TOWN OF NATICK Housing Production Plan

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Table of Contents Table of Contents ........................................................................................................................................... 2 Glossary of Terms.......................................................................................................................................... 5 Section 1: Executive Summary ................................................................................................................... 7 Community Development Advisory Committee ................................................................................. 7 Affordable Housing Trust ........................................................................................................................ 7 Methodology .............................................................................................................................................. 8 Definitions .................................................................................................................................................. 9 Acknowledgements .................................................................................................................................. 9 Section 2: Summary of Key Findings ....................................................................................................... 10 Community and Demographics ............................................................................................................ 10 Housing .................................................................................................................................................... 11 Subsidized Housing Inventory .............................................................................................................. 11 Tools and Funding .................................................................................................................................. 11 Affordable Housing Supply................................................................................................................... 12 Affordability Gap .................................................................................................................................... 13 Stakeholder Interviews ........................................................................................................................... 13 Demand for Housing .............................................................................................................................. 13 Constraints ............................................................................................................................................... 14 Affordable Housing Goals ..................................................................................................................... 15 Implementation Strategies ..................................................................................................................... 15 Section 3: Demographic Analysis............................................................................................................. 17 Community Description ......................................................................................................................... 17 Transportation ......................................................................................................................................... 18 Health Care .............................................................................................................................................. 18 Senior Services ......................................................................................................................................... 18 Natick Service Council ........................................................................................................................... 19 Population ................................................................................................................................................ 19 Age Distribution ...................................................................................................................................... 20 Race ........................................................................................................................................................... 22 Households .............................................................................................................................................. 22 Household Type and Size ...................................................................................................................... 23 Family Growth ......................................................................................................................................... 24 Household Income .................................................................................................................................. 24 Rent Burdened ......................................................................................................................................... 25 Poverty ...................................................................................................................................................... 26 Education .................................................................................................................................................. 28 Employment ............................................................................................................................................. 28 Commute to Work ................................................................................................................................... 31 Unemployment ........................................................................................................................................ 32 Section 4: Housing Characteristics ........................................................................................................... 34 Housing Units .......................................................................................................................................... 34 Age and Condition .................................................................................................................................. 34 2| P a g e L D S C o n s u l t i n g G r o u p , L L C
Housing Type .......................................................................................................................................... 35 Housing Tenure ....................................................................................................................................... 36 Building Permit History ......................................................................................................................... 37 Vacancy ..................................................................................................................................................... 38 Foreclosure Data ...................................................................................................................................... 39 Assessed Valuation ................................................................................................................................. 39 Tax Rate and Tax Bills............................................................................................................................. 40 Affordable Housing Real Estate Tax Rate............................................................................................ 42 Municipal Services/Cost ......................................................................................................................... 43 Section 5: Affordable Housing Inventory ............................................................................................... 44 Affordable Housing Defined ................................................................................................................. 44 Chapter 40B .............................................................................................................................................. 45 Subsidized Housing Inventory .............................................................................................................. 45 State Public Housing ............................................................................................................................... 46 Federal Public Housing .......................................................................................................................... 47 Public Housing ........................................................................................................................................ 47 Private Affordable Rental Housing ...................................................................................................... 49 Market-Rate Rental Housing ................................................................................................................. 51 Private Affordable Ownership Housing .............................................................................................. 52 Market-Rate Ownership Housing ......................................................................................................... 56 Planned Affordable Housing ................................................................................................................. 57 Local Preference ....................................................................................................................................... 58 Section 6: Demand Analysis ..................................................................................................................... 59 Affordability Gap .................................................................................................................................... 59 Homeownership .................................................................................................................................. 59 Rental .................................................................................................................................................... 61 Demand for Housing .............................................................................................................................. 61 Section 7: Stakeholder Interviews ............................................................................................................ 64 Section 8: Zoning and Funding for Affordable Housing ...................................................................... 66 Local Zoning Bylaws............................................................................................................................... 66 Inclusionary Housing Option Program ........................................................................................... 66 Housing Overlay Option Plan ........................................................................................................... 66 Smart Growth Overlay District ......................................................................................................... 67 Funding Mechanisms ............................................................................................................................. 67 Community Preservation Act ............................................................................................................ 67 HOME Funds ....................................................................................................................................... 67 Community Development Block Grant Program ........................................................................... 68 Affordable Housing Trust .................................................................................................................. 68 Senior Citizen Property Tax Incentive Program ............................................................................. 68 Historic Tax Credits ............................................................................................................................ 68 Section 9: Constraints on Future Development ..................................................................................... 70 Transportation Constraints .................................................................................................................... 70 Water and Wastewater Management Constraints .............................................................................. 71 3 | P a g e L D S C o n s u l t i n g G r o u p , L L C
Page 1: October 5, 2012 TOWN OF NATICK Hous
Page 5 and 6: Glossary of Terms ACS - American Co
Page 7 and 8: Section 1: Executive Summary The To
Page 9 and 10: Definitions According to the United
Page 11 and 12: Housing There has been a consistent
Page 13 and 14: Affordability Gap Like housing valu
Page 15 and 16: Affordable Housing Goals The Town o
Page 17 and 18: Section 3: Demographic Analysis Com
Page 19 and 20: support services and programs. The
Page 21 and 22: Table 2 shows both the percent by a
Page 23 and 24: 1990 2000 HOUSEHOLD GROWTH % Change
Page 25 and 26: MEDIAN HOUSEHOLD INCOME 1990 2000 %
Page 27 and 28: Town Total Families FAMILIES BELOW
Page 29 and 30: Table 15 OCCUPATION BY INDUSTRY FOR
Page 31 and 32: Commute to Work On average, Natick
Page 33 and 34: Table 19 UNEMPLOYMENT RATE IN 2011
Page 35 and 36: YEAR STRUCTURE BUILT Total Percent
Page 37 and 38: Figure 6 below shows the years Nati
Page 39 and 40: increased vacancies overall in 2010
Page 41 and 42: Tax Rate 21 19 17 15 13 11 9 7 5 20
Page 43 and 44: outstanding obligation on the speci
Page 45 and 46: Table 28 below shows Fair Market Re
Page 47 and 48: age 60 or older, and in MGL 667 pro
Page 49 and 50: examine new development opportuniti
Page 51 and 52: media center. Every unit has laundr
Page 53 and 54:
These units are listed in the Affor
Page 55 and 56:
includes 67 affordable units for ho
Page 57 and 58:
Table 37 NUMBER OF SALES IN NATICK
Page 59 and 60:
Section 6: Demand Analysis Affordab
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Rental In Natick, market rents of n
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2-4 PERSON HOUSEHOLD AGES 15-61 201
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affordable housing is needed and th
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for 2,500 square feet per unit and
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on South Avenue, the Clark Houses o
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Water and Wastewater Management Con
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The next chart identifies the units
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affordable housing, regardless of w
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on a variety of housing issues. The
Page 79 and 80:
Among the projects that have trigge
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6. Buy down existing affordable uni
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The locations of the sites are show
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6. Leverage existing funding resour
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Table 53 HOUSING STRATEGIES Strateg
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Natick DHCD ID # 2063 2064 2065 206
Page 91 and 92:
Appendix B: Natick Zoning Map 89 |
Page 93 and 94:
Appendix C: Smart Growth Overlay Di
Page 95 and 96:
References Aging, C. o. (2012, Marc
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TOWN OF NATICK Housing Production Plan

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