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<br />Affordable Workforce Housinf,! - April 2007 <br /> <br />Affordable Workforce Housing: <br /> <br />I. What is Affordable Workforce Housing"? There are many experts in the twin cities that <br />have studied affordable workforce housing and how adequate housing affects the social and <br />economic vitality ofthe area. Organizations include the Family Housing Fund, United <br />Way, Wilder Foundation, McKnight Foundation and Metropolitan Council. In addition, <br />many studies have been done regarding affordable workforce housing such as Maxfield <br />Research and the Office of the Legislative Auditor. The Metropolitan Council administers <br />the Section 8 housing program in many of the metro area communities. The section 8 <br />program serves very low income residents (30-50% of median income). So as to not <br />duplicate programs already available by other agencies,. local community HRA's or housing <br />advocates should focus on the "Affordable Workforce" housing which typically is defined <br />at 80% - 120% of median income for working residents. <br /> <br />2. There are a variety of definitions for "Affordable" and "Workforce" housing. Some of <br />those are outline below. <br /> <br />. The US Department of Housing & Urban Development (HUD) defines affordable housing as <br />housing that costs no more than 30% of income on rent or mortgage. Many residents pay more <br />than 30% of their incomes towards housing nationwide. <br /> <br />. Fannie Mae's definition of affordable housing: - At least 20% of all units must have restricted <br />rents affordable to households earning no more than 50% of the area median income (AMI) OR <br />at least 40% of all units have restricted rents affordable to households earning no more than <br />60% of AMI OR there is a compelling public purpose "namely continued affordability" which <br />if furthered by the property. <br /> <br />. Urban Land Institute's definition of workforce housing - Affordable to households of low, <br />moderate and above moderate income in a range of60 -120% of AMI. <br /> <br />. Housing Land Trust Fund of San Francisco Bay definition of workforce housing - Housing that <br />is affordable to private and public sector workers with incomes at or below that of teachers and <br />public safety workers. <br /> <br />Affordable Workforce Housing Summary Page I of 4 <br />