In the FY20 RVARC Work Program, Franklin and Roanoke Counties made similar requests for housing market studies. Roanoke County sought to study the greater Roanoke Valley. As such, staff has applied for funding through the Virginia Housing Development Authority (VHDA) for a Community Impact grant to fund a Regional Housing Market Analysis Study. The anticipated outcome is to identify housing needs and demands for housing based upon current and future economic development needs.
The study area will include the Counties of Franklin and Roanoke (incorporating the Towns of Boones Mill, Rocky Mount, and Vinton respectively) and the Cities of Roanoke and Salem. The study will also reference findings from two market studies performed in Botetourt County and the Alleghany Highlands.
The goals of the study are to:
- Develop a document that identifies housing needs and provides both a region wide and locality-specific market analysis.
- Analyze commuter and residential patterns.
- Incorporate results and findings from recently performed housing studies in Botetourt County, Village of Ferrum (Franklin County), Route 419 Town Center Plan Residential Analysis (Roanoke County), and the Alleghany Highlands portion of the region.
- Create economic development opportunities by providing strategies to address housing concerns.
- Develop regional and locality-specific recommendations that address local housing needs and encourage private investment.
- Engage stakeholders to determine local housing needs and identify potential opportunities and partners to address and identify needs.
On February 12th, staff issued a Request for Proposals (RFP) for a consultant to perform the study. The deadline for proposals was Friday, February 28th. Upon funding from VHDA, a consultant will be selected and a regional stakeholder group will meet periodically during the study process to review the consultant’s progress.