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�.� �-- �s <br /> Housing costs have the greatest impact on extremely low (30% of inedian) and very low _- <br /> income (50% of inedian) households. Approximately 63% of all low income renter <br /> households are paying more than 30% �f their income for housing compared to 30% of ,� <br /> homeowners who are paying more than 30% of their income for housing. <br /> Approximately 33% of the renter households are paying more than 50% of their income <br /> for housing as are 29% of owner households paying more than 50% of their income for <br /> . housing. <br /> This Consolidated Plan will identify the ways in which the City will be able to use federal <br /> funds over the next 5 years to develop affordable housing for those residents with the <br /> greatest housing need. <br /> Unemployment Rate <br /> Redwood City is becoming home to many high tech companies as Silicon Valley grows <br /> north. This growth is bringing numerous jobs to Redw�od City. The unemployment rate <br /> for Redwood City is 2.7% compared to the statewide unemployment rate of 5.4%. <br /> HO�JSING AND COMMUNITY <br /> D�VELOPMEN�T NEEDS <br /> Conditions <br /> As Silicon Valley sprawls from Santa Clara north up the peninsula through San Mateo <br /> County, Redwood City has realized an increased number of commercial developments <br /> have created more jobs and brought more workers to the City. The supply and cost of <br /> housing has contributed to long commutes and high turnover in local business and <br /> industry. Approximately 77% of the work force in Redwood City commute into the City <br /> from other areas. Among the many reasons for the amount of those who commUte is <br /> the cost and availability of affordable housing. <br /> Housing Needs <br /> The Association of Bay Area Governments has projected that an additional 2,544 <br /> housing units are needed for all income levels. Of this total, 534 or 21 % are needed for <br /> very low income households, 256 or 10% for low income, 486 or 26% for moderate <br /> Low Ineome Renters with Severo Housing Cost Burdens <br /> by Household Type <br /> Redwood City <br /> 35% �� � -1 <br /> 30% - �--� — --� , <br /> 25% � --- - � � <br /> -- i <br /> 2 0 % .. --- �� : ` —� <br /> 1 5 % - . 4'{..;� �. � <br /> . 10 % � . � � �„ u, <br /> . . ' - � . ,_ .. . <br /> . � � ; � a . ��,,. <br /> � 5 % � �� � <br /> � . . __.....__... ._... _..._ .„ . . <br /> ....__.._ . . ._.._._..... <br /> � . .. . : ,�T . ... <br /> 0% <br /> Eltlerly Small Famlty Larpe Family Ot�er � . <br /> � COSt Bur 2 34R 12X � 28X � <br /> ' Source: Califomia Emolovment Develooment Deoartment, US Bureau of �abor Statistics <br /> ° Source: Association of Bav Area Govemments Projections 2000, 1990 Census. Place of Work, Redwood City <br /> 9 <br />