Affordable Housing
Although a private for profit company, Woodman Development has extensive affordable housing experience. The bulk of Woodman’s homes have been affordably designed market rate projects without government assistance. However, Monterey County produces far fewer homes annually than meet the demands of its growing population, resulting in real estate prices out of reach for many in the community. Therefore, most local governments require that a percentage of new homes be reserved for lower income households (Inclusionary Housing). The company has responded to this need by using its expertise to bring practical solutions to the market.
Oak Tree Views was an early affordable housing venture for Woodman, building 42 single family homes to meet the time sensitive inclusionary housing requirement for Monterra Ranch. The project was redesigned for efficiency and built in less than 18 months during 1997 and 1998. Deed restricted homes were sold to qualifying moderate income households at prices ranging from about $165,000 to $195,00.
Rogge Commons was originally envisioned as a pioneering 100% workforce housing project, privately funded, without government subsidy. Its apartments exceeded Monterey County’s Inclusionary Housing requirement, with rental rates affordable to very-low, low, and moderate income households. The 123 small lot single family homes were designed as voluntary workforce housing units with prices for moderate, workforce 1 and workforce 2 income households. Woodman innovatively developed a sliding scale equity share program for buyers that would be administered by a non-profit housing trust, so that owners could increasingly share in equity gained over time. Unfortunately, this cutting edge initiative was scuttled by the recession.
The East Garrison was designed as a mixed income community with diverse housing types to meet all income levels. Nearly 300 units (20%) were designed for very-low, low, and moderate income households, as rentals and ownership units. The original approved plan also included additional homes for workforce 1 and workforce 2 income households. Even more ambitiously, Rancho Cañada Village was original envisioned as an unprecedented workforce housing project with 50% of the homes at below market pricing. Of the 235 units, 47 (20%) would meet the County’s affordable housing mandate with another 70 (30%) for workforce housing. Unfortunately, this plan was sidelined by the recession and the project’s subsequent owner revised the affordability approach.
Woodman Development Company has been a pioneer of successful market driven affordable housing solutions in Monterey County.
