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

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financial contributions, fee waivers, and policies such as density bonuses, the Council does not expect local governments to underwrite the unmet need for additional affordable housing. Local governments are responsible for guiding adequate land at rninirnurn densities necessary to allow affordable housing development to meet their share of the region's Need. The availability 0fland that can support affordable housing gives developers 8variety 0f geographic choices to consider for affordable housing development; developers building affordable housing across the region give low- and moderate -income households viable options as to where they live. Threshold ofhousing affordability With this Housing Policy Plan, the Council iomoving t0anupper threshold ofincome for housing affordability 0f80960fArea Median |no0rne (4W1|)--oran annual income of$83,900 for afarni|y of four in 2014.Compared tothe previous upper limit of 8096 ofAW1|, increasing the upper threshold to 8096 ofAW1| increases the overall number ofhouseholds represented in the Need but better reflects the range ofhousing types that can successfully provide affordable housing options, including homeownership. Table 5:Thresholds ofaffordability used bythe Council _'_ Area ._-Median _-_--_'-_.''' ` ^ ' ` ' renters.~_~ '.. �o0%fxArea Median Income for owner -occupied housing 2011-2020 2021-2030 60mmarea median income 30% of Area Median Income 31 income '- 5nm-8ommArea Median movm* Households earning 80960rless ofthe AM I range from working families and empty nesters to households experiencing long-term homelessness. These households have a wide variety of needs and preferences for the types and locations of their housing. Recognizing the significant variation in households earning |eSS than 8096 0fAW1|, the Council will move from 8 single threshold defining affordable housing to athree-|eve| allocation providing three Need numbers to cities and townships inthe region: p Need for housing median income. * Need for housing median income. * Need for housing median income. units affordable tohouseholds earning 3096orless ofarea units affordable tohouseholds earning 3196-5096ofarea units affordable tohouseholds earning 5196-R096ofarea The three levels of Need provide nuance and flexibility for local planning for homeownership and rental housing across a range of incomes and housing types. This distinction also provides an opportunity to more accurately reflect the population trends driving the Need. For example, a large portion of the growth in households making between HOUSING POLICY PLAN Three: Council Policies and Roles to Expand Viable Housing Options