Norristown Takes A Giant Step Forward

Norristown Borough Council took a giant step into the light Tuesday evening.  The council unanimously voted to end multi-family apartment conversions for single-family homes!  BRAVO!!!!!!!!!!!!!!!!!!!!!!!!!!!!

The measure does allow for mixed-use meaning commercial use on the first floor and apartments on the upper floors.

Council has wisely decided to stop the madness.  By curbing the carving up of single-family homes into high density apartments, Norristown is demonstrating their desire to attract homeowners and shore up their tax base.

This is a big step in the right direction.

We applaud Norristown Borough Council for walking the talk!

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5 thoughts on “Norristown Takes A Giant Step Forward

  1. That is wonderful!!

    My concern would be to attract a homeowner to purchase a large home, presumably with large taxes, and possibly repairs needed to find an incentive that is mutually beneficial.

    It is important to remember that when calculating that monthly payment the tax escrows can make affordable pricing not so affordable to a monthly budget. The difference between (using round numbers and simple math) yearly taxes of $3,600 and taxes of $7,200 adds $300/month to $600/month, respectively, to the base principle and interest payment of the mortgage.

    Again, a glaring example for property tax reform!!

    I’d certainly rather have a larger home if the numbers were viable but this is where carving up homes becomes attractive to investors (they can share the tax love around multiple tenants). Homeowners are not so fortunate since the buck stops with what their wallet can manage.

    Check it out. Last time I looked around I saw a lot of beatiful old homes with great character for sale in Elkins Park (Cheltenham SD), many short sales, at reasonable prices but the taxes would kill you!! It’s like paying equal the P + I or more.

    Norristown has a great base to rebuild on this vote but for it to become attractive to potential buyers I think they might need something more.

  2. Steph,

    they did allow for mixed use, commercial on the bottom floor and apartments on the top. that would appeal to an investor, would it not? i think this is a first step for Norristown and they need to do more as you said but this is an important building block. i would like to see Pottstown pass something like this as well.

  3. Great start, to be sure!! Certainly if I lived where I worked I’d be SUPER invested in the town on so many levels!! It’d be my bread & butter as well as the place I looked to ‘escape’ with other nearby events, activities and favorite ‘hot spots’!!

    Building block, for starters, that’s what we need here, too!! You couldn’t be more right about that, Roy!! With initiatives like this hopefully mindsets will change and a new direction prevail.

    Once the ball gets rolling I think local officials will be hungry for more people to dot the landscape and hopefully future initiatives will help to fill some of the higher end properties. Those taxes just get you at every turn. That’s all I wanted to get across.

  4. Steph,

    the taxes are certainly very high in this area. it’s daunting to be sure. i guess i am anxious to get the ball rolling, hahaha. i can’t wait till stuff starts happening! i have such high hopes of what can be accomplished here.

    thanks for all your comments. i do enjoy them 🙂

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