HomeMy WebLinkAboutWalsh Park AssociationWalsh Park Association
Background
and
New Initiative
2002
Walsh Park Association's mission is to
promote the viability of the year-round
community on Fishers Island by creating
and maintaining a supply of attractive
and affordable year-round housing.
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> A ~ trong year-round community is clearly very ~mportant, because it
provides the critical services on which the Island depends:
> Emergency Medical Trcalmcnt and "Sca Strelchcr" operation
> Fire Departmcnl
> Telel)honc, Waler and Electric tJtilities
> Police
> School
> Stores, Churches. Library
The year-round community has been shrinking. In 1960, il numbered
over 500, and by 1987 it had decreased to 285 where it remains today.
Perhaps the most important reason for this decline was the dramatic
increase in housing costs, led by strong demand for vacation homes.
From 1960 to 1987, the value of a typical year-round house increased
from $50,000 to $250,000. Today, it is almost $400,000.
Walsh Park Association was created in 1987 to respond to this
situation.
In 1987, the Fishers Island Civic Association developed an
important Growth Plan with the first founding principle being that
the Island must have a healthy year-round population.
At that time, a 24-acre parcel on North Hill valued at
was being sold to a developer who planned to build
homes.
$960,000
vacation
Walsh Park Association was fbrmed to intercede. It was able to
persuade the civic-minded owner, Annette Walsh, to sell her land
to WPA for $465,000 in cash plus certain tax deductions for the
seller.
Although as many as '30 homes could have been built on the
property, WPA limited the site to 12 homes, preserving the balance
of the land in its naturals· tare.'
Over $1,000,000 was raised to purchase the property, develop the
12 building sites, and provide for future initiatives. Initial funding
came through the Sanger Fund until Walsh Park obtained its own
mx-exempt (501.c.3} status.
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In order to retain f'amilies on the Island, it was important to
provide the opportunity l'or them to own their own homes in
Walsh Park.
To be viable, the purchase price of a home had to be held to
about $80,000 and special mortgage financing l¥om SONYMA
had to be obtained.
Because of the substantial discount to market value, it was also
important to prevent the homes f'rom being resold at a large
profit, removing them f¥om the supply of' affordable housing.
To achieve both o1' these objectives, the initial residents in
Walsh Park bought their own homes, but leased their lots l¥om
WPA. The homes could be sold, but only at established
escalation schedules and only to buyers to whom WPA agreed
to lease the land.
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Value of Typical
Walsh Park Home
Less: Value of Land
Less: NYSAHC Grant
Less: WPA Grant
Average Cost.to
Homeowner in
Walsh Park
$200,000
$80,,,000
$25,000
$15,000
$80,000
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are 14
When the Walsh Park Association was created in 1987, the
initial imperative was to retain families currently living on
the Island. These people were already established contributors
to the community and the Island could not al'Ibrd to lose
them.
As a result, 11 of the first 12 families to move into Walsh
Park were already residents of Fishers Island and nine of
those families continue to live in Walsh Park today.
Since these people were accustomed to year-round life on the
Island, their eagerness to buy a home in Walsh Park was a
good indication that they were making an informed decision
to make a long-term commitment to Fishers Island.
This .justified the complex documentation process
long-term financial commitment necessary to
government backed mortgages and grants.
and the
obtain
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In addition to retaining Families, it is obviously important to
attract new Families to Fishers Island.
Because the winters on Fishers can
newcomers are often reluctant to buy
to rent initially.
be difficult for some,
immediately, preferring
Unfortunately, the supply of attractive year-round rental
properties is also very limited.
To address this need, WPA has acquired three attractive
houses, which will now be used f'or year-round rental. One
is in Walsh Park and was acquired by WPA from the original
owner. Two are on Montauk Avenue.
By the end of this summer, 14 people (including 8 children)
will be living in these three houses.
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~3
Not all renters are prepared
responsibilities associated with
alone house.
to take
renting a
on the
stand-
> To address this facet of the rental market, Walsh
Park Association plans to acquire land and build a
cluster of four attractive rental apartments.
> The site selection and design phases of the project
have begun.
> WPA expects that this first cluster of units will
provide a model fbr additional buildings to meet
year-round apartment rental needs in the future
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While the plans have not yet been finalized, it is anticipated
that approximately $800,000 will be required to buy the land
and build the first cluster of four rental apartments.
In addition, Walsh Park Association intends to raise a reserve
fund of $500,000 in order to take advantage of other
opportunities to acquire properties for year-round use.
"S
WPA is planning its fir, t capital drive in
obtain commitments for the $1,300,000
outline of contributions needed is set
10 years and hopes to
over the summer. An
out on the fi)llowing
Pledges can be funded over a three-year period.
> The first gift of $250,000 has already been received.
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$250,000 2 $500,000
$100,000 2 $200,000
$50,000 4 $200,000
$25,000 ~o $250,000
$~o,ooo ~o $~oo,ooo
$5,ooo ~o $5o,ooo
Total 38 $1,300,000
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In 1987, the urgent need for year-round housing was clearly
recognized and the Walsh Park Association was created to
address the problem.
Since that time, WPA has built 12 attractive, free-standing
houses and has purchased two more.
Eleven of these fourteen houses are now owned by year-
round families and three are rented to year-round families.
With your help, four attractive apartment units will soon be
added to the WPA portfolio, bringing its total number of
homes to 18.
When
people
over
the apartments are occupied, the total
living in the 18 WPA sponsored homes will
60, about 25% of Fishers Island's
population.
number of
increase to
year-round
Moreover, over 20 children will live in these homes, about
60% of the local students in the Fishers Island School.
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