02-27-2003 Housing Workshop - Laserfiche WebLink

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Jan Callison: President ofthe West I lennepin Alfordable I lousing Land Trust (Wl lAI !L T) and Minnetonka C’itv Council memher. Steve Cramer: Deputy Hxecutive Director of the Hennepin County lIRA -Department oTHousing. Community Works, and Transit. Jonathan Inirmer: lixecutive Director ofthe Supportive Housing Consortium Mark RulV: Hxecutive Vice President/DirecU»r. l-hlers Associuie.s—fmancial consultants. Background Infornmtion 'The following is background information to provide a eontext for the pre.scntations and discussion. Definitions: Affordable Housing: 'The definition of affordable housing is based on the general goal that a fai. ’iy or household shobld not have to pay more than .10% of its ineome for housing. The atfordability of housing is tied to hou.sehold income. I lousing a.ssistance programs are generally targeted to households with ineomes below 80 “/o ofthe median household income in the metro area. 'The 2<M)2 median household income in the metro area is $76,700, Highly percent of the median income is $61..160. (iiven the current low interest rates, a family at K0% of median income could afford a home valued tit $ 178.000. A family at 50% of median income ($.18..150) could afford a home valued at $111.000. Workforce Housing: Workforce housing is housing to serve the employees ol businesses and other employers in the community. A supply of housing alTordablc to the hK'al wt*rkforee can In; important to recruiting and retaining employees. I.ifc-cyck; Housing: Life-cycle housing is a range of housing options that can ser\ e the housing needs of hou.seholds at each stage of their lil'e-eycle. .Some examples are: -Rental housing, for those who are at a transitional point in their life-cycle that Kitcr matches a rental housing arrangement, or for those whose incomes do not allow homeowiiership. —(,)ualit>. I«>wer ct*st housing ft>r first time homebuyers. -lloiLsing options lor “empty ncsters". tho.se who.se children are grown, and who no longer need the large Imme. and don’t want the responsibility <d‘home and yard maintenance. -IKuising options for active .senit»rs —rental, condo ownership. ciH>perative ownership. -Housing options for .seniors w ho need .some lev el of care or a.s.sistance. L‘’hli rni Perspective Hecause housing neeils change with changing ilemographics. ;md because housing generally la.sl.s for many veais. it is im|Hii tant that housing i.ssues lx* approached with a U»ng term perspective. The supply of land lor housing is not unlimited. The long temi planning for hmising involves