1. Affordable Independent Senior Housing A Proposal for Developing Community-Based Aging-In-Place with Foreclosed Properties Jack Powers / December 2, 2010 Urban Policy Dynamics and Constraints CUNY Graduate Center

2. New York’s 65+ Population Will Grow from 13% to 20% over 30 Years Demographic Pressure 10% Live in Poverty, 26% in Low Income 40% Experience Housing Problems: Cost Burden, Physically Inadequate Housing or Crowded Housing

3. Aging in Place at Home Home Care, Visiting Nurses Retirement Community Fitness Activities, Support Services Assisted Living Personal Care Services, State Regulated Nursing Home Long Term Medical Care, State Regulated Senior Housing Options

4. Aging-in-Place at Home Home Care, Visiting Nurse Affordable Independent Senior Housing Room, Optional Board Retirement Community Fitness Activities, Support Services Assisted Living Personal Care Services, State Regulated Nursing Home Long Term Medical Care, State Regulated Senior Housing Options

5. “Family Style” Community Living Six to Eight Seniors Per Unit Community-Based Staff of Two on Premises Private Pay or Section 8 Vouchers Fees for Meals, Housekeeping, Activities

7. Pro Forma Income Statement Foreclosed Housing Stock Property Cost (est)$275,000 Rent per Room$600 MONTHLYYEARLY Mortgage$1,800$21,600 Taxes, Maintenance1,00012,000 Staff Salaries, $10/hr3,20038,400 Expenses 1,00012,000 $7,000$84,000 Rental Income, 8 Rooms$4,800$57,600 Fee Income, 8 x $275 2,20026,400 $7,000$84,000

8. Pilot Project Ten Units, 70 to 80 Seniors, 20 Staff Members $3,000,000 Property Costs 840,000One Year Operating Costs 1,000,000Initiation and Management Costs $4,840,000First Year Investment Clients selected from public housing waiting lists: Healthy, 50 to 70 years old ~50% married couples Unit rosters composed by social worker

9. Effects on Senior Clients Older Americans 2010 Key Indicators of Well-Being Federal Interagency Forum on Aging-Related Statistics Compared to Control Group Feasibility of “Family-Style” Approach Proof of Concept Management Learnings Return on Investment Effects on Community Study Goals

10. Policy Goals A Self-Sustaining Senior Housing Model Affordable, Market Rate, Mixed Aging-in-Place Options for Poor and Minority Populations Family, Friends, Church, Healthcare Make Foreclosed Properties Productive Retrofit for Access and Sustainability Develop Entrepreneurial Opportunities Low Barriers to Entry, Not Outsource-able Anchor At-Risk Communities Support Neighborhood Rejuvenation