2017 Spencer Comprehensive Land Use Plan

Spencer, Iowa  2017  Comprehensive Plan

MULTIFAMILY HOUSING An adequate supply of affordable and safe housing is often in high demand. The housing market’s supply and demand for various types and prices of housing will change over time. Generally, if a market does not have a type and/or preference in choice of housing and a household has the means to construct a new house, then it will often times be constructed or custom built. However, if a household does not have the financial means or capacity to construct and maintain a single family house they will often seek multifamily residences as an alternative housing option. If there is a shortage of adequate and affordable multifamily housing options in a community it leaves the residents with little choice but to accept substandard housing or move to another community that offers an adequate and affordable supply of housing options. Below is a list of advantageous benefits of multifamily housing that cities should consider when planning.

Multifamily housing is a key component of smart growth • Well-planned, higher density housing in areas designated for growth has always been an integral component of smart growth. • Multifamily housing developments make it possible to preserve more open space and natural features than do single family housing. • Multifamily housing usually requires less public infrastructure, including roads, sewer and water pipes, and electricity and gas lines. • Multifamily housing makes it financially feasible to integrate commercial/retail uses into a neighborhood.

Multifamily housing provides affordable housing options • Single income households may not be to afford median-priced single family housing in the community. • Many working families spend more than half their income on housing or live in substandard housing. • For financial reasons, some households move farther from their jobs, enduring long commutes, to find affordable housing options. • Apartments and condominiums play an important role in housing the workforce.

Multifamily housing can be attractive and compatible • The design of today’s apartments and condominiums is much more creative and sensitive to neighborhood context. • Multifamily allow greater flexibility in making it possible to preserve open space and natural features. • There is no discernible difference in price appreciation of single family housing near multifamily housing and those not located close to multifamily housing.

Selected excerpts from The Case for Multifamily from the Urban Land Institute

46 | P a g e

NW Iowa Planning & Development