APARTMENT MORATORIUM PASSES, CITY TO FOCUS ON HOME OWNERSHIP OPPORTUNITIES

APARTMENT MORATORIUM PASSES, CITY TO FOCUS ON HOME OWNERSHIP OPPORTUNITIES

The New Albany City Council has approved Mayor Gahan’s recommendation and passed an ordinance that will place a moratorium on new apartment construction and the issuance of short-term rental permits in New Albany.

In late January, Mayor Gahan recommended that the City of New Albany place a moratorium on the construction of new apartments and the issuance of short-term rental permits. This came after months of speaking with and listening to residents, developers, real estate professionals, and other interested parties.

Additionally, the City of New Albany partnered with the University of Louisville’s Urban Studies Institute to perform an in-depth analysis of the city’s housing stock and how we can best prepare for the future. The study overwhelmingly showed that New Albany needed to help provide more options and opportunities for home ownership in the city of New Albany.

Last year, the City of New Albany announced the formation of the GROWTH Program which is aimed at providing incentives for new home buyers, as well as programs to help keep residents in their homes. Additionally, the city will explore incentives to offset infrastructure costs and pass down cost savings to potential home owners. Potential parts of the program include Credit Repair programs, Home Repair Assistance, Down Payment Assistance, among others. The full program is expected to be announced later this year.

“This moratorium will give us time to pump the brakes on the high rate of apartment construction, and allow us to plan and prepare for the next few decades of housing needs in New Albany,” stated Mayor Jeff Gahan. “I want to thank the City Council for their support on this initiative, and am looking forward to getting to work on updating the City’s comprehensive plan.”

Now, City Leaders will begin updating the city’s comprehensive plan and zoning code to prepare a roadmap for the future of housing in New Albany. It’s clear that more and more people are wanting to make their home in our River City, and the City hopes to revise the comprehensive plan that will remove barriers for home ownership in New Albany. The American Dream begins with home ownership, and we want to do our part to ensure that every resident who wants to pursue that dream has an opportunity.

“It is clear that there is a mis-match between the available housing stock and the types of homes that people want and need in our city,” stated Mayor Jeff Gahan. “If you are a young person who is looking to step up into your first starter home, or if you are a senior who is looking to step down into a smaller retirement house, we want you to have those Middle Housing options that are so important in helping our community thrive.”