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Draft of 5 Year Housing Production Plan to be Presented to City Council

10.9.19

 

Peabody’s latest 5-Year Housing Production Plan is set to go before the City Council.  A vote will be taken at a later date after the presentation is made.

One of the focuses of the plan is affordable housing. Peabody only has 9.27% of its housing units considered as Subsidized Housing Inventory (SHI), of which 78% are rentals and only 2% are ownership units.  This would allow a developer to utilize 40B, a state law which overrides local zoning for the construction of affordable housing.

The plan also notes a growing gap between incomes and housing costs.  The average median household income has only risen around $400 between 2010 and 2017.  In turn the median home value has increased $106,000.  Noting a priority need is more starter homes and options for downsizing

Some strategies, characterized in the plan as preferred by the municipality, include modifying its FALA ordinance (Accessory Dwelling Units), pursuing a 40R/40S smart growth overlay district, the promotion of nontraditional housing models, and changes to the cluster development ordinance among others.

NSAR will be watching for developments and opportunities to comment moving forward.  You can find more information on the plan and the plan itself here.

 

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