On Tuesday, Feb. 26, staff from the Neighborhood Design Center and the city’s Department of Neighborhoods presented housing-related components of the OneLinden Community Plan to the housing dialogue at MORPC. The presentation is available here:
Not only do women with newborns move more; they also tend to move to areas with lower housing costs. In 26 of the 35 largest U.S. metro areas, women who both moved and had a baby in the past year tended to move to areas with less expensive homes than where they came from. New research from Zillow presents the data and offers insight: https://www.zillow.com/research/moving-to-cheaper-areas-21844/
Nationwide, women with newborns who moved typically landed in an area where homes are valued $11,500 less than where they moved from. Similar-aged women without newborns moved to areas where home values were only about $9,000 less than where they moved from.
The phenomenon was especially pronounced in the largest 35 metro areas, where women with newborns who moved to median-valued homes typically ended up in areas $20,100 cheaper than where they moved from, while women without newborns moved to areas with home values only about $6,300 cheaper.
|Metropolitan Statistical Area||Median Change in ZHVI After Move With New Baby*||Median Change in ZHVI After Move Without New Baby*||$ Difference for Movers With Baby||% of Women Who Moved Who Also Had a Newborn|
The new #FHAct50 Building Opportunity Fund through the Ohio Housing Finance Agency has the potential to transform urban neighborhoods into diverse, prosperous, mixed-income communities. FHAct50—named in honor of the 50th anniversary of the Fair Housing Act—will build stable neighborhoods that find strength in the diversity of its residents’ incomes, experiences and cultures. By creating spaces that reflect Ohio’s wealth of backgrounds and skills, all residents can pursue more enriched lives and better prepare themselves for the global marketplace.
Participating cities (Cleveland, Columbus, and Cincinnati) must create a Target Area Plan through a public process. OHFA is providing administrative support to ensure the city has sufficient resources for authentic community engagement. The selection of individual units must be conducted in accordance with this Target Area Plan and must be open for public inspection. The Target Area Plan must create or otherwise empower a committee that is responsible for advising and consulting on TAP implementation and serves as a single point of community contact to partners and potential funders regarding the TAP. The committee must include, but is not limited to, low-income neighborhood residents. Each development financed with tax credits must include a local nonprofit in the ownership entity
Cities will not receive any funds directly. Instead, they receive authority to supplant OHFA’s competitive scoring requirements for those contained in their local Target Area Plan. The equity value of housing tax credits can fluctuate with market conditions and investor demand; however, this program could generate as much as $30 million in equity for each selected neighborhood.
A new study profiled by How Housing Matters produced the following key findings:
- Gentrification had no effect on homeowners moving.
- While some evidence suggests that rising property taxes displace homeowners, the study shows no differences between the likelihood of owners making unwanted moves because of property taxes between gentrifying and nongentrifying areas.
- Displacement rates of homeowners in gentrifying areas are also unaffected by state laws that limit property tax increases.
- A renter in a gentrifying neighborhood is more likely to report a move and that the move was involuntary by 2.6 percentage points.
- Homeowners may be less likely to move because they tend to have lived in the community longer, are older, and view their home an economic asset.
The Ohio Land Bank Conference will be held October 23-24 at the Greater Columbus Convention Center in Downtown Columbus.
Hosting the conference, the Western Reserve Land Conservancy works to transform some of the areas hit hardest by the foreclosure crisis by revitalizing and restoring safe, green, vibrant communities. These efforts include work to support county land banks.
More than 300 land bank board members and staff, county and municipal officials, community and economic development officers, community development corporations, and all those interested in re-purposing vacant and abandoned properties and revitalizing neighborhoods across Ohio will be learning together
The Housing Dialogue is starting back up after a long summer break. The group will continue to meet at MORPC, with free parking available for guests. In keeping with our goal of dialogue, we are open to suggestions for dates without listed topics or speakers.
Tuesday, September 18, 2018
Olentangy Room, MORPC
We will be joined by Jon Welty of Ohio Capital and Gretchen West of Nationwide Children’s Hospital to discuss the $20 million South Side Renaissance Loan Fund
Tuesday, October 30, 2018
Scioto Room at MORPC
We will be joined by Carlie Boos and Katie Fallon of OHFA to discuss the Opportunity Pool associated with the 2019 Qualified Allocation Plan for tax credits.
Tuesday, November 27 — Olentangy Room, MORPC
Tuesday, January 29 — Scioto Room, MORPC
Tuesday, February 26 — Scioto Room, MORPC
Tuesday, March 26 — Scioto Room, MORPC
Tuesday, April 30 — Scioto Room, MORPC
Rising costs and changing demand have left homebuilders struggling to capitalize on the biggest housing market that central Ohio has ever seen.
Last year, 2,607 new homes were sold in central Ohio, the best year since 2007, according to Binns Real Estate Services, which tracks the central Ohio housing industry.
But those homes accounted for only 7.9 percent of all central Ohio homes sold last year, the second consecutive year that new homes have accounted for less than 8 percent of the housing market, according to a Dispatch analysis.
New homes have accounted for less than 10 percent of central Ohio home sales for eight straight years, despite an enormous increase in demand and a shortage of competing new homes on the market.