Agenda - Council - 06/28/2016 - Laserfiche WebLink

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ADinadequate supply of affordable housing To address housing cost burden, the public sector invests in affordable housing development and provides rental assistance to low-income households. The seven -county region has 57,900 publicly subsidized affordable rental units, including public housing and units built with capital generated hvLow-Income Housing Tax Credits. In addition to the publicly subsidized affordable housing stock, there are also many units of unsubsidized aff ordable housing — housing whose rents or sale prices make them aff ordable to low- and moderate -income households. Using an affordability threshold of 80Y6 of area median income, the region has 493,OOOaffordable owner -occupied units and 338,OOO affordable rental unito, including both subsidized and unauboidized.,«(There are also approximately 14,OOOmanufactured homes that are likely t0beaff0rd8b|e]However, many of these housing units are occupied by households earning more than 80% of area median income, increasing the gap in the supply of units affordable and available to lower -income households. Table 2: 2O14Area Median Income (AdNVbyhousehold size, Minneapolis -St. Paul -Bloomington metropolitan statistical area Household Size: One -person Three -person Four -person rinm'pmropn Six -person Smnmn'pmropn Eight -person Extremely Low Income (at or below $18,2[0 $20,800 $23,400 $20.000 $28.410 $32.570 $36,730 $40.890 � Very Low Income (at ~or below' .. . $34.850 $39,000 $43.300 $46,800 $50.250 $53.700 $57.200 O��, US, Department of Housing and Urban Development, FY2O(5Income Limits' / Low Income / (at or below ==^"°"MI)' $52,650 $59.250 $85.800 $71,100 $78.350 $81,600 $88.900 Even with the existing supply of affordable housing, more than 282,000 low- and moderate -income households in the region are paying more than 30% of their household income on housing costs, and nearly 144,000 of those are paying more than half their income 0nhousing. ONE� Housing for a Growing, 7hrivinqgegion