AgdaPkt 2014-10-20 Closed and Special Joint with SA_Revised_10_17_2014

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8.A. - Page 116 Of the 28,646 total homes currently available only 1,154 or 6.8% are deemed affordable to low wage earners. In contrast, 13.5 % or 6,710 of the total 49,845 jobs are low wage jobs. In 2013, the jurisdiction's Area Median Income (AMI) was $82,000. An estimated 50% of the jurisdiction's residents earn less than $75,000 per year. Based on the Department of Housing and Urban Development guidelines, households should not spend more than 30% of their income on rent or mortgage. Given these guidelines in order to be affordable monthly rents for apartments not exceed $2,050. The median sales price for a single - family home is $848,913 and the median rent for a 2- bedroom apartment is $2,163. In addition to data collected to adequately quantify and assess housing needs, NPH strongly suggests the city include the following programs in future iterations of the draft housing element: • Include a program to track employment growth, by income or wage level, for the same period used to track population growth. • Include a program to monitor jobs housing fit (JHF) in the City for renters and homeowners. JHF is defined as the ratio of low -wage jobs (those paying $1,250 per month or less) to affordable rental (apartments that cost $750 per month or less) or affordable homes (owner- occupied or vacant for sale housing units at $150,000 or less). • Include a program to improve low wage jobs and affordable housing fit currently pegged at 5.81. B. RHNA Progress Based on our review of the jurisdiction's 2013 Annual Progress Report (APR), it appears that Redwood City's performance during the 2007 -2014 planning period fell short of meeting the City's housing need, especially with respect to lower- income households, while slightly exceeding the above moderate income housing production allocation. Performance values shown as % of total RHNA for each affordability level: • Very low income (0 -50% AMI) - 82 of 422 or 19% • Low income (51 -80% AMI) - 52 of 304 or 17% • Moderate (81 -120% AMI) - 94 of 358 or less than 26% 3 Housing data is calculated from the American Community Survey, 5 -year files, published by the U.S. Census.