12/11/1995 Council Packet - Laserfiche WebLink

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fEi MP IA t . u. .a Bill 5719922/mccnc a Housing Goals Agreement Definitions Affordability Housing is defined as affordable if it costs no more than 30 -percent of a household's income. The Index and Benchmarks in the housing agreement are based on the following: Ownership: homestead values for 1994 of $115,000 or less. This is the approximate unit cost affordable to housholds with incomes at 80 -percent of the 1994 regional median income. Rental: 1990 census, rents of $500 or less per month. In 1990 this rent level was affordable to households with incomes at 50 - percent of regional median income. Life -Cycle Housing Life -cycle housing is a term used to refer to the availability of housing for people of all stages of their lives. Communities with a wide variety of housing types for ownership and rent are in a good position to meet the people's changing needs as their incomes and preferences change. The Index and Benchmarks in the housing agreement are based on the following: Type: 1993 Council estimate of the percent of all housing units that were not single-family detached. Owner/Renter Mix: 1990 census, percent owner-occupied/percent rental housing units. Density Units per acre. Derived from the 1990 census of unit types and the Council's interpretation of 1990 aerial photography of the region. Single -Family Detached: All single-family detached housing units and duplexes divided by the Council estimate of acreage with single-family housing. Multifamily_ 1990 census count of multifamily units divided by the Council estimate of land with multifamily housing develop- ment. Index The community's current housing situation. Benchmark The current housing situation for the community's geographic sector and planning area. Goals The community's goals for housing affordability, life -cycle housing and density. goals.pm5 8-16-95