Phelps County Housing Strategies for 2022
30 Apr 2018
In Phelps County, we believe in planning for the future, especially when it comes to housing. The Phelps County Development Corporation (PCDC) is focused on economic development and business growth. As businesses moved to our area and existing businesses grow and expand, additional housing units will be necessary for workers who are drawn to our community. Our goal is to stay ahead of this need by working to develop the necessary housing units in anticipation of the growing demand. We do not directly develop housing at the PCDC, but our research can be used by developers and property owners to make strategic decisions on how to best use their properties and investment dollars. Additionally, we offer a variety of programs that can help to offset some of the development costs or the renovation expenses associated with a property in need of significant repairs. As we move towards our goals for 2022, here is some information that everyone in the community should know, based on the results of our countywide affordable housing study.
Housing goals and targets
The housing study completed for the PCDC is incredibly comprehensive and breaks down the number of housing units that Phelps County will need by 2022. This includes a breakdown of how many should be rental units and how many should be owner-occupied. The results of the study show the following:
270 housing units will be required by 2022.
170 owner occupied units
100 rental housing units
The development cost could be approximately $61.1 million
In addition to the construction of new housing units, properties within the County should be rehabilitated. It is estimated that 414 properties within the County are available to do so, to the tune of $18 million. The majority of these would be in Holdrege with others located throughout the county. The report estimated that a total of 144 units in Holdrege should also be demolished to make room for future development. PCDC is taking a proactive approach to help increase the possibility and affordability of doing so through our available housing grants and programs.
The housing study also identified which communities are in the greatest need of additional housing units. The community of Holdrege has the greatest demand for new construction. To meet the housing needs of the community, an additional 86 owner occupied and 72 rental units should be built by 2022. Some of these should be built in the downtown area.
The housing study report features a full breakdown of how many housing units should be built in each community.
When evaluating plans for future development, it is important for property owners to consider the price point each home will be sold at, or rented for. The housing study broke down the number of units that are likely to be required based on the income range of families moving to the area. It is their suggestion that the majority of housing development in Holdrege, and throughout Phelps County, be centered on persons and families between 61% and 125% AMI.
Community working together
Achieving our goals for housing is going to require the community working together. The PCDC is here to support efforts of local property owners, developers and investors looking to build or renovate housing units in the county. We will be happy to share information, resources and make available various programs and incentives that we have in place. For more information, contact Ron Tillery at email@example.com.