What are the benefits of the law for Holden?

Increasing Holden’s supply of smaller units—such as duplexes, townhouses, and small apartment, or condo buildings—will help moderate prices and make home ownership more affordable for seniors who want to downsize, young families, our children who want to return home to live, and local employees.

Holden can ensure that residents who live here can stay here. At the time of the 2019 Town of Holden Master Plan, 14% of households at 100% of the Area Median Income (AMI) were cost burdened, compared with 12% in the ten nearest communities. (Chapter 4, pp. 43-4)  

According to the Plan, “The not insignificant number of cost-burdened households should be an area of concern for Holden. Cost-burdened households exist on the edges of financial stability. These households are more vulnerable to economic shocks and other shifts in the market. This makes them more likely to have to leave Town after a financial hardship or even experience homelessness.“ (Chapter 4, p. 44)

Holden can move toward a healthier housing market. The 2019 Town of Holden Master Plan states that “…rental activity is surprisingly robust in Holden. In 2017, the vacancy rate in multifamily units was 4.6%. In 2018, that rate dropped to 3%. A rate of around 6% is generally indicative of a healthy market. Values too far below this rate suggest that demand is outpacing supply.” (Chapter 4, p. 42)