Waverly recently did a study that found Waverly should expand to include up to four hundred more homes in the next six to eight years to meet needs. The homes needed includes rental housing, first time home buyers, move-up home buyers, downsizes and senior housing.
Nearly five thousand people commute to Waverly each day for work. These commuters cannot find the housing they need in Waverly. Another reason for the need for housing is as people age, their housing needs change.
The biggest need for housing is the 161 single-family homes. 50 percent of those need to be move-up homes, 15 percent executive homes and 35 percent mid-range homes.
Other needs are 40 multi-family homes, 85 subsidy homes, one unit of 30 or more market-rate rentals and 20 to 30 town homes. Senior housing is needed as well as housing for old-age, handicap and low income people.
Bill Werger, Waverly city attorney and director of economic and community growth, said there is no current timeline for this project, but they are hoping to sustain a yearly growth. The biggest problem is the city can only provide some incentive, otherwise they have to wait for private investors to take an interest.
Werger also said that one project for rental units is close to being started already. There are also two projects waiting for subsidy from the state. These projects were submitted back in August. One of the projects is a 30-unit rental building. The other is a town home project of 24 units. Both wouldn’t be approved, but at least one could be.
Ultimately, the city is hoping building more homes will attract more people, including the nearly five thousand commuters.