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2 <br /> <br />Spend ALOHA Amount <br /> <br />The City’s ALHOA for 2021 is $75,979. This is the amount of your City budget that must be <br />spent on affordable or life-cycle housing opportunities to participate in the LCA programs. At <br />least 85% must be spent on activities that help to create, sustain, preserve, or advance affordable <br />and/or life-cycle housing opportunities. Examples include direct housing expenses, debt service <br />on affordable housing projects, and staff time administering programs that create affordable <br />housing. The City has previously met this requirement through Tax Increment Financing <br />payments for the Willow Ponds Senior rentals and the Legacy at Woods Edge projects. TIF <br />currently proposed for the Lyngblomsten project would be an eligible expenditure. <br /> <br />Adopt Affordable and Life Cycle Housing Goals <br /> <br />The 2030 Comprehensive Plan included an affordable housing goal for the City of 560 new <br />affordable units between 2011 and 2020. The new 2040 Comprehensive Plan has land guided at <br />densities that can accommodate our affordable housing need allocation of 515 units between <br />2021 and 2030. The forecasted growth between 2020 and 2030 is 1,700 new households. The <br />affordable allocation amounts to approximately 30% of new household growth. As shown in <br />Table 4-10 of the 2040 Comprehensive Plan, approximately 50% of the City’s units were <br />affordable (2017). <br /> <br /> <br />The LCA program establishes a goal range of 283 – 515 for affordable units and a goal of 790 <br />for Life-cycle units. <br /> <br />Affordable is defined as housing that is affordable to low and moderate income families making <br />no more than 80% of the area median income (AMI). In 2020, the area median income (AMI) <br />for a household of four is $103,400. An affordable home price for a family of four with a <br />household income of 80% AMI ($78,500) is $293,500. Examples of both rental costs and home <br />price at various income levels is attached. <br /> <br />“Lifecycle” refers to housing, other than single family detached, which meets the needs of the <br />community in all age ranges. This can include twin homes, townhomes, or multi-family for <br />example.