5 - Information Items (2)TO: CENTRAL RECORDS
FROM: ~,l
(Name/ Bo r Or Com ' sion)
PLEASE add these items to Meeting Packet of:
/- /fl'-D/
(Date of Meeting)
AFFORDABLE HOUSING
Report for
Planning Board
January 25, 2001
YEAR 2000 HOUSI NG
PRODUCTION
121 Permanently Affordable Units
(Produced/Acquired)
4 Restricted U n its
27 Rehab Units (23 mobile homes; 4 single family homes)
28 Homeownership Assistance ~22 Hzo ~oans; 6
Private Activity Bond)
YEAR 2000-2001 E F FO RTS
Housing Task Force Report to Caunci~; Ballo~ ~~-ast~re -~-
Inclusionary Zoning
Boulder Valley Comprehensive Plan
University of Colorado
PI'Ogl'drYl DeS1g11 ISSUeS (income & asset ~imits ad~usted, work/live in Boulder
preference)
Draft DET Waiver
Draft Density Bonus for MXR-D
Mapleton Mobile Home Park
Homeless Shelter
Administrative Systems: Asset Management & Financial
Management
Production Initiatives ~SWeat equ~~, energy conservation, accessibility)
YEARS 2001 - 2010:
TEN YEAR PROJECTIONS
~ Fanding ~
High confidenee
that at least 1/2
(400) can be
produeed; balance
contingent upon
^ 7800 = Existing units thru 2000
^ 800 = Units thru funding, 2007-2010
(including units thru additionat
$479,000 City funds)
^ 600 = Units thru Inclusionary
Zoning, 2007-2010
leveraging, YEAR 2010
market conditions
2,800 - 3,200 PROJECTED AFFORDABLE UNITS
6- 7% OF HOUSING STOCK
1,300 - 7,700 UNITS SHORT OF 10°1o GOAL
PROJECTIONS COMPARED
TO TI-IE 1-0% GOAL. --
4500 Units = 10% AfiFordable Housing Goal
1800 Existing Units Through Year 2000
4% of Housing Stock as AfFordable
1000 - 1400 Projected Units Years 2001-2010
2- 3% additional Housing Stock as Affordable
Existing (~800)+ Projected (1000 - 1400)
6- 7~10 of Housing Stock as Affordable
1300 - 1700 Units Short of 10% Goal
GROWING GAP BETWEEN
INCOME & HOUSING PRICES
1990 - 2000 Income & Single Family Housing Prices
$aoo,ooo
~so,ooo ~
~
~oo,ooo ~
$250,000 Median Single Family Home Rice Gpp
$zoo,ooo
i
i
I
$15Q000 i
Affordable Price
$100,000 ~
I
$50,000 i
Average Median Income for 3 Person Household
$0 . ~ ~ ~ ~ ~ ~ ~ . , ~ ~
1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000
Year
~AMI for 3 Person
Fiousehold 'i
,
-~Affordable Rice ~~
~~Median Single Family
Home Aice
TRENDS IMPACTING FUTURE
AFFORDABLE HOUSING
Red~ eStdte Va~U2S (median) 111CreaSeC~ ~y ZZ°lo (attached)` t0
26% (detached) in 2000; buying power of dollars is
decreasing
An estimated 75% of remaining build out will occur
within the next 6 years; fewer units produced through
inclusionary zoning in later years
Inclusionary zoning tends to produce units for
moderate incomes; less opportunity to produce units
for lower income households, which require greater
subsidy
INDICATORS OF PUBLIC
SENTIMENT
_
Healthy Communities Initiative, 2000=: 97°!0 0~ - ._: :-
employers feel that housing is a problem; 22% consider
it a major problem
Citizen Survey, 1999: 70 - 80% of citizens polled
believe that lack of affordable housing is a significant
community concern
Housing Needs Assessment, 1999: An estimated 8800
households are burdened by housing costs, paying more
than 30% of their gross income on mortgage or rent
Ballot Measure, 2000:
47% voted No
43% voted Yes
9% did not vote on measure