Affordable Independent Senior Housing A Proposal for Developing Community-Based Aging-In-Place with...
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Transcript of Affordable Independent Senior Housing A Proposal for Developing Community-Based Aging-In-Place with...
Affordable Independent Senior HousingA Proposal for DevelopingCommunity-Based Aging-In-Placewith Foreclosed Properties
Jack Powers / December 2, 2010Urban Policy Dynamics and ConstraintsCUNY Graduate Center
New York’s 65+ Population Will Growfrom 13% to 20% over 30 Years
Demographic Pressure
10% Live in Poverty, 26% in Low Income
40% Experience Housing Problems: Cost Burden, Physically Inadequate Housing or Crowded Housing
Aging in Place at HomeHome Care, Visiting Nurses
Retirement CommunityFitness Activities, Support Services
Assisted LivingPersonal Care Services, State Regulated
Nursing HomeLong Term Medical Care, State Regulated
Senior Housing Options
Aging-in-Place at HomeHome Care, Visiting Nurse
Affordable Independent Senior Housing
Room, Optional Board
Retirement CommunityFitness Activities, Support Services
Assisted LivingPersonal Care Services, State Regulated
Nursing HomeLong Term Medical Care, State Regulated
Senior Housing Options
“Family Style” Community Living
Six to Eight Seniors Per Unit
Community-Based
Staff of Two on Premises
Private Pay or Section 8Vouchers
Fees for Meals, Housekeeping,Activities
Pro Forma Income Statement
Foreclosed Housing Stock
Property Cost (est) $275,000Rent per Room $600
MONTHLY YEARLY
Mortgage $1,800 $21,600Taxes, Maintenance 1,000 12,000Staff Salaries, $10/hr 3,200 38,400Expenses 1,000 12,000
$7,000 $84,000
Rental Income, 8 Rooms $4,800 $57,600Fee Income, 8 x $275 2,200 26,400
$7,000 $84,000
Pilot ProjectTen Units, 70 to 80 Seniors, 20 Staff Members
$3,000,000 Property Costs
840,000 One Year Operating Costs
1,000,000 Initiation and Management Costs
$4,840,000 First Year Investment
Clients selected from public housing waiting lists:
Healthy, 50 to 70 years old
~50% married couples
Unit rosters composed by social worker
Effects on Senior Clients
Older Americans 2010 Key Indicators of Well-BeingFederal Interagency Forum on Aging-Related Statistics
Compared to Control Group
Feasibility of “Family-Style” Approach
Proof of Concept
Management Learnings
Return on Investment
Effects on Community
Study Goals
Policy GoalsA Self-Sustaining Senior Housing Model
Affordable, Market Rate, Mixed
Aging-in-Place Options for Poor and Minority Populations
Family, Friends, Church, Healthcare
Make Foreclosed Properties ProductiveRetrofit for Access and Sustainability
Develop Entrepreneurial OpportunitiesLow Barriers to Entry, Not Outsource-able
Anchor At-Risk CommunitiesSupport Neighborhood Rejuvenation