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128 <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 />(AMI). In actual dollars. this breaks down la: <br />City of Ramsey (2015) Average Annual Median Income <br />1(-0% nt AMI = $86,800 <br />61-60%of AMI- $52,O81-69,440 <br />31-60% of AMI = $26.041-52,O80 <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 />Man 30% of their Income on housing costs. Rased on Ramsey's AMI, tha <br />following represents what people in different income ranges should be <br />spending on housing Iincludlng morlgaye and rent) per month: <br />Monthly Housing Cost Rased on AMI <br />100% of AMI = $2, 170 <br />61- 80% a f AMI = 1,303-1,736 <br />31 60%of AMI - $652-$1,302 <br />0 30% of AM I- $0 6b 1 <br />Now lhial we underslatld the different Income levels in Ramsey, we will rnalch hem wilh people in the community. Your child's teacher. your local <br />firefighter, the senior you see on Sundays at church...how much con these community members truly afford to pay for housing given their incomes? <br />Age: 88 <br />Occupation: Retired. Ramsey native <br />'cF 420 [SocialSecurity) <br />r month <br />Can l be your neighbor? <br />Age: 7A <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 <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 RAMSEY <br />Comprehensive Plan 2040 <br />