Laserfiche WebLink
Strategies to Provide <br /> Affordable Housing <br /> t. <br /> Choices <br /> Housing <br /> Choices <br /> Goal: Provide housing choices affordable to a full range of <br /> incomes near high-capacity transit. <br /> Adopted regional policy recognizes housing as a basic human need and calls for local policies and tools that <br /> provide for an adequate supply of housing affordable at all income levels, to meet the diverse needs of both <br /> current and future residents. <br /> In order to meet a substantial portion of this need within walking distance of rapid transit services, the <br /> signatories to this Compact will: <br /> • Use a full range of housing preservation tools to maintain the existing level of affordable housing within <br /> each transit community, and <br /> • Use a full range of housing production tools and incentives to provide sufficient affordable housing choices <br /> for all economic and demographic groups within transit corridors. Strive for affordability of new housing in <br /> transit communities as a whole that is proportional to region-wide need or greater to serve transit- <br /> dependent households, as follows: at least 15% affordable to households that earn between 50% and 80% <br /> of AMI, at least 15% affordable to households that earn between 30% and 50% of AMI, and at least 20% <br /> affordable to households that earn below 30% of AMI. <br /> These goals apply to the region's transit corridors collectively, and do not suggest a specific desired <br /> outcome for any individual transit community. Further, fully attaining these goals will require new tools, <br /> resources, and subsidies beyond those that exist today. <br /> These affordable housing goals are based on regional income data and forecasts of TOD demand produced for <br /> GTC by the Center for Transit Oriented Development. While the action strategies reinforce and expand upon <br /> existing tools and resources, housing goals for transit communities will not be fully attainable by governments <br /> and housing providers in our region without an increase in the total amount of subsidy available for production <br /> and preservation of below market cost housing. <br /> 38 <br /> The Growing Transit Communities Strategy I Public Review Draft I May 2013 <br />