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<br /> Page 15 <br />Everett 2044 Housing Element Appendix <br />Category 2: Sensitfve informatfon <br />recommended income thresholds on rent. As noted earlier, nearly 60% of renters in Everett are cost- <br />burdened, and over a quarter spend more than half their income on housing. These outcomes are not <br />the result of individual choices—they are the result of structural shortages. <br />The shortage of deeply affordable housing also affects Everett’s progress on addressing homelessness. <br />While the city has expanded permanent supportfve housing over the past decade—from 934 units in <br />2012 to 2,925 in 2024—these gains stfll fall short of the projected need for nearly 3,700 PSH units by <br />2044. Moreover, without more non-supportfve housing affordable to extremely low-income residents, <br />many people exitfng crisis housing or transitfonal shelters have nowhere stable to go. <br />What’s clear is that market-rate constructfon alone will not solve this problem. The private sector is not <br />incentfvized to build units affordable to those making less than 30% of AMI without public subsidy, and <br />the cost of land, labor, and materials contfnues to rise. To address the shortiall, Everett must aggressively <br />pursue strategies to preserve existfng affordable housing, acquire or land-bank propertfes for affordable <br />development, and invest in financing tools such as housing trust funds, tax exemptfons, and state or <br />federal grant programs. <br />In additfon to funding, zoning and permitting practfces must evolve. Increasing density alone won’t solve <br />the shortage at this income level if affordability is not baked into the design. Affordable housing <br />developers face unique challenges that can be mitfgated by reducing regulatory barriers, expeditfng <br />review processes, and reserving city-owned land for projects that serve low-income populatfons. <br />