10/14/2020 P&Z Packet - Laserfiche WebLink

Home Search

Spend ALOHA Amount The City's ALHOA for 2021 is $75,979. This is the amount of your City budget that must be spent on affordable or life -cycle housing opportunities to participate in the LCA programs. At least 85% must be spent on activities that help to create, sustain, preserve, or advance affordable and/or life -cycle housing opportunities. Examples include direct housing expenses, debt service on affordable housing projects, and staff time administering programs that create affordable housing. The City has previously met this requirement through Tax Increment Financing payments for the Willow Ponds Senior rentals and the Legacy at Woods Edge projects. TIF currently proposed for the Lyngblomsten project would be an eligible expenditure. Adopt Affordable and Life Cycle Housing The 2030 Comprehensive Plan included an affordable housing goal for the City of 560 new affordable units between 2011 and 2020. The new 2040 Comprehensive Plan has land guided at densities that can accommodate our affordable housing need allocation of 515 units between 2021 and 2030. The forecasted growth between 2020 and 2030 is 1,700 new households. The affordable allocation amounts to approximately 30% of new household growth. As shown in Table 4-10 of the 2040 Comprehensive Plan, approximately 50% of the City's existing households units were affordable (2017). Table 4-10. Units Affordable by Household Income Un its % of All Units Affordable to Households with Income at or below 30% of AN 1 (less than or equal to $27,120) 163 2 Affordable to Households with Income 31%to 50% ofANl 492 � (over $27 1fl0 and less than or equal to $45,2W) Affordable to Households with Income 51 to 00% ofAN1 2,696 41 % (over $45,20 and less than or equal to $72,320) Affordable to Households with Income Abave8 of AMI (over $7 ,320) 3,312 50° Total Housing Units B,M 100°% Source: Me+."olitan Caundl, No mh& 2d17, Lima Lakes 6usbFg Housing Assessment, Local Planning Handbook The LCA program establishes a goal range of 283 — 515 for affordable units and a goal of 790 for Life -cycle units. Affordable is defined as housing that is affordable to low and moderate income families making no more than 80% of the area median income (AMI). In 2020, the area median income (AMI) for a household of four is $103,400. An affordable home price for a family of four with a household income of 80% AMI ($78,500) is $293,500. Examples of both rental costs and home price at various income levels is attached. "Lifecycle" refers to housing, other than single family detached, which meets the needs of the community in all age ranges. This can include twin homes, townhomes, or multi -family for example. 2