Agenda - Council - 04/14/2015 - Laserfiche WebLink

Home

Figure 19: Allocation methodology overview Part I Forecast the number of new affordable units needed in the region Part II: Develop the total allocation for each community Part III: Break down communities' total allocations into "bands of affordability" Rather than allocate a Need number to communities that is simply the same share of their total forecasted growth as the overall Need for the region, two specific key adjustment factors will be are used to better reflect unique characteristics of each city that impact the Need: • Ratio of low-wage jobs to low-wage workers: The ratio of low-wage jobs in the community to low-wage workers who live in a community indicates whether a community imports low-wage workers to fill its low-wage jobs and could therefore use more new additional affordable housing for those workers. • Existing affordable housing: Placing new additional affordable housing in communities where existing affordable housing is scarce expands choice for low-income households. The existing affordable housing stock has twice the impact on a community's allocation than its ratio of low-wage jobs to low-wage workers because the existing housing stock is a more stable and place - based indicator; workers are more likely to move than is housing stock. Table 6: Adjustment factors to the Allocation of Affordable Housing Need Adjustment factors Need is increased for communities that have: Need is reduced for communities that have: Ratio of low-wage jobs to low- wage workers Existing affordable housing Relatively more low-wage jobs than low-wage workers living in the community Lesser share of existing affordable housing than the region overall average sewered community Relatively more low-wage workers living in the community than low-wage jobs Greater share of existing affordable housing than the region overall average sewered community The threshold for housing affordability and the adjustment factors for determining the Need provide a framework for determining a community's share of the Need. This framework will be the basis for a detailed methodology for determining the Need that the Council will develop in partnership with affordablc housing stakcholdcrs as a part of the implementation of this plan. Council actions: • Use the above defined framework to definc a dctailcd mcthodology for dctcrmining the Allocation of Affordable Housing Need for 2021 2030. • Amend the Housing Policy Plan, including s, to incorporate the final • Distribute the local Allocation of Affordable Housing Need to each jurisdiction with System Statements in fall 2015. Page - 5 1 METROPOLITAN COUNCIL