The cost to construct a single-family home has increased 36% since 2020. New homes are selling for $350,000 to $450,000, resulting in unattainable mortgage/rental rates for most residents.
The number of housing units in the region has not grown at the same rate as the population. This problem is compounded by a slow turnover rate, as people stay in their homes longer.
There is a mismatch between existing housing stock and the demographics and needs of today’s workforce. For example: Today’s younger households are more likely to consist of one or two people.
Developers don’t choose rural areas because they can sell and rent for more in nearby metro communities. Incentives could help fill financing gaps and encourage rural development.
Updating comprehensive plans and zoning to fit the current mix of needs could help attract housing development that is more cost effective and affordable.
A public-private partnership overseen by the Dodge County Housing Authority has earned $10+ million in state funding. The Foundation donated land and is contributing low-interest financing to the project.
The Foundation has invested $2M toward the Live Local Development Fund, which provides gap financing to attract developers. We are supporting ThriveED’s evolution to serve as our regional housing technical assistance provider. ThriveED supports municipalities and offers loan and grant programs for home buyers at or below 80% Area Median Income.
Create a model neighborhood that provides a full continuum of housing to bring people at all stages of life together in one thriving community that is walkable, promotes connectedness, and highlights the scenic beauty of our area.
Build regional capacity to support rural housing development.