Westerly - State of Rhode Island: Division of Planning

The Westerly Comprehensive Plan3.2.3 Affordable HousingHigh and stable housing prices and rental rates reflect the desirability of Westerly as an attractivecommunity for both year-round and seasonal residents; however, prices have a significant impact onhousing affordability. In 2004, the RI Housing and Mortgage Finance Corporation certified 517housing units (5 percent of the town’s year-round housing) as meeting the statutory definition oflow- and moderate-income housing. To address issues of housing affordability, the town ofWesterly has developed an Affordable Housing Plan to reach the state-mandated goal of 10 percentof the town’s housing being affordable to low- and moderate-income households which will requirean additional 718 units by 2024.3.2.4 Findings and Implications• Between 1990 and 2000, and continuing through 2006, population size and number ofhousing units have grown at a similar rate; however, the increasing cost and valuation ofhousing for both owners and renters presents challenges to residents across the economicspectrum.• Over half of the housing units in Westerly are more than 40 years old. This contributes tothe character of the town but also requires extensive upkeep and maintenance.• To address state affordable housing standards, the town of Westerly has developed anAffordable Housing Plan which is currently being implemented and monitored.• The implications of the changing age demographics in town will need to be addressed in thefuture.3.3 Economic Vitality3.3.1 Economic Overview and DistinctionsWesterly’s credit rating was enhanced in 2007 when the two largest and most prominent bond ratingagencies (Moody’s and Standard and Poor’s) raised the rating on the town’s general obligation debt.In making their determinations, both agencies cited a number of favorable aspects of Westerly’seconomy, including the town’s good financial position, reserves, modest existing debt burden, recentproperty appreciation resulting in an expanded tax base and market value of homes. Standard &Poor’s noted the town’s tourism-based economy “slightly constrains” the town’s rating but that thefinancial outlook for the town’s economy is stable. A discussion of town and school financesappears in greater detail in the Services & Facilities element of Appendix I.Westerly traditionally has had an unemployment rate approximately 20 percent lower than thestatewide rate. For example, the average unemployment rate in Westerly from 2005-2007 wasapproximately 4.3 percent, which is generally recognized as near full employment. In the midst ofthe current 2008-2009 economic downturn, the local unemployment rate is approximately 10percent. Median household income is approximately $54,700.Westerly and its surrounding area have achieved significant national and international distinctions inthe last several years:• In 2002, the National Trust for Historic Preservation named Westerly one of its “DozenDistinctive Destinations.”Westerly, Rhode Island 25