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Utah Renters Lease Agreement


Utah Renters Lease Agreement document sample

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  • pg 1
									Workforce Housing

  Utah Housing Coalition
   September 14, 2006
    Workforce Housing

   Housing that is available in the
   communities where the jobs are
located and affordable at local wages.
Housing Affordability in the West

• Housing prices consistently outpace
  wages, creating a housing affordability
• Rocky Mountain states experienced a 24 –
  45 percent increase in cost burden,
  compared to 12% nationally.
• Renter cost-burden decreased during the
  1990s nationally – yet increased in
  communities throughout the west.
Workforce Housing Challenge
               How can communities
               remain affordable to
               working families as
               growth, changes in
               local and regional
               economies, and
               demographic trends
               create high cost, low
               wage economies?
• Lack of down payment for      90
  a house
• Lack of first months’ rent    70
  and/or security deposit
• Lack of relocation funds      50
• Lack of                       40                     West
  available/affordable rental   30                     North
  housing in the community      20
• Lack of                       10
  available/affordable          0
  single-family housing in           1st 2nd 3rd 4th
  the community                      Qtr Qtr Qtr Qtr
Housing Assessment and
  Affordability Analysis
                Key Steps
•   Economic Profile of the Community
•   Conduct Employer Housing Surveys
•   Conduct Employee Housing Surveys
•   Develop Demographic Profile
   Projected Workforce Housing Needs
Park City Population Projection 2010           9,752
Less: Park City Population 2005                8018
Equals: Total New Residents                    1,734
Locational Substitution                        34%
Multiplied by Total New Residents              1,734
Equals: Total New Residents Employed Locally   590
Total New Residents Employed Locally           590
Multiplied by % of jobs in Core Sectors        82%
Equals: Total New Residents in Core Sectors    484
Divided By: Workers per Household              1.5
Equals: 2010 Workforce Housing Demand          323 units
 Renter Household Needs
Total Renter Households                   1,060
% of Cost Burdened Renter Household       39 percent
Number of renter households paying 30 –   104
  34% of income for rent
Number of renter households paying 35 –   75
  39% of income for rent
Number of renter households paying 40 –   86
  49% of income for rent
Number of renter households paying 50     153
  percent or more of income for rent
   Pent up Demand for Homeownership
Renter households with incomes >$35,000 (minimum 550 households
  income necessary to qualify for a deed restricted
Multiplied By: % of renters interested in         88 percent
Equals: Potential pent up home ownership demand   484 households

Percentage of households with incomes between 40 percent
  households with incomes between $35,000 -
Percentage of households with incomes between 40 percent
  $50,000 - $75,000
• Improve recruitment
• Decrease turnover and associated costs
• Decrease recruitment/retraining costs
• Improve employee morale
• Reduce loss of productivity and need for
  overtime as a result of employees
  covering vacancies
• Provide positive PR for company
      Homeownership Assistance
•   Downpayment loan that is interest free for five years
•   Five year forgivable down payment
•   Employer-guaranteed mortgage
•   Trade off of an annual wage increase to obtain employer
•   Mortgage rate buydown
•   Group mortgage discount on closing costs
•   Group mortgage discount on mortgage rate
•   Assistance with closing costs
•   Low rate mortgage with appreciation on the house
    shared with employer
         Rental Assistance

• First months’ rent and security deposit
• Master Lease/Monthly lease with employer
  (employer rents unit for employee)
 Coastal Housing Partnership of
         Santa Barbara
• Consortium of 15 public and private employees
  – Worked out an agreement with a local ender to
    secure favorable financing for their employees in
    return for certain corporate banking relationships
  – Employees are eligible for an 80% first mortgage at a
    favorable rate
  – Lender makes a second mortgage to the employees
    at a rate 2 points above cost of funds plus one point.
  – Employee has a 10% down payment
         Stanford University
• Provides a second mortgage of up to 10% of the
  purchase price of a home as well as points with
  rates comparable to a ten-year treasury note
• Interest only loans for up to 50% of the purchase
  price of a home. Loans are provided at a 3.5%
  interest rate and do not require payment on the
• Equity gained upon resale is shared
  proportionately between homeowner and
           North Sioux City
            South Dakota
• Master leases 20 apartments units and
  owns six town homes near its facility
• Provided to new employees and contract
  consultants and are completely furnished
• Employees reimburse the company for
  rent but do not have to cover deposits or
• Goal is to reduce stress and increase
  productivity of new employees
         Eagle River Water
       and Sanitation District
             Vail, CO
 Rental assistance program provides a two-
  year zero-interest loan for first, last and
  security deposit payment;
 Provides rental units at below market rates
  for up to two years in District owned units
Park City Municipal Corporation
         Park City, Utah
• Provides a $200/$250 per month housing
  allowance for FTRs within school district
• Provides a $10,000 second mortgage at 5% with
  payments deferred for first five years
• For city-owned property provides a second
  mortgage up to 17% of purchase price
• Owns and leases rental units to city employees
  at below market rates
What Does Workforce
Housing Look Like?
Grand Forks, North Dakota
Billings, Montana
Missoula, Montana
St. George, Utah
Provo, Utah
Park City, Utah
City and Town Strategies
         Community Strategies
• Conduct focus groups with business community to
  assess current and anticipated workforce housing needs.
• Partner with Chamber of Commerce for
  Employee/Employer Surveys.
• Create a Workforce Housing Taskforce.
• Conduct focus groups with lending community.
• Enlist assistance from the State to identify funding
• Assess housing affordability gap.
• Develop partnerships with nonprofit and for profit
  housing developers to create housing that meets local
      Regulatory Strategies
 Include economic demand analysis of current and
   projected workforce needs as component of Housing
 Promote inclusionary programs to increase the stock
   of affordable housing
 Permit Accessory Dwelling Units to increase the stock
   of rental housing
 Encourage innovation in mixed-use design and
   adaptive re-use of historic buildings
 Upgrading infrastructure to encourage development
 Land assembly
 Deferral or waiver of fees
       For More Information

• Phyllis McDonough Robinson
• 435-615-5189
• probinson@parkcity.org

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