The thrust of the S.A.L.A.D. Approach to Two- to Four-unit Building Revitalization is combining disparate ingredients that come together in a healthy, mutually reinforcing and attractive neighborhood strategy. Those ingredients include the following: Stabilization, Advocacy, Loan Fund and Financial Assistance, Assistance and Counseling and Developing Responsibly. Removing the salad dressing makes the salad significantly less enjoyable, and less likely to be eaten. Similarly, there are five outcomes of the S.A.L.A.D. Approach, which, if met, can speak to the interests of a broad swath of stakeholders and accomplish revitalization through a mix of reinforcing objectives.
Goal IÑStabilization: A stabilized, well-functioning property market for two- to four-unit properties. This goal reflects the destabilizing influence of rampant speculation that can take hold in a high-vacancy neighborhood with under-realized potential, causing more harm than good when unaccompanied by a plan for actual improvements in quality of life. The goal goes beyond identifying the symptoms by seeking to treat the root causes of the unhealthy market of two- to four-unit properties.
Objectives:
A. More stable property taxes
B. Fewer short-sales
C. Fewer lots and demolition for new construction
D. Fewer multi-family housing units and new, spacious single family housing
E. More ready-to-renovate two- to four-unit buildings
Goal IIÑAdvocacy: Policies and organizational infrastructures in alignment with the unique challenges of two- to four-unit properties. This goal reflects the acknowledgement that changing policies and structures is important within and beyond the boundaries of Woodlawn. It envisions creative approaches to problems in the Housing Choice Voucher program, building organizational infrastructure, improving the factors that determine neighborhood appeal, and identifying supporting resources.
Objectives:
A. More active organizations in Woodlawn that specialize in two- to four-unit buildings
B. Fewer non-professionally managed two- to four-unit buildings that are 100% occupied by housing choice voucher recipients and/or that exhibit weak property management
C. Higher quality of life and stronger market demand for housing in Woodlawn
D. More sources of funding for the Small Building Initiative
Goal IIIÑLoan Fund and Financial Assistance: Adequate financial resources for investing in two- to four-unit properties for interested and current homeowners in Woodlawn. This goal reflects the extent to which bank practices limit financing by homeowners and serve as a barrier to renovating two- to four-unit properties. It envisions the expanded use of acquisition and rehabilitation financing and more availability of down payment assistance and loans for exiting homeownersÐnot simply by providing additional money but by utilizing existing resources.
Objectives:
A. More interest in and attainment of acquisition/rehab loans by for owner-occupant purchases
B. More interest in, availability of, and attainment of down payment and subordinate loans for owner-occupant purchases of two- to four-unit buildings in Woodlawn
C. Greater access to renovation loans for two- to four-unit buildings in Woodlawn
Goal IVÑAssistance and Counseling: Adequate technical assistance and counseling for investing in two- to four-unit properties for interested and current homeowners in Woodlawn This goal reflects that prospective homeowners have personal, financial and technical barriers to homeownership. It envisions the expansion of this infrastructure within the boundaries of Woodlawn for the benefit of new and future owners of two- to four-unit properties.
Objectives:
A. Greater access to pre-purchase and consumer credit counseling in Woodlawn
B. Greater access to technical assistance in the design-and-build process for two- to four-unit buildings
C. More participation of both owner-occupant and investor owners of two- to four-unit buildings in landlord management training and certification
Goal VÑResponsible Development: Current residents have pathways to build wealth through local economic development and pathways to homeownership, while diverse rental products and necessary amenities attract newer (moderate income) residents. This goal reflects, most directly, the importance of considering equity in planning for the neighborhood. Balance must be sought in attempting to compete for external residents as well as cultivating homeownership within the neighborhood.
Objectives:
A. More steering of development jobs to residents and tenants
B. More rental housing for low-income households (60-80% AMI) that incorporate pathways to homeownership
C. More financial capital for strong developers of rental two- to four-unit buildings
D. More retail amenities