Public Affairs Update

Public Affairs Update……………………………………………………..October 17, 2018

  • The Connection Between Jobs, Wages, and Housing
  • Homebuyer interest is cooling off, Realtor’s top economist says
  • How the 20% Business Income Deduction Applies to You
  • Pizza & Public Affairs Wednesday November 7, 2018 Noon to 1:00pm at BARA
  • In Case You Missed It

 

The Connection Between Jobs, Wages, and Housing

Despite the employment numbers released by the Bureau of Labor Statistics coming in below expectations on Friday, unemployment numbers fell to their lowest since 1969. Experts weigh in on the effect of these trends on the housing market. » READ MORE  [Source: DSNews.com 10-09-2018]

 

Homebuyer interest is cooling off, Realtors' top economist says
Nationally, the days of double-digit price gains for the housing market are over. With slowing sales and higher mortgage costs, home prices are no longer soaring at the rate they were a year or two ago, said Lawrence Yun, the top economist for the National Association of Realtors. "You may have noticed in the past couple months the economy is good but the homebuyer interest appears to be tapering off," Yun said. "Right now is a period of adjustment. People are sensing the buyers have stepped back a bit," Yun told local real estate agents at a Friday morning meeting. Yun said pending home sales activity around the country is down slightly. "We are beginning to sense in our surveys some diminished optimism among potential homebuyers," he said. "Pending contracts in recent months have been trending down. Maybe that is partly mortgage-rate related." [Source: NAR Update 10-08-2018]

 

How the 20% Business Income Deduction Applies to You

The 2018 tax year is the first in which you can apply the deduction, so if you haven’t factored it into your previous three quarterly estimated payments, you should talk to an accountant. Here are some of the details you should know. [Source: NAR Update 10-10-2018]

 

Pizza & Public Affairs Wednesday November 7, 2018 Noon to 1:00pm at BARA

Jay Sugnet, Senior Planner, Boulder Housing Division-ADU Regs Before and After Revisions and What’s Next…

 

Summary of Changes - 

The ordinance creates two types of ADUs, affordable and market rate. Affordable units can be a larger size and not provide the required additional parking (see #1, 5 and 7 below) in exchange for agreeing to limit rent to 75 percent of the Area Median Income based on bedroom size.

  1. Parking
  • Allow parking in the front setback for both affordable ADUs and market rate ADUs.
  • Don’t require the one additional parking space for an affordable ADU.
  1. Saturation
  • Increase the saturation rate from 10 to 20 percent.
  • Include co-ops when calculating the saturation rate.
  1. Legal Nonconforming Structures (Saturation Rule)
  • No change. Continue to include legal non-conforming structures in the saturation measurement.
  1. Allowed Zones
  • Allow Attached and Detached ADUs in all the same zones.
  • Allow all ADUs in the RMX-2.
  • Rename OAUs and ADUs to Detached ADUs and Attached ADUs, respectively.
  1. Attached ADUs
  • Allow affordable Attached ADUs to be 1/2 the size of the principal dwelling or 1,000 sq. ft., whichever is less.
  • Market rate Attached ADUs will continue to be limited to 1/3 the size of the principal dwelling or 1,000 sq. ft., whichever is less.
  1. Lot Size
  • Lower the minimum lots size from 6,000 sq. ft. to 5,000 sq. ft. for all types of ADUs.
  1. Detached ADU Size
  • Increase the size limit for a Detached ADU from 450 to 550 sq. ft.
  • Allow up to 800 sq. ft. for Affordable ADUs.
  1. Detached ADU Design
  • Remove the design requirements related to garage doors, roof pitches, and expansion of building coverage for Detached ADUs and rely on the compatible development standards.
  • The requirements for setbacks, height, consistent architecture/materials and open space remain.
  1. Five-Year Requirement
  • Remove the 5-year minimum age requirement for the primary home to create an ADU.
  • Sharpen the definition of primary residence / owner occupancy.
  1. Accessory Unit Permit Renewal
  • Remove the accessory unit permit transfer system.
  • Continue to require a declaration of use and add specific language for affordable ADUs that clearly states the rent restriction provisions and the penalties for not renting at or below the limits.
  1. Short-Term Rentals
  • Prohibit short-term rentals for newly created ADUs.
  • Allow owners with a current short-term rental license (as of the adoption date) to continue renting until they either fail to renew the permit or a change of ownership.
  1. Accessory Unit Occupancy Limit
  • Remove the 2-person occupancy limit for the ADU.
  • Allow roomers in the principal dwelling.
  • Modify the current occupancy limit for a property with an ADU to NOT include dependents in the limit of 3 or 4 unrelated people depending on the zone.


Other Provisions:

  • The city will publish rent limits for Affordable ADUs annually based on the CHFA affordable rent calculations (75% AMI).

Penalties for renting above the maximum rents will require the owner to repay the tenant for the amount charged over the maximum rents plus interest.

 

It’s Complicated, Right? Bring all your questions for Jay. RSVP Today!

 

December 7, 2018 P & PA will feature CAR Vice President of Government Affairs, Elizabeth Peetz, to provide a 2019 Legislative Session Update-Save the Date!

 

In Case You Missed It