Project Scope:
| Forward Cody, a regional
non-profit, economic development corporation, recognized that
the availability of housing represents one essential step that
is needed to attract private investment and an expanded
workforce to a community. With this perspective, Forward Cody
retained Pedersen Planning Consultants to determine if available
housing inventories were adequate to support future housing
needs. |
Historical Home of Buffalo Bill Cody |
To address this question and
related issues of concern, PPC initially examined regional
demographic and economic trends and prepared a questionnaire
that was distributed by Forward Cody to local employers. This
information was used to determine assumptions concerning future
employment in some 20 industries comprising the county economy.
Employment assumptions, as well as anticipated trends in natural
growth and other in and out migration, were incorporated into a
statistical model developed by PPC for the project. The
statistical model was used to prepare an employment-based
forecast of Park County’s resident population for the coming
decade, as well as to calculate the future demand for housing in
the City of Cody, City of Powell, Town of Meeteetse and the
unincorporated area.
PPC also inventoried all
available housing in the City of Cody, City of Powell and Town
of Meeteetse. This information was obtained via a one-week
field inventory. Field data was input into a geographical
information system that was developed for the project.
The future demand for senior
housing and related long term care needs was also determined and
calculated separately for the next decade. PPC inventoried
available facilities providing opportunities for independent
living, assisted living and long term care. Long term care
needs were discussed with management representatives of existing
long term care facilities in Cody and Powell.
PPC analyzed housing trends
through the review of available MLS data for the City of Cody,
City of Powell, Town of Meeteetse, and the unincorporated area
of Park County. Available rental housing information and
interviews with local residential property managers facilitated
PPC’s review of the rental housing market trends.
PPC explored other housing issues
such as affordability, local residential lending policies,
market based development opportunities and constraints, and
self-help housing opportunities, through its interview of some
25 persons that included real estate brokers, real estate
developers, government representatives administering land use
and building regulations, residential mortgage lenders, local
appraisers, representatives of a self-help housing program, and
student housing administrators. The need for more affordable
housing was determined through PPC’s correlation of average home
purchase prices and rental housing costs with monthly incomes in
all industries of the economy and the monthly incomes required
to support monthly home mortgage payments.
Housing strategies were developed to
help reduce barriers to future residential development, pursue
specific housing development opportunities, encourage the
development of more affordable housing, and the establishment of
a local housing advocate organization. These strategies were
eventually discussed with and refined by a local housing
committee that was organized by Forward Cody. |
