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127 <br />Strategy: Increase community knowledge of affordable housing <br />Policies and Actions: <br />1. <br />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 />(AM!). In actual dollars, this breaks down to: <br />City of Ramsey (2015) Average Annual Median Income <br />100% of AMI = $86,800 <br />61- 8O% of AMR- $52, 081-69, 440 <br />31-60% I AMI = $26,041-52.080 <br />0 30% 01 AMI - $D-26,04C <br />Housing Costs <br />There Is a general rule in finance that people should spend no more <br />Ihan 30% of their Income on housing costs. Based on Ramsey's AMI, tha <br />following represents what people in different income ranges should be <br />spending on housing {including n orlgage and real} per month: <br />Monthly Housing Cod Based on AMI <br />00% of AMI = $2.170 <br />61- 80% a f AMI = 1,30.3-1,736 <br />31-60%of AMI - $652 $1,302 <br />030%orAMI-$06,1 <br />Now that we underslarld the different Income levels 1n Ramsey, we will malch there wills people In the community. Your child's teacher. %our Iu _r it <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 />Can l 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: "<.7 <br />occupation; Middle School Teacher <br />Annual Income: $62.300 <br />30%ot Income: $1.557 per month <br />A Connected Community <br />The City will attempt to eliminate barriers in fair housing through ongoing policy <br />development and evaluation informed by community engagement and fair housing <br />evaluations and data. Because many fair housing barriers are regional in nature, the City <br />will participate in regional efforts to eliminate racial disparities and fair housing barriers. <br />As Ramsey attempts to utilize HUD grants for future projects, we have the responsibility to <br />take meaningful action to eliminate discrimination and remove barriers that restrict access <br />based on protected characteristics, such as race, color, creed, religion, national origin, sex, <br />marital status, status with regard to public assistance, disability, gender identity, sexual <br />orientation, and family status. The City will examine policies, regulations, programs and <br />actions that both the City and its partners take to assess their impact on affordable housing <br />city of RA1VMSE 1 <br />Comprehensive Plan 2040 <br />