Local Realtors Concur with Housing Data - Call for Increased Supply of Homes

LOCAL REALTORS CONCUR WITH HOUSING DATA – CALL FOR INCREASED SUPPLY OF HOMES

The City of New Albany is currently analyzing how best to improve housing options for everyone in New Albany. Recently, the City completed a housing study to learn more about the current housing stock in New Albany, as well as future projections and needs. The data showed a clear need for all types of housing in New Albany, including affordable housing and market-rate housing, and the City is working on numerous projects to meet those needs.

The Southern Indiana Realtors Association (SIRA) also provided data to the City of New Albany that supports findings from the Housing Study. A recent market analysis provided by the Southern Indiana Realtors Association showed the following trends regarding recently sold homes closing prices and availability:

• In 2019, New Albany had 771 homes closing with an average sell price of $161,016.

• In 2020, New Albany had 790 homes closing with an average sell price of $178,704.

• In 2021, for the first 6 months of sales, 452 homes closed with an average sell price of $196,121.

• The “Days on Market” for each house were close to an average of 60 days during 2019, 2020, and 2021.

According to SIRA, the increase in average sales price is caused by the lack of inventory and buyers willing to go over listed price to secure limited properties.

THE BUSINESS OF RESIDENCY

Cities across America are competing for residents. Over the past decade, the City of New Albany has focused to improve quality of life for all residents. We have invested to create a state-of-the-art parks system, the Ohio River Greenway and New Albany Shoreline expansion, and we have improved schools, sidewalks, and roadways.

People want to reside in New Albany – they want to be near great parks, great schools, and great amenities – and now, we need to develop additional paths to residency and home ownership in New Albany.

“We will continue to improve both the availability and the condition of housing in our historic River City,” stated Mayor Jeff Gahan. “Our City has a lot of forward momentum now, and it’s good to know people are looking to make New Albany the place where they want to live.”

To read the full housing study, please click HERE

TRUNK OR TREAT OCTOBER 23RD

The City of New Albany’s TRUNK OR TREAT is set for Saturday, October 23rd along the beautiful New Albany Shoreline!

Put on your best costume and come visit the New Albany Shoreline for a night filled with games, inflatables, candy, magic, and more! Smokin' Frank's BBQ will be on site to keep you fueled with tasty food while you check out the ghost stories, magic show, or visit the many local vendors to trick or treat. This free, family-friendly event is one that you won't want to miss, so make plans to join us for an evening of wicked fun!

MAYOR GAHAN TO MEET WITH HOSPITAL PRESIDENT

MAYOR GAHAN TO MEET WITH BAPTIST HEALTH FLOYD HOSPITAL PRESIDENT

Later this month, Mayor Gahan will meet with Baptist Health Floyd President Michael Schroyer to discuss ambulance services and 911 response times, among other items.

AMR, the City of New Albany’s ambulance provider, supplied city leadership with an update regarding “drop times” for AMR ambulances from September 1, 2021 to October 1, 2021. Drop Times refer to the amount of time it takes for the local hospital to accept the patient being transported by the ambulance.

According to information from AMR, there are times where it takes as long as 290 minutes (almost 5 hours) for Baptist Health Floyd to accept patients from the ambulance. This forces the ambulance to sit idle while they wait for the hospital to have enough rooms and staff to accept the patient, essentially taking the ambulance out of service while they wait on the hospital.

AMR has been in contact with the leadership of the Emergency Department of Baptist Health Floyd. Baptist Health stated that they are experiencing some staffing issues and have need for additional nurses to care for patients.

“I want the people of New Albany to understand that the number of ambulances serving the City of New Albany has not decreased,” stated Mayor Jeff Gahan. “I believe this is a temporary situation related to labor shortages due to COVID-19. Baptist Health Floyd leadership reached out to our office earlier this month, and I will be meeting with hospital President Michael Schroyer to discuss the issue. We will work with AMR, Baptist Health Floyd, and our own emergency services to improve response times within the emergency healthcare network in New Albany.”

Mayor Gahan has also asked the City Council President to have the Public Safety Committee meet with his staff and examine the matter. The Mayor looks forward to sharing the findings from his meeting with Baptist officials with the City Council and working together on a solution to ensure New Albany residents have access to rapid and swift emergency services.

New Albany Police Chief Todd Bailey has also been in contact with AMR officials, stating that they are a great city partner. Chief Bailey believes that the delays being experienced are not the fault of the ambulance services, and wants to reassure residents that emergency services continue to operate at a high level, despite staffing issues at the hospital.

CITY CONSIDERS INVESTING AMERICAN RESCUE PLAN FUNDS TO REDEVELOP BEECHWOOD NEIGHBORHOOD

CITY CONSIDERS INVESTING AMERICAN RESCUE PLAN FUNDS TO REDEVELOP BEECHWOOD NEIGHBORHOOD

A $2.4 million injection of American Rescue Plan Funds into additional housing across all economic levels is on the agenda for Tuesday’s New Albany Redevelopment Commission Meeting.

Recently, the City completed a housing study to learn more about the current housing stock in New Albany, as well as future projections and needs. The data showed a clear need for all types of housing in New Albany, including affordable housing and market-rate housing. Information and data that the City has received from the Southern Indiana Realtor Association also shows the need for additional market-rate housing to be constructed. To read more about the study, click HERE

“We have been working on improving housing for the last decade through the elimination of blight and demolition of unsafe structures, improving private and public housing options, and the implementation of rental registration and inspection,” stated Mayor Jeff Gahan. “We are so excited that the American Rescue Plan has given us the opportunity to accelerate improvements being made.”

BEECHWOOD REHABILITATION TO BE CONSIDERED

Outside of Gary Indiana, the City of New Albany hosts the largest public housing compound in the state of Indiana, with a large majority of public housing residents concentrated within the Beechwood property. The property was built as a World War II Barrack-style structure during the war, but since 2010, the federal Housing and Urban Development department has faced a $138 million maintenance cost shortfall, causing the property to fall into disrepair. Maintenance teams are also currently undergoing asbestos, lead paint, and mold identification and potential removal.

The old and dated structures, combined with the lack of federal funding to properly maintain them, has forced the Housing Authority to look at a total remodel, something that has never been done before in New Albany.

Plans are calling for a $28 million overhaul to the Beechwood property, a redesign and reconstruction of the hard-to-access and isolated roadways, and the removal of the dated barracks-style structures.

83 newly constructed units are planned for the property with a combination of both public housing AND market-rate housing, with the goal of having mixed-income levels reside in the neighborhood. The barracks style structures will be replaced with a mix of 53 single family and duplex style homes that fit the historic character of surrounding neighborhoods, 30 senior-preferred apartments, and 12 lots to be sold for future home ownership at a market-rate. This is the first development in the state of Indiana that will mix private home ownership into an affordable housing development.

Beechwood is centrally located within the city, very near to grocery stores, shopping, restaurants, parks and recreation (like the adjacent Silver Street Park), and convenience stores. City officials and NAHA are also in talks with TARC to relocate a TARC stop within the new development, improving transportation access for residents of the neighborhood.

THE BUSINESS OF RESIDENCY

Cities across America are competing for residents. Over the past decade, the City of New Albany has focused to improve quality of life for all residents. We have invested to create a state-of-the-art parks system, the Ohio River Greenway, and the New Albany Shoreline expansion. We added sidewalks and improved roadways, and improved stormwater drainage, and we have been supportive of large investments in our local public schools and private businesses.

Now, people want to live in New Albany – they want to be near great parks, great schools, and great amenities – and now, we need to develop additional paths to residency and home ownership in New Albany.

Over 900 units are currently under construction throughout the city, from additional apartments to single-family homes and townhomes. New apartments are being constructed at the Lancaster Lofts, Landings at Silver Run, Monon Crossing, Arbor Place expansion, and others. New single family homes and townhomes are being constructed along Vincennes Street, Autumn Grove, Windsor Creek, and Bridlewood, with other market-rate housing projects in the current pipeline.

New market rate homes are coming along the New Albany Shoreline. Future trails expansion is also underway, as the City has began preliminary work on a new housing development at the former Moser Tannery property. Other market-rate single family housing is also being added to infill projects throughout New Albany.

RENTAL REGISTRATION AND INSPECTION

In 2016, the City of New Albany passed a rental registration program aimed at preventing the deterioration of residential housing, assisting in compliance of minimum rental housing standards, improving safety for residents, protecting the character and stability of residential neighborhoods, and preserving and increasing property values throughout the city.

A large percentage of rental landlords have complied with the new procedures and registered their properties, and now, plans are underway to implement the Rental Inspection Plan adopted in 2019. More details about the rental property inspections are expected to be finalized in early 2022.

Improving Housing and Home Ownership in New Albany

IMPROVING HOUSING AND HOME OWNERSHIP IN NEW ALBANY 

The City of New Albany is currently analyzing how best to improve housing options for everyone in New Albany. Recently, the City completed a housing study to learn more about the current housing stock in New Albany, as well as future projections and needs. The data showed a clear need for all types of housing in New Albany, including affordable housing and market-rate housing.

HOUSING STUDY PAINTS CLEAR PICTURE OF NEED

New Albany has a higher percentage of renters (43% of the population) than our neighbors (average 26% renter households). This data indicates that there is a clear need for additional, affordable homes for residents. Additionally, our historic housing stock throughout the city is older and could use some updates for safety and efficiency. The median age of structures within the City of New Albany is higher than that of both Floyd County and the state of Indiana.

The shortage of adequate housing is becoming a problem for our growth and safety. The need is clear, but the supply is not there to meet the demand. The mean selling price of single-family homes over the past five years has increased by 74.2%, and since 2015, New Albany has experienced a 28.1% increase in the total number of home sales.

The data shows that people are actively buying homes in New Albany, but the stock cannot keep up with the demand. The housing study demonstrates a large need for additional, affordable homes to be constructed in New Albany.

THE BUSINESS OF RESIDENCY

Cities across America are competing for residents. Over the past decade, the City of New Albany has focused to improve quality of life for all residents. We have invested to create a state-of-the-art parks system, the Ohio River Greenway and New Albany Shoreline expansion, and we have improved schools, sidewalks, and roadways.

People want to live in New Albany – they want to be near great parks, great schools, and great amenities – and now, we need to develop additional paths to residency and home ownership in New Albany.

Over 900 units are currently under construction throughout the city, from additional apartments to single-family homes and townhomes. Now, the City is currently planning to use American Rescue Plan funds to help foster additional growth, home ownership, and improving housing available for residents in New Albany.