Strengths
- Quality organizations (both private and non-profit) supporting affordable housing
- Collaboration and community involvement
- City and county commitment to affordable housing
- Overall housing affordability has improved (home prices have fallen)
- Historically low interest rates
- Compared to other cities, housing is generally affordable
- Low base utility rates
Weaknesses
- Financing for development (especially creative development) is hard to come by
- Narrower pathway to homeownership than in recent years (decreasing property values, tighter lending standards, etc. = fewer ready buyers)
- Financial illiteracy
- No educational requirement tied to affordable housing and/or other rentals & purchases (renter education, first-time home buyer education, etc.)
- High levels of energy consumption = increased utility costs
Opportunities
- Consortium of local banks to provide financing for affordable housing
- Local fund to provide resources fro affordable housing and housing affordability
- P.A.C.E. Program recently passed at state level, awaiting governor’s signature
- Utility-based efficiency programs have been well-received; opportunity to expand
- Utility history disclosures/publishing in a more transparent way (particularly in rentals)
- Community-wide education on financial literacy and life skills
- “Qualified Renter” training/certification program; landlords offering incentives on deposits, etc. for certified renters
- Federal Housing Trust Fund & similar incentives for construction of new affordable housing
Threats
- Foreclosures / Appraisals / Tighter lending standards, etc. = fewer available buyers
- Low average wages / few high paying jobs in the area
- Fees and regulatory costs (especially in new construction) reducing the availability of new housing that people can afford
- Future utility costs (transport rules, cap & trade, etc.)
- Mandatory fire sprinklers in new single-family residences
- Changes (reductions) to tax credit system for construction of affordable housing (MHDC, etc.)
- Inconsistent code interpretation and enforcement (internally and with surrounding jurisdictions).
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