AGENDA DATE: 4/3/2019
TITLE:
Title
Update on Regional Housing Needs Assessment and Next Steps
BODY
SUBJECT/PROPOSAL/REQUEST: Presentation Regarding the Regional Housing Needs Assessment
ITEM TYPE: Regular Information Item
STAFF CONTACT(S): Richardson, Walker, Graham, Pethia
PRESENTER (S): Stacey Pethia and Chip Boyles
LEGAL REVIEW: Not Required
REVIEWED BY: Jeffrey B. Richardson
BACKGROUND: In December 2018, Albemarle County entered into a Memorandum of Understanding with the Thomas Jefferson Planning District Commission for the completion of a regional housing needs assessment. The scope of work for this assessment includes a review of housing market conditions, the need for market-rate and affordable housing, and the issues and barriers that are inhibiting the market's ability to provide affordable housing options.
The results of the analyses are presented at a regional level, as well as for Albemarle County. The report also identifies distinctions between housing needs in the County's Development Areas and those in our more rural communities. The report is in the final editing phase with an anticipated release in early April. However, as these edits are not related to the research findings, staff believe this is an appropriate time to begin discussing the data and our proposed work plan to address housing needs in our communities.
STRATEGIC PLAN: Quality Government Operations: Ensure County government's capacity to provide high quality service that achieves community priorities
DISCUSSION: A review of the data indicates increases in housing costs are impacting both homeowners and renters. Approximately 20 percent of all homeowners and 34 percent of renter households are estimated to be paying more than the officially recognized affordable housing expenditure of 30 percent of monthly income. While the County's lowest-income residents are particularly burdened by high housing costs, higher income households are feeling financially pin...
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