Agenda - Planning Commission - 09/04/2014

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Last revised July 24, 2014 Prosperity Prosperity is fostered by investments in infrastructure and amenities that create regional economic competitiveness, thereby attracting and retaining successful businesses, a talented workforce, and, consequently, wealth. Housing plays a key role in economic competitiveness by providing homes for the workforce that keeps our region's economy growing and diversifying. Plan for the range of options to house the workforce and enhance regional competitiveness Key takeaway: Housing —both a range of housing options and housing situated close to transportation choices —can advance the region's economic prosperity and competitiveness. Housing is an important issue for not only individuals and families, but also businesses; a range of housing options with convenient access to jobs helps attract and retain workers in the region. Housing in close proximity to job opportunities can not only reduce or improve commute times, but also reduce carbon emissions because of shorter travel distances and travel choices other than the automobile. Employers locate worksites to maximize their accessibility and proximity to the workforce they need. Our region competes with other regions across the world to attract the talented young workers who are necessary to meet the needs of the region's growing economy and replace retiring baby boomers. To compete successfully for this generation, our region must provide the housing, transit, transportation, and quality of life amenities that will continue to attract the talent needed by employers in our region. To plan for and invest in the infrastructure, amenities, and quality of life the region needs to be economically competitive, the Council will contribute to a quality of life and cost of living that attract and retain a talented workforce. Affordable housing choices at all income levels fosters economic competitiveness by providing the workforce needed by many businesses desirable to a thriving community. Furthermore, the development of any kind of housing leads to increased spending in the surrounding economy, in the short term by the workers building the housing and in the long term by the residents that will occupy it.15 Affordable housing allows residents to spend more of their money in the local economy than they would if they were cost -burdened. Council role • Use its resources, including investments in transit, infrastructure, and redevelopment, to help create and preserve mixed -income neighborhoods and housing choices across the region. • Collaborate with local partners to reduce the institutional barriers to mixed -income housing development (see more details in Part IV). • Encourage local governments to address gaps in housing choices within their local housing stock. 15 Center for Housing Policy, 2011. The Role of Affordable Housing in Creating Jobs and Stimulating Local Economic Development: A Review of the Literature. Available from: http://www.nhc.org/media/files/Housing-and- Economic-Development-Report-2011.pdf 2040 HOUSING POLICY PLAN I METROPOLITAN COUNCIL DRAFT RELEASED FOR PUBLIC COMMENT Part II: Outcomes (Prosperity) I Page 25