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This plan addresses housing challenges greater than any one city or county can tackle <br />alone. It recognizes that the future's increasingly complex housing issues demand more <br />innovative strategies and greater collaboration. With both statutory responsibilities and local <br />opportunities, |0n8| governments play 8key role in translating regional policy and priorities <br />into effective implementation within local housing markets; one size does not fit all. <br />Does fhe[�etropo|itwn region need [i-oreaffordable housinQ? <br />p Needs are growing: Between 2010and 2040.the region will add 387.000households; <br />roughly 4096will earn less than 8096ofArea Median Income ($85,800for afamily offouh. <br />p People are paying too much for housing: Atpresent, one-third ofthe region\y <br />households pay more than 30% of their income on rent —they are "housing cost <br />burdened." Even with the existing supply ofaffordable housing, more than 205,000 <br />low- and moderate -income households in the region are paying more than 30% of their <br />household income on housing costs, and nearly 140,000 of those are paying more than <br />half their income 0nhousing. <br />• ore people will need affordable housing options: The Council forecasts that <br />between 2020and 2030,our region will add 37,400low- and moderate -income <br />households that will need additional affordable housing. For comparison, in the first three <br />years of this decade, the region added just under 3,000 new affordable units, far under <br />the need. <br />8ƒare f1l"Inepriorities nff�'sHousing Policy Plan? <br />Housing plays a key role in advancing all five of the outcomes the Council identified with <br />the adoption of Thrive MSP 2040: <br />Stewards <br />,I. <br />D <br />, <br />�ros <br />.^y <br />Sust@'0@ <br />itn <br />The Housing Policy Plan outlines housing strategiesthat advance the Thrive outcomes <br />and identifies Council roles, local responsibilities, and local opportunities to implement <br />these strategies. Many 0four r8gi0n\s |0c8| governments—includingcounties, cities, and <br />townships— are already putting many ofthese opportunities into practice. By identifying <br />these strategies, the Council's goal is to catalyze the conversations and regional <br />partnerships needed to advance housing policy in the Twin Cities region. Key priorities <br />* Managing, maintaining, and preserving the existing housing stock. <br />* Creating or preserving a mix of housing affordability around emerging transit investments, <br />helping low-income households benefit from transit investments and expanding <br />opportunities t0reduce the combined costs 0fhousing and transportation. <br />* Expanding housing options for people in all life stages and of all economic means <br />through abalanced approach ofexpanding housing choices for low- and <br />Executive Summary <br />