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Housing Goals Agreement <br />Definitions <br />Affordabffitv <br />Housing is defined as affordaWe if it costs no more than 30-perceni of a household's income. The Index and Benchmarks in the <br />bousing agreement are based (»the following: <br />Ownership: homestead values for 1994 of $115.000 or less. Thit is the approKimatc unit cost affordable to housholds with <br />incomes at 80-percent of the 1994 regional median income. <br />Rental: 1990 census, rents of $500 or less per month. In 1990 this rent lev^l was affordable to households with incomes at 50- <br />percent of regional median imrome. <br />Life-Cycle Housing <br />Life-cycle housing is a tenn used to refer to the availability of housing for people of ail suges of their lives. Communities with a <br />wide variety of housing types for ownership and rent arc in a good position to meet the people s changing needs as their incomes <br />and preferences change. The Index and Benchmarks in the housing agreement are based on the following: <br />Type: 1993 Council esomate of the percent of all housing units that wen. not single-family detached. <br />Owner/Renter Mux: 1990 census, percent ow ner-occupied/percent rental .housing units. <br />Density <br />Units per acre. Derived from the 1990 census of unit types and the Council's interpretaoon of 1990 acnal photography of the <br />region. <br />Single-Family Detached: All single-family detached housing units and duplexes diviHed by the Council estimate of acreage with <br />single-family housing. <br />Multifamily: 1990 census count of multifamily units divided by the Council estimate of land with multifamily housing develop ­ <br />ment <br />Index <br />The community's current housing situauon. <br />Benchmark <br />The current housing situation for the community s geographic sector and planning area. <br />Goals <br />The communitv s goals for housing affordability, life-cycle housing and density, <br />goals.pm5 8-16-95