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

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Table B:Affordable home prices byhousehold income (2O13) Household Income Threshold 11omofarea median income unmof area median income on%ofarea median income un%nxarea median income Household Income for a ftmily of four (2013) $94,650 $64,400 $41,150 Affordable Home Price 40 $325,000 $217,000 $133,000 Projected affordahle housing needs The Council provides the projected 8ff0rd8b|eh0uSingneedSf0re8chc0rnrnunitvthn0ugh the Allocation of Affordable Housing Need, described earlier in Part 111. Allocating future need within the three bands of affordability allows communities to focus on the kinds of affordable housing that are most needed intheir community. These future needs must be considered as communities guide future land uses in their comprehensive plan updates. The Metropolitan Land Planning Act specifically states that housing elements contain "land use planning to prornotetheavai|abi|ityof|andforthedeve|oprnentof|om/andrnoderateincornehouaing." Land availability is measured in comprehensive plans by having enough land guided at high enough densities to support the creation of affordable housing sufficient to meet a community's Need. Higher density promotes the availability of land for affordable housing in several ways: * Increased density correlates with reduced costs of developing new housing by reducing the per -unit cost of land and fixed infrastructure. With limited resources for developing affordable housing, mechanisms that reduce development costs promote new affordable housing. * Increased density creates more housing units overall. New market -rate 0rluxury units can still promote the availability of affordable housing by increasing the supply of all housing units * Sites with higher density signal to affordable housing developers where communities are more likely tosupport affordable housing proposals. For context, of the multifamily affordable units built between 2003 and 2013 in developments with atleast four units affordable at00Y6AW1|orless, the average project denaitvwaamore than 39 units per acre. The Council recognizes that flexibility is an important component of housing elements and that the rninirnurn densities provided be|0m/ are significantly lower than that average of 39 units per acre. The Council strongly encourages communities to consider densities higher than these minimums. The Council will provide technical assistance to local governments to demonstrate what different densities can look like in different kinds of communities. With the right design, higher density development can fit well in almost any community. HOUSING POLICY PLAN Three: Council Policies and Roles to Expand Viable Housing Options