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Home My WebLink AboutAgenda_HAB_10.15.2018Notice of Meeting for the Housing Adv isory Board of the City of Georgetown October 15, 2018 at 5:30 PM at Historic Light and Waterworks Bldg, 406 W. 8th Street Georgetown, TX 78626 The City o f G eo rgeto wn is committed to comp lianc e with the Americans with Dis abilities Ac t (ADA). If yo u req uire as s is tanc e in participating at a p ublic meeting d ue to a disability, as d efined und er the ADA, reas onab le as s is tance, ad ap tatio ns , or acc o mmo d ations will b e provid ed up o n req uest. P leas e c o ntact the City Sec retary's Office, at leas t three (3) days prior to the sc hed uled meeting d ate, at (512) 930-3652 o r City Hall at 113 Eas t 8th Street fo r add itional info rmation; TTY us ers ro ute through Relay Texas at 711. Public Wishing to Address the Board On a sub ject that is pos ted on this agend a: Pleas e fill out a speaker regis tration form which c an b e found at the Bo ard meeting. C learly p rint yo ur name, the letter o f the item o n which yo u wis h to s p eak, and present it to the Staff Liais o n, p referab ly p rio r to the s tart of the meeting. You will be called forward to speak when the Board cons id ers that item. On a sub ject not pos ted on the agend a: Pers ons may add an item to a future Bo ard agenda b y filing a written req uest with the S taff Liaison no later than one week prior to the Board meeting. T he req uest mus t inc lude the s p eaker's name and the s p ecific to p ic to b e ad d res s ed with sufficient information to info rm the b o ard and the p ublic . For Board Liais on c o ntact info rmatio n, pleas e lo gon to http://go vernment.georgetown.o rg/category/b o ard s -commissions /. A As of th e d ea d lin e, n o p ersons were sign ed up to sp ea k on items other than those p osted on the a g enda. Legislativ e Regular Agenda B Co nsideration and possible actio n to approve the minutes fro m the Sep tember 24, 2018 meeting. Karen Fro s t, Rec o rd ing S ecretary C Co nsideration and disc ussion on Affordab ility Analysis. Sus an Watkins , AICP, Hous ing Co o rd inato r. D Up d ate on the 2030 P lan Update proc es s . S us an Watkins , AICP, Hous ing Coordinator Adjournment CERTIFICATE OF POSTING I, Shelley No wling, C ity S ecretary fo r the C ity of Geo rgeto wn, Texas , d o hereby c ertify that this Notice of Meeting was p o s ted at City Hall, 113 E. 8th Street, a p lace read ily acc es s ible to the general p ublic at all times , on the ______ d ay o f __________________, 2018, at __________, and remained so p o s ted fo r at leas t 72 c o ntinuo us ho urs p receding the sc heduled time o f s aid meeting. ____________________________________ S helley No wling, City Sec retary Page 1 of 82 City of Georgetown, Texas Housing Advisory Board October 15, 2018 SUBJECT: Cons id eration and p o s s ib le ac tion to approve the minutes from the Sep temb er 24, 2018 meeting. Karen Frost, Rec o rding Sec retary ITEM SUMMARY: FINANCIAL IMPACT: None SUBMITTED BY: Karen Fro s t, Rec o rd ing S ecretary ATTACHMENTS: Description Type Minutes _HOUAB_09.24.2018 Backup Material Page 2 of 82 Housing Advisory Board Page 1 Minutes September 24, 2018 City of Georgetown, Texas Housing Advisory Board Minutes September 24, 2018, at 4:00 p.m. Historic Light and Waterworks Building, 406 W. 8th Street Georgetown, Texas 78626 Members present: Nathaniel Bonner; Nikki Brennan; Mary Calixtro; Randy Hachtel; Jennyce Hume; Bob Weimer, and Lou Snead, Chair Members absent: none Staff present: Susan Watkins, Housing Coordinator; Nat Waggoner, Long Range Planning Manager and Recording Secretary Call to Order by Chair Snead at 4:00 pm. with reading of the meeting procedures. Legislative Regular Agenda A. Consideration and possible action to approve the minutes from the August 21, 2018 meeting. Karen Frost, Recording Secretary Motion by Brennan, second by Hachtel to approve the minutes. Approved 7 – 0. B. Consideration and discussion on Affordability Analysis. Susan Watkins, AICP, Housing Coordinator. See attached presentation. No action was taken. C. Update on the 2030 Plan Update process. Susan Watkins, AICP, Housing Coordinator See attached presentation. No action was taken. D. Update on the 2030 Plan Update process. Lou Snead, Board Chair Adjournment Motion by Hachtel, second by Hume to adjourn. The meeting was adjourned at 5:52 pm. __________________________________ _______________________________________ Approved, Lou Snead, Chair Attest, Randy Hachtel, Secretary Page 3 of 82 2030 PLAN UPDATE Housing Advisory Board | Affordability Analysis | September 24, 2018 Page 4 of 82 PURPOSE •Review and discuss process for establishing housing need and defining housing situation •Review and discuss data points in affordability analysis Page 5 of 82 AGENDA •Review project schedule •Introduce Affordability Analysis •Review Affordable Housing Demand section Page 6 of 82 HOUSING ELEMENT PROGRESS Oct. 15August Oct. 29 Nov. 19Sep. 24July 2018 Page 7 of 82 AFFORDABILITY ANALYSIS –Part 1 Housing demand Page 8 of 82 AFFORDABLE ANALYSIS Page 9 of 82 WILCO AREA MEDIAN INCOME (AMI), FAMILY OF 4 7 $24,300 $34,250 $54,800 $68,500 $41,100 Source: Graphic (COSF), 2016 HUD Income Limits % Area Median Income Median Income $82,200 $95,900 Page 10 of 82 RENTER HOUSEHOLD INCOME PROFILE Source: US Census Bureau American Community Survey 2016 1-Year Data Williamson County, Texas Georgetown city, Texas Count Share Count Share Total Households 173,125 25,235 Median Income $81,818 $67,379 Renter-Occupied 55,488 32.1%6,710 26.6% Less than $25,000 10,068 18.1%1,670 24.9% $25,000 to $49,999 14,328 25.8%1,776 26.5% $50,000 to $74,999 13,680 24.7%1,558 23.2% $75,000 to $99,999 7,156 12.9%629 9.4% $100,000 to $149,999 6,645 12.0%593 8.8% $150,000 or more 3,611 6.5%484 7.2% Median Income $53,914 $48,833 •26.6% Total Renter Households (HH) •72% of Total HH Median Income •71% of Wilco AMI ($68,500 in 2016) •51.4% (over half) of renters made less than $50,000 Page 11 of 82 RENTAL WAGE NEEDED TO AFFORD FMR Year Efficiency One- Bedroom Two- Bedroom Three- Bedroom Four- Bedroom FY 2016 FMR $740 $902 $1,126 $1,523 $1,845 Wage needed $29,600 $36,080 $45,040 $60,920 $73,800 Source: HUD User, FY16 Fair Market Rents Austin-Round Rock, TX MSA including Williamson County Page 12 of 82 RENTER OPTIONS Area Median Income (%)Income 30% of Income (family of 4) Monthly Housing Expenses Renter Options at Fair Market Rent 30 $24,300 $7,290 $608 None 50 $34,250 $10,275 $856 Efficiency 80 $54,800 $16,440 $1,370 Two bedroom 100 $68,500 $20,550 $1,713 Three bedroom Source: City of Georgetown staff calculationsPage 13 of 82 RENTER COST BURDEN Williamson County, Texas Georgetown city, Texas Count Share Count Share Total 55,488 6,710 Less than 10.0 percent 2,576 4.6%292 4.4% 10.0 to 14.9 percent 3,969 7.2%294 4.4% 15.0 to 19.9 percent 7,390 13.3%500 7.5% 20.0 to 24.9 percent 9,008 16.2%1,339 20.0% 25.0 to 29.9 percent 6,373 11.5%580 8.6% 30.0 to 34.9 percent 6,887 12.4%700 10.4% 35.0 to 39.9 percent 2,759 5.0%275 4.1% 40.0 to 49.9 percent 5,405 9.7%1,016 15.1% 50.0 percent or more 8,743 15.8%1,420 21.2% Not computed 2,378 4.3%294 4.4% 30.0 percent or more 23,794 42.9%3,411 50.8% Median gross rent as a percentage of household income 27.8%31.5% Source: US Census Bureau American Community Survey 2016 1-Year Data •50.8% cost burdened, higher than Williamson County Page 14 of 82 2016 HOUSING COSTS AS A PERCENTAGE OF HOUSEHOLD INCOME –RENTER-OCCUPIED HOUSING BY INCOME Source: US Census Bureau American Community Survey 2016 1-Year Data Georgetown city, Texas Count Share Total Housing Units 25,235 Renter-Occupied housing units 6,710 26.6% Less than $20,000 836 12.5% 30 percent or more 725 86.7% $20,000 to $34,999 1,324 19.7% 30 percent or more 1,324 100.0% $35,000 to $49,999 1,045 15.6% 30 percent or more 699 66.9% $50,000 to $74,999 1,505 22.4% 30 percent or more 614 40.8% $75,000 or more 1,706 25.4% 30 percent or more 49 2.9% Zero or negative income 0 0.0% No cash rent 294 4.4% 86.7 (725 HH) 100 (1324 HH) 66.9 (699 HH) 40.8 (614 HH) 2.9 (49 HH) 0 20 40 60 80 100 120 Less than $20,000 $20,000 to $34,999 $35,000 to $49,999 $50,000 to $74,999 $75,000 or more Percent Cost Burdened by Household Income Pe r c e n t p a y i n g m o r e t h a n 3 0 % o f I n c o m e t o w a r d s h o u s i n g Household Income Page 15 of 82 Williamson County, Texas Count Share Total 55,488 Total In Age Range Householder 15 to 24 years 3,891 7.0% Householder 25 to 34 years 16,463 29.7% Householder 35 to 64 years 28,109 50.7% Householder 65 years and over 7,025 12.7% Greater Than 30% of Income Householder 15 to 24 years 1,881 48.3% Householder 25 to 34 years 5,238 31.8% Householder 35 to 64 years 11,891 42.3% Householder 65 years and over 4,784 68.1% 2016 MONTHLY RENTER COSTS GREATER THAN 30% OF HH INCOME BY AGE Source: US Census Bureau American Community Survey 2016 1-Year Data •68% of renter HHs 65 years or over cost burdened •42% of HHs 35 to 64 years cost burdened (more likely to have children) Page 16 of 82 OWNER HOUSEHOLD INCOME PROFILE Source: US Census Bureau American Community Survey 2016 1-Year Data Williamson County, Texas Georgetown city, Texas Count Share Count Share Total Households 173,125 25,235 Median Income $81,818 $67,379 Owner-Occupied 117,637 67.9%18,525 73.4% Less than $25,000 6,920 5.9%1,402 7.6% $25,000 to $49,999 15,453 13.1%3,744 20.2% $50,000 to $74,999 19,178 16.3%3,454 18.6% $75,000 to $99,999 17,156 14.6%2,755 14.9% $100,000 to $149,999 33,975 28.9%4,616 24.9% $150,000 or more 24,955 21.2%2,554 13.8% Median Income $100,090 $80,084 •73.4% Total Owner Households (HH) •119% of Total HH Median Income •117% of Wilco AMI ($68,500 in 2016) •27.8% (over half) of owners made less than $50,000 Page 17 of 82 OWNER OPTIONS Area Median Income (%)Income 30% of Annual Income (family of 4) Monthly Housing Expenses Owner Options* 30 $24,300 $7,290 $608 $85K home, 4%interest,3% down 50 $34,250 $10,275 $856 $135K home, 4% interest, 3% down 80 $54,800 $16,440 $1,370 $200K home, 4.6%interest, 3.5% down 100 $68,500 $20,550 $1,713 $250K home, 4.6% interest, 3.5% down *If household can qualify for a loan with credit score, income to debt ratio, etc. Source: https://www.zillow.com/mortgage-calculator/, CDS Affordability AnalysisPage 18 of 82 OWNER COST BURDEN Source: US Census Bureau American Community Survey 2016 1-Year Data •29.7% of HHs with mortgage cost burdened, higher than Williamson County •11.2% of HHs without mortgage cost burdened, higher than Williamson County Williamson County, Texas Georgetown city, Texas Count Share Count Share Total 117,637 18,525 Housing units with a mortgage 87,071 74.0%12,005 64.8% Less than 10.0 percent 4,949 5.7%1,326 11.0% 10.0 to 14.9 percent 14,531 16.7%1,587 13.2% 15.0 to 19.9 percent 21,739 25.0%2,182 18.2% 20.0 to 24.9 percent 16,289 18.7%1,924 16.0% 25.0 to 29.9 percent 8,600 9.9%1,424 11.9% 30.0 to 34.9 percent 5,445 6.3%902 7.5% 35.0 to 39.9 percent 4,652 5.3%930 7.7% 40.0 to 49.9 percent 3,672 4.2%669 5.6% 50.0 percent or more 6,977 8.0%1,061 8.8% Not computed 217 0.2%0 0.0% 30.0 percent or more 20,963 24.1%3,562 29.7% Housing units without a mortgage 30,566 26.0%6,520 35.2% Less than 10.0 percent 15,125 49.5%2,339 35.9% 10.0 to 14.9 percent 5,333 17.4%1,234 18.9% 15.0 to 19.9 percent 3,528 11.5%1,040 16.0% 20.0 to 24.9 percent 2,715 8.9%786 12.1% 25.0 to 29.9 percent 1,168 3.8%389 6.0% 30.0 to 34.9 percent 702 2.3%174 2.7% 35.0 to 39.9 percent 382 1.2%164 2.5% 40.0 to 49.9 percent 301 1.0%124 1.9% 50.0 percent or more 1,147 3.8%200 3.1% Not computed 165 0.5%70 1.1% 30.0 percent or more 2,697 8.8%732 11.2%Page 19 of 82 2016 HOUSING COSTS AS A PERCENTAGE OF HOUSEHOLD INCOME –OWNER-OCCUPIED HOUSING BY INCOME Georgetown city, Texas Count Share Total Housing Units 25,235 Owner-Occupied housing units 18,525 73.4% Less than $20,000 733 4.0% 30 percent or more 625 85.3% $20,000 to $34,999 2,152 11.6% 30 percent or more 1,138 52.9% $35,000 to $49,999 2,191 11.8% 30 percent or more 943 43.0% $50,000 to $74,999 3,454 18.6% 30 percent or more 1,184 34.3% $75,000 or more 9,925 53.6% 30 percent or more 334 3.4% Zero or negative income 70 0.4% Source: US Census Bureau American Community Survey 2016 1-Year Data 85.3 (625 HH) 52.9 (1138 HH) 43 (943 HH) 34.3 (1184 HH) 3.4 (334 HH)0 10 20 30 40 50 60 70 80 90 Less than $20,000 $20,000 to $34,999 $35,000 to $49,999 $50,000 to $74,999 $75,000 or more Percent Cost Burdened by Incom Pe r c e n t p a y i n g m o r e t h a n 3 0 % o f I n c o m e t o w a r d s h o u s i n g Household Income Page 20 of 82 Williamson County, Texas Count Share Total 117,637 Total In Age Range Householder 15 to 24 years 547 0.5% Householder 25 to 34 years 12,272 10.4% Householder 35 to 64 years 78,247 66.5% Householder 65 years and over 26,571 22.6% Greater Than 30% of Income Householder 15 to 24 years 16 2.9% Householder 25 to 34 years 2,730 22.2% Householder 35 to 64 years 14,605 18.7% Householder 65 years and over 5,927 22.3% 2016 MONTHLY RENTER COSTS GREATER THAN 30% OF HH INCOME BY AGE Source: US Census Bureau American Community Survey 2016 1-Year Data •66.5% of HHs are between 35 to 64 years •22% of renter HHs 65 years or over cost burdened Page 21 of 82 Household Analysis Findings •Majorities of households earning less than $50,000 per year are consider cost-burdened by housing, with expenses exceeding 30% of gross income. •The cost burden is particularly severe for renters in the low to moderate income ranges. •The prevalence of housing cost burden applies to households headed by all adult age ranges, including both those headed by young adults and middle-aged residents that should be in the “prime earning years.” Page 22 of 82 Affordability Findings •Over half of owner-occupied households in Williamson County with incomes less than $50,000/year were cost burdened •31% of owner-occupied households that earned between $50,000 and $75,000 were similarly cost-burdened. •Approximately 43% of all renter households, or nearly 24,000, in Williamson County were estimated to be housing-cost- burdened. Page 23 of 82 Next Steps •Affordably Housing Supply •Analysis and Recommendations •Rental Housing •For-sale housing Page 24 of 82 2030 PLAN UPDATE Housing Advisory Board|Demographics & Subarea Profiles| September 24, 2018 Page 25 of 82 DEMOGRAPHIC FINDINGS Page 26 of 82 Housing A growing economy and population require a wide range of housing choices with regards to location,price,density, and type. City Services Understanding population trends is critical to providing the right services and maintaining (or enhancing)the existing level of service. Healthcare Access to medical offices, hospitals, and healthy food are important considerations of growing and changing communities. Amenities and Services Amenities and services play three key roles: they provide citizens with commodities, provide employment opportunities, and improve the quality of life by providing retail and entertainment for residents of all ages. Connectivity Whether for exercise or as a form of transportation,it is important that cities be well connected. Employment A community with a growing economy and population must provide a wide range of employment opportunities for part-time employees,young professionals,and prime career adults. CONSIDERATIONS Page 27 of 82 HISTORIC POPULATION GROWTH 479 1,354 2,447 2,790 2,096 2,871 3,583 3,682 4,951 5,218 6,395 9,468 14,842 28,339 47,400 0 10,000 20,000 30,000 40,000 50,000 60,000 1964 1976 1986 2008 Source: U.S. Census Bureau, Decennial Census Compound Annual Growth Rates (CAGR) between Comprehensive Plans 1964 -1976: 3.2% 1976 -1986: 3.8% 1986 -2008: 6.6% Understanding population growth is critical to making informed land use decisions and maintaining the City’s level of service to residents as the community grows. Page 28 of 82 GROWTH IN WILLIAMSON COUNTY Georgetown is experiencing the same pressures from growth as the region; competition for jobs, housing and transportation. Will those trends continue into the future and can Georgetown become more competitive through innovation in economic development and housing? Source: U.S. Census Bureau, 2016 ACS 59,436 2016 Population of Georgetown +32% 2009-2016 490,619 2016 Population of Williamson County +32% 2009-2016 +22% 2009-2016 2016 Population of Austin-Round Rock 1,942,615 Page 29 of 82 MEDIAN AGE Median age is rising and exceeds region. Age may have an affect on housing choice, employment and need for services. 46 Georgetown 2000: 37 Source: U.S. Census Bureau, 2016 ACS Austin-Round Rock MSA 34 Williamson Co. 36 (Years) Page 30 of 82 DISABILITY RATE 13.40% 3.60% 9.00% 27.70% 0% 10% 20% 30% 40% Total Disability Rate Under 18 years 19 to 64 years 66 years and over Williamson Co.Georgetown Austin-Round Rock Source: U.S. Census Bureau, 2016 ACS Georgetown has a higher percentage of persons with disabilities than the region which should inform how people access services and housing choice. Page 31 of 82 HEALTH INSURANCE COVERAGE 7.30% 11.60%8.70% 0% 5% 10% 15% Williamson Co.Georgetown Austin-Round Rock Total Uninsured Population Uninsured Population - Children Under 18 Georgetown has a higher percentage of uninsured children under 18 than the region. Page 32 of 82 Workforce AGE AND SEX Retired Workforce/ Approaching Retirement School/ Young Professional School Children Source: U.S. Census Bureau, 2016 ACS 10%8%6%4%2%0%2%4%6%8%10% 0-4 5 to 9 years 10 to 14 years 15 to 19 years 20 to 24 years 25 to 29 years 30 to 34 years 35 to 39 years 40 to 44 years 45 to 49 years 50 to 54 years 55 to 59 years 60 to 64 years 65 to 69 years 70 to 74 years 75 to 79 years 80 to 84 years 85 years and over Austin-Round Rock Female Austin-Roun d Rock Male Williamson Co. Georgetown Female Georgetown Male Page 33 of 82 RACE AND ETHNICITY Nearly 7% of the City’s population speaks English less than “very well” Source: U.S. Census Bureau, 2016 ACS White 81.6% Race 92.3% 3.1% 1.0%0.0% 2.1% 1.4% GeorgetownWhite Black or African American American Indian and Alaska Native Asian Native Hawaiian and Other Pacific Islander Some other race 81.6% 6.3% 0.3%5.8% 0.0% 2.6% 3.5% Williamson County 78.7% 7.3% 0.4%5.3% 0.1%5.1%3.2% Austin-Round Rock Ethnicity 79%76% 68% 21%24% 32% Georgetown Williamson Co.Austin-Round Rock MSA Not Hispanic or Latino Hispanic or Latino Page 34 of 82 EDUCATION Source: U.S. Census Bureau, 2016 ACS 0% 5% 10% 15% 20% 25% 30% Less than 9th grade 9th to 12th grade, no diploma High school graduate Some college, no degree Associate's degree Bachelor's degree Graduate or professional degreeGeorgetownWilliamson Co.Austin-Round Rock MSA Page 35 of 82 INDUSTRY AND OCCUPATION Industry Occupation 0%10%20%30% Agriculture,… Construction Manufacturing Wholesale trade Retail trade Transportation,… Information Finance,… Professional,… Educational… Arts,… Public… Other services,… Georgetown Williamson Co.Page 36 of 82 EMPLOYMENT RATES +20.7% Employment 2011-2016 3.9% Source: U.S. Census Bureau, 2016 ACS Unemployment 2017 Employment is an important factor because it provides insight into the strength of the job market, which is tied to the community’s ability to attract employers and create hubs of industries. Page 37 of 82 AVERAGE HOUSEHOLD SIZE Applied to housing, this trend could indicate demand for smaller units (e.g., studios or one bedrooms) or diversified housing types (e.g., patio homes or townhomes). Household size also informs Fiscal Impact Model and population estimates. Williamson Co.Georgetown Owner- Occupied Renter- Occupied 2.46 2.45 3.07 2.66 Average Household Size Source: U.S. Census Bureau, 2016 ACS Austin-Round Rock 2.87 2.45 Page 38 of 82 MEDIAN HOUSEHOLD INCOME $64,256 $75,935 $66,093 $60,000 $65,000 $70,000 $75,000 $80,000 Georgetown Williamson County Austin-Round Rock MSA Householders under 25 $60,000 to $100,000 27.6% Over $100,000 0.0% Householders 25 to 44 $60,000 to $100,000 18.6% Over $100,000 46.0% Householders 45 to 64 $60,000 to $100,000 27.9% Over $100,000 45.6% Householders 65 and older $60,000 to $100,000 24.7% Over $100,000 19.1% Source: U.S. Census Bureau, 2016 ACSPage 39 of 82 SUBAREA PROFILES Page 40 of 82 PURPOSE OF SUBAREA PROFILES •Basis for making policy recommendations by understanding: •Housing diversity (type, lot size) •Housing choice (square footage, price point) •Historic trends (2008-2018) •Existing affordable housing stock (market rate and subsidized) Page 41 of 82 PLANNING AREA Page 42 of 82 SUBAREA MAP DEVELOPMENT •Housing considerations 1.Housing age 2.Housing type / density 3.Housing value •Other considerations •Sun City (age-restricted) •Old Town / Downtown overlays •Census Block Group boundaries •Elementary school zones (limited impact) •Not meant to define “neighborhoods” Page 43 of 82 PLANNING AREA HOUSING DATA Page 44 of 82 PLANNING AREA SALES PRICES 2008-2018 Page 45 of 82 PLANNING AREA HOUSING PRICES 2008-2018 Page 46 of 82 PLANNING AREA FINDINGS •16.6% MF Smaller lot sizes and square footage •$146 per sq/ft (median 2018) •22.4% Renters •Median Household income is $81,219 (94% AMI) •Homeowners average of 9 years •Average household size 2.47 persons •Median home size 1,994 sq ft. •Median lot size .23 acre Page 47 of 82 Characteristic Subarea 1 Planning Area Multi-family (%)33 17 Renters (%)51 22 Median Household Income $50,440 $81,219 Area Median Income (%)59 94 Tenure –Owner 11 9 Tenure -Renter 3 3 Household size 2.40 2.47 Median Lot size .19 .23 Price per (sq. ft.)$192 $146 SUBAREA 1 FINDINGS Page 48 of 82 Characteristic Subarea 2 Planning Area Multi-family (%)83 17 Renters (%)79 22 Median Household Income $44,523 $81,219 Area Median Income (%)52 94 Tenure –Owner 24 9 Tenure -Renter 3 3 Household size 1.81 2.47 Median Lot size .21 .23 Price per (sq. ft.)$183 $146 SUBAREA 2 FINDINGS Page 49 of 82 SUBAREA 3 FINDINGS Characteristic Subarea 3 Planning Area Multi-family (%)25 17 Renters (%)29 22 Median Household Income $80,982 $81,219 Area Median Income (%)94 94 Tenure –Owner 10 9 Tenure -Renter 3 3 Household size 2.89 2.47 Median Lot size .21 .23 Price per (sq. ft.)$127 $146 Page 50 of 82 SUBAREA 4 FINDINGS Characteristic Subarea 4 Planning Area Multi-family (%)24 17 Renters (%)42 22 Median Household Income $74,805 $81,219 Area Median Income (%)87 94 Tenure –Owner 5 9 Tenure -Renter 2 3 Household size 2.99 2.47 Median Lot size .16 .23 Price per (sq. ft.)$132 $146 Page 51 of 82 SUBAREA 5 FINDINGS Characteristic Subarea 5 Planning Area Multi-family (%)29 17 Renters (%)42 22 Median Household Income $70,147 $81,219 Area Median Income (%)82 94 Tenure –Owner 11 9 Tenure -Renter 3 3 Household size 2.58 2.47 Median Lot size .17 .23 Price per (sq. ft.)$132 $146 Page 52 of 82 SUBAREA 6 FINDINGS Characteristic Subarea 6 Planning Area Multi-family (%)32 17 Renters (%)37 22 Median Household Income $66,108 $81,219 Area Median Income (%)77 94 Tenure –Owner 9 9 Tenure -Renter 4 3 Household size 2.34 2.47 Median Lot size .34 .23 Price per (sq. ft.)$146 $146 Page 53 of 82 SUBAREA 7 FINDINGS Characteristic Subarea 7 Planning Area Multi-family (%)46 17 Renters (%)6 22 Median Household Income $128,576 $81,219 Area Median Income (%)150 94 Tenure –Owner 7 9 Tenure -Renter 2 3 Household size 2.68 2.47 Median Lot size 1.00 .23 Price per (sq. ft.)$156 $146 Page 54 of 82 SUBAREA 8 FINDINGS Characteristic Subarea 8 Planning Area Multi-family (%)8 17 Renters (%)7 22 Median Household Income $117,407 $81,219 Area Median Income (%)137 94 Tenure –Owner 9 9 Tenure -Renter 4 3 Household size 2.80 2.47 Median Lot size .23 .23 Price per sq. ft.$127 $146 Page 55 of 82 SUBAREA 9 FINDINGS Characteristic Subarea 9 Planning Area Multi-family (%)0 17 Renters (%)5 22 Median Household Income $79,188 $81,219 Area Median Income (%)92 94 Tenure –Owner 10 9 Tenure -Renter 4 3 Household size 1.86 2.47 Median Lot size .19 .23 Price per sq. ft.$163 $146 Page 56 of 82 SUBAREA 10 FINDINGS Characteristic Subarea 10 Planning Area Multi-family (%)0 17 Renters (%)16 22 Median Household Income $69,809 $81,219 Area Median Income (%)81 94 Tenure –Owner 10 9 Tenure -Renter 4 3 Household size 2.16 2.47 Median Lot size 1.22 .23 Price per (sq. ft.)$170 $146 Page 57 of 82 SUBAREA 11 FINDINGS Characteristic Subarea 11 Planning Area Multi-family (%)0 17 Renters (%)5 22 Median Household Income $106,641 $81,219 Area Median Income (%)124 94 Tenure –Owner 7 9 Tenure -Renter 7 3 Household size 2.75 2.47 Median Lot size 1.17 .23 Price per (sq. ft.)$170 $146 Page 58 of 82 SUBAREA 12 FINDINGS Characteristic Subarea 12 Planning Area Multi-family (%)0 17 Renters (%)6 22 Median Household Income $124,799 $81,219 Area Median Income (%)145 94 Tenure –Owner 3 9 Tenure -Renter 2 3 Household size 2.46 2.47 Median Lot size 1.07 .23 Price per (sq. ft.)$149 $146 Page 59 of 82 SUBAREA 13 FINDINGS Characteristic Subarea 13 Planning Area Multi-family (%)0 17 Renters (%)46 22 Median Household Income $77,446 $81,219 Area Median Income (%)90 94 Tenure –Owner 11 9 Tenure -Renter 3 3 Household size 2.56 2.47 Median Lot size 3.01 .23 Price per (sq. ft.)$261 $146 Page 60 of 82 SUBAREA 14 FINDINGS Characteristic Subarea 14 Planning Area Multi-family (%)2 17 Renters (%)18 22 Median Household Income $72,385 $81,219 Area Median Income (%)84 94 Tenure –Owner 10 9 Tenure -Renter 2 3 Household size 2.85 2.47 Median Lot size 1.00 .23 Price per (sq. ft.)$143 $146 Page 61 of 82 On the Table Georgetown Superhost Sites •7 –8 a.m.Chamber of Commerce,1 Chamber Way, Georgetown, TX 78626 •7:30 –9 a.m.Georgetown Young Professionals, Sweet Lemon Inn & Kitchen, 812 S. Church St., Georgetown, TX 78626 •10 –11 a.m.Southeast Georgetown Community Council,805 W. University Ave., Georgetown, TX 78626 •11 a.m. –Noon Georgetown Health Foundation, 2423 Williams Drive, Community Rooms, Georgetown, TX 78628 •2 –3 p.m.Southeast Georgetown Community Council,805 W. University Ave., Georgetown, TX 78626 •4 –5 p.m.Georgetown Public Library, 402 W. 8th St., Georgetown, TX 78626 •6 –7 p.m.Georgetown Ministerial Alliance, Getsemani Community Center, 412 E. 19th St., Georgetown, TX 78626 •7 –8 p.m.Southwestern University, Red and Charline McCombs Campus Center, The McCombs Ballrooms (located on the second floor),1001 E University Ave, Georgetown, TX 78626 Page 62 of 82 Next Steps •Begin work on Williams Drive Subarea and Gateways •National Night Out/On The Table Georgetown –10/2 •October Meeting •Review Public Meeting #1 outcomes. Draft summary of findings for Steering Committee, Joint Meeting. •Introduce Housing Inventory Page 63 of 82 THANK YOU 2030.georgetown.org 2030@georgetown.orgPage 64 of 82 City of Georgetown, Texas Housing Advisory Board October 15, 2018 SUBJECT: Cons id eration and d is cus s io n o n Affo rd ab ility Analys is . S usan Watkins , AIC P, Ho us ing Coordinator. ITEM SUMMARY: The Bo ard will review the s econd part of the d raft Affo rd ab ility Analysis, Affo rd ab le Ho using Sup p ly, p ro vided b y C o mmunity Development Strategies (CDS). The Affordable Ho us ing Sup p ly analys is includes a ho using p ric e overview, the s upply of rental units in affo rd ab le ranges and the s upply of fo r-s ale ho mes in affo rd ab le pric e ranges in Georgetown. Key points fro m the analys is will be dis c us s ed: • A l o w s up p ly o f affordable rental units exis t in Georgetown with low vacancy rates. •A low availability o f ho mes sold und er $200,000 exis ts in Geo rgeto wn. FINANCIAL IMPACT: None. SUBMITTED BY: Sus an Watkins , AICP, Hous ing Co o rd inator ATTACHMENTS: Description Type Attachment 1 - Pres entation Backup Material Page 65 of 82 2030 PLAN UPDATE Housing Advisory Board | Affordability Analysis | October 15, 2018 Page 66 of 82 PURPOSE OF AFFORDABILITY ANALYSIS Provide a general picture of the need for affordable rental and for-sale housing in the Georgetown Planning Area (the City of Georgetown and its extraterritorial jurisdiction). Oct. 15August Oct. 29 Nov. 19Sep. 24July 2018 Page 67 of 82 AFFORDABILITY ANALYSIS -SUPPLY Page 68 of 82 BOTTOM LINE UP FRONT -SUPPLY •Low supply of affordable rental units in Georgetown •Low vacancy rates of inventory •Low availability of sub $200K homes, Williamson County and Georgetown Page 69 of 82 KEY FEEDBACK ON SUPPLY •Does analysis clearly reflect housing supply? •Available choice •Any particular class of housing that needs additional information? •Tenure and price •Alternative form of ownership Page 70 of 82 SUPPLY –WHAT’S AVAILABLE Affordable Rental Supply Affordable For-sale •Existing •New Affordable Housing Supply Page 71 of 82 AFFORDABLE HOUSING SUPPLY Housing price Overview Rentals For Sale Rental Supply –Units in Affordable Price Ranges Georgetown Multifamily Apartment Properties Other Georgetown Rental Housing Supply Unit Size, Location, Quality, Amenities / Services Considerations For-Sale Supply –Homes in Affordable Price Ranges Existing housing New developments Housing Location, Quality, Amenities / Services Considerations Page 72 of 82 RENTAL SUPPLY: MARKET RATE UNITS $1.00 $1.10 $1.20 $1.30 $1.40 $1.50 2014 Q3 2014 Q4 2015 Q1 2015 Q2 2015 Q3 2015 Q4 2016 Q1 2016 Q2 2016 Q3 2016 Q4 2017 Q1 2017 Q2 2017 Q3 2017 Q4 2018 Q1 2018 Q2 Williamson (incl. Georgetown)Round Rock Cedar Park / Leander Austin metro $0.90 $1.00 $1.10 $1.20 $1.30 $1.40 2014 Q3 2014 Q4 2015 Q1 2015 Q2 2015 Q3 2015 Q4 2016 Q1 2016 Q2 2016 Q3 2016 Q4 2017 Q1 2017 Q2 2017 Q3 2017 Q4 2018 Q1 2018 Q2 Williamson (incl. Georgetown)Round Rock Cedar Park / Leander Austin metro Sources: Transwestern and CDS Community Development Strategies All Properties Class B Properties •Total count has grown since 2014 •154k --> 188k units (nearly all Class A units) •All -$1.16 sq. ft. to $1.28 sq. ft. (10% increase) •Class B -$.94 sq. ft. to $1.18 sq. ft. (25% increase) •Exceeding $1.00 sq. ft. is a dramatic milestone Page 73 of 82 CLASS A RENTAL UNITS 8 complexes 2,328 units Less than 90% occupancy 1 Bdr. approx. $950-$1,400 2 Bdr. approx. $1,400-$1,800 3 Bdr. approx. $1,600-$2,200 Page 74 of 82 CLASS B RENTAL UNITS 15 complexes 1,293 units 95% -100% occupancy 1 Bdr. approx. $800 2 Bdr. approx. $1,095 3 Bdr. approx. $1,300 Page 75 of 82 SUBSIDIZED UNITS Low income Housing Tax Credit Rent Limits AMFI % Number of Bedrooms 0 1 2 3 4 5 30 $465 $498 $597 $690 $770 $850 40 $620 $664 $797 $920 $1,027 $1,133 50 $775 $830 $996 $1,150 $1,283 $1,416 60 $930 $996 $1,195 $1,380 $1,540 $1,700 80 $1,240 $1,328 $1,594 $1,841 $2,054 $2,267 Source: TDHCA 2018 Project Income and Rent Tool 14 complexes 1,697 units (310 opening Dec. 2018) 95% -100% occupancy Page 76 of 82 DUPLEX/FOUR-PLEX 1,000 units small sampling size 95% -100% occupancy Usually 2-3 bdr 2 Bdr. approx. $900 3 Bdr. approx. $1,100 Page 77 of 82 GEORGETOWN RENTAL SUPPLY: LEASES BY RATE Planning Area Leases by Rate 3.2% 23.6% 36.6% 23.3% 13.3% 2017-2018 34.5% 33.6% 17.0% 8.0% 6.9% 2011-2013 $0 to $1,249 $1,250 to $1,499 $1,500 to $1,749 $1,750 to $1,999 $2,000 and up Source: ABOR/MLS July 2018 •MLS only, portion of single family rental market •Lease rates increased between 2011 and 2018 Page 78 of 82 SALES VOLUME BY PRICE RANGE Planning Area Sales by Price 2008 -2018 Source: ABOR/MLS July 2018 •Little excess inventory of existing homes •Per MLS for Planning Area, does not include direct sales from homebuilders Page 79 of 82 NEW DEVELOPMENTS •Lowest available price range on East side of 35 ($200-275K) •Saddlecreek, La Conterra North, Westhaven, Stillwater, Terravista •Approx. 1,300 units •Smaller lot sizes •Narrower lot widths (less than 55’) •Attached product •Manufactured homes •Tends to be further from popular destinations •Alternative ownership approaches (small portion of market) •Condos (Old Mill) •Pecan Branch Page 80 of 82 NEXT STEPS •Analysis and Recommendations •Rental Housing GAP (priorities) •For-sale housing GAP (priorities) •Definitions for: •Senior •Workforce •Low income Page 81 of 82 City of Georgetown, Texas Housing Advisory Board October 15, 2018 SUBJECT: Update on the 2030 Plan Up d ate p ro cess. Sus an Watkins, AICP, Ho using C o o rd inato r ITEM SUMMARY: Staff will brief board memb ers on the recent and up coming activities related to the c o mp rehens ive p lan update. FINANCIAL IMPACT: None at this time. SUBMITTED BY: Sus an Watkins , AICP, Hous ing Co o rd inator Page 82 of 82