Yarmouth Housing Production Plan PLANNING BOARD MEETING AND PUBLIC HEARING – FEBRUARY 3, 2016

What is Affordable Housing ? HUD definition – Spending no more than 30% of income on housing costs Affordable housing (40B definition): ◦Subsidized ◦Deed restricted ◦Affirmatively marketed ◦Available to households earning at or below 80% of area median income YARMOUTH HOUSING PRODUCTION PLAN 2

What housing is affordable in Yarmouth? Of the 12,037 year-round housing units, 520 or 4.32% are included in the Subsidized Housing Inventory (SHI). Up from 362 in 2007 and 405 in Current gap of 684 units to meet the 10% state target without considering future growth. 73% of SHI units are rentals. 22% of units involved 40B. YARMOUTH HOUSING PRODUCTION PLAN 3

What are Housing Production Plans? State regulations under Chapter 40B offer communities greater local control over affordable housing development. First step is getting Housing Plan approval from the state. Plan must include affordable housing production goals (60 units/year for Yarmouth based on.5% of year-round housing units) and strategies to address identified local needs and meet these goals. For each one-year or two-year goal met, the Town can apply for and receive State certification with a 1- or 2-year period during which the ZBA can deny 40B projects without the developer’s ability to appeal if they are determined to be inappropriate or not responsive to local needs. YARMOUTH HOUSING PRODUCTION PLAN 4

Components of HPP Executive Summary Comprehensive Housing Needs Assessment Section on challenges for creating affordable housing Annual housing production goals/5 years Housing strategies for addressing local needs and meeting production goals ◦Modification of zoning districts or geographic areas to create affordable housing ◦Identification of potential 40B sites ◦Preferred characteristics of residential or mixed-use developments ◦Municipally owned parcels for which the Town will commit for affordable housing ◦Participation in regional collaborations addressing housing development YARMOUTH HOUSING PRODUCTION PLAN 5

Why prepare a Housing Production Plan? Document local housing dynamic and priority housing needs. Better control new development and the production of affordable housing. Assist the Affordable Housing Trust and Community Preservation Committee in making funding decisions. Support grant writing and other planning efforts. Provide information to non-residents, including developers, on housing needs and priorities in Yarmouth. Ultimately to address unmet local housing needs by producing affordable units in appropriate “smart” locations. YARMOUTH HOUSING PRODUCTION PLAN 6

Major Demographic and Economic Trends Recent population loss. Losing younger residents and gaining older ones. Growth of smaller households. Rising but relatively lower income levels. Almost 20% of households earned less than $25,000. Overall declines in poverty except for seniors. YARMOUTH HOUSING PRODUCTION PLAN 7

Major Housing Trends Slower recent housing growth. Some net loss of rental units. About 30% of units involve seasonal units or second homes. Prices rising but still below pre-recession levels and lower than neighboring towns. The median single-family house price was $255,000 as of the end of 2014, $275,000 as of July Median gross rent of $1,232 according to 2013 census estimates. Market rents are higher. Affordability gaps and cost burdens. Significant foreclosure activity. YARMOUTH HOUSING PRODUCTION PLAN 8

Priority Housing Needs Yarmouth 5-Year Production Distribution Goals Homeownership Units – 25% Rental Units – 75% Homes NeededHousehold Income Homes NeededHousehold Income 100%  80% of Median 10%  30% of Median 55%  60% of Median 35%  80% of Median Homes Needed# of Bedrooms Homes Needed# of Bedrooms 75%2 bedroom 45%1 bedroom and studios 25%3 bedroom 40%2 bedroom 15%3+ bedroom YARMOUTH HOUSING PRODUCTION PLAN 9

Zoning Strategies Amend cluster development bylaw Pursue 40R/40S or Compact Neighborhoods Smart Growth Zoning Allow a wider range of housing types Explore a property tax exemption for year-round rental units YARMOUTH HOUSING PRODUCTION PLAN 10

Capacity Building Strategies Continue educational campaign Encourage training on affordable housing/smart growth development YARMOUTH HOUSING PRODUCTION PLAN 11

Housing Production Strategies Continue to revitalize commercial areas with housing Continue to make suitable public land available for affordable housing Continue to convert existing housing to affordability Continue to promote Local Initiative Program comprehensive permit units YARMOUTH HOUSING PRODUCTION PLAN 12

Housing Preservation and Direct Assistance Strategies Monitor affordability of SHI Upgrade existing housing stock Help current and prospective homeowners access housing resources Provide assistance to renters YARMOUTH HOUSING PRODUCTION PLAN 13

Next Steps Finalize draft Obtain approvals from Planning Board and Board of Selectmen Submit Plan to the state/90-day review period Visit Town’s website for more information – YARMOUTH HOUSING PRODUCTION PLAN 14