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The original item was published from 12/13/2019 8:53:26 AM to 12/19/2019 11:05:02 PM.

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Posted on: December 13, 2019

[ARCHIVED] Housing Study Presentation on Market Analysis and Findings

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The Village of Shorewood Community Development Authority (CDA) is currently conducting a Housing Market Study and Needs Analysis along with project consultants, Novogradac Consulting LLP, to help decision makers, stakeholders, and community members better plan for future housing needs. Public input was solicited through a Town Hall on November 7 and a follow-up survey that was live through November 27. 

Additional background interviews and data collection have also been compiled by the consultants. A summary of those findings will be presented to the CDA at a special meeting on Thursday, December 19 at 6:30 p.m. in the Village Center. The public is encouraged to attend.

The CDA opted to take on this study for several reasons:

  • This study will help determine how best to move forward with its Neighborhood Improvement Loan Program. That program, which previously offered no-interest loans for down-payment assistance, duplex conversions and attic improvements, has been suspended since 2018.
  • The data and recommendations will provide some base knowledge for upcoming Strategic Planning to be jointly undertaken by the Village Board and CDA in February/March 2020. That planning is expected to provide direction for future use of economic development tools, such as TIF, that may be targeted towards development activities inclusive of housing. 
  • The analysis will also provide the Village with insight into whether or not it should consider extending the life of any of its TIF districts to support affordable housing needs. TID 1 is scheduled to retire its debt in 2021, so that discussion will need to take place in 2020.
  • The study will include the required information to fulfill the State's newly mandated housing affordability reports. 
  • The study will provide the basis for updating the housing chapter of the Village’s Comprehensive Plan, which is required to be updated by January 2021. Recommendations within that plan are expected to tackle zoning updates based on a review of current land use regulations.

Community members can find additional information on the study and the CDA's efforts at www.villageofshorewood.org/housingstudy.

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