A New Kind of Artist Housing Is Changing Neighborhoods
(https://photos.smugmug.com/Economics/Indy-Artist-Housing/i-NhqGQ4d/0/X3/BG3-X3.jpg)
Shared ownership model of artist housing transforming Indianapolis blocks from vacant to vibrant as artists and developer teamed up to develop affordable housing for working creative professionals.
Read More: http://www.metrojacksonville.com/article/2017-mar-a-new-kind-of-artist-housing-is-changing-neighborhoods
There's a different model of shared ownership which I think would benefit downtown Jacksonville - the type where the homeowner owns a percentage of the property (usually 25%) and rents the remaining portion (with the opportunity to increase shareholding over time, up to 100%). This allows people the opportunity to get on the property ladder. Schemes like this are frequently targeted towards 'key' workers (nurses, teachers, law enforcement, etc).
Lake, who wrote this article for you guys? Very cool project. I read about something similar recently...some land bank essentially putting limits on prices. So your first time buyer purchases at a discount, but they are capped on appreciation when they sell in the future, to another participant. Forgot where but I think it was Atlanta.
As you know, Indy has the Great Places initiative ongoing in an attempt to transform up to a dozen neighborhoods over the next 5-10 years. We started investing up there recently and I've seen a lot of opportunity in Garfield Park, but it still seems pretty rough. If you look at the map on page 1, you'll see Bates-Hendricks and Fountain Square are the hoods adjacent to downtown. Fountain Square is similar to Riverside in its gentrification...I'd kinda say more like Riverside 3 or 4 years ago. Bates is a neighborhood I like a lot but really only the top third is nice. And the bottom third as you get towards Garfield Park is sketchy as hell.
The redline, Indy's first BRT line, I believe should be operational by the end of the year. We'll see if that hastens any changes in the area.
Indy also has other community development projects. In the Windsor Park and Springdale areas there were several dozen beautiful new construction homes for sale at shockingly low price points...I was told they were for lower income first time buyers. And of course Great Places is a strong effort by dozens of community and neighborhood organizations to focus on specific blocks and corridors.
QuoteI read about something similar recently...some land bank essentially putting limits on prices. So your first time buyer purchases at a discount, but they are capped on appreciation when they sell in the future, to another participant.
I don't know if this is where you saw it, but Charleston has does this for many years in response to gentrification on the peninsula.
^No that wasn't it but I'm certainly not surprised. Makes a lot of sense.
Here's a link to the terms of the program:
https://docs.google.com/document/d/1sGiLRSGEyv9KCvJhVQofoSS2w3ZF5qxwDe5DBQWrKO8
It sounds like a great idea from a development perspective, but I'd be leery of being one of the "residents." The participants are essentially renters (bound by similar terms and able to be evicted) with an equity interest. One would hope this wouldn't happen, but imagine the turmoil if Big Car went belly-up. Hopefully they don't bite off more than they can chew.
Quote from: ProjectMaximus on March 28, 2017, 02:05:51 PM
Lake, who wrote this article for you guys?
Did you get this from Danicia Monet? I see she was a Vanguard Fellow.
Fieldafm published this article. It's from Big Car and he's also a Vanguard, so it's possible he coordinated with Danicia on it.
Ah ok. Just curious. There's an article about this is on the frontpage of nextcity now which adds an extra layer to the story.