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Ian Harris / Katie Larsen / Bennett Ian Harris / Katie Larsen / Bennett

Ian Harris / Katie Larsen / Bennett - PowerPoint Presentation

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Ian Harris / Katie Larsen / Bennett - PPT Presentation

Quidachay Hackahouse 2020 FINANCE University of Utah OUR GOALS To include minority communities that are highly underrepresented in the ADU sector Increase ADU units along the West side of Salt Lake City alleviating the issue of affordable housing ID: 908258

salt adu city lake adu salt lake city 2019 rent side property adus housing affordable www income west https

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Slide1

Ian Harris / Katie Larsen / Bennett Quidachay Hack-a-house 2020 - FINANCE / University of Utah

Slide2

OUR GOALSTo include minority communities that are highly underrepresented in the ADU sector.

Increase ADU units along the West side of Salt Lake City, alleviating the issue of affordable housing.

Slide3

Racial Disparities in Salt Lake City

Red -

White

Orange -

Hispanic

Blue, Green -

Other

WEST SIDE

EAST SIDE

Slide4

Wealth and Income

Slide5

ADU Disparity4 ADUs on West side

29

ADUs on East side.

(Salt Lake City ADU Annual Report, 2019)

Slide6

THE PLAN

1.

Partner

2.

Construct

3.

Rent

4.

Transfer

Slide7

1. Partner

Partner with homeowners in the Salt Lake City

Westside

to build an ADU

Develop a contract agreement

with homeowner to utilize a

portion

of their property as an ADU

In Salt Lake City, you can reasonably develop an ADU on

any property

as long as it is zoned for housing

Slide8

2. Construct

Work with prospective partners to construct an ADU on homeowner’s property.

Bank for financing

Architect

ADU Builder

Homeowner

Cost of ADU: $

120-200k

Slide9

Once constructed, ADU West

can start the renting process.

We rent out the property for

5-10 years

depending on costs and rent at an affordable rate until the the ADU is paid off with interest

We rent out with the intention of providing

affordable housing

for

low-income

individuals

3.

Rent

Slide10

4. Transfer

Once unit is paid off with interest,

control of the ADU is

transferred to homeowner.

Owner can…

rent out ADU as affordable housing (LIHTC)

house family members

sell the property with increased value

Slide11

Intended Outcomes

Slide12

THANK YOU!

Slide13

APPENDIXRETURNING OUR INVESTMENT:Family makes

50k/year

, 30% of income monthly is

1250 = 15,000/yr. 15k x

7 = 105k. 15k x 8 = 120k.

 

Family makes

60k/year

, 30% of income monthly is 1500, ADU will then be rented out at 1500,

1500 x 12 = 18,000/yr. 18k x

6yrs = 108k, 18k x

7yrs = 125k, 18k x

8.5yrs = 150k.Costs of ADUs range, so will the time to pay return investment on loan

We strive for a return on investment in 5-10 years

Slide14

Sourceshttps://www.sltrib.com/news/2019/09/01/salt-lake-city-sees/

http://www.slcdocs.com/Planning/Reports/2019/adus_annual_report_2019.pdf

https://www.census.gov/quickfacts/saltlakecitycityutah

https://sfrichmondreview.com/2019/07/25/accessory-dwelling-unit-program-offers-incentives/#:~:text=The%20ADU%20Incentives%20program%20provides,providing%20financial%20benefits%20to%20homeowners

https://prosperitynow.org/resources/hispanic-white-racial-wealth-gap-infographic-2019

https://www.point2homes.com/US/Neighborhood/UT/Salt-Lake-County/Salt-Lake-City-Demographics.html