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HOUSING EVERETT <br /> WHY DEVELOP A HOUSING STRATEGY <br /> Housing production not keeping up with the need to address community vitality and quality of life when <br /> there is housing for everyone. <br /> By 2035,the City of Everett is expected to grow by 55,000 people. The current housing production trend rate <br /> indicates that not nearly enough homes are being built to meet this growth, having significant potential to create <br /> market pressures that will continue to adversely influence housing especially for low income community members <br /> and those experiencing homelessness. Housing at the higher income levels is also an identified need in Everett. <br /> Annual Housing Units Added with Population Growth <br /> 5,000 2,000 <br /> 4,500 1,800 <br /> -. Housing Units added -Population added <br /> 4,000 1,600 <br /> a 3,500 1,400 a, <br /> 3,000 1,200 <br /> ,17 <br /> 0 2,500 1,000 <br /> 2,000 800 c <br /> �' 1,500 500 <br /> 1,000 I 400 <br /> 500 l.■ 2000 <br /> 1 1 4 s 4'1 REQ <br /> Source:Office of Financial Management postcensal estimates of April 1 population and housing <br /> Recent studies in the region identify factors affecting housing production.Jurisdictions are authorized to <br /> implement initiatives and actions that will impact some of these factors to support new housing development. <br /> HOUSING PRODUCTION FACTORS support, and incentive based actions to support <br /> housing priorities. Affordable housing efforts and <br /> • Land availability strategies in this context are primarily targeted to <br /> households making 80%and below of median income. <br /> • Cost of construction vs. Return on Investment It should be noted that rental rates in Everett are <br /> generally affordable to households making 80%of <br /> • Permit Processing Times area median income.The City is also considering <br /> opportunities to encourage market rate housing <br /> • Regulatory Complexities production to address all economic segments of the <br /> population to relieve pressure on the overall housing <br /> •Affordable Housing Funding Complexities system. It is clear that affordable housing and <br /> homelessness issues are affecting Washington <br /> Local governments have tools and opportunities communities in similar ways.Affordable housing <br /> available, although limited,to influence these factors. strategies must be developed to be community <br /> Housing strategies are generally implemented by specific and recognize that no single strategy can solve <br /> enacting significant policy work,financial the lack of housing production <br /> EVERETT Community, Planning, and Economic Development 131 P a g e <br />