09-13-2021 Council Packet - Laserfiche WebLink

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least 85% (64,582) 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 Goals The 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). 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 are 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. EDAC reviewed the program at their October 1, 2020 regular meeting and recommended the City pursue reenrollment. The Planning and Zoning Board reviewed the program at their October 14, 2020 regular meeting and recommended approval. As noted the program is voluntary. Failure to meet goals and spending requirements will only result in being ineligible for grant opportunities.