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Last revised July 24, 2014 <br />Housing affordable to low- and moderate -income households is a strong community asset. Safe, <br />decent, and affordable housing often requires public subsidy to fill finance gaps and allow both for- and <br />non-profit housing developers to earn a competitive return on investment. However, the alternative — <br />not enough housing to stabilize households —can require significantly higher public costs in terms of <br />health care, education, and law enforcement. Spending public money to ensure that affordable housing <br />is one of the many housing options in every community will stabilize households, create opportunities to <br />generate wealth, and build healthy communities. <br />Demographic trends: Continued population and housing growth through 2040 <br />More people. Over the next 30 years, our region is <br />projected to grow by 824,000 residents, a gain of 29% more <br />than there were in 2010. More births than deaths and longer <br />life expectancies will account for two-thirds of this population <br />growth. People moving here from other parts of the nation <br />and world —attracted by our region's economic <br />opportunities —will account for the remaining one-third of <br />this growth. (For more information, see the Metropolitan <br />Council's MetroStats: Regional Forecast to 2040.) <br />More housing needed. The region will gain 391,000 new <br />households by 2040. Housing these new households will <br />require, on average, over 13,000 new housing units a year <br />between today and 2040. While this level of housing <br />production is less than the annual average of the last 40 <br />years, this does represent a higher level of housing <br />production than the region produced in the eight years since the housing boom years of the early <br />2000s. <br />rn <br />Twin Cities Population <br />(in millions) <br />0 <br />N <br />30,000 <br />25,000 <br />20,000 <br />15,000 <br />10,000 - <br />5,000 - <br />0 <br />����O�O 00 ,0 �0 „O b0 <br />tirie ( ti <br />New Housing Units Permitted <br />13,685 new units on average per <br />year necessary to house <br />household growth to 2040 <br />'l0 lCo Ab cla0' clk � cbcb OO OO' OD` OO O§b 00 0' Off` 00 OR) ,\O <br />t\°b N°b N°5 N°5 N0 N0 t\O t\O t\O t\O t\O t\O 1\O 1\O 1\O 95) (15OO 95) 99 99 99 <br />Demographic shifts. Our region is aging rapidly. More than one in five residents will be age 65 and <br />older in 2040, compared to one in nine in 2010. Concurrently, three-quarters of net new households will <br />be older households, headed by individuals age 65 and older. This group's needs and preferences will <br />2040 HOUSING POLICY PLAN I METROPOLITAN COUNCIL <br />DRAFT RELEASED FOR PUBLIC COMMENT <br />Part I: Introduction I Page 2 <br />