Fort Wayne, Indiana 2014 Housing Needs Assessment

Housing Needs Assessment of the Southeast Quadrant of Fort Wayne, Indiana 2014 Housing Needs Assessment

Primary Work Elements

• Analyzed more than 100 demographic & economic metrics • Conducted 20+ community stakeholder interviews • Surveyed 108 rental properties in Fort Wayne (19,000+ units) • Evaluated Fort Wayne’s for-sale data on 13,226 units (1,143 listed/12,083 sold) • Completed a housing gap analysis by tenure and affordability for the Southeast Quadrant (PSA) • Evaluated various “other housing factors” affecting the PSA housing market (i.e. community services, crime, education, city housing policies/programs, mobility patterns, etc.) • Identified vacant land and buildings as potential candidates for future residential development • Evaluated site suitability for Renaissance Pointe Neighborhood and former McMillen Apartments Site • Provided recommendations to address housing needs Geographic Study Areas

Remaining City (Secondary Study Area)

Southeast Quadrant (Primary Study Area) Includes Renaissance Pointe & McMillen Sites Demographic Highlights Demographic Composition Education Poverty

40.0% Educational Attainment (2000) 100.0% Population by Poverty Status (2006-2010) 35.0% 90.0% 30.0% 80.0% 25.0% 70.0% PSA 60.0%

r 20.0% SSA 68.7 %

r 50.0% 88.4 % 85.0 % 86.4 % Sha 15.0% Fort Wayne Income above poverty

Sha 40.0% Income below poverty 10.0% Indiana 30.0% 5.0% No High High School Som e Associate Bachelor's Graduate 20.0% 0.0% School Graduate College, No Degree Degree Degree 31.3 % 10.0% Diplom a Degree PSA SSA11.6 % Fort Wayne15.0 % Indiana 13.6 % 0.0%

Education Level Location Tenure Size

100.0% Households by Tenure (2013) Persons per Renter Household (2013) 90.0% 80.0% 50.0% 45.0% 70.0% 34.9 % 38.1 % 31.4 % 40.0% 54.6 % 60.0% 35.0% PSA 50.0% 30.0% r Renter-Occupied SSA 25.0%

Sha 40.0%

Owner-Occupied Share Fort Wayne 20.0% 30.0% 65.1 % 68.6 % Indiana 61.9 % 15.0% 20.0% 45.4 % 10.0% 10.0% PSA SSA Fort Wayne Indiana 5.0% 0.0% 0.0% 1-Person 2-Person 3-Person 4-Person 5-Person Location Household Size Demographic Highlights Population Trends  PSA POP declined (-5.0%) from 2000 to 2010 (SSA grew)  Almost no projected PSA POP growth (0.1%) from 2010 to 2018 (much less than SSA)  Largest share of PSA POP age <25 years  Smallest share of PSA POP age 75+ years  PSA projected greatest share decline (-2.2%) age < 25 years  PSA projected greatest share growth (24.5%) age 65-74 years  PSA median age (30 years) much lower than SSA (36 years)

Population Trends Population by Age (2013)

45.0% 8.0% 6.6% 40.0% 6.0% 35.0% 4.0% 3.3% 3.2% 2.5% 2.8% 30.0% PSA 25.0% SSA 2.0% 1.0% 2000-2010 0.1% Share 20.0% Fort Wayne 0.0% 2010-2018 15.0% Indiana PSA SSA Fort Wayne Indiana Percent Change Percent -2.0% 10.0% 5.0% -4.0% 0.0% -5.0% -6.0% <25 25 - 34 35 - 44 45 - 54 55 - 64 65 - 74 75+ Location Age Range Demographic Highlights Household Trends

 PSA HHs declined (-9.5%) from 2000 to 2010 (SSA grew)  Minimal projected PSA HH decline (-0.3%) from 2010 to 2018 (SSA expected to grow)  Largest share of HHs in PSA ages 45-54 years; smallest <25 years  Largest HH growth in PSA b/w 2013-18 ages 65-74 (380, 21.6%)  Largest HH decline in PSA b/w 2013-18 ages 45-54 (-288, -8.6%)

8.0% Household Trends Household Heads by Age (2013) 20.0% 6.0% 7.1 % 4.0% 3.6 % 3.7 % 15.0% 2.0% 3.1 % 3.4 % 1.2 % PSA an 0.0% -0.3 % r SSA 2000-2010 10.0% -2.0% PSA SSA Fort Wayne Indiana Sha Fort Wayne 2010-2018 Indiana

Percent Ch -4.0% 5.0% -6.0% <25 25 - 34 35 - 44 45 - 54 55 - 64 65 - 74 75+ -8.0% 0.0% -10.0% -9.5 % Location Age Range Demographic Highlights Household Income Trends

40.0% Household Income (2013) 35.0%

30.0% PSA has highest 25.0% 20.0% PSA share of lower-income r SSA Sha 15.0% Fort Wayne Indiana (<$20K) HHs, but lowest 10.0% <$20K $20K - $40K $40K - $60K $60K - $100K $100K+ share of higher-income 5.0% 0.0% ($60k+) HHs in 2013 Hous e hol d I ncome

$50,000 Median Household Income $45,000 $40,000 $35,000 PSA has a $30,000 o 2000 significantly lower $25,000 2010 $20,000 2013 median HH income than Medi an Inc $15,000 2018 SSA, Fort Wayne and $10,000 PSA SSA Fort Wayne Indiana $5,000 Indiana (about half) $0

Location Demographic Highlights PSA versus SSA

• PSA residents are younger, more often non-white, more often unmarried, less educated, more often living in poverty, more transient, and residing in more densely-populated neighborhoods than SSA counterparts

• PSA households are more often renters, larger in size, and earning less income than SSA counterparts

• Number of PSA residents and households decreased significantly from 2000 to 2013, but decrease is projected to stop and stabilize by 2018

• SSA experienced positive growth in residents and households from 2000 to 2013, and should continue to grow over the next five years

• SSA has a history of expanding its population and households, while PSA does not

DEMOGRAPHIC TRENDS IN SOUTHEAST QUADRANT (PSA) OF FORT WAYNE SHOULD INCREASE HOUSING DEMAND Demographic Highlights Theme Maps

Owner Share Renter Share

Pop. Age 18-34 Pop. Age 55+ Demographic Highlights Theme Maps

Median Income Pop. Density

Poverty Status Education Economic Highlights

• Fort Wayne employment is concentrated in Retail Trade (13.7%), Manufacturing (12.7%) and Healthcare/Social Assistance (10.1%) job sectors • PSA employment is concentrated in Public Administration (18.8%), Manufacturing (15.1%) and Education Services (11.6%) job sectors • Fort Wayne and PSA adversely affected by national recession (2008 to 2010). In 2009, Allen County employment base declined by 10,000 people, while unemployment rate increased to 10.5% • By November 2013, county unemployment rate had dropped to 7.9% (continual decline since 2009) • Job loss has stopped, but current employment base still 11,000 less than 2008 Unemployment Rates Total Employment Economic Highlights Public & Private Sector Economic Development • Multi-million dollar medical facility expansions underway • Other private and public investment pending • Fort Wayne poised for an economic rebound • Economic growth yields employment, employment growth yields additional population, households and income, and additional population, households and income yield demand for additional housing • Large portion of current employment and anticipated economic growth is located outside PSA • PSA still benefits from city-wide economic gains

ECONOMIC GROWTH WILL INCREASE JOB GROWTH & HOUSING DEMAND Housing Supply – Existing Challenges Overcrowded and Cost-Burdened Housing 4.0% 3.5% Percent of Overcrowded Households 3.0% Nearly 600 (3.6%) PSA 2.5% 3.6% 2.0% households live in n 1.5% overcrowded* housing

Perce 2.2% 1.0% 1.7% PSA SSA Fort Wayne *More than one person per room 0.5%

0.0%

Location

50.0% Nearly half (47.9%) of Renter-Occupied Housing by Percent of Income Paid Towards Rent 40.0% 47.9% 40.2% all PSA renter- 37.7% h 34.2% households are cost 30.0% 31.0% 23.7% 22.5% 22.8% burdened* 20.0% 21.4% Percent ofHouse *Pay over 30% of income 10.0% PSA7.1% SSA5.7% Fort Wayne 6.0% towards housing costs 0.0% (29.3% of owner-households) Location <20% 20%-30% 30%+ Unknown Housing Supply – Rental (Apartments)

• Overall Fort Wayne rental housing market is strong, 96.1% occupied • One-third of surveyed units are in Southeast Quadrant • PSA (SE Quadrant) has rental occupancy rate of 96.6% - slightly better than balance of Fort Wayne (96.0%)

Overall Market Performance by Area Rental Housing PSA SSA Total Projects 34 74 108 Total Units 4,645 14,497 19,142 Vacant Units 158 587 745 Occupancy Rate 96.6% 96.0% 96.1% Housing Supply – Rental (Apartments) Housing Supply – Rental (Apartments)

• PSA: 34 projects w/ 4,645 units - only 158 vacancies • All segments have 95.2%+ occupancy, no apparent weaknesses • Affordable housing segment performing better than market-rate • Housing Choice Voucher wait list: Approximately 4,000 people

PSA (SOUTHEAST QUADRANT) RENTAL HOUSING SUPPLY BY TYPE Projects Total Vacant Occupancy Project Type Surveyed Units Units Rate Market-rate 10 2,629 127 95.2% Market-rate/Tax Credit 2 144 1 99.3% Market-rate/Government-Subsidized 1 192 0 100.0% Market-rate/Tax Credit/Government-Subsidized 1 166 0 100.0% Tax Credit 8 792 29 96.3% Tax Credit/Government-Subsidized 2 302 0 100.0% Government-Subsidized 10 420 1 99.8% Total 34 4,645 158 96.6% Housing SupplyMarket-rate – Rental Median (Apartments) Gross Rent Comparison Primary Study Area Secondary Study Area Bedroom/Bath (Southeast Quadrant) (Balance of Fort Wayne) Percent Median Percent Median Bedroom Baths Units Vacant Rent Units Vacant Rent Studio 1.0 169 2.4% $537 421 2.9% $612 One-Bedroom 1.0 1,207 3.2% $461 4,866 4.6% $600 One-Bedroom 1.5 - - - 4 0.0% $644 Two-Bedroom 1.0 249 6.0% $585 2,471 4.5% $655 Two-Bedroom 1.5 441 5.0% $554 1,270 3.1% $724 Two-Bedroom 2.0 288 5.9% $659 2,226 5.8% $807 Two-Bedroom 2.5 - - - 32 3.1% $773 Three-Bedroom 1.0 46 6.5% $721 9 33.3% $980 Three-Bedroom 1.5 183 12.6% $751 409 3.9% $758 Three-Bedroom 2.0 57 7.0% $848 485 5.8% $1,069 Three-Bedroom 2.5 - - - 100 3.0% $829 Three-Bedroom 3.0 - - - 1 0.0% $966 Four-Bedroom 1.5 15 0.0% $581 46 0.0% $668 Four-Bedroom 2.0 - - - 4 25.0% $933 Four-Bedroom 2.5 - - - 2 0.0% $1,146 Four-Bedroom 3.0 - - - 1 0.0% $1,033 Total Market-rate 2,655 4.8 % - 12,347 4.6% - Housing Supply – Rental (Apartments)

$800 $700 Market-rate Median Gross Rent Generally, PSA $600 $751 $758 $500 $724 market-rate rents $612 $600 Re $400 $537 $554 $300 $461 are 10%-20% less edian M $200 Studio/1.0-Ba 1-Br/1.0-Ba 2-Br/1.5-Ba 3-Br/1.5-Ba than SSA $100 $0

Bedrooms/Bathrooms PSA SS A

50.0% Rental Housing by Year Built

40.0% More than half of Before 1970

U 30.0% 1970 - 1979 PSA rental 1980 - 1989 20.0% 1990 - 1999 housing was built

Percent of 2000 - 2005 2006 - 2013* pre-1970 10.0% PSA SSA Fort Wayne 0.0%

Location Housing Supply – Rental (Apartments)

Tax Credit, Non-Subsidized Median Gross Rent Comparison Primary Study Area Secondary Study Area Bedroom/Bath (Southeast Quadrant) (Balance of Fort Wayne) Percent Median Percent Median Bedroom Baths Units Vacant Rent Units Vacant Rent One-Bedroom 1.0 116 2.6% $496 198 0.0% $599 Two-Bedroom 1.0 172 5.8% $518 362 3.0% $650 Two-Bedroom 1.5 169 0.6% $690 12 0.0% $423 Two-Bedroom 2.0 44 0.0% $676 73 1.4% $848 Three-Bedroom 1.0 129 9.3% $586 - - - Three-Bedroom 1.5 - - - 53 0.0% $860 Three-Bedroom 2.0 108 0.0% $773 248 1.6% $804 Three-Bedroom 2.5 54 0.0% $794 - - - Four-Bedroom 1.0 31 12.9% $687 - - - Four-Bedroom 1.5 - - - 9 0.0% $924 Four-Bedroom 2.0 91 0.0% $757 39 0.0% $891 Total Tax Credit 914 3.3% - 994 1.6% - Housing Supply – Rental (Apartments)

Distribution of Unit Amenities – Non-subsidized Rental Supply PSA SSA Fort Wayne Unit Amenities Units % Units % Units %

Stove Range 3,569 100.0% 13,341 100.0% 16,910 100.0% Refrigerator 3,569 100.0% 13,341 100.0% 16,910 100.0% Dishwasher 2,882 68.2% 11,329 75.0% 14,211 73.3% Disposal 3,009 72.7% 12,200 82.8% 15,209 80.2% Microwave 654 27.3% 1,532 15.6% 2,186 18.6%

AC-Central 2,840 77.3% 11,115 76.6% 13,955 76.7% AC-Window 729 22.7% 4,435 31.3% 5,164 29.1% Floor Covering 3,569 100.0% 13,317 96.9% 16,886 97.7% Window Treatments 2,958 90.9% 12,747 93.8% 15,705 93.0% Washer/Dryer 1,597 31.8% 8,153 54.7% 9,750 48.8% Washer/Dryer Hookups 2,767 68.2% 11,227 79.7% 13,994 76.7% Patio/Balcony 2,912 72.7% 11,103 75.0% 14,015 74.4% Ceiling Fans 900 31.8% 8,241 51.6% 9,141 46.5% Housing Supply – Rental (Apartments)

Distribution of Project Amenities - Non-subsidized Rental Supply PSA SSA Fort Wayne Project Amenities Units % Units % Units % Pool 1,905 22.7% 9,488 43.8% 11,393 38.4% On-Site Management 3,345 86.4% 12,898 87.5% 16,243 87.2% Laundry 1,644 54.5% 7,338 59.4% 8,982 58.1% Club House 1,993 31.8% 9,799 50.0% 11,792 45.3% Meeting Room 944 40.9% 3,325 26.6% 4,269 30.2% Fitness Center 354 4.5% 7,472 34.4% 7,826 26.7% Jacuzzi/Sauna 354 4.5% 2,433 3.1% 2,787 3.5% Playground 1,431 54.5% 7,721 46.9% 9,152 48.8% Sports Court 1,499 18.2% 7,952 35.9% 9,451 31.4% Storage 379 4.5% 3,189 15.6% 3,568 12.8% Elevator 445 18.2% 1,243 15.6% 1,688 16.3% Business Center 354 4.5% 0 0.0% 0 0.0% Picnic Area 2,665 54.5% 7,577 39.1% 10,242 43.0% Housing Supply – Rental (Apartments) Key Findings (PSA versus SSA)

• Overall rental supply vacancy rates are lower in the PSA (3.4% vs. 4.0%) • Government-subsidized vacancy rates are extremely low among PSA and SSA supply (0.1% vs. 0.3%) • PSA has a larger share of government-subsidized housing (23.2% vs. 7.9%) • PSA non-subsidized rents are generally 10% to 20% lower than in the SSA • PSA has a larger share of lower-quality (rated C-) non-subsidized product (20.6% vs. 0.4%) • PSA has a higher share of non-subsidized product built pre-1970 (50.7% vs. 41.1%) • PSA and SSA have similar shares of product built since 2000 (10.0% vs. 6.7%) Housing Gap Estimates - Rental

• Methodology considered household growth, units for balanced market, substandard housing, and demolitions; conducted by income level • Rental housing demand for at least 23 to 2,465 new PSA units by 2018 • Note: Demand estimates represent potential units by 2018 (would assume all product types, prices and locations developed)

2013 - 2018 Rental Demand Potential by Income Level & Rent Primary Study Area (Southeast Quadrant) of Fort Wayne, Indiana Less Than $15,000- Above Household Income Range $15,000 $35,000 $35,000 Less Than Rent Affordability $375 $375-$875 $876+ New Income-Qualified Renter Household -29 -62 12 Units Needed for Balanced Market 168 36 11 Total Replacement Housing Needed by 2018 2,326 1,172 0 Total Overall Market (PSA) Units Needed by 2018 2,465 1,146 23 Site-Specific (Single Project) Potential Capture Rate 5%-10% 5%-10% 5%-10% Total Site-Specific (Single Project) Units of Support 123 - 247 57 - 115 1 - 2 Housing Supply – For-sale (Historical)

PSA - SOUTHEAST QUADRANT For-Sale Housing by Year Sold Units Sold Average Price Sold Median Price Sold Year Number Change Price Change Price Change 2010 342 - $28,767 - $16,915 - 2011 275 -19.6% $32,130 11.7% $20,000 18.2% 2012 264 -3.3% $34,571 7.6% $24,000 20.0% 2013 295 11.7% $37,408 8.2% $25,600 6.7%

Average Annual Sales Price (2010-2013)

$120,000 $110,000 $100,000 $112,505 $113,092 $105,608 $104,202 $90,000 $80,000 PSA $70,000 SSA $60,000 $50,000 $34,571 $37,408

Average Sales Price $32,130 $40,000 $28,767 $30,000 $20,000 2010 2011 2012 2013 Ye ar Housing Supply – For-sale (Historical)

• Less than 1 in 25 (3.3%) homes sold since 2010 in PSA were built after 1990 (38.5% in SSA) • Nearly half (49.6%) of homes sold since 2010 in PSA were built before 1950 (23.8% in SSA)

PSA Sales History by Year Built

25.3% 24.3%

25.0% 21.4%

20.0% 17.6%

15.0% Share 10.0% 6.6%

5.0% 2.3% 1.5% 1.0% SSA Sales History by Year Built 0.0%

17.3% 1939 or 1940 - 1950 1951 - 1960 1961 - 1970 1971 - 1980 1981 - 1990 1991 - 2000 2001 to20.0% 16.4% earlier present Year Built 18.0% 16.0% 13.1% 12.2% 12.4% 12.0% 14.0% 12.0% 9.2% 10.0% 7.4% Share 8.0% 6.0% 4.0% 2.0% 0.0%

1939 or 1940 - 1950 1951 - 1960 1961 - 1970 1971 - 1980 1981 - 1990 1991 - 2000 2001 to earlier Year Built present Housing Supply – For-sale (Historical)

PSA - SOUTHEAST QUADRANT • Nearly all (98.7%) homes Summary of Home Sales by Price (January 1, 2010 to December 31, 2013) sold since 2010 in PSA were Number Percent Average bought for under $100,000 Of of Days on Sale Price Homes Supply Market (52.7% in SSA) Up to $99,999 1,161 98.7% 74 $100,000 to $124,999 11 0.9% 85 $125,000 to $149,999 1 0.1% 38 $150,000 to $174,999 0 0.0% - $175,000 to $199,999 1 0.1% N/A $200,000 to $224,999 0 0.0% -

$225,000 to $249,999 0 0.0% - PSA Home Sales by Price

$250,000 to $274,999 2 0.2% 7 1,161 1,200 $275,000 to $299,999 0 0.0% - 1,000 $300,000 to $349,999 0 0.0% - 800

$350,000 to $399,999 0 0..0% - 600

$400,000+ 0 0.0% - 400 Number of Sales of Number

Total 1,174 100.0% 74 200 11 1 0 1 0 0 2 0 0 0 0 0

<$99,999 $100,000-$125,000- $150,000- $175,000- $200,000- $225,000- $250,000- $275,000- $300,000- $350,000- $400,000+ $124,999 $149,999 $174,999 $199,999 $224,999 $249,999 $274,999 $299,999 $349,999 $399,999 Price Range Housing Supply – For-sale (Historical) Key Findings (PSA versus SSA)

• In 2013, average sales price in PSA much lower than SSA ($37,408 vs. $113,092)

• In 2013, median sales price and price per square foot in PSA much lower than SSA ($22,000 vs. $96,000 / $12.49 vs. $44.82)

• In 2010, average days on market in PSA similar to SSA (66 vs. 64)

• Since 2010, average sales price has increased faster in PSA than SSA (30.0% vs. 7.1%)

• In 2013, median age of homes sold in PSA much older than SSA (1950 vs. 1968)

• Since 2010, share of homes sold below $100k in PSA much higher than SSA (98.7% vs. 52.7%)

• In 2013, average-size of homes sold in PSA smaller than SSA (1,761 sf vs. 2,142 sf) Housing Supply – For-sale (Historical) Housing Supply – For-sale (Available)

PSA - SOUTHEAST QUADRANT Summary of Available For-Sale Housing Supply by Bedrooms (As of February 7, 2014) Average Avg. Median Median Average Homes Average Square Year Price List Price Days on Bedrooms Listed Baths Feet Built Range Price Sq. Ft. Market One-Br. 3 1 1,301 1930 $14,900-$15,900 $15,000 $11.52 79 Two-Br. 27 1 1,607 1939 $10,750-$24,900 $24,900 $15.49 91 Three-Br. 85 2 1,805 1953 $8,950-$182,000 $45,900 $25.42 146 Four-Br. 22 2 2,098 1952 $12,900-$96,900 $57,775 $27.54 98 Five-Br.+ 4 2 3,349 1955 $31,900-$98,000 $84,450 $25.22 79 Total 141 2 1,846 1950 $8,950-$182,000 $44,900 $24.32 124

SSA – BALANCE OF FORT WAYNE Summary of Available For-Sale Housing Supply by Bedrooms (As of February 7, 2014) Avg. Avg. Median Average Homes Avg. Square Year Price Median Price Days on Bedrooms Listed Baths Feet Built Range List Price Sq. Ft. Market One-Br. 7 1.0 1,363 1949 $10,700 - $73,500 $44,500 $32.65 136 Two-Br. 145 2.0 1,537 1957 $13,125 - $429,900 $64,900 $42.23 125 Three-Br. 593 2.0 1,930 1960 $10,800 - $940,000 $89,900 $46.58 108 Four-Br. 225 3.0 3,000 1971 $26,900 - $689,900 $141,900 $47.30 100 Five-Br.+ 32 4.0 4,355 1968 $49,900 - $799,900 $182,450 $41.89 134 Total 1,002 2.0 2,187 1963 $10,700 - $940,000 $94,900 $43.39 110 Housing Supply – For-sale (Available)

PSA - SOUTHEAST QUADRANT Summary of Available For-Sale Housing Supply by Price (As of February 7, 2014) Number Average of Percent of Days on List Price Homes Supply Market Up to $99,999 140 99.3% 125 $100,000 to $124,999 0 0.0% - $125,000 to $149,999 0 0.0% - $150,000 to $174,999 0 0.0% - $175,000 to $199,999 1 0.7% 15

$200,000 to $224,999 0 0.0% - PSA Active For-Sale Housing by Price

150 $225,000 to $249,999 0 0.0%140 - 125

$250,000 to $274,999 0 0.0%100 - $275,000 to $299,999 0 0.0%75 - 50 $300,000 to $349,999 0 0.0% Sales of Number - 25

0 0 0 1 0 0 0 0 0 0 0 $350,000 to $399,999 0 0.0%0 - <$99,999 $100,000- $125,000- $150,000- $175,000- $200,000- $225,000- $250,000- $275,000- $300,000- $350,000- $400,000+ $124,999 $149,999 $174,999 $199,999 $224,999 $249,999 $274,999 $299,999 $349,999 $399,999

$400,000+ 0 0.0% - Price Range Total 141 100.0% 124 Housing Supply – For-sale (Available) Housing Gap Estimates – For-Sale

• Methodology considered HH growth, units for balanced market, substandard housing, and demolitions; conducted by income level • Overall housing demand for up to 368 new units by 2018 • Note: Demand estimates represent potential units by 2018 (would assume all product types, prices and locations developed)

2013-2018 For-Sale Housing Demand by Income Level & Price Point Primary Study Area (Southeast Quadrant) of Fort Wayne, Indiana Less than $30,000- Household Income Range $30,000 $60,000 $60,000+ Less than $100,000- Housing Price Affordability $100,000 $200,000 $200,000+

New Owner-Occupied Household Growth (2013 to 2018) 85 140 -2

Housing Units Needed for Balanced Market 120 148 87

Total Replacement Housing Needed by 2018 163 67 0

Total Overall Market (PSA) Units Needed by 2018 368 355 85

Multiplied by Potential Capture Rate X 10% X 5.0% X 2.5%

Total Site-Specific (Single Project) Units of Support 37 18 2 Special Care Senior Housing - Overview

• Excluding nursing homes, senior care occupancy rates are below 90% for Fort Wayne citywide • Senior household segment fastest projected growth in Fort Wayne • PSA Senior Supply: congregate care units 82.9% occupied, assisted living 70.8% occupied, and nursing care 68.3% occupied; all performing below citywide rates (see below)

Fort Wayne, IN Facilities Total Occupancy North Central U.S. National Facility Type Surveyed Units/Beds Rates Occupancy Rate* Occupancy Rate* Independent 1 12 100.0% 88.4% 87.9% Congregate Care 4 464 87.9% 88.4% 87.9% Assisted Living 10 808 86.3% 91.7% 90.9% Nursing Care 5 540 85.9% 87.6% 89.0% *Source: American Seniors Housing Assn. The State of Seniors Housing 2011. North Central U.S. includes Ohio, Michigan, Indiana, Indiana, Wisconsin, Minnesota, Iowa, Nebraska, South Dakota and North Dakota. Housing Development Opportunities/Capacity Southeast Quadrant’s Residential Development Capacity • Identified 22 available properties that represent potential sites for residential development in the Southeast Quadrant – 14,875,000 square feet (340 acres) of land and 330,000 square feet of existing structures – Capacity* to develop approximately 2,300 residential units – Development capacity* by Southeast Quadrant submarket • 930 (54.5%) units in Subarea 1 (North) • 977 (18.2%) units in Subarea 2 (Central) • 427 (27.3%) units in Subarea 3 (South)

• Large base of available land and buildings in PSA allows market to accommodate a variety of housing products and project sizes Housing Development Opportunities/Locations Recommendations

PSA Housing Product Considerations

• Affordability (via subsidies, tax credits, etc.) remains an important factor for a majority of housing – rents need to be kept affordable!

• Housing to accommodate large-family households (duplexes and single-family homes with three or more bedrooms)

• Senior housing to meet growing base of older adult households, particularly lower-income elderly households with less than $30k annual income

• Senior housing needs could be met through adaptive reuse of existing structures and newly-built cottage-style units, with a balanced mix of one- and two-bedroom units

• Lease-to-own housing alternatives to help renters transition into homeowners

• Expand base of for-sale product priced above $100,000 to retain and attract higher income households, particularly with incomes between $30k & $60k Recommendations

PSA Housing Strategies

• Focus/Concentrate Residential Development Efforts on Specific Areas

• Encourage/Support Adaptive Reuse of Vacant Structures

• Continue Removing Functionally Obsolete & Substandard Housing From Market

• Support Efforts to Renovate, Repair and Maintain Existing Housing

• Support/Expand First-Time and Lower-income Homebuyer Programs

• Support the Development of Affordable & Moderately-priced Housing

• Encourage Private-Sector Residential Development/Investment

• Offer Programs/Incentives To Both Housing Providers And Users; Likewise To Both Homeowners and Renters Contact Information

Walter Whitmyre & Patrick M. Bowen Bowen National Research 155 E. Columbus St., Suite 220 Pickerington, Ohio 43147 Phone: 614-833-9300 E-Mail: [email protected] [email protected]