U.P. Regional Planning Organizations Receive Support from MSHDA to Conduct Residential Target Market Analysis
With the Central Upper Peninsula Planning & Development Regional Commission (CUPPAD) acting as fiduciary, in conjunction with Eastern Upper Peninsula Regional Planning & Development Commission (EUP) and the Western Upper Peninsula Planning and Development Region (WUPPDR), fifteen counties (Counties of Alger, Baraga, Chippewa, Delta, Dickinson, Gogebic, Houghton, Iron, Keweenaw, Luce, Mackinac, Marquette, Menominee, Ontonagon, and Schoolcraft) will receive support from MSHDA for the completion of a residential Target Market Analysis (TMA).
As an important economic development tool, the Target Market Analysis will assist these communities in acquiring the information needed to understand housing market potentials and preferences, thus allowing them to address, create, and preserve decent affordable housing and to engage in community economic development activities that are the most appropriate.
The idea of conducting a residential Target Market Analysis was discussed over the course of 2014, during which leaders from across the Upper Peninsula came together in three regions to develop a five-year economic development blueprint as part of the Governor’s Regional Prosperity Initiative. Recognizing that a mix of affordable and market-rate housing options is a crucial component of economic development, improving the quality of life for existing residents and attracting new households and businesses, the groups identified conducting a Target market Analysis as a priority strategy.
Specifically, MSHDA is providing grant funding to support the effort to hire a qualified consultant to develop a Target market Analysis that:
Identifies the market potential for newly introduced or existing market-rate housing units to be leased or sold as well as the need for affordable housing at the regional level, County level, and population center level (cities, villages, and some townships).
Provides the foundation for community partners to begin to more effectively work together on developing a shared community development plan and an approach that works toward mutual goals which align with placemaking principles, and
Identifies opportunities for public/private collaborative ventures leading to focused community investment and sustainable development.
CUPPAD and WUPPDR will each provide $30,000 toward the study, and EUP will provide $10,000.
“This regional housing plan/TMA will be a powerful economic tool which can be used to provide documentation of demand necessary to actively spur economic development opportunities throughout our U.P. communities. Without a TMA, we can’t possibly attract development unless we know unmet housing needs. This project can bring everyone to the table, community leaders and housing advocates included, to work toward a common goal around articulating our current conditions so we can focus on future housing opportunities moving forward,” says Joel Schultz the CUPPAD Executive Director.
Through a competitive bid process, a qualified consultant will be selected to coordinate this effort with completed milestones before June 30, 2016.
The Request for Proposal will be available July 30, 2015 on CUPPAD’s website, www.cuppad.org with a submission deadline of August 30, 2015. A kick- off meeting will be announced on CUPPAD’s website, social media, and Electronic Newsletter.