AgdaPkt 2019-02-11 Joint SA PFA - Laserfiche WebLink

Browse Search

6.E. - Page 11 of 16 Attachment 1 7.A. - Page 5 million that will be repaid to the General Fund as Housing Impact Fees are received in the near term from projects that have been approved. The City has received several other funding requests from nonprofit and for profit developers and staff anticipates the number and frequency of these inquiries to increase, creating a pipeline of potential affordable housing production and preservation opportunities. Staff believes several million dollars could be received in 2018 and establishing allocation guidelines for the Affordable Housing Fund will help the City more efficiently fund requests that help meet the City's affordable housing priorities and goals. ANALYSIS Defining Affordable Housing The definitions of the term "affordable housing" have various meanings and depend on the context. Generally, affordable housing refers to any housing type that is affordable to its occupants. Based on Federal and State definitions or rental housing, this is typically no more than 30% of the renter's income for housing and utility costs. For homeowners, it is no more than 35% of the household income to pay for principal and interest of a mortgage, property tax, homeowners insurance, property maintenance and utilities. When it becomes more than that, it affects a household's ability to buy food and support other essentials like healthcare. This is true for whether an individual rents or owns a home. When the City refers to the term affordable housing, it means housing that is in some way designed for long-term affordability to ensure households are not over -paying housing related expenses. Affordable housing also typically refers to a specific property type: housing that is subsidized by the City in return for affordability restrictions requiring the units to house people at different income levels at housing costs affordable to them. This can either be rental housing or ownership housing. Community Engagement - Major Themes Over the course of the community conversations, pop ups and survey several themes emerged: 1. Increase housing security; need for more short-term support while pursuing mid - and long-term solutions 2. Provide more housing options for families, seniors, singles, homeless and those serving the community (such as teachers, police, fire fighters, nurses) 3. Enhance social and economic diversity; community connections and interaction in our neighborhoods 120