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Figure 20: Components of the housing element of local comprehensive plans <br />Existing housing <br />needs <br />•Existing housing <br />assessment <br />•Identification of needs <br />and priorities <br />Existing housing needs <br />Projected affordable <br />housing needs <br />•Allocation of affordable <br />housing need <br />•Promoting the <br />availability of land <br />Implementation <br />program <br />•Public programs, fiscal <br />devices, and specific <br />actions to meet <br />existing and projected <br />needs <br />Under the Metropolitan Land Planning Act, local comprehensive plans must include a housing element <br />that addresses existing housing needs in the community. The existing housing assessment serves as <br />the starting point to determine a community's existing housing needs. Complete housing elements <br />analyze the existing housing assessment through the lens of local knowledge and priorities, identifying <br />clear, specific housing needs to be addressed in the housing implementation program. Complete <br />housing elements must contain an assessment of existing housing, including at minimum: <br />• Number of existing housing units within the three bands of affordability: <br />o 30% or less of Area Median Income (AMI) <br />o Between 31% and 50% AM I <br />o Between 51% and 80% AM I <br />• Split of rental and ownership housing <br />• Split of single-family and multifamily housing <br />• Units of publicly subsidized housing <br />• Number of existing households at incomes at or below 80% AMI that are experiencing housing <br />cost burden <br />• A map of owner -occupied housing units identifying their assessed values, differentiating the <br />values above and below what is affordable to a family of four at 80% AMI (see Table 8) <br />This minimum information is both easily available and informative about existing housing needs. While <br />the Council will provide communities with basic data for their existing housing assessments, the Council <br />encourages communities to include any additional reliable data that enhance their existing housing <br />assessments. <br />Table 8: Affordable home prices by household income (2013) <br />Household Income Threshold Household Income for a family <br />of four (2013) <br />Affordable Home Price'" <br />115% of area median income <br />$94,650 $325,000 <br />80% of area median income <br />$64,400 $217,000 <br />50% of area median income <br />$41,150 $133,000 <br />30% of area median income <br />$24,700 $74,000 <br />Page - 10 1 METROPOLITAN COUNCIL <br />