLOYMENT PROJECTIONS JOB TOTAL 2013 JOB TOTAL If businesses meet their projections, it is estimated that there will be at least 900 to 1,100 new jobs created by the top 16 employers in Dubois County, but possibly as many as 1,500. Their ability to attract and retain employees has gotten somewhat to much harder over the last few years due in part to low employment rates, availability of qualified employees and getting people to move to the area. Initial growth is expected to be primarily production level employees at approximately 9 to 10 businesses. On average, the growing companies expect to hire around 50 new employees each year with the exception of a few firms who plan to add much greater numbers if candidates are available. page 16 Dubois County Housing Strategy

17 learn more COMMUNITY AS AN ATTRACTION TOOL One of the most important factors to consider in any economic development effort is the people who will choose to make a decision to live or not live in your community. This is especially important for places like Dubois County, where the unemployment rate is far below the national average and existing businesses identify relocation as a critical hurdle to growing their business. New studies have shown that investing in a sense of place, quality of life and community initiatives offer greater returns than traditional economic development incentives. Ball State University s Center for Business and Economic Research cites four key components that affect a town or city s ability to attract new, qualified employees - K-8 schools, quality of place / livability, responsive government and health care / healthy options. With plans already in place to improve their downtowns and shared public spaces, Dubois County must continue to focus on a holistic, county-wide economic development initiative that improves the area s sense of place and allows it to compete regionally for new employees, residents and businesses. GROWTH LOCATIONS. Based on existing employment information provided by the employers and their projections for future growth, it can be assumed that a majority of the new job creation will be in Jasper - approximately 1,000 new jobs (70%.) Ferdinand will see the next largest increase in jobs - approximately 400 (26%) with Huntingburg capturing only a small portion (5%) of projected employment growth - approximately 70 new jobs. Share of Projected Jobs 20% 40% 60% 80% JASPER HUNTINGBURG FERDINAND page 17 Dubois County Housing Strategy

18 building a HOUSING STRATEGY There is an obvious short-term market opportunity that can be capitalized on to bring new or rehabilitated affordable housing options to Dubois County. While growth rates for traditional housing indicators - population, housing and employment growth - have been anemic and less robust than other peer cities, there is still an opportunity to implement a successful housing strategy in a thoughtful, well-organized manner. A significant workforce housing issue has been identified and the current supply, while affordable, is not easy to identify and is often scattered, dated and of lower quality. Inventory is not the issue in Dubois County. Affordable single-family options exist, but may require some level of rehabilitation or renovation to satisfy the County s potential customer base - putting the burden on the home-buyer, who is likely unexperienced or uncertain of what that entails. Additionally there is no direct connection between housing opportunities and job concentrations. A housing response in Dubois County must not be just about building homes, but about linking opportunities to jobs and housing; reinforcing communities with improved infrastructure, home values and an influx of new residents as well as supporting local employers who are the economic backbone of the Region so they are able to continue to do business in Dubois County. CONCLUSION 1. CONCLUSION 2. CONCLUSION 3. CONCLUSION 4. Traditional market indicators for Dubois County do not reflect a significant increase in housing demand. There is limited opportunity for significant new housing construction based on past trends and current, traditional demand levels. The age and quality of housing stock may present an opportunity for a replacement housing strategy within specific neighborhoods. The current rental inventory is inadequate in both quality and options within each of the communities. page 18 Dubois County Housing Strategy

19 EMPLOYEE FACTOR. HOUSING FACTOR. The concentration of jobs, approximately 22,000, within Dubois County is its greatest asset and likely to drive any future housing development. With only a limited number of employee survey responses indicating a desire to move in the near future, the existing customer base - while a potential customer pool - is less likely to be a future housing consumer than a new employee - one moving from outside the Region. Of the existing employees, there is some likelihood that a small portion of the commuter population could be enticed to relocate to Dubois County with high quality, affordable options near employment centers. But again the 1,000+ projected new employees new employees a year - are more likely to consume new housing and are therefore the target market for a Dubois County Housing Strategy. The Region s housing market is growing - by nearly 40% over the last few years - but Dubois County is not keeping pace. The County s share of new construction has decreased from 19% (pre-recession) to just 12% (post-recession). Additionally, since 2010 new construction in Dubois County accounts for just 13% of the new units added to the Region. Within Dubois County, Jasper is the housing driver, building approximately 84% of the County s new units in However, a majority of these new homes do not fall into what s been defined as affordable for the growing workforce in the area. The average construction value in 2013 was in excess of $260,000 - $110,000 over the recommended affordable price threshold. While Dubois County, and more specifically Jasper, are adding to the existing housing supply, they are not providing a product that is accessible to one of their largest consumer markets - production level manufacturing employees. CONCLUSION 5. CONCLUSION 6. CONCLUSION 7. CONCLUSION 8. The majority of housing is affordable to the workforce, but limited in age, quality and location. Current commuters are not likely to drive significant housing demand; other factors are influencing their housing decision besides employment. Existing development standards, cost of construction and availability of land impede and / or disincentivize new workforce housing construction. Employer job growth projections for the next 5 years are an important component that will impact the level of housing demand in the near future. page 19 Dubois County Housing Strategy

20 EMPLOYMENT PROJECTIONS. estimated capture rates The ability of Dubois County and its communities to capture new residents is dependent on several factors - quality of housing product, price points, perceived value, neighborhood amenities and the quality of life present in each community. Additionally, capture rates (percent of the potential market that can be attracted) will vary based on the target markets as well as the proposed locations for new housing within Dubois County. Based on recent trends, survey responses and historic data it is likely that both existing and future employees are the most likely housing driver. To take advantage of this potential housing customer base, primary job clusters and the neighborhoods in their immediate vicinity should be targeted due to their proximity to employment, community services and amenities. future employees 10-15% general population 0-1% existing employees 3-5% JASPER 231 Job Cluster (5 min. drive time Division & US 231) HUNTINGBURG Near Downtown Job Cluster (2.5 min. drive time 9th St. & Chestnut) FERDINAND Industrial Dr Job Cluster (2.5 min. drive time 3rd St. & Scenic Hill) # Employees 7,000 +/- 2,500 +/- 2,500 +/- Projected New Jobs (in 5 years) 800-1,000 limited # Households 2, # Housing Units 2, Vacancy Rate 8% 11% 6% % Owner Occupied 70% 53% 79% % Renter Occupied 30% 47% 21% % Rental in Single-Family Units 50% 13% 2% Median Home Value $119,304 $81,190 $122,917 Median Rent $504 $496 $466 Median Age of Housing page 20 Dubois County Housing Strategy

21 KEY ASSUMPTIONS. Inventory is not the biggest issue - location, age and condition are key concerns. Affordable single-family options exist in Jasper and Huntingburg, but may require some level of rehab or renovation to satisfy today s customer. Ferdinand s existing inventory of housing is limited. Currently there are few linkages between job clusters and housing opportunities. Land cost/availability, development regulations/standards and better defined higher end market act as barriers to affordable housing construction. Several key housing products are not apparent in the Dubois County market - affordable mixed-income, high quality multifamily product and affordable single-family housing in high amenity neighborhoods. learn more COMMUNITY PREFERENCES Every two years, the Urban Land Institute (ULI) completes a community preference survey to gauge trends and feedback on what Americans want in their community. This national-level information is helpful as Dubois County looks to attract new employees and households from outside the Region. Based on employment projections, the millennial (ages 18-36) population and their housing and community desires becomes a critical market segment. They are likely to drive demand for more compact, mixed-use developments and generally desire communities that are more walkable, bikeable and diverse. Additionally, 63% of those surveyed want to live in a community where they do not need to use their car often. These trends reinforce the need to create new, diverse housing opportunities near existing job clusters that integrate community amenities and access to local retail and services. Understanding and incorporating these national trends into local community and economic development policies will allow Dubois County to compete on a much broader level. source: America in 2015: A ULI Survey of Views on Housing, Transportation, and Community - May 2015 COMMUNITY FEATURES. 50% OF AMERICANS want to be in walkable neighborhoods with sidewalks, crosswalks and other pedestrian-friendly features. RURAL LIVING. 42% OF AMERICANS desire to live in rural / smalltown areas - but still desire proximity to destinations and services. DIVERSITY. 78% OF AMERICANS reported a desire to live in a community with a mix of ages. Two-thirds prefer to live in a community with a mix of cultures and backgrounds. page 21 Dubois County Housing Strategy

22 INDIANAPOLIS, IN JASPER STRATEGY. goal: Take advantage of Jasper s Downtown and adjacent neighborhood revitalization efforts by encouraging in-fill and new housing investment in targeted areas near the 231 Job Cluster units potential 5 Year Demand for Workforce Housing case study URBAN NEIGHBORHOODS Herron Morton Place, a near-downtown Indianapolis neighborhood experienced a successful revitalization by restoring / rehabbing its diverse housing stock - which includes single-family, duplexes, courtyard apartments and small multi-family buildings - as well as integrating well-designed new construction into the existing neighborhood fabric. This two-fold approach has brought new life to the neighborhood and created greater density by reducing the number of empty or underutilized lots. The integration of diverse housing types provides something for everyone from large historic mansions, new modern infill homes, and affordable apartments, condos and town homes. Prices in the neighborhood range from $140,000 condos just down the street from fully restored homes priced upwards of $1 million dollars and everything page 22 in Dubois between. County Housing Strategy The existing job base combined with projected job growth creates a strong argument for a well-defined, quantifiable housing market in Jasper. With the average cost of construction in 2014 at $260,000, most entry level employees - the job category projected to grow - cannot afford what is being constructed. Jasper should consider focusing much of their efforts on a single-family initiative - both new construction ( units) and the rehabilitation of existing units (30-50 units) to provide a diversity of housing choices for its growing workforce. Multifamily development must also play a role to fully address the gap in workforce housing. Over the next 1-3 years, Jasper has the potential to create an additional new units of high quality apartments or other attached (townhomes, stacked flats, lofts, etc.) product.

23 Base Number. Capture Rate. Potential Annual Demand. JASPER 231 Job Cluster Market Potential Existing Job Base * 5, % Estimated Annual Job Growth ** % Estimated Household Growth % 0-3 Potential New Annual Demand units annually *accounts for approximate production and service jobs only ** based on projected growth within the 231 Job Cluster. STRATEGY 1. Focus new housing opportunities within a 5 minute drive of the 231 Job Cluster. STRATEGY 2. Create or reinforce quality neighborhoods with strong connection to community amenities, services, and employment opportunities. STRATEGY 3. Focus on a quality multi-family project that reinforces targeted Downtown areas. STRATEGY 4. Identify single-family blocks in near-downtown neighborhoods that would benefit from reinvestment and have rehab and infill opportunities. STRATEGY 5. Identify a strategically located property that would support the development of new workforce homes in a holistic neighborhood setting. page 23 Dubois County Housing Strategy

24 HUNTINGBURG STRATEGY. goal: Modernize the City s housing inventory through a concentrated renovation and new housing program as part of a larger economic development program, improve its ability to compete regionally for residential growth & reinforce revitalization efforts units potential 5 Year Demand for Workforce Housing The projected absorption of workforce housing is based on the assumption that Huntingburg can capture some portion of the projected County-wide job growth. There is some ability to capture a greater share of the market if the City can capitalize on its quality of life and create the types of units needed to attract the employee market. A majority of the short-term housing efforts should focus on bringing new single-family units onto the market. With a decent housing stock to start with, Huntingburg should focus 50% of its effort (35-70 units) on rehabilitation in existing neighborhoods combined with infrastructure and other neighborhood amenities. New construction (35-70 units) also presents an opportunity, if the development is within a well-designed neighborhood context located near amenities, services and employment clusters. HUNTINGBURG Near Downtown Job Cluster Market Potential Base Number. Capture Rate. Potential Annual Demand. Existing Job Base * 2, % Estimated Annual Job Growth ** 1, % 0-3 Estimated Household Growth *** % 1-2 Potential New Annual Demand units annually case study POCKET NEIGHBORHOODS With the philosophy of better rather than bigger, Danielson Grove in Kirkland, Washington is set within a larger neighborhood context where each home is constructed on a private lot with shared access to parking and common outdoor areas. Home prices in this Seattle neighborhood start in the Mid-$500,000 s with homes ranging from 1,500-1,700 square feet. People are willing to pay the higher cost in return for the community setting, amenities and distinct details that make these homes unique. In some ways these homes are affordable - more traditional homes in the area start at $545,000 and exceed the multi-million dollar mark. The compact design allows for a higher density development with a more spacious, communityemphasized designed that encourages social interaction and value-added amenities at a lower cost to the consumer. page 24 Dubois County Housing Strategy *Site Specs. LOT 110 x 160 ft. 0.4 acres UNITS sq. ft. DENSITY 19.8 du/acre PARKING 1 space/du SETBACKS 10 ft. front 5-6 ft. side/rear BUILDING 24 x 35 ft. * specs not for Danielson Grove du = dwelling unit

25 STRATEGY 1. Focus on a compact area near existing job clusters and the Downtown area. STRATEGY 2. Reinforce existing neighborhoods near job clusters - both emerging / newer neighborhoods near 12th Street and the historic core south of Downtown. STRATEGY 3. Emphasize curb appeal and unique market features that allow the City to market the community s diverse housing options and small town quality of life. STRATEGY 4. Create neighborhoods with a variety of housing choices that integrates or physically connects to surrounding jobs, services and recreational opportunities. * accounts for approximate production and service jobs only ** based on projected growth of 1,275 production level jobs within the County *** based on limited household formation that is projected for Huntingburg STRATEGY 5. Evaluate the role of Main and Jackson Streets as potential improved northsouth connectors between neighborhoods and the Downtown core. KIRKLAND, WA page 25 Dubois County Housing Strategy

26 case study RURAL BY DESIGN Taken from Rural by Design - most residents also live within walking distance of typical town amenities, such as schools, shops, churches, and playgrounds. They often feel a real attachment to their neighborhood and a definite sense of place about their street, where they know many of their neighbors. When queried about what they like about living in a traditional town, the same items surface time and again: they enjoy the variety, convenience, and neighborliness that comes with living in such places. These features, already evident in many of Dubois County s towns and cities, should be the focal point of redevelopment, revitalization and new development efforts. The authentic sense of place / community and access to traditional town amenities is something that can be marketed and promoted to improve regional competitiveness. Rural by Design is a vast collection of design tips and guidance, development standards and relevant best practices and case studies from around the country that are applicable to Dubois County s housing efforts. FERDINAND STRATEGY. goal: Reinforce Main Street (Hwy 162) and the North Ferdinand Gateway by establishing new housing opportunities that utilize remnant agricultural land, underutilized industrial parcels and infill lots in designated target areas units potential 5 Year Demand for Workforce Housing As one of the largest concentrations of jobs and potential job growth, Ferdinand - if desired - is in a position to grow its residential population base. There is a need for additional workforce housing, both for-rent and ownership that is currently missing from the market. The Town s low vacancy rate and limited supply of units indicates an ability to absorb new housing units if they were made available. Additionally, the Town has a locational advantage over other parts of Dubois County due to its access to I-64 which could translate to an opportunity to attract additional regional households. To increase its residential base, the strategy for Ferdinand focuses on predominately new construction single-family ( units) and the modernization / rehabilitation of existing homes (15-25 units) near Main Street. With a rental vacancy at 0% there is an obvious demand for quality multifamily units. The Town could likely support between new multi-family units over the next 1-3 years. page 26 Dubois County Housing Strategy

27 STRATEGY 1. Establish goals and objectives designed to stablize and / or grow the population and reintroduce Ferdinand as a quality option within the larger regional market. STRATEGY 2. Focus the Town s 5 year housing and redevelopment program at the North Gateway target area. STRATEGY 3. Reconfigure industrial and underutilized properties for future single-family development. STRATEGY 4. Introduce new housing products along Main Street that create appropriate scale and attractive design while addressing the need for newer workforce rentals. Base Number. Capture Rate. Potential Annual Demand. FERDINAND Industrial Dr. Job Cluster Market Potential Existing Job Base * 2, % Estimated Annual Job Growth ** 1, % 6-10 Estimated Household Growth *** 0 0% 2-3 **** Potential New Annual Demand units annually * accounts for approximate production and service jobs only ** based on projected growth of 1,275 production level jobs within the County *** based on limited household formation projected for Ferdinand **** targeted efforts to change trajectory of household growth and attract regional households page 27 Dubois County Housing Strategy

28 outlining the ACTION PLAN For Dubois County, economic development is inherently linked to the major employers ability to attract qualified employees and their families to live and work in one of its many cities and towns. A function of that ability is the supply of housing, specifically workforce housing. For Dubois County to offer longterm support to one of its most valuable assets - its high concentration of jobs - they must adapt their economic development efforts to incorporate growing workforce housing options near existing job clusters. While traditional housing indicators are weak, employees represent an obvious short-term market opportunity for housing development. Existing options at affordable price points are dated, scattered and often lower quality units. With average new construction values around $260,000 per unit, local builders have primarily focused on meeting a higher income market segment, leaving a gap in the much needed workforce housing market. In order to bring new or renovated housing into the market, it must compete price wise with these older, less expensive options - identifying a need for some type of intervention. This intervention will likely come in as a value-added component of a larger housing initiative. The response must be as much about economic vitality as it is a response to a specific housing need. To this point, no one approach or tool will solve Dubois County s current housing issues, but a multi-faceted, organized approach will offer the best results for not only the employers, but the towns and cities, and ultimately the residents who have already chosen Dubois County as their home. By integrating economic and community development, the recommended approach aims to service many different constituent groups and improve the County s ability to attract new residents and investments in the future. Independent of what direction is chosen for future housing initiatives, the selected approach should be designed in a manner that ensures both local community objectives are met in addition to expanding housing options. The community must define their individual objectives but should focus on reinforcing existing neighborhoods, developing new neighborhoods with a sense of place, attracting developers with the ability to provide desired product types with added features at the right price points and growing job clusters by making Dubois County a desirable place to live. page 28 Dubois County Housing Strategy

29 PILOT PROJECT. why county-wide approach? To many potential investors, employees and residents Dubois County is viewed as one community. As a diverse community of 42,000 people with different lifestyle options for everyone, Dubois County competes better than it can as three smaller communities with limited options. This requires cooperation between the cities and towns with the shared goal of economic prosperity for the entire County units potential scale of 1st joint effort demonstration project to include owner & renter product in all 3 communities 3:2 ratio of new construction to rehab, but based on specific need, availability of land and product $150,000 targeted price point for ownership with prices ranging from $90,000 - $200,000 $675 per month targeted price point for rental units with monthly rates between $350 - $1,000 The goal of the proposed pilot project is two-fold - define the market opportunities of the employee customer base and create local capacity that can transition into a long-term county-wide housing initiative. The housing market, most notably workforce housing, is not well-defined to those outside of Dubois County - but presents a significant opportunity to those that understand it and know how to take advantage of it. Therefore, investment of any scale has been limited and does not adequately meet the needs of the existing employers and their employees. There is a need to prove the market and help define the opportunities that exist within Dubois County. By utilizing a demonstration or pilot program, the County will be able to effectively demonstrate the strength of the employee market to potential developers, investors, employers and future customers. The project will also show how community-oriented amenities like - mixed-use neighborhoods, open space, mix of product types and quality design - become critical pieces in attracting a regional market to Dubois County. A pilot project allows those involved with local housing initiatives and development a chance to build capacity that currently doesn t exist within any one municipality. The need to hire multiple staffs and engage employers, developers and customers individually is limited and will greatly reduce the time commitment of each implementation partner. Even more, by partnering several municipalities and organizations, the overall burden and potential risk associated with a new housing program is limited for the individuals. A pilot project becomes a way to test out various methods and organizational structures with no long-term commitments or fear of taking on more than any one organization can handle. page 29 Dubois County Housing Strategy

30 PROJECT TIMELINE Key Task Q2 Q3 Q4 Q1 Q2 Q3 Q4 Define Goals/Objectives of Dubois County Housing Program Organize Partners & Begin Outreach to Other Funders Identify Housing Partner & Define Role / Expectations Establish Housing Program Framework Define & Identify Demonstration / Pilot Project Target Sites for Acquisition / Land Control Work with Local Banks to Develop Favorable Financing Begin Discussions with Developer / Builder Build Model Units for both Rehab and New Housing Product Marketing & Outreach to Home-Buyers Pre-Sell Units to Qualified Home-Buyers On-going Construction of New and Renovated Units Evaluate Outcomes and Adjust/Expand to Meet Demand Projected Completion of 50 unit Demonstration Project PROJECT ROLES. Key Task Define Goals/Objectives of Dubois County Housing Program Organize Partners & Begin Outreach to Other Funders Identify Housing Partner & Define Role / Expectations Establish Housing Program Framework Define & Identify Demonstration / Pilot Project Target Sites for Acquisition / Land Control Work with Local Banks to Develop Favorable Financing Begin Discussions with Developer / Builder Build Model Units for both Rehab and New Housing Product Marketing & Outreach to Home-Buyers Pre-Sell Units to Qualified Home-Buyers On-going Construction of New and Renovated Units Evaluate Outcomes and Adjust/Expand to Meet Demand Projected Completion of 50 unit Demonstration Project Partners. (E) (P) (H) (F) (D) EMPLOYERS (E) PUBLIC SECTOR (P) HOUSING PARTNER (H) OTHER FUNDERS (F) DEVELOPER / BUILDER (D) * see page 32 for information on key players page 30 Dubois County Housing Strategy

31 SOURCES & USES BUDGET. Total Cost. Per Unit Cost. * Uses. acquisition 1 $450,000 $10,000 construction 2 $5,460,000 $121,333 site costs $112,500 $2,500 architecture & engineering (A&E) $218,400 $4,853 soft costs $240,900 $5,353 construction management $111,450 $2,477 financing $35,000 $778 reserves $67,500 $1,500 Total Project Cost $6,696,750 $148,794 Total Funding. Per Unit Funding. * Sources. home-buyer downpayment $200,873 $4,464 local investment $803,490 $10,000 other public investment $334,788 $16,667 conventional debt $5,294,878 $117,664 Total Project Cost $6,696,750 $148,794 HOME-BUYERS (B) DEVELOPER / BUILDER (D) PUBLIC SECTOR (P) EMPLOYERS (E) HOUSING PARTNER (H) OTHER FUNDERS (F) 1 assumes average land cost of $30,000 per acre, average home price of $20,000 and requires some to significant renovation and $5,000 per undeveloped infill parcel 2 assumes average new construction cost of $90/sq. ft., renovation cost of $85/sq. ft. and average home size of 1,400 sq. ft. * assumes 45 new or rehabilitated units as part of the demonstration project - 15 renovated units, 15 infill new construction and 15 new construction units in new or expanded neighborhood page 31 Dubois County Housing Strategy

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