Issues and Opportunities
Downtown Nashua
ESTIMATING REHABILIATION NEEDS CITYWIDE.
Identify All Residential Parcels Using City
As part of this Housing Study, the City asked RKG Associates to Assessment Use Codes
develop an order of magnitude estimate of rehabilitation needs for
housing across the city. This estimate would help the City understand / .
the potential rehabilitation needs and how programs and funding Isolate Residential Structures with Unit
could potentially be adjusted or augmented to meet future needs. Counts Between 1- and 4-Units
\ /
Process for Identifying Rehab Needs
To address this question, RKG created a multi-step approach which is
outlined in the graphic to the right. Using the City’s current HIP funding (- | dential d »
criteria and applying some factors of our own to relate age of structure Isolate Residential Structures Constructe
and value to potential need, RKG developed a potential estimate of | Before 1979 to Account for Lead Abatement )
rehab funding citywide. To better understand how assessed value
could be used as an indicator for rehab needs, RKG calculated the (-
average assessed value for all qualifying properties (12,755) and used lsolate Residential Structures with a Total
a cut off of two standard deviations from the average. Any qualifying Assessed Value Two Standard Deviations
property with a total assessed value below $159,196 was identifying | Below the Average for the City J
as a candidate property. This exercise left us with 125 properties city-
wide. r ~\
Apply an Average Rehab Cost to All Identified
If we assume each qualifying property may require an average of Structures Meeting Above Criteria to
$10,000 in rehab funding, that create a potential funding need of $1.25 | Understand Total Potential Rehab Needs J
million. If we used one standard deviation from the average and a J
threshold of $214,754 that would qualify 1,200 properties creating a
potential funding need of $12 million. The total funding need could be Average Value $270,311
higher or lower depending on the needs of individual properties across
the city. RKG did not have the information to determine whether Standard Dev. $55,558
current owners would meet the 80% of AMI threshold nor if the 2 STDs from Avg $111,115
properties were currently owner-occupied.
Est. Value for Needing Rehab $159,196
RKG
Nashua Housing Study - 52 ASSOCIATES INC
