WINNER of the 2021 HOBI Award for “Outstanding Multi-Family Design,” this project serves as a model for affordable rental housing within the Falls Village Housing Trust and highlights the potential of the Incentive Housing Zone.
Affordable Housing in Falls Village - Frequently Asked Questions
Is the Falls Village Housing Trust a Town Committee?
No, it is not a municipal entity. The Falls Village Housing Trust, Inc. is an independent non-profit 501.c.3 organization founded in October 2016, dedicated to providing affordable housing options, including the development of River Road Homes.
Why does Falls Village need affordable housing?
The population in our town is shifting to almost 40% second home owners, while our full-time residents are aging. Affordable housing options, such as low maintenance rental properties, will provide opportunities for young people, starter homes for families, and senior-friendly, safe residences. According to the most recent census, over 30% of Falls Village residents qualify for rental units at River Road Homes, a key initiative by the Falls Village Housing Trust.
What is Affordable Housing?
The term "affordable housing" is defined by the state and federal government, based on the area median income (AMI). Currently, the AMI for the United States is $59,039, while Connecticut's AMI stands at $76,348. At River Road Homes, affordable housing units will be available to individuals within specific income brackets such as 75-100% AMI, 50-75% AMI, and 25-50% AMI.
Historically, the concept of "affordable housing" can be misleading, often causing unwarranted fear and concern among neighbors.
However, it's been shown that towns offering affordable housing, especially for seniors, young people, and families, do not experience increased crime, decreased property values, or other negative impacts.
In fact, communities in our region, such as Norfolk, Kent, Salisbury, and Litchfield, which have embraced "affordable rental communities," have seen numerous positive fiscal and social outcomes. These towns are effectively addressing the needs of their seniors, families, and workforce, yielding very encouraging results. The Falls Village Housing Trust is another example of a local initiative dedicated to promoting affordable housing in the area.
How will River Road Homes be financed?
The Falls Village Housing Trust (FVHT) and their consultants are utilizing state and federal programs aimed at helping communities address their affordable housing needs. River Road Homes will receive financing through Department of Housing (DOH) grants and loans.
FVHT plans to apply for grants and pursue donations, both of which do not require a traditional return on equity. Given that the state has already allocated $200,000 to River Road Homes, we anticipate prioritization for the construction grant.
The remainder of the project costs will be covered using conventional construction and permanent mortgage debt, likely sourced from a local bank.
Will the FVHT pay property taxes?
Yes, the State of CT does not exempt affordable housing from any local property taxes. Any new construction, such as the River Road Homes project, will increase the property tax revenue of Falls Village, benefiting the Falls Village Housing Trust.
Who owns the River Road property?
The Falls Village Housing Trust Inc. owns the property, which is part of the affordable housing initiative known as River Road Homes.
Does affordable housing negatively affect local real estate values?
There is no evidence to suggest that a well-maintained property will lower real estate values in Falls Village. In fact, property values in nearby towns have remained constant, and our neighboring towns with the highest property values have embraced multiple affordable housing developments. The Falls Village Housing Trust is also contributing to this by supporting projects such as River Road Homes to ensure a balanced community.
Will the FVHT create any jobs in Falls Village?
Yes, especially during the preparation and construction phases. The Falls Village Housing Trust is dedicated to employing local contractors whenever feasible. After the development of River Road Homes is complete, the Trust will hire a Property Manager along with various maintenance personnel to ensure the property remains a model of affordable housing.
How will River Road Homes be maintained?
Falls Village Housing Trust (FVHT) will adhere to the best practices models set by our neighbors and fellow members of the Regional Housing Council. River Road Homes will be staffed with a dedicated Property Manager and a skilled maintenance crew to ensure quality affordable housing.
How will people apply to live in FVHT homes?
FVHT, the Falls Village Housing Trust, will strictly adhere to Fair Housing guidelines associated with our funding. Our affordable housing rentals will be priced and accessible to individuals earning 80% and 60% of the Average Median Income (AMI). Additionally, there is a category for 25% AMI that is particularly beneficial for seniors on a limited fixed income and handicapped applicants. Seniors and disabled individuals can apply across all income brackets. Applications for River Road Homes will be available electronically and at the Town Hall.
What if the residents don’t have a car? Isn’t living two miles from town a problem?
Falls Village, including our entire region, is classified as a car-dependent community. Almost everyone living here owns a car, motorcycle, or bicycle. It’s important not to assume that individuals residing in affordable housing, such as those supported by the Falls Village Housing Trust, lack a vehicle. Transportation is crucial for work, and our non-retired residents are employed, ensuring they have a means of transportation. River Road Homes is conveniently located just a half-mile from the Housatonic Valley Regional High School, making it an ideal option for families.
What if people don’t move in?
Given the extreme shortage of affordable housing in Falls Village and surrounding towns, it is highly unlikely that any of the 16 River Road Homes will be vacant. Other similar rental communities in our area also have long waiting lists, so the risk of having empty homes is minimal.