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

Home

Im of any kind of housing leads to increased spending in the surrounding economy,inthe short term hvthe workers building the housing and in the long term by the residents that will Occupy it.z' Affordable housing 8U0wS residents to Spend more of their money in the |0o8| economy than they would if they were cost -burdened. Council role • Use its resources, including investments intransit, infrastructure, and redevelopment, to help create and preserve mixed -income neighborhoods and housing choices across the region. • Collaborate with local partners to reduce the institutional barriers to mixed -income housing development (see more inPart K0. • Encourage local governments to address gaps in housing choices within their local housing stock. • Support existing efforts such as Urban Land Institute of Minnesota and Regional Council of Mayors' Red eve|oprnent-Ready Guide that further the creation of a full range of housing choices. • Expand viable housing options by investing in and encouraging new affordable housing in higher -income areas of the region, particularly in areas that are well connected to jobs and opportunity. Local opportunities p Provide resources for housing construction 0[rehabilitation either directly 0[through funding programs such aaCDBG- * Utilize existing resources such as the Urban Land |natitute'a Minnesota Housing Policy Toolbox to create strategies that encourage a range of housing choices at the local level. * Work with local employers to understand and help support and promote the local housing choices their employees need. * Communicate the importance of a range of housing choices to support prosperity. Recognizethe role of ho[r, e oVVn e r sh'Q in creating VVe8lth and prosperity {)vvningone'aovvnhorneiaforrnanyoitizenathe"/\mehoan[}ream."Horneovvnerehipianot only a source of status or success, but is positively associated with wealth accumulation, positive labor market and health outcomes, and educational attainment. Home construction iaamajor a8otorinth8eoonorny,andhorneaoftenrepreeenthoua8ho|da'rnoatva|uab|e asset. Many homeowners take pride in maintaining their residence and experience a greater sense of community as they have "put down their roots." In 2013, the 16-county Minneapolis -St. Paul -Bloomington metropolitan statistical area had the highest rate of homeownership among the country's 25 most populous metropolitan areas at 69.5% (statistically tied with St. Louis; the national average was 63.5%). But our metro area also had the largest homeownership gap (nearly 37 percentage points) between white, non -Latino households and households 0fcolor. Only about one -quarter (20.3Y6)0f "TWo:omwrmmes