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<br />( <br /> <br />In ~980 Redwood City's mean household income was $26,436 compared to the <br />County wide mean of $31,184. However ABAG's projections indicate that <br />from 1980-200, Redwood City incomes will increase by 42\ compared to a <br />county increase of only 31\. <br /> <br />Regional Housinq Needs <br />The estimate of housing units need in Redwood City in 1985 and 1990 <br />is required by state law to includ~ the City of Redwood City's allocation <br />of regicnal housing need. This regional projection is contained in <br />ABAG's -Housing Needs Determinations-San Francisco Bay Region-, December <br />1983. This report developed the following estimates of housing need in <br />Redwood City: <br /> <br />Exhibit XIV <br />Housinq Needs - Redwood City 1980-90 <br /> <br />umTS <br /> <br />Existing need 1980 <br />Projected Need: <br />1980-1990 <br />Very low income <br />Lo,,", income <br />Moderate <br />Above moderate <br /> <br />438 <br /> <br />3,S94 <br />755 (21\.) <br />611 (17\) <br />755 (21\) <br />1,473 (41%) <br /> <br />The eXlsting need figure indicates the approximate number of units needed <br />to create a 1980 vacancy rate of 4'. The projected need is the number of <br />units needed to fill the eXlsting need, plus providing enough units to <br />accommodate the projected household growth in the City, with a sufficient <br />vacancy rate to maintain mobility in the housing market. <br /> <br />Section 65584 of the Government Code defines each localities share of the <br />regional housing need as: <br /> <br />.. .That share of the housing of persons at all <br />income levels. within the area significantly affected <br />by the jurisdiction's general plan. <br /> <br />. <br />< <br /> <br />Appl ied to the Bay Area, a .very 1010' income" housl?hold is one wi th an <br />income of up to 50\ of the median income. A -lo~ income" household has <br />o~e with an income of 51-80\ of the median regional income. A -moderate <br />income. household is one with an income of 81-120\ of the median regional <br />income. A household with an income greater than 120\ of the regional <br />median income is considered to be above moderate. <br /> <br />. <br /> <br />10 <br /> <br />EXB "7'-3 <br />