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Why is this good policy for the City? <br />b. Residents are more apt to invest <br />and participate in the city when they have an ownership interest. They <br />have a stake in future value of home and community, so there is desire to <br />keep it up, improve the property, locate a job closer to home, and thus <br />raise the property values and generate taxes. They have more of a “stake” <br />in the future of the city, their neighborhood and school district which <br />translates into more volunteering, social engagement, and sense of place in <br />which to raise a family. This stabilizes the school district enrollment as <br />well as city services to help them remain viable Centers of the <br />Community. <br />c.Action Steps: <br />i.Provide target mailings to the 50% of apartment complexes where <br />there are a high percentage of younger renters, marketing <br />homeownership classes and first time buyer programs. <br />1.Budget Impact: TBD <br />2. Number of annual occurrences: <br />ii.Through quarterly meetings, newsletters, and seminars, partner <br />with Realtors and Bankers to target first time buying opportunities <br />to these complexes. <br />1.Budget Impact: TBD <br />2. Number of annual occurrences: 4 <br />iii.Evaluate the pros and cons as well as issues associated with the <br />conversion of rental apartments into ownership condominiums. <br />Identify which complexes might be good candidates for affordable <br />conversion to increase home ownership or opportunities for current <br />owners to “downsize” their housing stock. <br />1.Budget Impact: TBD <br />2. Number of annual occurrences: <br />Policy Statement: <br />2. Achieve a balance between families with school-aged <br />children and seniors in multifamily housing and the appropriate distribution of <br />acceptable units compatible with each unique lifestyle. <br />Study Support <br />a.: The study indicates that there is an increasing number of <br />our older population within multifamily housing; and, the City’s 1998 <br />Senior Study found that seniors tend to stay and age in place – only 10% <br />to 15% actually move into exclusively senior or assisted care facilities. <br />However, many of the smaller more affordable multi-family complexes do <br />not include the school-aged child resources such as play grounds, learning <br />facilities and bedroom size. With improved accessibility and code <br />compliance, more seniors could occupy these affordable units. More than <br />Multi Family Housing Study Report (9-21-04) - Page 2 of 7 <br /> <br />