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Edina Housing Task Force DRAFT March 2006 EXECUTIVE SUMMARY After months of research, intense discussions, and input from community sources, the Edina Housing Task Force recommends that Edina Implement a Housing Succession Plan to help sustain our community and serve as a strong force for our region. The Plan con- tains five primary strategies: I. Adopt a mandatory Inclusionary zoning policy; 2. Update the Comprehensive Plan to convert appropriate areas to mixed -use and to provide for greater density in appropriate areas; 3. Use the greater Southdale area as a demonstration of a cutting -edge livable, pe- destrian -friendly urban redevelopment; 4. Create long-term opportunities to make a portion of Edina's existing housing stock affordable to more people and families; and 5. Leverage existing housing programs to create more opportunities for hard- working, moderate- and lower -income families. Edina's housing market is very healthy. So why does Edina need to bother with a Housing Succession Plan? For most people in Edina, market forces work sufficiently to provide the housing they need and desire. However, some segments of the population are not well served by the market. The Housing Succession Plan focuses on the areas where the mar- ket is functioning less well. Housing options in this context mean that Edina has lifecycle housing opportunities for people of a broad range of incomes and ages, who will contrib- ute to making it a great place to live. The Housing Succession Plan is built on the Idea that continuous renewal is essential to vital communities. We are a city with a variety of people across age and economic spec- trums —young families, seniors, teachers, professionals, life-long residents and newcom- ers. Because of housing costs, it is likely that this diversity will diminish. With average