Laserfiche WebLink
119 <br />Strategy: Increase community knowledge of affordable housing <br />Policies and Actions: <br />1. Roll out the "Can I Be Your Neighbor?" initiative <br />Housing Affordability <br />When determining housing affordability, developers target income <br />ranges of future residents. The most commonly targeted income <br />ranges are 0-30%, 31-60%, and 61-80% of average median income <br />(AMI). In actual dollars, this breaks down to: <br />City of Ramsey (2015) Average Annual Median Income <br />100% of AMI = $86,800 <br />61-80%of AMI = $52,081-69,440 <br />31-60% of AMI = $26,041-52,080 <br />0-30% of AMI = $0-26,040 <br />Housing Costs <br />There is a general rule in finance that people should spend no more <br />than 30% of their income on housing costs. Based on Ramsey's AMI, the <br />following represents what people in different income ranges should be <br />spending on housing (including mortgage and rent) per month: <br />Monthly Housing Cost Based on AMI <br />100% of AMI = $2,170 <br />61-80% of AMi = $1,303-1, 736 <br />31--10% of AMI = $652-$1,302 <br />0-30% of AMI = $0- 651 <br />Now that we understand the different income levels in Ramsey, we will match them with people in the community. Your child's teacher, your local <br />firefighter, the senior you see on Sundays at church...how much can these community members truly afford to pay for housing given their incomes? <br />Age: 88 <br />Occupation: Retired, Ramsey native <br />'.nnual Income: $16,320 (Social. Security) <br />0%of Inco - .. <br />Can I be your neighbor? <br />Age: 28 <br />Occupation: Firefighter <br />Annual Income: $34,770 <br />30% of Income: $869 per month <br />Can I be your neighbor? <br />Age: 37 <br />Occupation: Middle -School Teacher <br />Annual Income: $62,300 <br />30% of Income: $1,557 per month <br />A Connected Community <br />The City will attempt to eliminate barriers in fair housing through ongoing policy development and <br />evaluation informed by community engagement and fair housing evaluations and data. Because <br />many fair housing barriers are regional in nature, the City will participate in regional efforts to <br />eliminate racial disparities and fair housing barriers. <br />As Ramsey attempts to utilize HUD grants for future projects, we have the responsibility to take <br />meaningful action to eliminate discrimination and remove barriers that restrict access based on <br />protected characteristics, such as race, color, creed, religion, national origin, sex, marital status, <br />status with regard to public assistance, disability, gender identity, sexual orientation, and family <br />status. The City will examine policies, regulations, programs and actions that both the City and its <br />partners take to assess their impact on affordable housing and the ability of people to make housing <br />choices in an environment free from discriminatory practices, referred to as "fair housing choice." <br />Cily of RAMSEY <br />August 2018 Draft <br />Comprehensive Plan 2040 <br />