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Board Of Aldermen - Minutes - 9/28/2021 - P29

By dnadmin on Mon, 11/07/2022 - 07:08
Document Date
Tue, 09/28/2021 - 00:00
Meeting Description
Board Of Aldermen
Document Type
Minutes
Meeting Date
Tue, 09/28/2021 - 00:00
Page Number
29
Image URL
https://nashuameetingsstorage.blob.core.windows.net/nm-docs-pages/boa_m__092820…

Board of Aldermen 09-28-2021 Page 29

| also want to say | do support our city staff members. | find it unfortunate the amount of pressure that they are subjected
to by a small number of people who are focused on achieving their goals often at the cost of the personal liberties of
people who were trying to work for our city. | think it's very unfortunate. | found in my time as Alderman that the city staff
are extremely helpful, very knowledgeable, and very dedicated to what they're doing. I'm confident in how | represent my
constituents and you work with those people who have made their careers out of helping others and I'm proud to continue
doing that. Thank you.

Alderman Caron

Yes thank you. Ona happier note, the Nashua Chamber has nominated Ed Lecius, a long time Nashua resident as
Citizen of the Year and that's a wonderful honor to bestow upon someone who has dedicated his life to the City of Nashua
as aradio announcer, public Police Coordinator, and a longtime member of the Nashua Lions Clubs. So just wanted to
put that out there. That that's a great accomplishment for anyone to receive. So | think that's great.

| have to echo Alderman Lopez’s comments about city staff. We have to remember that city staff is here because they
want to be here. They work at their jobs with great care. They give their heart and soul to the public and | think that
unfortunately some public people don't understand that. When they talk to our staff, they should be treating them the way
they would like to be treated if the roles were reversed. | know that being a longtime employee for the city, you always get
more with honey than with vinegar and | don't think there is any staff person that wouldn't go out of their way to do
something for anyone in the public if they really needed the help. Like | keep saying, it's called please and thank you and
it goes a long way in getting the help that you deserve and I, too, will always support our city employees. Thank you

Alderman Dowd

Yes since last time we met, the architects and the Joint Special have worked very closely with the Conservation
Commission and at the last Conservation Commission meeting, we were voted five zero in favor of the new middle school
project. Earlier this evening, the Zoning Board from the recommendation with the Conservation Commission voted to
grant the special exception for the new middle school five to zero - unanimous. So we move forward.

The other thing is that, you know, | find it odd that people say, oh we should remove everybody on the Board of Aldermen
when during our tenure we once again have been elected as one of the best cities in the United States to live. One of the
safest cities in the United States to live, which we found out last night has made that information all the way out to
California when a young lady out there did research and now is asking questions of the Nashua Police Department
because they've ranked so highly nationwide.

The other thing is if anybody read the write up that we got from Standard and Poor's on the way the city is run and the
way the city takes care of its finances, we were awarded a AAA rating again. Our bonding rate is 1.86%. That's amazing.
If they think we're doing a terrible job, | don't know how the Board could do any better. We are representing the citizens of
Nashua very well. The city is very well run and I'm also going to echo that my experience in the Joint Special School
Building Committee working with our Legal Department, they've done outstanding work and it should not be ridiculed.

Alderman Cleaver

Thank you, Madam President. Just a couple of things. I'm very proud of our city employees. They do an outstanding job
and they shouldn't be commended not ridiculed. They they're outstanding group of people, and largely responsible for
how well the city is rated, et cetera, et cetera, according to those references that Alderman Dowd was making.

Speaking of Alderman Dowd, I'd like to commend one of our own. You've done yeoman's work on the Finance Committee
and also the Joint Special School Committee and just should be commended very highly for his work and all the hard
effort he’s put in over the years.

Lastly, it's very exciting to see the performing arts center grow and blossom into an actual building. It's rewarding to know
that it has such great support and it's a great asset to the city that we will all enjoy for many, many years to come. Thank
you.

Alderman O’Brien

Thank you, Madam President. To fall along the lines of supporting city employees, | would like to remind everybody that
this Sunday is the Firefighters Memorial Sunday. The service will be conducted at the intersection of Concord and
Manchester Street. That's the monument with the bell. The bell symbolizes the old days of which you needed to wake up
down those horses and get them going. So anyways, it's got to be there at 10 a.m. and at those ceremonies, we

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Board Of Aldermen - Minutes - 9/28/2021 - P29

Board Of Aldermen - Minutes - 9/28/2021 - P30

By dnadmin on Mon, 11/07/2022 - 07:08
Document Date
Tue, 09/28/2021 - 00:00
Meeting Description
Board Of Aldermen
Document Type
Minutes
Meeting Date
Tue, 09/28/2021 - 00:00
Page Number
30
Image URL
https://nashuameetingsstorage.blob.core.windows.net/nm-docs-pages/boa_m__092820…

Board of Aldermen 09-28-2021 Page 30

recognize past members. | think there's over 15 members who were killed in the line of duty and service to the city. And
also the countless numbers of firemen who probably gone before us that we may not remember them but it's very nice
service.

Second of which Madam President if | may unabashedly support a reminder to people to look because bidding is now
going on in Brian McCarthy Foundation. As you know, Brian McCarthy was former President of this Board. He had a
keen interest in education. His family and friends have gotten together and formed a Foundation to which will support the
educational community such as the high school and everything. To raise these type of funds, they’re having an auction.
So | do recommend, unless Rick Dowd has something better but to go to Facebook and to follow through Facebook, and
if you feel compelled and support the memory of Brian McCarthy and all he has done for education, please support that
endeavor.

The next thing, too, be in a former city employee for 35 years, yeah it's pretty much a thankless job. | remember one day
sitting in the firehouse and the guy across the street comes over with his arm half hanging off because he punched his
love of his life threw the storm door. So we saved him, bandage him up, and it was quite a mess. | remember, thank
God, we were all medically trained. You would expect the gentleman would come back saving his arm he would come
and say thank you. Never did. So therefore no matter what division you work with with the city, people are always going
to take potshots at our city employees. | think it's up to us as Aldermen to try to support them to make them feel good. We
know the type of job that they do. We understand it as Aldermen how many times have you received that errant e-mail
and a pot shot taken at each and every single one of us. It comes with the territory but | want to go on record as being a
former city employee and as being an Alderman here, | do support our city employees. | think they're one of the best.

As Aldermen Dowd said, to get to where we were number one many times, we're a very viable livable city. We didn't get
here by accident folks. We got here with the leadership of good boards and good city employees who did their job and
done it well. So | like to be among and | echo the sentiments of my fellow members. Thank you, Madam President.

President Wilshire

Thank you. | just want to bring up a couple of things. Attendance at the meetings. Last couple of months we've been
sitting here at seven or 7:30 wondering if we're going to get a quorum. | understand that people have issues and that, you
know, it's not always possible to get here. If you're not going to be here, please let me know, please let the Chairman of
your committee know ahead of time. It's really kind of hard to sit and wait and not have people show up. So I'm pleading
with you to please make every effort you can to attend the meetings in person if you can. | Know it's difficult sometimes
but it really would help if, you know, if you're going to be out to notify the Chair, and myself, or Donna would be very much
appreciated.

City staff. We all know we have a tremendous city staff. | don't care what department you're looking at. We have good
people that work for this city. Good people that need to be treated fair, treated well. They treat us well. | mean they treat
the citizens well. They should get that back in return. | know so many people that over the last 20 plus years that I've
been on this Board, they do a tremendous job for this city. So | fully support our city staff and hope that all of you do too.

Kudos to Ed Lecius being the Chamber's Citizen of the Year. Ed worked hard for the city. So just want to give him a
shout out.

Also the million dollar donor. That is very impressive. I'm very happy about that. It speaks volumes to the people working
on that committee and bringing in the money for that project. So thank you to whoever you are million dollar donor, we
really appreciate you.

Committee announcements:

Alderman Dowd

Yes the next Budget meeting is going to be October 6'". We just set the date today so at seven o'clock here in the
chamber.

Alderman Caron

Yes Personnel will be meeting Monday, October 4", at 7:00 and please let myself or Donna know early in the day if you're
not going to be able to attend so we don't sit here waiting or trying to call someone like the President. Thank you.

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Board Of Aldermen - Minutes - 9/28/2021 - P30

Board Of Aldermen - Minutes - 9/28/2021 - P31

By dnadmin on Mon, 11/07/2022 - 07:08
Document Date
Tue, 09/28/2021 - 00:00
Meeting Description
Board Of Aldermen
Document Type
Minutes
Meeting Date
Tue, 09/28/2021 - 00:00
Page Number
31
Image URL
https://nashuameetingsstorage.blob.core.windows.net/nm-docs-pages/boa_m__092820…

Board of Aldermen 09-28-2021 Page 31

President Wilshire

| don't mind showing up Alderman Caron if I'm needed. | appreciate the courtesy of people who aren't going to be here to
at least inform us.

Alderman Lopez

May | just comment that Alderman Klee has had some extremely tragic events in her life recently, too. So there are some
occasions where some of the people that are absent at their chairs may have very good reason. But she did get some
happy news regarding her brother's wife, so there is some good news. But | just wanted to clarify for the public that when
we're talking about people that are attending and communicating, if there's acute personal tragedy, then we all recognize
that.

President Wilshire

Absolutely. | wasn't trying to, you Know, point any finger at anyone in particular. It's just been difficult to get a quorum

here and, you know, it kind of waste people's time not just us but city staff who are either here to present or walk us
through something so.

Alderman Lopez

| would imagine that she probably does communicate with you, too, because she's always very conscientious.
President Wilshire

Yeah she’s pretty good about it. Thank you Alderman Lopez. Anyone else?

Alderwoman Lu

| just wanted to mention that | believe, correct me if I'm wrong, tomorrow is an in person meeting of the last meeting of the
- Imagine Nashua at 5:00. I’m totally well if nobody else remembers, I'm just having a mind blank. It's late.

President Wilshire
Any other committee announcements? Seeing none.
ADJOURNMENT

MOTION BY ALDERMAN O’BRIEN THAT THE SEPTEMBER 28, 2021, MEETING OF THE BOARD OF ALDERMEN
BE ADJOURNED, BY ROLL CALL

Alderwoman Lu

Excuse me, | just remembered. It’s the American Rescue Plan meeting at 5:00 the final. Nobody agrees? Okay cross it
out. Okay.

President Wilshire

Would the Clerk please call the roll?

A viva voce roll call was taken which resulted as follows:

Yea: Alderman O’Brien, Alderman Dowd, Alderman Caron, Alderman Lopez,
Alderman Tencza, Alderwoman Lu, Alderman Jette, Alderman Laws,

Alderman Cleaver, Alderwoman Harriott-Gathright, Alderman Wilshire 11

Nay: 0
MOTION CARRIED

The meeting was declared adjourned at 9:46 p.m.
Attest: Susan K. Lovering, City Clerk

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Board Of Aldermen - Minutes - 9/28/2021 - P31

Board Of Aldermen - Minutes - 9/28/2021 - P32

By dnadmin on Mon, 11/07/2022 - 07:08
Document Date
Tue, 09/28/2021 - 00:00
Meeting Description
Board Of Aldermen
Document Type
Minutes
Meeting Date
Tue, 09/28/2021 - 00:00
Page Number
32
Image URL
https://nashuameetingsstorage.blob.core.windows.net/nm-docs-pages/boa_m__092820…

fees THE CITY OF NASHUA “The Gate City"

Administrative Services Division

Date: September 22, 2021
To: Mayor Donchess
Board of Aldermen
From: Kimberly Kleiner, Administrative Services Director
Subject: Staffing — City Hall

Recently, the Board of Aldermen may have been made aware of some staff departures in the Assessing
Department. The board has also received a communication stating several untruths as to why these employees
have left the city.

At full staffing the Department held a Chief Assessor, 2 Commercial Assessors, 2 Residential Assessors, a CSR
Supervisor, a Department Coordinator, and 2 CSR staff. Currently, we have a Chief Assessor, 2 Commercial
Assessors and one CSR staff member. The city is actively recruiting for all of the open positions.

The professional and knowledgeable staff within the Assessing Department has provided our residents with
exceptional customer service for many years. It is with great disappointment and loss that employees have
chosen to leave the City. | would be remiss in my duty if I failed to communicate the issues which have been
shared with me as the Director regarding their departure.

Undergoing an improvement plan, software upgrade, policy review, and revaluation is difficult work but the
staff remained determined to the goals and objectives set forth by the City. They remained resolved with this
commitment through the most challenging of times. The difficulty arose with the constant, unsubstantiated
criticisms raised by a select group of individuals. Employees have been accused of untruths, followed outside
of the workplace, faced questions on their character, supplied thousands of documents thru RTK requests and
had misinformation shared within public comment, the newspapers and social media.

There was never a mention of displeasure with salary or benefits as a reason for the recent departures. The
events over the past two years caused by a select few were stated as an unfortunate cause for leaving a position
they otherwise enjoyed.

Public employees are often motivated in their work by a desire to serve the residents of the community, these
employees held that desire. To allow the departure of these employees to be labeled as anything other than the
reasons shared by them would be a greater injustice.

We, as a City, owe our dedicated employees our support and respect as they carry out their duties and contribute
to the success of our community. Together, we all create the culture and environment which contributes to the
success of our employees.

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Board Of Aldermen - Minutes - 9/28/2021 - P32

Board Of Aldermen - Minutes - 9/28/2021 - P33

By dnadmin on Mon, 11/07/2022 - 07:08
Document Date
Tue, 09/28/2021 - 00:00
Meeting Description
Board Of Aldermen
Document Type
Minutes
Meeting Date
Tue, 09/28/2021 - 00:00
Page Number
33
Image URL
https://nashuameetingsstorage.blob.core.windows.net/nm-docs-pages/boa_m__092820…

Nashua RKG
NEW HAMPSHIRE'S GATE CITY
ASSOCIATES INC

Nashua Inclusionary Zoning
Feasibility Analysis

Board of Aldermen Discussion

September 2021

Page Image
Board Of Aldermen - Minutes - 9/28/2021 - P33

Finance Committee - Agenda - 6/1/2022 - P125

By dnadmin on Sun, 11/06/2022 - 21:41
Document Date
Thu, 05/26/2022 - 14:04
Meeting Description
Finance Committee
Document Type
Agenda
Meeting Date
Wed, 06/01/2022 - 00:00
Page Number
125
Image URL
https://nashuameetingsstorage.blob.core.windows.net/nm-docs-pages/fin_a__060120…

Fimbel Garage Doors
281 Daniel Webster Hwy, Merrimack, NH 03054
United States
800-556-9786

THE GARAGE DOOR EXPERTS™

Billing Address

City of Nashua, c/o Purchasing
PO Box 2019

Nashua, NH 03061-2019 USA

Estimate Details

Estimate 58331223

Project 51714679

Estimate Date 5/10/2022
Customer PO

Job Address

Nashua DPW

9 Stadium Drive
Nashua, NH 03062 USA

BPW-2 Car Wash Door

Task #
LB14614CM
H753150B
DC-PREFERRED

Description

Commercial |nstallation Labor - 16X14
Labor to Install Commercial Operator(s)
Preferred Customer Discount

Quantity
1.00
1.00
1.00

2742-UT 16-2 X 14-0 Model 2742 Garage Door

- 3rd Row 24" x 12" Windows

-R-Value: 19.4 (Polyurethane Insulation)

- 2" Thick Sections - Sandwich Construction
- 27 Gauge Steel Micro-Grooved Exterior

- Reinforcing Strut{s)

- Torsion Springs

- Solid Shaft Standard

- Door Color: White

- Track Type: 2" Clip Angle Mount Standard
- Track System: 15" Radius

- Mounting Surface: Steel

- Weather Seal Type: Clip On

- Weather Seal Color: White

Amarr 2742
COP-UT Model CT-103L5 Heavy Duty Trolley Operator

- Damp Environment Madification

~ 3-Button control station (open,close and stop)

- Logic 5.0

- 1 Hp/208v 3Ph

- Electric safety photo-eyes

- Rail Size: 14°

All wiring including low voltage NOT done by Fimbel unless otherwise specified
Template Template

1.00

1.00

Materials

Material
CX16X14

Description

Commercial 16X14 Installation Kit Includes:
- Weather Seal

- Reinforcing Strut{s}

- Angle lren

- Slide Lock(s)

Misc. Hardware Stainless Hardware Package

Quantity
1.00

1.00

Thank you for choosing Fimbel Garage Doors!

Sub-Total $11,615.40
Tax $0.00

Total $11,615.40

The summary is furnished by Fimbel Garage Doors as a good faith estimate of work to be performed at Nashua DPW. This Estimate is based on
our initial evaluation and does not include material price increases or additional [abor due to unforeseen circumstances after the work has
started, ] agree to the estimate and authorize Fimbel Garage Doors to perform the work as summarized. | agree to pay the full amount far all

work performed based on the Terms and Conditions set by my sales representative.

Page Image
Finance Committee - Agenda - 6/1/2022 - P125

Board Of Aldermen - Minutes - 9/28/2021 - P34

By dnadmin on Mon, 11/07/2022 - 07:08
Document Date
Tue, 09/28/2021 - 00:00
Meeting Description
Board Of Aldermen
Document Type
Minutes
Meeting Date
Tue, 09/28/2021 - 00:00
Page Number
34
Image URL
https://nashuameetingsstorage.blob.core.windows.net/nm-docs-pages/boa_m__092820…

Financial Feasibility Analysis
BACKGROUND

PURPOSE OF THE ANALYSIS

¢ RKG performed housing market analysis for
Nashua, identifying housing needs/challenges

¢ City’s existing inclusionary zoning (IZ) policy
identified as not meeting market needs

¢ Recommendation to reconsider IZ policy to
align with market and financial realities

¢ RKG retained to perform a financial feasibility
and policy review analysis

MDING

eee

Palicy end Hos

inclusionary Zoning

Update Inclusionary Zoning Regulations

Case Study — Inclusionary Zoning, Newton, MA

In 2018, the City of Newton, Massachusetts began a
process to revise their Inclusionary Zoning policy. Housing
affordability was worsening. and the City was experiencing
an influx of large residential and mixed-use projects which
proved ample opportunities 16 increase the overall
number of affordable housing units.

The existing IZ policy was both confusing in its language
and intention and was not leveraging private development
effectively to produce affordable units. The City hired a
consultant 19 create a financial feasibility model which
could test different residential development scenarios
{both owner and renter) to better understand the potential
impacts of the changes the City and housing advocates:
were calling for,

The results of the financial feasibility model showed the
City could indeed update the IZ policy to create stronger
linkages between the size of the project and afferdable
housing requirements. For example, larger rental projects
were required ta set aside a higher percentage of
affordable units, The new policy also created Income tiers
based on HUD area median income (AMI) threstokis
which ranged fron 50% of AM/ to 1105 of AMI, The City
also included options for developers to provide fewer units
but make them more deeply affardable to households at
30% of AMI

Meshue Hous

The City’s new IZ policy has different calculations
and requirements for ownership projects and rental
projects requiring different levels of affordability,
Affordable ownership units are offered at BO% and
110% of AMI while rental units can go as kw as
30% of AMI.

There are also calculations for cash payments and
specific circumstances defining when the cash
payment option may be considered favorable.
Smaller projects between 7 and 9 units have the
option of cash payments, the City Council can grant
a Special Permit to. allow cash payment, and in
instances where the percentage sel aside
calculation results in a fraction of a unit less than
0.5, The cash payment fram the development is
deposited into the inclusionary Zoning Fund which
is then distributed equally to the Newton Housing
Authority and the City of Newton. These funds can
only be applied to affordable housing supporting
households at of below £0% of AMI.

RKG

ASSOCIATES INC

RENTS ARE RAPIDLY INCREASING

IN NASHUA.

Gross rent. which is rent plus utlities, has 2018:
increased 19% over the last five years 10 a high
of $1,287 per month,

Median Gross Rent

$1,287 per Month

Newton IZ Requirements for Rental Projects

$1,000- $1,499 §1,500- $1,999

RENTS IN THE $1,500 - $1,999 RANGE HAVE INCREASED BY 136%.

In Nashua, 63% of rental units fall within 2 gross rent range of $500 to $1,500 per
month, Gver the last five years, rents in the $1,500 to $1,989 range increased by

136% while rents in the $500 to $999 range fell by 78%. It appears from the data
that there has been a transition of rental units into this next price bracket. There
was also a 33% increase in sental units charging greater than $2,000 per month.

Rental Projects: Number of inclusionary Units Required

Rental Projacts: Number of inclusionary Units Required

Thar P20 UNITS: 246 UNITS:
O% 25%
15% 175%

EFFECTIVE January 1, 2021

720 2188 100+
vets | uns | UNITS

Ther Level

15% 175%

Newton (2 Requirements for Ownership Projects

‘Swnership Projects: Number of inclusionary Units Required

Ther Lave 76 17-20
unms | _UNITS

Ter 1.80% AMT 1% oF

Thar 2: 110% AMAL o% i

Fatal 1 75%

‘Ownership Projects: Number of inclusionary Units Required |
EFFECTIVE January 4, 2024

76 | 1-20 | 2+aa | 100+

Tier Lave unis | unis | vers | UNITS
Tar 4780 i

Mi

Thar 2: 110% AMAL

Total 175% | 20%

Page Image
Board Of Aldermen - Minutes - 9/28/2021 - P34

Board Of Aldermen - Minutes - 9/28/2021 - P35

By dnadmin on Mon, 11/07/2022 - 07:08
Document Date
Tue, 09/28/2021 - 00:00
Meeting Description
Board Of Aldermen
Document Type
Minutes
Meeting Date
Tue, 09/28/2021 - 00:00
Page Number
35
Image URL
https://nashuameetingsstorage.blob.core.windows.net/nm-docs-pages/boa_m__092820…

Financial Feasibility Analysis
PREVIOUS FINDINGS

ASSOCIATES INC

KEY FINDINGS FROM THE DEMOGRAPHIC AND HOUSING MARKET CONDITIONS

Nashua is a growing city.

Nashua’s population has risen rapidly since 1970,
adding nearly 30,000 new residents. Growth is
projected to continue through the year 2030 with the
city adding another 8,000 residents between 2018 and
2030. Nashua’s fastest growing age cohort are those
residents 55 years and older, while middle-aged
residents 35 to 54 are shrinking.

Nashua’s residents are more educated and

have higher incomes than in decades past.
Nashua saw its number of households earning over
$200,000 a year increase by over 60% from 2013 to
2018. In fact, nearly every income cohort grew except
those earning less than $50,000 per year. This
correlates with the rapid rise in educational
attainment. Residents with Bachelor’s degrees or

Home values in Nashua are rising, rapidly.
The demand for owner-occupied housing units in
Nashua has driven prices up significantly over the last
ten years. From 2010 to 2019, home values have
appreciated 19%. The median sales price for a newly
constructed home in Nashua is $407,439 while the
median sales price of an existing home is $321,198.

higher increased 11%.

Nashua’s population is diversifying and
with it comes income disparity.

The number of Black, Asian, and Hispanic/Latino
residents increased between 2013 and 2018 but White
and Asian households continue to earn 2.5+ times the
income as Black and Hispanic/Latino households. This
has impacts on affordability, ability to pay for housing,
and concentrations of lower income households in
certain parts of the city.

Household income for renters is growing at

the highest income levels.

The number of renter households earning $75,000 or
more jumped significantly between 2013 and 2018.
This is likely fueling demand for newer, higher priced
rental units across the city and pushing prices upward
as these households can afford rents at the top of
Nashua’s market.

Rents are also increasing in Nashua.

Over the last five years, median gross rent rose 19% to
a high of $1,287 per month. The number of rental units
priced between $1,500 - $1,999 range grew 24% in
five years, the fastest of any rent range. Rent growth
has been driven by demand for smaller units, typically
1-bedroom units.

ONE- and TWO-person households are

driving growth.

Single-person and two-person households increased
12% and 22%, respectively between 2013 and 2018.
These two categories brought in nearly 1,500 new
households to the city. Larger households are not
increasing at nearly the same rate. This is translating
into demand for smaller units, particularly smaller

Nashua’s housing stock is predominately
single-family.

Single family housing comprises 86% of the residential
land area in Nashua. These units comprise 52% of all
housing units in the city. Buildings with less than 10
units account for 93% of residential land area and
74% of all housing units.

rentat units.

Downtown Nashua should be a housing

focus area.

The combination of high rental percentages, lower
incomes, racial and ethnic diversity, lower assessed
values, and older housing stock creates challenges for
stabilizing the housing in Downtown and maintaining
its general affordability. A balanced approach is
required to both introduce new market rate and
affordable housing, as well as strategic investments to
improve the quality of existing housing in the

Downtown area.

Page Image
Board Of Aldermen - Minutes - 9/28/2021 - P35

Board Of Aldermen - Minutes - 9/28/2021 - P36

By dnadmin on Mon, 11/07/2022 - 07:08
Document Date
Tue, 09/28/2021 - 00:00
Meeting Description
Board Of Aldermen
Document Type
Minutes
Meeting Date
Tue, 09/28/2021 - 00:00
Page Number
36
Image URL
https://nashuameetingsstorage.blob.core.windows.net/nm-docs-pages/boa_m__092820…

Financial Feasibility Analysis
PREVIOUS FINDINGS

THERE ARE MORE POTENTIAL BUYERS
IN HIGHER INCOME BRACKETS THAN
THERE ARE HOUSING UNITS THAT
MATCH THEIR PRICE POINTS

¢ For households earning at or below 30% of
AMI, there are 769 more households than
there are housing units

¢ There is a deficit of 990 units for
households above 100% AMI

¢ This indicates a potential market for new
higher priced housing that could ease the
competition for moderate income units.

Housing Units

ASSOCIATES INC

Supply and Demand for Affordable Homeownership Units, City of Nashua

10,000

9,000

8,000

7,000

6,000

5,000

4,000

3,000

2,000

1,000

0

Source: HUD 2020, ACS 2018

6,997
4,661
3,405
2,539
2,245
1,240
589 560
30% AMI 50% AMI 80% AMI 100% AMI 120% AMI

@ Owner Households Units Affordable at AMI

8,956

4,403

Above 120%
AMI

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Board Of Aldermen - Minutes - 9/28/2021 - P36

Board Of Aldermen - Minutes - 9/28/2021 - P37

By dnadmin on Mon, 11/07/2022 - 07:08
Document Date
Tue, 09/28/2021 - 00:00
Meeting Description
Board Of Aldermen
Document Type
Minutes
Meeting Date
Tue, 09/28/2021 - 00:00
Page Number
37
Image URL
https://nashuameetingsstorage.blob.core.windows.net/nm-docs-pages/boa_m__092820…

Financial Feasibility Analysis
PREVIOUS FINDINGS

THE MARKET FOR AFFORDABLE
RENTAL UNITS IS TIGHT AT THE
LOW END OF THE INCOME
SPECTURM

¢ For households at or below 30% of
AMI, there are 2,943 more
households than available affordably
priced units

¢ The gap between demand and supply
for households above 100% AMI is
3,168 units

¢ The lack of higher priced rental units
in Nashua puts downward pressure
on the supply of housing priced for
lower income households

Housing Units

7,000

6,000

5,000

a
o
Oo
oO

Y
°
°
°o

2,000

1,000

ASSOCIATES INC

Affordable Rental Supply and Demand, City of Nashua

Source: HUD 2020, ACS 2018, RKG Associates

6,276
5,280 5,334
3,221
3,017
2,517
337 2,278 408
218 157
19
z=
30% AMI 50% AMI 80% AMI 100% AMI 120% AMI Above 120%
AMI

mw Renter Households Units Affordable at AMI

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Board Of Aldermen - Minutes - 9/28/2021 - P37

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