And the need for new housing, whether apartments or houses, is not something several years from now, but now.
In a recent housing study sponsored by the GIAEDC, given current business expansion and existing workforce needs in the community, the housing study predicted a population of 55,596 people in the area. Big Island by 2024.
If completed, Grand Island’s population will have grown from 42,940 in 2000 to around 56,000 in less than a quarter of a century. This population growth will also extend to rural Hall County and adjoining counties, bringing the region’s population to nearly 88,000.
With a growing population, that same housing study predicted the total target demand for housing units to be 1,363 units, which includes both owners and renters. This would require more than $ 382 million in new housing construction.
Eligible activities include:
n New construction of special owner-occupied housing with a retail price of $ 285,000 or less.
n New rental housing construction with a development cost of $ 215,000 or less.
– Substantial repair or rehabilitation of dilapidated housing stock, the rehabilitation cost of which may not exceed 50% of the assessed value of the unit.
– Development of upper level housing in the Railside Improvement District of Grand Island.
