Village of Folsom Draft

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Village of Folsom Draft

Table 25: Trends for Dwelling UnitsChange inHouseholdChange inHouseholdChange inNumber ofYearSizePopulation Dwelling Units1990-2000 -2.6% +26.3% +17.5%2000-2010 -3.8% +14.7% +18.0%2010-2015 -1.2% +5.3% +8.4%Data Sources: U.S. Census Bureau (1990, 2000), ESRI Forecasts(2010, 2015)Prepared by Villavaso & Associates, LLA (August 2010)The fact that the growth in the number of dwelling units in Folsomhas outpaced the growth in household population over the pastdecade suggests that the housing market in Folsom is robust andmeets the demand for new dwellings. Given this establisheddemand, affordability becomes a consideration. As the Villagemaintains a steady increase in population, there will be acorresponding increase in the demand for affordable housing forfamilies. Moreover, with a projected decrease in the amount ofrental housing available, trends indicate that there will be ashortage of rental units to meet the demand for housing forfamilies that cannot afford to purchase homes.In 2008 St. Tammany Parish began development of a 5 yearconsolidated plan to create a unified vision for housing andcommunity development. This planning process led to thedevelopment of the St. Tammany Parish Consolidated Plan, 2008-2012. This plan outlines many of the issues facing the Parish, andon a smaller scale the Village of Folsom as well. The followingprovides an overview of housing needs as outlined in theConsolidated Plan:The construction of single-family housing continues to playa significant role in the St. Tammany Parish economy, eventhough construction has slowed down since its peak in2005-2006.The median price of housing sold in St. Tammany Parish(2008) approached $250,000, with west St. Tammanyprices significantly higher than those in the eastern portionof the Parish.With typical sales prices of $129/sf and increasing, and fairmarket rents 40% higher than before Hurricane Katrina,there is a growing need for affordable housing.Compared with the State average of 32% rental housing,18% of St. Tammany Parish and a projected 13% of allproperty in Folsom is available for rental.There is a significant portion (8%) of the housing stock inthe Parish that is mobile homes, which may or may notmeet current building and housing codes.An affordable housing needs assessment prepared in 2007 by acoalition of St. Tammany Parish organizations concluded that anestimated 11,000 units of affordable housing will be needed forlow- to moderate-income households in the Parish by 2010. Thereport did not specifically recommend how to address thesehousing needs, however it did note that it is critical for the Parishand each of the incorporated communities to address affordablehousing collaboratively. The 2008-2012 St. Tammany ParishConsolidated Plan identifies the following as barriers to affordablehousing, which are relevant to the Village of Folsom:Strict zoning regulations within minimum lot sizes.Post-Katrina supply and demand dynamics that havegreatly increased the prices of real estate in the Parish.Increasing costs of labor, material and fuel that haveincreased housing prices.Village of Folsom, LADRAFT Comprehensive Master Plan – 11.7.2010 Draft53

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