PC Packet 12.21.17 - Laserfiche WebLink

Home

Affordable Housing Affordable or workforce housing provides opportunities for employers to hire local workforce from a wide range of incomes. The federal and state governments have long used household income as a key measure for eligibility for their housing programs. Eligibility is based upon very low-, low-, and moderate -income categories. The U.S. Department of Housing and Urban Development (HUD) defines and calculates different levels of AMI for geographic areas across the country by household size. For the Twin Cities region in 2016, HUD has defined the three levels of affordability shown in Table 4-5. Table 4-5 Affordable Housing Thresholds, Twin Cities Region 2016 One-person $18,050 $30,050 $46,000 Two -person $20,600 $34,350 $52,600 Three-person $23,200 $38,650 $59,150 Four -person $25,750 $42,900 $65,700 Five -person $28,440 $46,350 $71,000 Six -person $32,580 $49,800 $76,250 Seven -person $36,730 $53,200 $81,500 Eight -person $40,890 $56,650 $86,750 Source: U.S. Department of Housing and Urban Development (HUD), 2016 k YOr L 2040 COMPREHENSIVE PLAN UPDATE DRAFT Dec14-17 for review only Hugo has a number of residents living in the 30%-80% household income bracket that are also cost - burdened by housing costs, as shown in Table 4-6. Number of Cost -burdened Households in Very Low, Low, or Moderate Income Households. Based on historical trends and the number of low wage jobs provided, the Metropolitan Council anticipates that there will be a need for additional affordable housing units by 2040 in the City as shown in Table 4-7. Table 4-6 Number of Cost -burdened Households in Very Low, Low, or Moderate Income Households 251 Source: Metropolitan Council 417 243 Table 4-7 Metropolitan Council Affordable Housing Need Allocation for Hugo DRAFT Dec14-17 for review only At or below 30% AMI 444 31 to 50% AM 1 342 51 to 80% AM 1 48 Total Units 834 HOUSING 9A