Ordinance 3454-15 with Exhibits A- C

EVERETT COMPREHENSIVE PLAN 46% of Everett's households have very low to extremely low income, and approximately 80% of them are cost burdened. Vacancy rates below 4% tend to indicate a tight housing market with a demand for more units to be built, rising rents and a lack of available housing units. As of June 2014, the vacancy rate for Everett was at an historic low of 2.6%. Year end 2013 the vacancy was 3.9%. The rent change from year end 2013 to mid -year 2014 was estimated at an increase of 8.1 %. Over the past decade, income has not kept pace with housing costs, particularly owner -occupied housing. Between 2000 and 2013, the median value of homes increased from $161,100 to $237,600, a 47% increase from 2000-2010. Rents increased at a more moderate level, increasing 34% during the same time period. Incomes during this same time period increased just 18% for households. Most housing projects that target specific extremely low to low income households are owned or managed by nonprofit housing developers, including Everett Housing Authority and the Housing Authority of Snohomish County. However, there are 319 units of tax credit for profit projects that are privately held, and could be lost if their affordability does not continue after the regulatory compliance period ends. There are 7,423 affordable housing units assisted by federal, state and local programs in Everett. Of these, 3,926 assist extremely low income households, 1,816 assist very low income households, 1,677 assist low income households, and 4 assist moderate income households. There are 4,512 units of permanent subsidized housing with a range of rental assistance sources including 2,885 Section 8 Housing Choice Vouchers, 461 Section 8 Project -Based Vouchers, 235 Section 202 Supportive Housing for the Elderly Rental Assistance, and 72 HUD Supportive Housing units. Everett Housing Authority estimates a wait list of approximately 5,600 with some duplication. With a point in time homeless count of 119 chronic homeless adults and 33 unaccompanied youth, the City cannot say there is adequate availability of housing units to meet all the needs of our population. Investment of public and private resources is needed to maintain, rehabilitate, and expand housing choices all along a continuum from emergency shelter and transitional housing to housing rehabilitation and affordable permanent rental housing and homeownership. With the City projected to increase its population from 36% to 57% within the next 20 years, and with a significantly higher percentage of expected elderly, there is need for additional affordable housing supply to meet projected needs. The significant reduction in the pace of new housing as a result of the recent recession will continue to put pressure on rent prices due to lower vacancy rates. While some households of moderate and higher income can choose to be cost burdened while not greatly affecting overall quality of life, cost burdened households with low to extremely low income have less financial resources to meet other basic needs (food, clothing, transportation, medical, etc.), less resources to properly maintain the housing structure, and are at greater risk for foreclosure or eviction. HOUSING ELEMENT 20