In the lexicon of the real estate world, "affordable housing" is often
defined as a single-family, duplex, condo or apartment that can purchased by individuals or family earning a defined percentage of the area median income (AMI) of the community in question.
While the percentage of the AMI selected to define "affordable" varies from community to community and from development to development, the actual AMI is regularly published by the
Federal Home Loan Bank in Dallas.
The City of Fredericksburg recently formed the Housing Affordability Task Force to investigate the nature of our current shortage of affordable homes and to identify ways in which existing development regulations (zoning, subdivision, building codes, etc.) may contribute to the problem.
As of October 1, 2008, much progress has been made in identifying these impediments to affordability and Planning & Zoning has been tasked with suggesting changes to various codes that the City Council may then consider and enact. The Affordable Housing Task Force (AHTF) made
this report to the City Council July, 2009.The effect of what has been proposed to date will certainly help property developers keep the cost of a finished lot lower than has historically been the case but it is likely that additional steps will need to be taken. Not the least of which is reaching a consensus on the definition of "affordable".
This is a fluid situation and one that bears constant scrutiny and creativity if we are to reverse the trends that have made Fredericksburg, TX a very difficult place to purchase a home for working-class individuals.
My observations on and interest in the subject of "affordable" housing in Fredericksburg, TX and the Hill Country actually began in early 2008. To date, I have posted five articles to
my blog:
"Market Musings",
"Affordable Housing in Fredericksburg, TX",
"Affordability Impasse",
"Affordability Continued" and
"The Debate Continues". More are likely to follow so, stay tuned!
As among of the first agents in Fredericksburg to obtain the Texas Affordable Housing Specialist designation I am uniquely qualified and demonstrably dedicated to providing solutions to those priced out of our current marketplace.
Many state and Federal resources exist that can aid buyers seeking affordability (
particularly First Time Home Buyers). My ability to examine the affordability of a home past the point-of-purchase and point out ways to assure homes remain affordable (lower taxes, utility bills, maintenance, etc.) is a key factor distinguishing me from others in the market.
Working with investors to design a uniquely affordable development incorporating "green" features and an extraordinary ownership set-up is further evidence of my commitment to the responsibility we have to make assure that Fredericksburg is a place that welcomes individuals of every socio-economic strata.
