Finding the Right Balance - New Albany Works to Increase Home Ownership
/🏠 FINDING THE RIGHT BALANCE - New Albany Works to Increase Home Ownership
At tonight’s Plan Commission meeting, the board will hear proposals for building 80 new homes. Combined with the 230 homes already under construction throughout the city, this makes more than 310 new homes being developed in New Albany right now for single-family ownership.
“We believe homeownership is one of the strongest tools for building stable neighborhoods and stronger communities. When families are able to own a home, they are more likely to invest in their neighborhood, support local schools and businesses, and build long-term roots in the community. Our goal is to create more opportunities for residents to achieve that stability while continuing to improve housing options across New Albany,” stated Mayor Jeff Gahan.
The most recent housing study identified a growing shortage of single-family homes available across communities both in New Albany and nationwide. In response, New Albany has worked proactively to encourage new housing construction and create pathways to homeownership for working families, and the city is committed to finding more ways to keep up that progress.
Currently, approximately 45.5% of households in New Albany are renter-occupied, compared to a 54.5% homeownership rate. In the year 2000, home ownership rates in New Albany were nearly 60%, and city officials have emphasized the importance of creating more opportunities for long-term homeownership and neighborhood stability so that we can achieve those numbers again.
Comparison to Other Indiana Communities
New Albany’s homeownership rate of 54.5% is low compared to other cities, particularly its local peers (see attached chart for more details). The gap between the city’s homeownership rate and its share of single-family housing (70.3%) indicates that many single-family homes are rented.
To help address this imbalance, the City enacted an apartment moratorium a little over a year ago that paused construction on large big-box style apartments that have crept up all over the region. Additionally, the city has pursued policies encouraging single-family home construction while also implementing programs that support first-time homebuyers and existing homeowners, including:
Down-payment assistance programs
Emergency home repair assistance
Neighborhood investment initiatives
