The Wake Forest Town Board’s regular work session last week was changed from Tuesday night to Thursday night because of the town election, and it covered two weighty topics, the housing needs assessment that is the first part of its affordable housing plan and an update for the American Rescue Plan funds the town will receive, $14.6 million.
The town selected HR&A Advisors, a firm which has done several affordable housing surveys and plans in Wake County, for the project. After this analysis of existing conditions, the firm will develop strategies the town can use and develop a plan. They have already done an online survey with 233 persons responding, assembled an advisory committee and done targeted interviews, but Commissioner Bridget Wall-Lennon urged them to do more personal interviews and get opinions from a larger group as they move forward.
Some of the data HR&A found:
*Wake Forest’s population has increased by 55-plus percent from 2010 to 2020 with a 61-percent increase in home prices since 2015 and a decrease of 14 points in Black homeownership.
*Wake Forest does not have a substantial older rental housing stock that in other markets can help meet the need for moderate and lower-income rental housing.
*Wake Forest has approved 526 new multifamily units and 2,830 new single-family new units since 2016, increasing the total housing stock by 34%.
*With the post-pandemic spike in rents, the median rental unit is now more unaffordable for households earning the town’s median income. The income for a median rental unit to be affordable – 30 percent of income or less – is $59,004, but the income for the median renter is $55,247.
*Housing market pressures disproportionately impact Black and Hispanic/Latinx households in Wake Forest. They have lower median incomes than white households. While Wake Forest became more diverse over the last decade, new white homeowners outnumber new Black homeowners 7 to 1, and Black homeownership fell from 64 percent in 2010 to 50 percent in 2019.
*The median rent for an apartment unit in Wake Forest is $1,434 per month.
*The median sale price for a home in Wake Forest is $427,000.
*A renter household needs to earn a minimum of $59,004 a year in order to afford a median apartment price.
*An owner household needs to earn a minimum of $80,000 a year in order to afford a median priced home.
*The median annual household income of homeowners in Wake Forest is $118,665.
*64% of seniors in Wake Forest that rent are “cost burdened” — meaning they are paying more than 30% of their annual gross income in housing costs.
*The average sales price of a brand-new home in Wake Forest is $513,204. Keep in mind that averages factor in extreme highs and lows, unlike medians. Still, that’s up from an average of around $400,000 at the start of the pandemic in March 2020.
The entire document is at https://www.wakeforestnc.gov/planning/long-range-planning/community-planning/affordable-housing-plan and it is very interesting reading.
Lisa Hayes, the strategic performance manager, said the town has received half of the $14.6 million from the American Rescue Plan and expects the second half in late December or early 2022. They are waiting for the final funds and for the final rules which the town must follow to spend the money.
Two areas which are approved for spending the money are storm water infrastructure and health and economic impact. In response to a question, Hayes said transportation spending is not allowed; spending has to be related to COVID.
The two projects the town is considering are a new storm water line in North Main Street at the same time Raleigh Water is building a new water line, and totally rebuilding the Wake Forest Police Departments communications center equipment. Hayes said the current equipment is so dated the department has great difficulty in getting replacement parts.
Wall-Lennon said she had heard of other municipalities already spending their ARP funds on affordable housing and economic improvement, and Hayes said the town is being very cautious and not spending any money until it is sure that is meets all the guidelines and criteria. While the administrative staff will provide a list of projects the Wake Forest Commissioners can approve that list or replace items with other projects.
The town commissioners voted for Jonathan Bivens to be named to the board of adjustment and waived the requirements so he could serve a third term.
Finally, Town Manager Kip Padgett said there would be a surprise announcement during the town board’s Nov. 16 meeting.
He also said Hassan Kingsberry has been named the new town attorney. The position is now a part of the town administration.
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One Response
Is there a new residential building project being eyed for the historic district district in the W ChestnutAve area?I live there and am getting offers to sell my house without any of the regular selling costs.