12/21/1998 Council Packet - Laserfiche WebLink

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• Livable Communities December 16, 1998 page 6 Affordability The affordability goals refer to the percentage of housing in the community that meets the affordability criteria. In 1998, this means owner- occupied housing is considered affordable if its value is no more than $128,000. Originally, the affordability level for rental units was a specified cost for rent. Currently, the affordable threshold takes into account the combined monthly cost of rent and utilities. The amount varies depending on the number of bedrooms in the rental unit. Rental units can be single family detached units, townhomes, condominiums, or apartments. The 1998 affordability amounts are: $ 607 for a 1 bedroom unit, $ 760 for a 2 bedroom unit, $ 821 for a 3 bedroom unit. To summarize, there are two affordability goals for a city. One would be a percentage of owner- occupied housing in the city that is affordable. The other is the percentage of rental housing in the city that is affordable. • Life Cycle • The life cycle goals refer to housing that is not single family detached. The first life - cycle goal is a percentage of all housing in the city that is not single family detached. This would include townhomes, condominiums, and apartments. They could be duplexes, triplexes, quads, row houses, or apartment buildings: anything other than a single family detached house. The second life cycle goal compares the percentage of owner - occupied to the percentage of rental housing. Density The density goals refer to dwelling units per acre. There is one density goal for single family detached houses, and a second density goal for multiple family housing. Participation in the Program To be eligible for any of the funds under the Act, a city agrees to work toward promoting a greater variety of housing. To provide some sort of indication of progress, the city sets long -range goals regarding housing affordability, life cycle housing, and development densities.