Economic Impact Analysis: Cedar Creek Ranch Neighborhood
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1 2012 Economic Impact Analysis: Cedar Creek Ranch Neighborhood Dallas Area Habitat for Humanity Neighborhood Investment 9/1/2012
2 Executive Summary Income to local businesses was almost $1.1 million from DAHFH construction efforts in Cedar Creek Ranch $4.9 million in wages and salaries 134 new jobs in construction and related industries DAHFH families contributed $340,237 to the local economy in first year move-in spending Overview of DAHFH in Cedar Creek Ranch Dallas Area Habitat for Humanity (DAHFH) is dedicated to transforming communities by promoting affordable homeownership. DAHFH recently finished its building efforts in the Cedar Creek Ranch, CCR, neighborhood. CCR was a subdivision that suffered from the housing collapse that impacted Texas homeowners around Builders left several unsold homes as well as vacant lots in the subdivision. In 2008, DAHFH started building in the area with the intent to bolster the community, protect the property investment of homeowners in the area, and provide a vehicle for economic growth in CCR. Building in an unfinished subdivision not only creates affordable housing opportunities, but it also helps stimulate the local economy and Figure 1. Vacant lot in CCR and Habitat model home in CCR 2
3 promotes short and long term job creation. The economic impact of the project includes construction and other housing related jobs, as well as new income to local businesses from the workers and from new residences. While DAHFH uses volunteers extensively, it also subcontracts for some of the work including many skilled construction trades. This report examines the local economic impacts created by DAHFH s building activities in CCR. Methodology In order to examine the economic impact of building in CCR, DAHFH used a data collection tool made available through the Success Measures system. Success Measures was provided through a partnership of Habitat for Humanity International and NeighborWorks. Success Measures uses the N-Best model created by Michael Collins for the NeighborWorks Campaign for Home Ownership, Neighborhood Reinvestment Corporation. DAHFH compiled the cost, mortgage, and homebuyer data for the 122 addresses built in CCR. The compiled data included the price of acquiring land, cost of construction (excluding the land price), sales price, the financed mortgage amount, monthly income of homeowners, and the down payment of homeowners. The interest rate on each mortgage at the time of sale is also part of the model; however, the Habitat homeownership model is based on a 0% mortgage so the interest rate is not a factor. After compiling the data, the Success Measures economic model was able to provide information about how DAHFH s building efforts in CCR affected the local economy. The economic impact of construction can be direct, indirect, or induced. Direct effects describe the impact of DAHFH construction spending on the local economy. Indirect effects reflect the economic impacts that arise from the activities of DAHFH s vendors. Induced effects are the economic impact of all of the employees of the various firms spending a portion of their wages in the local economy. Additionally, the sales transactions and spending by the new homeowners also have direct, indirect, and induced effects. The N-Best model divides the economic impacts into five different modules. Module A analyzes figures associated with construction costs in order to determine the one time benefits to the local economy. Module B 3
4 uses the sales price of homes to buyers to determine the local economic benefit that was generated through the home sale transactions. Because Dallas Habitat does not typically pay brokerage fees and commissions, this section reports actual fees, transfer taxes, and commissions paid. Module C projects the first year spending of new homeowners based on the homeowners average income. The economic impact model also includes a Module D, which estimates the amount of continuous economic benefits that mortgage payments by DAHFH CCR homeowners would have on the local economy. This module takes into account interest rates that homeowners pay to lenders. DAHFH does not charge interest on mortgages, and therefore returned a null value for some sections of the module. It should be noted that local for this report is defined as the entire metropolitan area of Dallas. 4
5 Figure 2. Summary of each module used in the N-Best model Module A One time benefits to local economy Input: Cost of construction(excluding land) per home Output: Total cost of construction (excluding land) Local business income Local wages and salaries Total local income from construction Taxes and fees from construction Local jobs (FTE) in construction and related industries Module B Income from home sales transaction Input: Sales price of 122 DAHFH homes Output: Government transfer taxes and fees (actual) Broker fees and commissions (actual) Title insurance premiums and fees Other settlement charges and fees Local income from home sales Module C First year move-in spending by homeowners Input: Sales price of 122 DAHFH homes Income of the 122 DAHFH homeowners Output: Total Income of homeowners Income to local economy from move-in spending Total local income from construction and move-in spending Total taxes and fees to local governments Module D Economic Value of Mortage Interest Payments Input: Number of homes financed by DAHFH Average home mortgage amount Interest rate on mortgages Output: Average interest rate of mortgages financed DAHFH (0%) Average cumulative interest paid over 10 years (0) Total interest paid to local lenders on all units over 10 years (0) 5
6 Profile of Homeowners The DAHFH homeowners who purchased houses in CCR had an average gross monthly income of $2,446 or about $29,352 annually. The income of the homeowners at the time of their mortgage closing was used in the economic impact module. Annual Income Comparison $45,000 $40,000 $35,000 $30,000 $25,000 $20,000 $15,000 $10,000 $5,000 $0 Average Household Income Median Household Income Figure 3. Incomes of DAHFH homeowners and households in Census Tract Census Tract DAHFH Homeowners in CCR Source: U.S Census American Community Survey ; DAHFH Compared to the population in census tract , DAHFH homeowners in CCR have lower incomes. The average annual household income in the census tract was $40,820 in 2010 while Habitat homeowners average income was $29,353. DAHFH CCR homeowners had a median income of $28,038 compared to the census tract s $31,190 median income. 6
7 Benefits to the Local Economy Module A predicts one time benefits to the local economy from construction. DAHFH spent over $8.9 million dollars on construction, excluding land, in Cedar Creek Ranch. The resulting economic impacts are shown below. $4.9 million in local wages and salaries Over $700,000 in taxes and fees Benefits to the Local Economy from Construction Creation of 134 new jobs $1.1 million in local business income Figure 4. Benefits that the local economy received from Habitat s CCR construction The model projects that the local economy benefited by over $6 million dollars from the construction in CCR in the form of $1.1 million in business income from construction and $4.9 million in local wages and salaries. The model also estimates over $700,000, or about $5,781 per house, in taxes and fees. DAHFH s building efforts in CCR created approximately 134 new jobs in construction and related industries. 7
8 Income from Home Sales Transactions Because of the unique home buying program offered by DAHFH, actual expenditures for home sales transactions were used in this section, rather than the projected expenditures from Module B of the economic impact model. DAHFH pays very few broker fees or sales commissions. DAHFH paid $254,059 in closing costs for its 122 homes in CCR, which includes the amount spent for government transfer taxes and fees. DAHFH paid approximately $39,930 in sales commissions and broker fees. The total amount of local income from home sales transactions was $293, 989. First Year Move-In Spending by Homeowners Habitat home in the Cedar Creek Ranch subdivision Module C estimates the local impact of the first year move-in spending of homeowners. First year move-in expenses include property maintenance equipment (i.e., lawn mowers and tools), furniture, appliances, and textiles. Calculations are based on the family s gross monthly income. The total annual income of the 122 Habitat homeowners is $3,580,944. Based on income of the new homeowners, Module C estimates the impact on the local economy from families first year move-in expenditures to be $340,237. Economic Value of Mortgage Interest Payments To calculate the local economic benefit of mortgages, Module D considers the interest rates that each home buyer pays on the loan. Because DAHFH does not charge any interest on its loans, this module does not produce a predicted economic impact. That does not mean, however, that the mortgage payments made by Habitat homeowners have no impact. In fact, 8
9 these mortgage payments become part of Dallas Habitat s Fund for Humanity, which enables DAHFH to build affordable homes and to continue to offer 0% loans to homeowners. The fund takes Habitat mortgage principle payments and reinvests them to construct new homes in Dallas. The value of the Fund for Humanity also helps with DAHFH s operating expenses and allows it to continue to invest in the local economy. Module D is not designed to take the Fund for Humanity into account when determining the economic value of mortgage payments. Collect mortgage principal payments from existing homeowners Payments are invested to construct new homes Affordability of homes allows new homeowners to spend in the local economy Figure 5. Representation of how the Fund for Humanity benefits the local economy Total Added Short-Term Economic Impact Taken together, DAHFH s construction spending for Cedar Creek Ranch generated the following added economic impacts: Local business income $1,093,530 Local wages and salaries 4,933,078 First-year move-in spending 340,237 Taxes and fees 705,319 Income from sales transactions 293,989 9
10 Local Economic Impact of CCR Construction Taxes and Fees $705,319 Income from Sales Transactions $293,989 First-year Move-in Spending $340,237 Local Business Income $1,093,530 Local Wages and Salaries $4,933,078 The work of Dallas Area Habitat for Humanity in Cedar Creek Ranch created affordable homeownership opportunities for 122 first-time homebuyers and helped rescue an unfinished subdivision that might have succumbed to disinvestment and abandonment. Additionally, the construction of the 122 homes had a welcomed positive impact on the local economy during a period of serious economic recession. 10
11 DAHFH invests $8.9 million in construction costs Part of the money from construction benefits the local economy in the creation of 134 new jobs Homeowners move into their newly built homes and spend money in the local economy for first year expenses The construction and sales of new homes contributes to the overall local econmy in the form of sales commissions and government transfer taxes and fees The mortgage payments of DAHFH homeowners go into the Fund for Humanity, which allows the organization to invest in the construction of more new homes. DAHFH continues to contribute to the local economy through homebuilding (purchasing supplies and paying wages and subcontractors) Figure 6. Flow chart showing how DAHFH's investment in CCR impacts multiple aspects of the local economy 11
12 Appendix Data Input for Success Measures Economic Impact Model Local Economic Impact of New Construction/Renovation for Homeownership Project Data Number of homeownership units built : 122 Average sale price : 91,855 Average mortgage amount locally financed at time of sale : 84,237 Average income of homebuyers : 29,352 One-Time Benefits to Local Economy from Construction Total value (cost) of construction, excluding land : 8,965,591 Local business income: 1,093,530 Local wages and salaries : 4,933,078 Total local income from construction : 6,026,608 Taxes and fees from construction: 705,319 Local jobs (FTE) in construction and related industries :
13 Income from Home Sale Transaction Government transfer taxes and fees : 254,059 Broker fees and commissions : 39,930 Local income from home sales : 293,989 Added First-Year Move-In Spending by First-Time Homeowners Total income of new homeowners: 3,580,944 Income to local economy from move-in spending : 340,237 Short-Term Impact Subtotals Total income from construction and move-in spending: 6,366,844 Total taxes and fees to local governments : 959,378 13
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