The Town of Culver continues to work toward the development of affordable housing.
The effort is being led by the Town’s Affordable Housing Committee, but is also reported to the Culver Redevelopment Commission. During the CRC’s meeting on Monday evening, it was learned that several construction and development companies have met with the town to consider the option.
Town Manager Jonathan Leist says a study may need to be commissioned.
“Whether they’re income based or market based, those were discussions,” says Leist. “Out of the four, each one had their niche, and we didn’t really find out until they were here what they like to do, how they like to do it, and what they felt like the market was at this point.”
Culver is in the process of developing a five-year action plan for its Comprehensive Plan document, and is also considering the annexation of land to its northwest that could be used as a target area for affordable housing.
Leist says the development companies agree that a market exists in Culver for affordable housing, but exactly how to bring the product to market is causing disagreement. The ideas being kicked around involves producing affordable housing based on median income in Marshall County, or developing market based housing projects.
Leist says additional research may need to be done.
“All saw a real potential for the market, but what it came down to was: this is what they’ve done in the past for each one of them and what they felt comfortable doing is what they suggested for Culver, really,” says Leist.
Preventing the units from being flipped was a concern for the Redevelopment Commission – which considered Deed restrictions as part of the sale of any housing developed. Deed restrictions can include how long a property must being owned prior to sale.
The Affordable Housing Committee will be meeting later this month to further discussions.
No action was taken during last night’s CRC meeting.