Westerly - State of Rhode Island: Division of Planning

The Westerly Comprehensive PlanFor example, 57 percent of the houses sold in 2008 were sold for less than the assessed value; in thefirst half of 2009, 83 percent of houses sold for less than the assessed value. These housingtransactions over the 19-month period represent approximately 6 percent of the total number ofsingle-family units in the town. The December 2009 full revaluation should document the extent ofany shift in median and average housing values compared to 2006 levels.2.4.1 Town of Westerly Affordable Housing PlanTo address issues of housing affordability, the town of Westerly, as mandated by the state of RhodeIsland, has developed an Affordable Housing Plan to reach the goal of 10 percent of the town’shousing being affordable to low- and moderate-income households.The following is a summary of the Town of Westerly Affordable Housing Plan, which was locallyadopted as an amendment to the Comprehensive Plan in September 2006 and approved by RIHousing and Statewide Planning in December 2006.In 2004, the RI Housing and Mortgage Finance Corporation (RIHMFC) certified 517 housing units(5 percent of the town’s year-round housing units) as meeting the statutory definition of low andmoderate income housing. 7 It is anticipated that an additional 718 low or moderate income (LMI)housing units will be needed by 2024 (an average of 30 to 31 more units annually) in order to meetthe town’s affordable housing goal.In 2004, 69 percent of existing affordable housing units were for the elderly, 20 percent were forfamilies and 11 percent were for those with special needs. According to the RI HousingComprehensive Housing Affordability Strategy (CHAS) database, in 2004, among Westerly’s LMIhouseholds, 42 percent were elderly, 37 percent were families and 21 percent were single-person orother non-family households. Therefore, an imbalance exists between the existing (in 2004) andanticipated future requirements for affordable housing. To correct this imbalance, 49 percent of theaffordable housing units constructed between 2005 and 2024 should be targeted towards familyhouseholds, 23 percent to elderly households and 28 percent to single-occupant and non-relativehouseholds. These goals will need to be monitored to ensure the Plan accommodates future shiftsin population demographics.The Town of Westerly Affordable Housing Plan identifies the following seven strategies to attainthe town’s 10 percent affordable housing goal within a 20-year timeframe:• Inclusionary Affordable Housing• “Scattered Site” Development for Non-Profits and Public Entities• Historic Mill Adaptive Re-Use & Mill Village Revitalization• Downtown Arts District Affordable Housing Demonstration Project• Local Rehabilitation Tax Credits, Revolving Loan Fund & Accessory Apartments• Support the Washington County Community Development Corporation• Establish an Affordable Housing Committee7 That definition is: any housing subsidized by the federal or state government under any program to assist the construction or rehabilitation of low ormoderate income housing, as defined in the applicable federal or state statute, whether built or operated by any public agency or any nonprofitorganization, or by any limited equity housing cooperative or any private developer – Source: Westerly Affordable Housing Planpeter j. smith & company, inc. 24