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125 <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 , and 61-8O% of average median income <br />(AMI). In actual dollars, this breaks down to: <br />City of Ramsey (2015) Average Annual Median Income <br />1(1D% at AMI = $86,ano <br />61-B0% of AMI - $52, 081-62 440 <br />31-60% of AMt = $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 />Ilion 30% of their income on housing costs. Bored on Ramscy'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% 1,303-1,736 <br />31 60%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 there wilh 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 />Annual t co securityl <br />dah <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 />An Active and 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 />