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TheGreaterBoston

HousingReportCard2002CenterforUrbanandRegionalPolicy(CURP)NortheasternUniversityCitizensHousingandPlanningAssociation(CHAPA)BostonIndicatorsProjectTheBostonFoundationTheGreaterBoston

HousingRe1September2000

NewParadigmforHousinginGreaterBoston

Facedwithalimitedsupplyofexistinghousing,extremelylowvacancyrates,andadecadeofinadequatehousingproduction,theNewParadigmreportconcludedthatinthenextfiveyearsanadditional36,000housingunitswouldneedtobeconstructedintheBostonMetropolitanStatisticalArea(MSA),overandaboveexistingproductionlevels,inordertohelpmoderatefuturepriceandrentincreases.September2000

NewParadigmf2NewParadigmforHousing

inGreaterBoston

a“moralimperative”forallthosewhoneeddecenthousingataffordablepricesan“economicnecessity”inordertosustainBoston’srenaissanceeconomyNewParadigmforHousing

inG3HowHaveWeDone?HowHaveWeDone?4HouseholdGrowthvs.NewHousing

The1990s:#ofNewHouseholds:129,265#ofNewHousingUnits:91,567Asaresult,housingvacancyratesinGreaterBostonplummetedHouseholdGrowthvs.NewHousi5VacancyRates19902000RentalHousing6.7%2.7%Owner-Occupied1.7%0.6%Source:U.S.CensusMostofthedeclineinvacancyratesoccurredafter1995,followingthe1991-92recessionVacancyRates19902000RentalHo6RentPaidbyExistingTenants19952000%ChangeMedianRentPaid$744$1,035+39%Source:IREMDataRentPaidbyExistingTenants17MedianRentIncreaseforExistingTenantsvs.MedianRenterHouseholdIncomeIncrease+54%25%39%MedianHouseholdIncomeMonthlyRentMedianRentIncreaseforExist8MedianAdvertisedRents–1998-2001By2001,MedianAdvertisedRentforaTwo-BedroomApartmentinCityofBostonwas$1,700Between1998and2001,advertisedrentsincreasedbyasmuchas64%insurroundingcitiesandtownsIn12of19municipalitiessurroundingBoston,advertisedrentsincreasedbyatleast30percentbetween1998and2001MedianAdvertisedRents–19989

AdvertisedRentsforTwo-BedroomApartmentsinBoston-AreaCitiesandTownsCity/Town1998199920002001%Change1998-2001Winchester$1,050$1,300$1,350$1,75067%Revere$788$950$1,250$1,28863%Everett$775$863$1,000$1,20055%Medford$950$1,100$1,200$1,40047%Melrose$950$1,200$1,250$1,40047%Malden$850$1,000$1,200$1,25047%Quincy$850$1,100$1,350$1,25047%Waltham$975$1,100$1,250$1,35038%Cambridge$1,400$1,475$1,688$1,75025%Watertown$1,200$1,250$1,400$1,50025%Newton$1,300$1,400$1,500$1,60023%Chelsea$1,100$1,050N/A$1,35023%Boston$1,500$1,550$1,600$1,70013%Source:SundayeditionofTheBostonGlobe,theDepartmentofNeighborhoodDevelopment,CityofBostonAdvertisedRents10AffordabilityofRentalHousingHousingis“Affordable”whenahouseholdmustpaynomorethan30%ofannualincomeforrentormortgageHouseholdsearningthemedianincomeofrenterscannowaffordtopaythemedianadvertisedrentforatwo-bedroomapartmentinonly2outof20townsandcitiesintheheartofGreaterBoston.AffordabilityofRentalHousin11MedianSellingPrice–1998-200119982001%ChangeMedianSellingPrice$198,500$298,350+50.3%By2001,householdsearningthemedianincomeintheircityortowncouldnotaffordthemedianpricedsingle-familyhousein112of161townsandcitiesintheregion.MedianSellingPrice–1998-2012PercentChangeinMedianHomePrice(1998-2001)Vs.Estimated2001MedianHouseholdIncome

Onaverage,medianhousingpricesrosefastestinlowerincomemunicipalitiesPercentChangeinMedianHome13

BuildingPermitsIssuedinGreaterBoston,1980-2002(161Municipalities)

25,00011,000BuildingPermitsIssuedinGr14FastestGrowingCities/Towns%ChangeinYearRoundHousingUnits(1990-2000)Hopkinton38.1%Bolton35.5%Berkley34.5%Franklin34.1%Kingston31.7%Mendon31.4%Salisbury29.9%Dunstable29.6%Boxborough28.9%Mansfield27.5%Southborough26.9%Rowley26.7%Westford26.4%Wilmington26.2%SlowestGrowingCities/Towns%ChangeinYearRoundHousingUnits(1990-2000)Watertown1.6%Framingham1.0%Wellesley0.7%Boston0.1%Medford0.1%Manchester0.0%Lynn-0.2%Arlington-0.2%Belmont-0.2%Essex-0.4%Melrose-0.7%Winthrop-0.8%Brockton-1.5%Lowell-2.2%FastestGrowingCities/Towns%15SingleFamilyvs.Multi-FamilyHousingBuildingPermits–GreaterBostonSingleFamilyvs.Multi-Family16NewParadigmReportProductionGoalsBostonMSA(127Municipalities)

Annual

ExpectedProjected

5-Year

Requirement

AnnualAnnual

ProjectedNeeded

ProductionShortfall

AdditionalProductionMarketrate

9,860 7,1602,700 13,500

Subsidized 4,300 1,3003,000 15,000

Student 1,500 [1]1,500 7,500TOTAL 15,660

8,460

7,20036,000

[1]

3,450dormitoryunitswereidentifiedasplannedorunderconstructionatthetimetheParadigmReportwasreleased.Itwasexpectedthattheseunitswouldcounttowardthefive-year7,500unitproductiontarget.

NewParadigmReportProduction17

BuildingPermitsIssued–BostonMSA

1968-2001

BuildingPermitsIssued–Bos18CategoryTotalNeededperYear1995-99Avg.LevelofProduction1999200020012002eMarketRate9,8607,1607,4166,7666,0056,375Subsidized-newconstruction4,3001,3009311,4781,6511,213DormUnits1,500*256165704606TotalProductionLevelsincludingDormUnits15,6608,4608,6038,4098,3608,194HousingProductioninBostonMSAvs.NewParadigmGoalsCategoryTotalNeededperYear119Category1999200020012002e%oftotalgoalmet55%54%53%52%%ofgoalmet(Market+Subsidized)59%58%54%54%%ofgoalmet(DormUnits)17%11%47%40%%ofgoalmet(Market)75%69%61%65%%ofgoalmet(Subsidized)22%34%38%28%HousingProductioninBostonMSAvs.NewParadigmGoalsCategory1999200020012002e55%5420AffordableHousing–GreaterBostonMostofthestate’ssubsidizedunitswereaddedbetween1965and1980,theheydayoffederallysupportedlowincomehousingproductionTotalsubsidizedunits: 146,096Numberofunitsbuiltsince1972

63,761SubsidizedunitsbuiltundertheComprehensivepermit(40B)

11,810AffordableHousing–GreaterB21

AffordableHousing–GreaterBostonSubsidizedHousingrepresents9%oftotalstockofGreaterBostonHousingSince1969,Chapter40Bresponsiblefor15%ofnewaffordablehousingBoston,Cambridge,Lowell,Lynn,Brockton,andLawrenceareresponsibleforhalfofallsubsidizedhousinginGreaterBostonBostonalonerepresentsone-third

AffordableHousing–Greater22Community2000CensusYearRoundUnitsPercentSubsidized2000BaseStateSubsidizedHousingInventory(40BUnits)Boston250,36719.63%49,146Chelsea12,31717.03%2,098Cambridge44,13815.60%6,884Lawrence25,54014.96%3,821Lowell39,38113.49%5,312Lynn34,56912.73%4,400Salem18,10312.50%2,262Brockton34,79412.24%4,258Malden23,56112.20%2,875Beverly16,15010.33%1,669Framingham26,58810.17%2,705Revere20,10210.07%2,025CommunitiesWiththeHighestPercentageofAffordableHousing,October2001

Community2000CensusYearRoun23Meetingthe10%

AffordableHousingGoalOnly12communitiesoutoftheregion’s161haveachievedthe10%thresholdforaffordablehousing,upfrom8in1990.These12communities—mostlycities—contain1/3oftheregion’shousingsupplybutaccountfor60%ofthetotalassistedinventory.In1990,13communitiesinGreaterBostonhadnopubliclyassistedhousing.Nowthereisjust1.Meetingthe10%

AffordableHo24FundingAffordableHousingLowIncomeHousingTaxCredit(LIHTC)HOMEInvestmentsPartnership(HOME)ProgramHousingInnovationsFundHousingStabilizationFundFacilitiesConsolidationFundHousingDevelopmentSupportProgram,MassachusettsAffordableHousingTrustFundMassHousingMassachusettsHousingPartnershipFundMassDevelopmentCommunityEconomicDevelopmentAssistanceCorporationMassachusettsHousingInvestmentCorporation

FundingAffordableHousingLow25FundingAffordableHousing

1999-2001150developmentsin36GreaterBostoncommunitiesreceivednearly$100,000,000

3,400unitsofhousing,72%ofwhichareaffordable1,700additionalunitswerepreservedMultiplefundingsources(2ormore)wereidentifiedinnearly40%ofthesecases

FundingAffordableHousing

1926LossofAffordableHousingNearly3,000rentalunitsin15GreaterBostoncommunitieshavebeenlosttothesubsidizedinventoryoverthepastdecadeastheresultofexpiring-userestrictionsMostoftheselossesoccurredpriorto1998.Butanadditional11,000unitsare“at-risk”betweennowand2005LossofAffordableHousingNear27SubsidizedHousingProduction–1999-2001[1]PreservationOnlySubstantialRehabilitationNewConstructionAdaptiveReuseTotalTotalprojectswithstategrantsupportandtaxcredits40%18%42%100%ByDevelopmentEntity:ForProfit32%12%26%26%

NonProfit68%70%54%63%JointVenture0%17%20%12%

Total100%100%100%100%

[1]ProgramsreportedincludeLIHTC,MassachusettsAffordableHousingTrustFund,HousingInnovationsFund(HIF),HousingStablizationFund,HOME,andFacilitiesConsolidationFund(FCF).HIFandCFCarelimitedtonon-profitdevelopers,skewingthedevelopmentintheirfavor.SubsidizedHousingProduction28CommunityYear2000Units199740BUnitsCh40BUnits2002ChangeinNumberof40BHousingUnits1997-2001PercentIncrease1997-2001Plympton86504040N/ASherborn1,44903434N/ABoxborough1,90001212N/ABerkley1,870044N/APlainville3,0884012888220.0%Wilmington7,141159490331208.2%Shirley2,140245733137.5%Abington5,332112250138123.2%Hull4,6796815183122.1%Lakeville3,385484100.0%Marlborough14,8465921,18058899.3%Holliston4,861781537596.2%Weston3,796761265065.8%Danvers9,71227942814953.4%Ayer3,141771184153.2%CommunitiesDemonstratingProgressintheProvisionofAffordableHousing,1997-2001CommunityYear2000Units1997429AllReportedChangesbyTypeofInitiativeUnitsEligibleforInclusiononSubsidizedHousingInventory(40BList)Comprehensivepermit31%Homeownerandrentalrehabprograms30%Allother13%Programstoqualifyexistingunits[1]

andfirsttimehomebuyerprograms10%DMH/DMRgrouphomes7%Specialpermits,rezoningandotherlocalinitiatives9%TOTAL100%

[1]

Thiscategoryincludesexistingunitsthatcommunitieshavebeenallowedtoqualifyonacase-by-casebasis.ToolsUsedtoConstructAffordableHousingAllReportedChangesbyTypeo30ExcludingDMH/DMRgrouphomesandunitsqualifiedbyrehaborfirst-timehomebuyerstatusUnitsEligibleforInclusiononSubsidizedHousingInventory(40BList)Comprehensivepermit77%Allother23%TOTAL100%Tools/ProgramsUsedtoCreateQualifiedAffordableHousinginCommunitieswithSubsidizedHousingBelowTenPercent

Source:StateHousingInventory(1997;2002)supplementedbyDCHDandCHAPAExcludingDMH/DMRgrouphomes31DHCDSpending(StateandFederalFunds)1989-2001(CurrentDollars)

DHCDSpending(StateandFeder32DHCDSpending(StateandFederal)1989-2001(InflationAdjusted2002Dollars)DHCDSpending(StateandFeder33StateHousingOperatingandCapitalBudgets1989-2003

StateHousingOperatingandCa34FiscalYearStateDHCDSpendingShareofTotalStateSpending19894102.9%19903802.5%19912751.7%19922241.4%19932071.1%19941720.9%19951830.9%19962021.0%19972010.9%19982120.8%19992190.8%20002230.7%20012370.7%State-fundedSpendingasShareofTotalStateSpendingFiscalYear1989-2001

Source:MAOfficeoftheComptrollerAnnualStatutoryBasisFinancialReports

FiscalYearStateDHCDSpending35Statevs.FederalFundingLevelsforMassachusettsHousingProgramsStatevs.FederalFundingLeve36FederalBlockGrantAllocationsinMassachusetts(CDBG,HOME,ESG,andHOPWA)1993-2002FederalBlockGrantAllocation37SummaryHousingProductionhasfailedtomeettheNewParadigmGoalsVacancieshavefallenwellbelow“normal”levelsRentsandPriceshavethereforeskyrocketedProductionofStudentHousingisup,butmoreisneededAffordableHousingproductioniswellbelowgoalComprehensive(40B)ishelpingtofillneedStatefundingforhousingisdecliningasapercentoftotalstatespendingSummaryHousingProductionhas38TheGreaterBoston

HousingReportCard2002CenterforUrbanandRegionalPolicy(CURP)NortheasternUniversityCitizensHousingandPlanningAssociation(CHAPA)BostonIndicatorsProjectTheBostonFoundationTheGreaterBoston

HousingRe39September2000

NewParadigmforHousinginGreaterBoston

Facedwithalimitedsupplyofexistinghousing,extremelylowvacancyrates,andadecadeofinadequatehousingproduction,theNewParadigmreportconcludedthatinthenextfiveyearsanadditional36,000housingunitswouldneedtobeconstructedintheBostonMetropolitanStatisticalArea(MSA),overandaboveexistingproductionlevels,inordertohelpmoderatefuturepriceandrentincreases.September2000

NewParadigmf40NewParadigmforHousing

inGreaterBoston

a“moralimperative”forallthosewhoneeddecenthousingataffordablepricesan“economicnecessity”inordertosustainBoston’srenaissanceeconomyNewParadigmforHousing

inG41HowHaveWeDone?HowHaveWeDone?42HouseholdGrowthvs.NewHousing

The1990s:#ofNewHouseholds:129,265#ofNewHousingUnits:91,567Asaresult,housingvacancyratesinGreaterBostonplummetedHouseholdGrowthvs.NewHousi43VacancyRates19902000RentalHousing6.7%2.7%Owner-Occupied1.7%0.6%Source:U.S.CensusMostofthedeclineinvacancyratesoccurredafter1995,followingthe1991-92recessionVacancyRates19902000RentalHo44RentPaidbyExistingTenants19952000%ChangeMedianRentPaid$744$1,035+39%Source:IREMDataRentPaidbyExistingTenants145MedianRentIncreaseforExistingTenantsvs.MedianRenterHouseholdIncomeIncrease+54%25%39%MedianHouseholdIncomeMonthlyRentMedianRentIncreaseforExist46MedianAdvertisedRents–1998-2001By2001,MedianAdvertisedRentforaTwo-BedroomApartmentinCityofBostonwas$1,700Between1998and2001,advertisedrentsincreasedbyasmuchas64%insurroundingcitiesandtownsIn12of19municipalitiessurroundingBoston,advertisedrentsincreasedbyatleast30percentbetween1998and2001MedianAdvertisedRents–199847

AdvertisedRentsforTwo-BedroomApartmentsinBoston-AreaCitiesandTownsCity/Town1998199920002001%Change1998-2001Winchester$1,050$1,300$1,350$1,75067%Revere$788$950$1,250$1,28863%Everett$775$863$1,000$1,20055%Medford$950$1,100$1,200$1,40047%Melrose$950$1,200$1,250$1,40047%Malden$850$1,000$1,200$1,25047%Quincy$850$1,100$1,350$1,25047%Waltham$975$1,100$1,250$1,35038%Cambridge$1,400$1,475$1,688$1,75025%Watertown$1,200$1,250$1,400$1,50025%Newton$1,300$1,400$1,500$1,60023%Chelsea$1,100$1,050N/A$1,35023%Boston$1,500$1,550$1,600$1,70013%Source:SundayeditionofTheBostonGlobe,theDepartmentofNeighborhoodDevelopment,CityofBostonAdvertisedRents48AffordabilityofRentalHousingHousingis“Affordable”whenahouseholdmustpaynomorethan30%ofannualincomeforrentormortgageHouseholdsearningthemedianincomeofrenterscannowaffordtopaythemedianadvertisedrentforatwo-bedroomapartmentinonly2outof20townsandcitiesintheheartofGreaterBoston.AffordabilityofRentalHousin49MedianSellingPrice–1998-200119982001%ChangeMedianSellingPrice$198,500$298,350+50.3%By2001,householdsearningthemedianincomeintheircityortowncouldnotaffordthemedianpricedsingle-familyhousein112of161townsandcitiesintheregion.MedianSellingPrice–1998-2050PercentChangeinMedianHomePrice(1998-2001)Vs.Estimated2001MedianHouseholdIncome

Onaverage,medianhousingpricesrosefastestinlowerincomemunicipalitiesPercentChangeinMedianHome51

BuildingPermitsIssuedinGreaterBoston,1980-2002(161Municipalities)

25,00011,000BuildingPermitsIssuedinGr52FastestGrowingCities/Towns%ChangeinYearRoundHousingUnits(1990-2000)Hopkinton38.1%Bolton35.5%Berkley34.5%Franklin34.1%Kingston31.7%Mendon31.4%Salisbury29.9%Dunstable29.6%Boxborough28.9%Mansfield27.5%Southborough26.9%Rowley26.7%Westford26.4%Wilmington26.2%SlowestGrowingCities/Towns%ChangeinYearRoundHousingUnits(1990-2000)Watertown1.6%Framingham1.0%Wellesley0.7%Boston0.1%Medford0.1%Manchester0.0%Lynn-0.2%Arlington-0.2%Belmont-0.2%Essex-0.4%Melrose-0.7%Winthrop-0.8%Brockton-1.5%Lowell-2.2%FastestGrowingCities/Towns%53SingleFamilyvs.Multi-FamilyHousingBuildingPermits–GreaterBostonSingleFamilyvs.Multi-Family54NewParadigmReportProductionGoalsBostonMSA(127Municipalities)

Annual

ExpectedProjected

5-Year

Requirement

AnnualAnnual

ProjectedNeeded

ProductionShortfall

AdditionalProductionMarketrate

9,860 7,1602,700 13,500

Subsidized 4,300 1,3003,000 15,000

Student 1,500 [1]1,500 7,500TOTAL 15,660

8,460

7,20036,000

[1]

3,450dormitoryunitswereidentifiedasplannedorunderconstructionatthetimetheParadigmReportwasreleased.Itwasexpectedthattheseunitswouldcounttowardthefive-year7,500unitproductiontarget.

NewParadigmReportProduction55

BuildingPermitsIssued–BostonMSA

1968-2001

BuildingPermitsIssued–Bos56CategoryTotalNeededperYear1995-99Avg.LevelofProduction1999200020012002eMarketRate9,8607,1607,4166,7666,0056,375Subsidized-newconstruction4,3001,3009311,4781,6511,213DormUnits1,500*256165704606TotalProductionLevelsincludingDormUnits15,6608,4608,6038,4098,3608,194HousingProductioninBostonMSAvs.NewParadigmGoalsCategoryTotalNeededperYear157Category1999200020012002e%oftotalgoalmet55%54%53%52%%ofgoalmet(Market+Subsidized)59%58%54%54%%ofgoalmet(DormUnits)17%11%47%40%%ofgoalmet(Market)75%69%61%65%%ofgoalmet(Subsidized)22%34%38%28%HousingProductioninBostonMSAvs.NewParadigmGoalsCategory1999200020012002e55%5458AffordableHousing–GreaterBostonMostofthestate’ssubsidizedunitswereaddedbetween1965and1980,theheydayoffederallysupportedlowincomehousingproductionTotalsubsidizedunits: 146,096Numberofunitsbuiltsince1972

63,761SubsidizedunitsbuiltundertheComprehensivepermit(40B)

11,810AffordableHousing–GreaterB59

AffordableHousing–GreaterBostonSubsidizedHousingrepresents9%oftotalstockofGreaterBostonHousingSince1969,Chapter40Bresponsiblefor15%ofnewaffordablehousingBoston,Cambridge,Lowell,Lynn,Brockton,andLawrenceareresponsibleforhalfofallsubsidizedhousinginGreaterBostonBostonalonerepresentsone-third

AffordableHousing–Greater60Community2000CensusYearRoundUnitsPercentSubsidized2000BaseStateSubsidizedHousingInventory(40BUnits)Boston250,36719.63%49,146Chelsea12,31717.03%2,098Cambridge44,13815.60%6,884Lawrence25,54014.96%3,821Lowell39,38113.49%5,312Lynn34,56912.73%4,400Salem18,10312.50%2,262Brockton34,79412.24%4,258Malden23,56112.20%2,875Beverly16,15010.33%1,669Framingham26,58810.17%2,705Revere20,10210.07%2,025CommunitiesWiththeHighestPercentageofAffordableHousing,October2001

Community2000CensusYearRoun61Meetingthe10%

AffordableHousingGoalOnly12communitiesoutoftheregion’s161haveachievedthe10%thresholdforaffordablehousing,upfrom8in1990.These12communities—mostlycities—contain1/3oftheregion’shousingsupplybutaccountfor60%ofthetotalassistedinventory.In1990,13communitiesinGreaterBostonhadnopubliclyassistedhousing.Nowthereisjust1.Meetingthe10%

AffordableHo62FundingAffordableHousingLowIncomeHousingTaxCredit(LIHTC)HOMEInvestmentsPartnership(HOME)ProgramHousingInnovationsFundHousingStabilizationFundFacilitiesConsolidationFundHousingDevelopmentSupportProgram,MassachusettsAffordableHousingTrustFundMassHousingMassachusettsHousingPartnershipFundMassDevelopmentCommunityEconomicDevelopmentAssistanceCorporationMassachusettsHousingInvestmentCorporation

FundingAffordableHousingLow63FundingAffordableHousing

1999-2001150developmentsin36GreaterBostoncommunitiesreceivednearly$100,000,000

3,400unitsofhousing,72%ofwhichareaffordable1,700additionalunitswerepreservedMultiplefundingsources(2ormore)wereidentifiedinnearly40%ofthesecases

FundingAffordableHousing

1964LossofAffordableHousingNearly3,000rentalunitsin15GreaterBostoncommunitieshavebeenlosttothesubsidizedinventoryoverthepastdecadeastheresultofexpiring-userestrictionsMostoftheselossesoccurredpriorto1998.Butanadditional11,000unitsare“at-risk”betweennowand2005LossofAffordableHousingNear65SubsidizedHousingProduction–1999-2001[1]PreservationOnlySubstantialRehabilitationNewConstructionAdaptiveReuseTotalTotalprojectswithstategrantsupportandtaxcredits40%18%42%100%ByDevelopmentEntity:ForProfit32%12%26%26%

NonProfit68%70%54%63%JointVenture0%17%20%12%

Total100%100%100%100%

[1]ProgramsreportedincludeLIHTC,MassachusettsAffordableHousingTrustFund,HousingInnovationsFund(HIF),HousingStablizationFund,HOME,andFacilitiesConsolidationFund(FCF).HIFandCFCarelimitedtonon-profitdevelopers,skewingthedevelopmentintheirfavor.SubsidizedHousingProduction66CommunityYear2000Units199740BUnitsCh40BUnits2002ChangeinNumberof40BHousingUnits1997-2001PercentIncrease1997-2001Plympton86504040N/ASherborn1,44903434N/ABoxborough1,90001212N/ABerkley1,870044N/APlainville3,0884012888220.0%Wilmington7,141159490331208.2%Shirley2,140245733137.5%Abington5,332112250138123.2%Hull4,6796815183122.1%Lakeville3,385484100.0%Marlborough14,8465921,18058899.3%Holli