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Housing Policy Discussion; Beekman Planning & Economic Development MEMORANDUM TO: Mayor and City Councilmembers Mike Mornson, City Manager FROM: Meg Beekman, Community Development Coordinator DATE: October 13, 2015 SUBJECT: Housing Policy Discussion Background The Metropolitan Council recently adopted Thrive MSP 2040, an updated regional policy plan which includes a new 2040 Housing Policy plan, among other regional planning documents. On September 17, the city received its 2015 System Statement from the Metropolitan Council. The System Statement shows how the changes to the Council’s regional system plans will affect Hopkins, and the distribution of the System Statements triggers the timeline for updating the city’s comprehensive plan. The city’s updated comprehensive plan will be due to the Metropolitan Council by December 31, 2018. In light of the upcoming comprehensive plan update, and growing development interest in part due to the Southwest LRT Green Line Extension, the city will be embarking on developing a new housing policy plan. The October 13 work session is intended as a kick-off to this process, which will take place over the next year or more. Staff has asked representatives from both the Metropolitan Council and Hennepin County to come and talk about the housing work that is taking place along the Southwest LRT corridor as well as the region as a whole. This will provide the background to further the city’s housing policy discussion. Summary of Metropolitan Council Discussion Item Metropolitan Council staff will be at the October 13 work session to provide a regional context to the housing discussion, explain the city’s 2015 System Statement in regards to housing, and talk about the impact to Hopkins. The Met Council’s website offers a wide variety of resources as the city moves forward on its housing policy planning. For more information visit the Met Council’s community page dedicated to Hopkins. Summary of Hennepin County Southwest Community Works Discussion Item In May 2012, the Southwest Community Works Steering Committee approved a process to develop a corridor-wide housing strategy for the Southwest LRT Corridor. The outcome of the strategy is to help achieve the Southwest Community Work's vision and guiding principle for providing a full range of housing choices specifically within ½ mile of the Green Line Extension station areas. Southwest Corridor Community Works and their funding partners have been working together since 2012 to inventory existing housing options in the corridor, understand what the future housing demand may be and the likely demographics of people interested in living along the corridor. In addition, the work includes an understanding of the current and potential local, county, state and federal technical and financial resources to support a full range of housing choices. The Southwest Corridor Housing Inventory was completed in November 2013 and the findings were presented to the City Council at the October 8, 2013 Work Session. The purpose of the housing inventory was to identify the current housing stock along the Southwest Corridor at various intervals from the specific station areas. The inventory did not provide future projections related to housing demand, future market supply, potential housing gaps and how those gaps could be addressed through the use of specific tools and strategies. The Housing Gaps Analysis which was completed in September 2014 specifically answered those questions and more including:  What housing types and values are missing from the Corridor?  What are the strengths and weaknesses along the SWLRT line?  Where are the optimal sites for housing development within ¼ mile of station areas?  Where is the greatest risk of gentrification?  What tools and strategies will be most useful in achieving the goal of a full range of housing choices? The complete SWLRT Housing Gaps Analysis can be accessed on the Southwest Transitway website at: http://www.swlrtcommunityworks.org/beyond-rails/planning-information/housing-inventory Based upon the findings in the gaps analysis and the recommendation on ways that those gaps could be addressed, the Southwest Corridor Community Works prepared a draft Corridor-wide Housing Strategy in March 2015 (attached). Southwest Corridor Community Works staff is now seeking input on the strategies and goals outlined in the document from the Hopkins City Council (attached). Ultimately, Southwest Corridor Community Works is seeking support from the communities along the corridor for the strategies outlined in the document. Housing Policy Discussion With the upcoming comprehensive plan update, and likely new development, particularly around the three future LRT stations, staff feels that a holistic look at the city’s housing goals and a new policy to reflect those is critical. Once the background information has been presented, city staff will facilitate a discussion with the Council around housing goals, looking ahead to 2040. Below are questions to help start the discussion. Ultimately, staff will use the identified goals to inform the policies and implementation strategies that are available to the city. Staff will also be evaluating what other cities have done and are in the process of doing to forward the implementation of their housing strategies in order to identify all possible tools and leverage all available resources. Edina, for example, recently adopted an affordable housing policy. Similarly, St. Louis Park recently completed an inclusionary housing policy that includes accommodation for new affordable units, among other things. At the October 13 Work Session, the City Council will be asked to reflect upon and answer the following questions:  What do you think are the most important housing needs in Hopkins?  What housing types are missing in Hopkins?  What do you see as the biggest barriers to a full range of housing choices in Hopkins?  Where do you feel the City should focus its efforts in housing? Next Steps Following this discussion, staff will identify implementation strategies and tools to fit with the housing goals identified by the City Council. A follow-up work session will likely take place in early 2016. Council Action Requested No action is requested at this time. The Council is asked to provide their input on the Corridor- wide housing strategy and the city’s housing goals. SOUTHWEST LRT Corridor-wide Housing Strategy A plan to support and encourage a full range of housing choices along the Southwest Corridor (Green Line Extension) station areas DRAFT - March 9, 2015 Prepared for: Southwest Community Works Steering Committee 2 Partners This document was prepared by the Southwest Community Works Housing Workgroup. The Workgroup is comprised of partner staff from all six Corridor cities, Family Housing Fund, Twin Cities LISC, Minnesota Housing, Metropolitan Council, the Southwest Corridor Project Office and ULI-Minnesota. Workgroup members have collaborated on background research and funding to support development of a corridor-wide housing strategy for the Southwest Corridor (Green Line extension). (®´²¨­¦ 7®±ª¦±®´¯ -¤¬¡¤±² Tara Beard, Metropolitan Council Cathy Bennett, ULI-Minnesota Theresa Cunningham, City of Minneapolis Margo Geffen, Hennepin County Elise Durbin, City of Minnetonka Kathryn Hansen, Southwest Project Office Margaret Kaplan, Minnesota Housing Molly Koivumaki, City of Eden Prairie Tania Mahtani, City of Eden Prairie Alysen Nesse, City of Eden Prairie Gretchen Nicholls, Twin Cities LISC Kerri Pearce Ruch, Hennepin County Joyce Repya, City of Edina Elizabeth Ryan, Family Housing Fund Brian Schaffer, City of Minneapolis Michele Schnitker, City of St. Louis Park Libby Starling, Metropolitan Council Stacy Unowsky, City of Hopkins Katie Walker, Hennepin County For additional information on Southwest Community Works, its members, partners and initiatives, as well as contact information, please visit: www.swlrtcommunityworks.org Southwest Community Southwest Community Southwest Community Works Guiding Principle – Works Adopted Goals Works Vision Housing Economic competitiveness “collaborateand and job growth - promote opportunities for business partner so that “ providing a full range and employment growth Housing choices - position Southwest Corridor of housing choices – the Southwest LRT becomes apremier communities as a place for positioning the all to live destinationthat is Southwest LRT Quality neighborhoods - create unique, vibrant, safe, accessible,livable and communities as a place beautiful, and walkable for all to live” station areas ” vibrant Critical connections – improve affordable regional mobility for all users. 3 Background In May 2012, the Southwest Community Works Steering Committee approved a process to develop a corridor-wide housing strategy for the Southwest LRT Corridor. The outcome of the strategy is to help achieve the Southwest Community Work's vision and guiding principle for providing a full range of housing choices specifically within ½ mile of the Green Line Extension station areas. Southwest Corridor Community Works and their funding partners have been working together since 2012 to inventory existing housing options in the corridor, understand what the future housing demand may be and the likely demographics of people interested in living along the corridor. In addition, the work includes deep understanding of the current and potential local, county, state and federal technical and financial resources to support a full range of housing choices. Some of the Southwest-specific studies and resources that inform this work include: Southwest Corridor- wide Housing Inventory (2013), which chronicles existing housing and demographics along the corridor; Southwest LRT New Starts Affordable Housing Rating Evaluation Summary, MZ Strategies (2013), which outlines existing SW Corridor Cities plans and programs that support affordable and workforce housing that can be applied to the LRT Corridor. Southwest Corridor Investment Framework (2013), which provides Transitional Station Area Action Plans (TSAAPs) for each of the 17 station areas, including recommendations on likely sites for housing development. Southwest Corridor Housing Gaps Analysis (2014), which projects future housing demand, provides market analysis and outlines recommendations and tools to achieve a full range of housing choices. Southwest LRT New Starts Submittal (2014), which provides updated information on costs, ridership and land use/economic development both presently and looking into the future, as part of the Federal LRT Funding process. Additionally, cities have undertaken housing studies, outlined tools and strategies in comprehensive plans and set individual housing goals. These efforts, along with other resources and technical assistance, have been compiled and taken into consideration to inform a Southwest Community Works Corridor-wide Housing Strategy along the Green Line Extension. ` 4 7§¸   ¢®®±£¨­ ³¤£ §®´²¨­¦ ²³± ³¤¦¸Ȉ Recent studies by the Dukais Center for Urban and Regional Policy of 42 neighborhoods and 12 metropolitan areas revealed that when transit is added, housing stock becomes more expensive. These and other studies overwhelmingly indicate that existing and future housing located strategically near light rail experience a rise in value and rents at a more rapid pace than the general market. This increase helps to spur economic development and at the same time has a tendency to reduce the opportunities for lower to moderate income people and transit dependent individuals that may desire and benefit most by living near station areas. Rising housing costs generally hit working households the hardest, which elevates the risk of involuntary displacement of people already living in those areas who may no longer be able to afford to own or rent due to the “Ensuring that there is a full range increase in values. of housing choices with access to transit in our cities builds economic prosperity and competitiveness by 7§¸ ¶®±ª ³®¦¤³§¤±Ȉ attracting and retaining residents to support key employers. “ Creating a full range of housing choices is a difficult challenge yet is critical to the success of Southwest LRT - Family Housing Fund (Green Line Extension) and the surrounding communities. In order to adequately address the challenges, “… we must act now to ensure particularly in developing affordable housing, collaboration is key. that the housing built in these locations provides for a mix of A collaborative approach increases the corridor’s ability to be incomes or a once-in-a- competitive, adds leverage to secure public and philanthropic lifetime opportunity will be resources, sends a positive message to the development lost.” community that the corridor is “all-together” in supporting a mix of housing choices along the Southwest Corridor, and creates – Center for Transit Oriented alignment to achieve regional housing goals. Development Successful collaboration creates shared benefits and enables cities to do more – better - together than they can do alone. "¸ ¢®¬¨­¦ ³®¦¤³§¤± ³® ¢±¤ ³¤   #®±±¨£®±-W¨£¤ H®´²¨­¦ S³± ³¤¦¸ ¥®± 3®´³§¶¤²³ #®±±¨£®±Ǿ ³§¤ ¢¨³¨¤²Ǿ (¤­­¤¯¨­ #®´­³¸  ­£ ®³§¤± ¯´¡«¨¢  ­£ ¯±¨µ ³¤ ¯ ±³­¤±² ¶¨«« ¡¤ ¡¤³³¤±  ¡«¤ ³®Ȁ Create and sustain healthy communities: By providing a full range of housing choices all along Southwest Corridor, cities will be able to create and sustain the livable, vibrant neighborhoods that contribute to overall city well-being. Housing that is affordable to a mix of incomes around 5 all station areas increases choices for residents looking to live near work, family or educational opportunities, reduces transportation costs and creates equity in communities. Provide lifecycle housing for existing residents: Whether it’s housing for young people just out of college, move-up housing for growing families or housing options for seniors looking to age in place, cities know that retaining residents helps to build strong, stable communities. A Corridor- wide Housing Strategy will help cities respond to the needs of their existing residents and accommodate community needs. Achieve individual city goals: The Corridor-wide Housing Strategy will assist cities in meeting their individually adopted housing goals for their community and may allow them to increase their Housing Performance Score for resources from the Metropolitan Council’s LCDA program. Leverage Resources: The Corridor-wide Housing Strategy will enable Southwest cities and Hennepin County to leverage additional public and private resources, compete better for limited grant funds and philanthropic dollars and attract greater private development than may be possible acting individually. Increase Economic Competitiveness: There is an economic case for providing the best opportunities for access to quality housing for those with modest incomes. If the essential workers along the corridor cannot afford to live there anymore, it impacts not just each individual city but the economic growth and competitiveness of the corridor and region as a whole. Provide Consistency of Approach: Quality development capacity to pursue projects is limited. The pursuit of capital developers endure when there are inconsistencies of visions, goals and processes adds to the costs of a project. Developers will be drawn to an area that has a collaborative housing approach , a consistency of vision and is redevelopment ready. This reduces the complexities of development, helps to solve problems and manages development risks. A Corridor-wide Housing Strategy will provide clarity and consistency to the local and national development community, allowing cities and the County to take full advantage of the unique TOD opportunities and to be creative in development near transit that will grow the tax base now and into the future. Sustain and improve the Southwest LRT New Starts Score: The Federal Transit Administration considers policies, planning and programs that support development and retention of affordable housing along transit corridors. In the most recent New Starts ranking, FTA spoke highly of the coordinated planning efforts and programs along Southwest Corridor, noting that “The region appears to have one of the most comprehensive set of affordable housing initiatives in the country.” FTA ranked Southwest LRT “high” based on coordination and planning efforts around affordable housing but the line only ranked “medium-low” based on the formula for counting legally-binding affordable housing along the corridor. In order to make the LRT project as competitive as possible for federal funding, FTA will be looking for further action, such as adoption of a corridor-wide housing strategy, when it reviews Southwest LRT for the Full Funding Grant Agreement. 6 Corridor-¶¨£¤ (®´²¨­¦ '® «Ȁ Provide a full range of housing choices New Construction: Add 11, 200 new units within ½ mile of the Corridor, including 3520 that are affordable to lower (<60% AMI) to moderate income (60% - 80% AMI) households by 2030. Preservation:Preserve 3800 unsubsidized affordable (<60% AMI) rental units by 2030, out of 6700 unsubsidized units within ½ mile of the Corridor. Affordability targets for new construction*: New Construction - Rental New Construction - Affordability Targets Homeownership Affordability Targets 0% -30% AMI 6% 6% 30% -60% AMI 10% 120% AMI or 36% 60 % -80% AMI less 13% 120% AMI + 65% 80% -100%64% AMI 100%+ AMI % of Area Median Salary for a family of four Affordable monthly housing Income (AMI) payment (HUD, 2014) (30% of income) 30% AMI $24,850 $621 60% AMI $49,740$1244 80% AMI $63,900 $1598 100% AMI $82,833 $2071 120% AMI $99,400 $2485 *Building on the Southwest Community Works investment guiding principle of providing a full range of housing choices, the Housing Gaps Analysis examined each station area and suggested development scenarios. These included potential unit numbers for new construction as well as identified existing rental units in need of preservation. These scenarios form the baseline for unit targets along Southwest Corridor. 7 7§¸ ²¤³ ¢®±±¨£®±  ¥¥®±£ ¡¨«¨³¸ ³ ±¦¤³²Ȉ Each of the diverse cities along the corridor are individually taking steps to plan for land uses along the corridor, and have housing strategies and goals outlined within their comprehensive plans. All of the cities work toward housing goals that were negotiated with the Metropolitan Council. So what is the benefit of setting affordability targets together? Respond to regional and federal funders. Federal Sustainable Communities Grant. In 2011, Hennepin County was a sub- o recipient of a federal Sustainable Communities Grant. Combined with Living Cities resources through Corridors of Opportunity, the Southwest Corridor was tasked with developing a set of measurable unit goals for housing along the Corridor. Corridors of Opportunity Transit Recipients need to address Fair and o Affordable Housing. In September 2011, the Corridors of Opportunity Policy Board adopted several recommendations on how regional transit corridors should address Fair and Affordable Housing in their overall TOD strategies. The primary recommendation was for the adoption of measurable, corridor-wide goals and strategies to ensure sufficient housing, both new production and preservation, to serve a full range of incomes. The Sustainable Communities grant and Corridors of Opportunity program have both ended. However, their guidance and best practices are still applicable for work in the corridor. There are also important funding opportunities in the future, both for the LRT project and for competitive development resources. Competitiveness for FTA Funding of Infrastructure. In 2013, the Federal Transit Administration released new guidance for scoring transit projects that included existing and future plans for affordable housing. FTA is seeking to “ensure that as service is improved over time, there is a mix of housing options for existing and future residents.” In anticipation of application to the FTA for theFull Funding Grant Agreement (FFGA) for Southwest Corridor, commitment and progress toward meeting affordable housing goals is essential to be viewed competitively against other regions seeking the same limited funds. Alignment with Metropolitan Council Housing Policies: A coordinated strategy along the Corridor that aligns with Metropolitan Council's housing policies, including the Housing Policy Plan (2014), will help cities in planning, tracking progress and addressing regional housing needs. Metropolitan Council will be allocating new affordable housing need numbers, along with negotiating affordable and life-cyclehousing goals with 8 participating cities in the future. A corridor-wide housing strategy that aligns with regional housing policies will help cities improve their competitiveness when seeking Council resources. Align development policies and resources throughout the corridor Corridor-wide affordable housing targets, developed in collaboration and tied to existing city plans and Metropolitan Council housing goals, will allow partners to focus efforts and public resources to identified gaps. Collaboration between partners will allow sharing of tools and information, while preserving each entity’s unique identity and role in housing creation. Track progress over time Similar to the work being done on Central Corridor, a Corridor-wide affordable housing target will allow cities, Hennepin County and funders to track progress over time to ensure that the corridor is moving towards its policy goals. Having specific numeric targets allows measurement against a baseline and can also help identify where targets may need adjustment due to market trends or development activity. 9 !¢§¨¤µ¨­¦ ³§¤ '® «Ȁ Corridor-¶¨£¤ /¡©¤¢³¨µ¤² To achieve the Corridor-wide goal and the unit targets, Southwest LRT Community Works supports four Corridor-wide objectives. These objectives will only be achieved through public/private partnerships, utilizing strategies and implementation steps detailed below: 1)$¤µ¤«®¯¬¤­³ ®¥ ­¤¶ §®´²¨­¦ ®¯¯®±³´­¨³¨¤² Create new housing that includes a mix of unit types with values and rents affordable to o people with a full range of incomes. 2)0±¤²¤±µ ³¨®­ ®¥ ¤·¨²³¨­¦ §®´²¨­¦ ®¯¯®±³´­¨³¨¤² Preserve and enhance existing subsidized and unsubsidized housing stock to reduce the o involuntary displacement of low to moderate income residents. Maintain opportunities to use Section 8 vouchers in corridor units. o 3)2¤²®´±¢¤²Ȁ 4¤¢§­¨¢ «Ǿ &¨­ ­¢¨ «  ­£ 2¤¦´« ³®±¸ tools Utilize existing resources and develop new resources to achieve corridor housing targets o by seeking funding sources and technical expertise to support the development and preservation of full range of housing choices. Modify regulatory tools to support housing development and preservation. o 4)- ±ª¤³ ³§¤ #®±±¨£®± - ͓4¤«« ®´± 3³®±¸ ³® ³§¤ 7®±«£͓ Attract developers and new residents and retain existing residents and employees to o TOD neighborhoods and a TOD lifestyle. 10 !¢§¨¤µ¨­¦ ³§¤ '® «Ȁ )¬¯«¤¬¤­³ ³¨®­ Strategies The following implementation strategies, divided between corridor-wide and city/county specific actions, are recommended in support of the Corridor-Wide objectives: Corridor-¶¨£¤ ¨¬¯«¤¬¤­³ ³¨®­ strategies: Develop Coordinated Mixed Income (Inclusionary Housing) policy language This language would apply to new housing development within corridor cities, o particularly in areas targeted for new transit oriented development. Seek support for policy adoption by Corridor Cities. o Evaluate existing agreements (subsidized properties) Determine length of contracts, develop policies and engage owners early in o maintaining and extending legally binding affordable housing units along the Corridor. Monitor use of Section 8 vouchers along the corridor to preserve units accepting o vouchers. Maintain and improve the quality of existing aging rental and ownership housing stock Particularly focus on properties that are at values and rents affordable to low- o moderate income people. Develop programs together, with regional partners, that provide for strategic o acquisitions, low-interest loans and public-private partnerships Work with owners to match lower income residents with unsubsidized o affordable housing units and create a structure to maintain that affordability. Leverage private and philanthropic investments locally, regionally and nationally, along the corridor through a TOD Housing Fund. Link development prospects to Regional Pre-development Funders Roundtable o to connect corridor goals to appropriate funding sources. 11 Participate in the evaluation of private/public TOD Housing fund. o Engage large corridor employers to strategically invest in the preservation and production of housing opportunities for low-to-moderate income employees. Engage the Southwest Investment Partnership. o Support efforts to create a privately capitalized TOD Housing fund. o Evaluate corridor cities interest in exploring the cost/benefits, mechanics and legislative authority for joint financing mechanisms such as corridor- wide TIF, fiscal disparities sharing, and other forms of value capture. Provide marketing resources and expertise to promote the Corridor and its housing vision to developers, employers, schools and future residents. Develop metrics to track progress towards unit targets over time, using existing partners and resources. #¨³¸ȝ#®´­³¸ ¨¬¯«¤¬¤­³ ³¨®­ ²³rategies: Develop and adopt a clear and consistent vision, goals and affordability targets for housing development within ½ mile of station areas. Maintain and enhance policies around station areas to promote increased density and include a mix of uses consistent with federal and regional transportation policies. Implement infrastructure recommendations from the Investment Framework to provide connectivity in and around station areas and maximize development potential at station sites. 12 !¢§¨¤µ¨­¦ ³§¤ '® «Ȁ .¤·³ Steps 3¤¤ª ¢¨³¸ȝ¢®´­³¸ ²´¯¯®±³ ¥®± ³§¤ four ª¤¸ #®±±¨£®±-wide Objectives Encourage integration of strategy tools within zoning and o development plan review. Encourage use of strategy goals in funding allocation decisions o $¤³¤±¬¨­¤ ¬¨· ®¥ ´­¨³ ³¸¯¤²  ­£  ¥¥®±£ ¡¨«¨³¸ ¥®± ³§¤ ¢®±±¨£®± Ask cities to identify station area mix of housing units, types and o values 3¤¤ª ¢¨³¸ ¦® «² ¥®± ¯±¤²¤±µ ³¨®­  ­£ ­¤¶ ¢®­²³±´¢³¨®­  ³ µ ±¨®´²  ¥¥®±£ ¡¨«¨³¸ «¤µ¤«² ¥®± ¤ ¢§ ²³ ³¨®­  ±¤ Ǿ ³®  ¯¯«¸ ³® ¢®±±¨£®± targets Adopt corridor targets that are consistent with city goals o $¤µ¤«®¯ (®´²¨­¦ 7®±ª¦±®´¯ ¶®±ª ¯« ­ ³® ³± ¢ª ¯±®¦±¤²² ®­ Corridor-¶¨£¤ ²³± ³¤¦¸ ¨¬¯«¤¬¤­³ ³¨®­ȁ %­¦ ¦¤ ±¤¦´« ±«¸ ¶¨³§ ¯®«¨¢¸¬ ª¤±²  ­£ ²³ ª¤§®«£¤±² ³® ¤­²´±¤ ³§ ³ Corridor-¶¨£¤ ²³± ³¤¦¸ ±¤¥«¤¢³² ¢´±±¤­³ ¦® «²  ­£ ¬ ±ª¤³ ¢®­£¨³¨®­²ȁ � 10/13/2015 � o� 0611/4-1- ID • Affordable Housing Needs in the Twin Cities Current conditions(2014): • 1,165,657 households Paying more • Over one-third of these are low- than 30%of Planning housing and moderate-income(earning mcomc 80%or less of area median housingcosts for the next decadesincome) Low-and • Nearly two in three pay more than ..erase-income 30%of their income on housing ho - holds j • This is more than 280,000 households Hopkins City Council Work Session 2 Affordable Housing Needs in Theo opportunity of a regional the Twin Cities pc approach Forecasted conditions(2030): • 212,813 additional households • Promoting resilient communities for a competitive • One-quarter of net household growth will be low-and moderate- 'o region (earning 80%or less of I • Guiding"orderly and economical"growth and area median income) development • This is more than 56,000 households • Utilizing resources more effectively to address housing challenges greater than any individual community can How many will pay more address alone than 30%of their income for housing? 3 4 20 HOUSING Council activities to promote Thrive -,? t-'0LILii PLAN affordable housing 1Create housing options that give people Planning an adequate supply of land in all life stages and of all economic 2. Funding for affordable housing development 3means viable choices for safe, stable and 4. HousiIncentng hfo i e ouc performance 4. Housing Choice Vouchers affordable homes. 5. Technical assistance to local governments 6. Moral support to local governments 5 1 10/13/2015 Planning for an adequate supply of land 1. Planning for an adequate • Review comprehensive plans Supply of land -Allocate community's share of regional housing need -Guide housing elements to meet the requirements of the Metropolitan Land Planning Act 7 8 Minnesota Statute 473.859 Housing element structure "...a housing element containing standards,plans and programs for providing adequate housing opportunities to Existing Projected Implementat�n meet existing and projected local and regional housing housing a8crdable program needs,including but not limited to the use of official needs housing •Public programs, controls and land use planning to promote the Exist n--- -- needs_ _fscaliievices,- availabilityof land for the development of low and housing Allocation raaelof - -- and nstospecific P - assessment- affixdable actions to meet--- moderate income housing." I -•-Ideatification-et- --housing-need - sting en-d------ needs and •Promoting the existing ednB•� "An implementation program shall describe public -priorities availability of programs,fiscal devices and other specific actions to be land undertaken in stated sequence to implement the comprehensive plan and ensure conformity with metropolitan systems plans." Existing housing assessment What we see in Hopkins 30% Greater • 82.9%affordable and than • The Council will provide data for the existing housing below 80%of assessment,including: (regional average is AMI AMI -Affordability 65.9%) 11% 17% - Tenure - Unit types - Cost burdened households • Plans consistent with Council policy will combine the / existing housing assessment with local context and 31- 51- existing prioritiesto clearlyidentify their0%of ' /eA of Y fYexisting AMI �_, AMI housing needs 21% 51% 11 12 2 ' 10/13/2015 What we see in Hopkins Housing element structure • High share of rental 68% 70% 69% housing Existing Projected Implementation ii ii housing affordable program • Over half the housing % ii needs housing Public programs, stock is multifamily ' •Existing needs fiscal devices. housing •Allocation of 011 and specific assessment affordable actions to meet p ,y •identification of housing need existing and Ae ,tips ,tip( ,tip'` needs andPromoting projected needs • the „p,• priorities availability of �Y land •Hopkins •Twin Cities 13 Projected housing needs Three bands for affordability • The Council will provide each community with their Household Size: 30%AMI 50%AMU 80%ARM Allocation of Affordable Housing Need at each of the One-person $17,400 $29,050 $44,750 three following levels of affordability: Two-person $19,900 $33,200 $51,150 — 30%or less of Area Median Income(AMI) Three-person $22,400 $37,350 $57,550 —31-50%AMI Four-person $24,850 541,450 563.900 —51-80%AMI Five-person $27,910 $44 800 $69,050 Six-person $31,970 $48,100 $74,150 • This allows communities to focus on the kinds of Seven-person $36,030 551,400 $79,250 affordable housing that are most needed in their Eight-person $40.090 554,750 $84,350 community 15 Is Allocation of Affordable Housing Need Regional need for low and moderate income housing Local need for 18,900 households earning 30%or less of area median low and Local need income(AMI) Regional for affordable 30% 50% need for low income housing: 9,450 households earning to of AMI housing by moderate and •Forecasted growth band: 9,050 households earning 50%to 80%of AMI(plus a ncome •Existing affordable •Below 30%AMI vacancy rate: 9,550 housing units) housing •31-50%of AMI housing •Ratio of low-wage •51-80%of AMI -jobs to low-wage 37,900 housing g units lH 18 3 10/13/201 Adjustments that"place relatively more affordable housing where it will help What this means for Hopkins low-income families the most"* • Allocation of Affordable Housing Need: Adjustment factors Need is increased: Need is reduced: —2011-2020: 143 units(growth of 300 households) Ratio of low-wage Relatively more low- Relatively more low- —2021-2030: 158 units(growth of 400 households) jobs to low-wage wage jobs than low- wage workers living •72 units afforddble at 30%of AMI and below workers wage workers living in the community •41 units affordable at 31%to 50%of AMI in the community than low-wage jobs Existing affordable Smaller share of Higher share of •45 units affordable at 31%to 50%of AMI housing existing affordable existing affordable housing - housing •2040 Housing Policy Plan(as adopted),p.80 A 20 Densities sufficient to promote Density as a tool to promote affordable housing affordable horsing development development • Plans consistent with Council policy will guide Option 1: Option 2: residential land at densities sufficient to promote Guide sufficient land at a Guide sufficient land at a affordable housing development minimum density of 8 minimum density of: • Increased density lea s to reduced costs of developing units/acre to meet your • 12 units/acre to meet need new housing(less Ian cost,less infrastructure) community's total need at<50%AMI(combines the • Increased density leads to more housing units overall two lower affordability • Higher density sites si nal to affordable housing bands) • 6 units/acre to meet need developers where co munities are more likely to at 51-80%AMI support affordable ho ing proposals 21 Housing element structure Implementation program • Plans consistent with Council policy will: Existing - 10/13/2015 • Funding for affordable housing development 2. Fundingfor affordable • Administer Livable Communities Act programs - Provide funding for housing development housing development - Calculate Housing Performance Scores 2s 26 Livable Communities Act • Participation is voluntary —Affordable and life-cycle housing Goals — Comprehensive plans that are consistent with Council policies 3. Incentives for housing • Various grant programs that support affordable housing performance — Livable Communities Demonstration Account — Tax Base Revitalization Account — Local Housing Incentives Account 27 28 Housing Performance Scores: Scoring structure Affordability New of existing construction • Used in scoring in the Livable Communities Act housing of affordable programs and the Regional Solicitation for s25k hong Split of points transportation funding between New Construction and • Provide incentives for housing performance - Preservation to vary by • Substantial update to the Guidelines for Housing / forecasted Performance,first introduced in 2002(minor ✓ growth and changes in 2012) Housing _ _ Preservation Community programs of affordable Designation and policies housing 25 20 29 30 5 10/13/2015 What this means for Hopkins Actual Total Points Awarded Driven By Earned New construction at Park Nicollet site with 80 units between 51-80%AMI and using Recent New 30 51 30 several local official controls;New units Construction put community on track to meet LCA goal Recent One large public housing and one large 5. Technical assistance to Rehab/Presery 20 137 20 federally-subsidized preservation project ation (Dow Towers 8Hopkins Village) local governments Housing Use of CDBG for owner-occupied Programs& 25 30 25 rehabilitation,licensing and code Policies enforcement,etc. 6. Moral support to local Earned highest possible points for each Existing Stock 25 28 25 AMI level(affordable at or below 30%,at governments Characteristics or below 50%,and at or below 80%) 11 Total points: 100 32 For more information: www.metrocouncil.orq Libby Starling Manager of Regional Policy and Research libby.starling@metc.state.mn.us 33 6 IO— i —201D AVVA— 01 Where do you think the City should focus its efforts on housing? Several areas of focus around various types of housing have been identified below. Next to each area of focus indicate how important you feel it is to explore as staff is identifying tools and strategies for meeting Hopkins' housing needs. Not Important Somewhat Important Very Important Preserving well maintained multi-family housing that naturally meets affordability 1 2 3 4 5 rates as defined by the Met Council New construction affordable housing—this would be new, legally-binding affordable housing, as opposed to naturally occurring 1 2 3 4 5 affordable, which comprises most of Hopkins' affordable housing today. Preserving well maintained single-family housing for low and moderate income 1 2 3 4 5 households Tiny houses 1 2 3 4 5 In-fill affordable housing (accessory dwelling units, "mother-in-law" apartments, 1 2 3 4 5 etc) Affordable senior housing 1 2 3 4 5 Market-rate senior housing 1 2 3 4 5 Assisted-living senior housing 1 2 3 4 5 Independent-living senior housing 1 2 3 4 5 New construction mixed-income multi- 1 2 3 4 5 family housing New construction market-rate multi-family 1 2 3 4 5 housing Owner-occupied multi-family housing 1 2 3 4 5 Other housing types not mentioned L - - vt IO—( -)cw cio ut r (1 Yic4(ef 10/13/2015 ' II-e ®, sgo ilow T1�5 Southwest Corridor Wide Housing Gaps Analysis & Draft Housing Strategy City of Hopkins October 13, 2015 Kerri Pearce Ruch, Hennepin County SL L„, ." „lb ®w Cv � Lcr� MEo ROIrOLITAN ��•5...•:•�e n•n,c� H E�EN — m*s�tftuie '� Community Works Steering Committee Policymakers from partner organizations who provide guidance and direction for the SWLRT Community Works program and work to advance its goals. • Hennepin County* volt• Hennepin County Regional Railroad ///sitWi:nn Hennepin Authority //1t4,411111.. 1=,47;; • Metropolitan Council ....y.EDEN lial �,. nfln,,,,,,,, • City of Minneapolis* ?i.IE •�••«. • Cityof St. Louis Park* s MET2orouTnN Minnesota • City of Edina* • •�: Mlnneapolls City of Hopkins* ;;:Podfin«noon en.N SOUTHWEST Tx+wii • City of Minnetonka* • City of Eden Prairie* Housing Workgroup • Minnehaha Creek Watershed District * • Minneapolis Park and Recreation Board �,.►,..MIL. I -I , °° p71L NOUSIN4 _�� M�AA �Q • South West Transit [ajs� FUND H' sa"g • Urban Land Institute *Funding partners for the Southwest Corridor-wide Housing Gaps Analysis,2014 1 10/13/2015 • Southwest Community Wor s Vision: Collaborate and partner so that Southwest Corridor becomes a premier destination that is accessible, livable and vibrant. Housing Goal: Positioning the Southwest LRT communities as a place for all to live. Investment Principle: Provide a full ranOe of housing choices. community works www.swlrtcommunityworks.org Southwest Community Works Employment 411...111.. Connected Development Communities Vibrant and Connected Natural Housing Systems Communities Opportunities V Corridor-wide Housing Strategy • Inventory • Gaps Analysis Strategy Transit Oriented Places Hvnepin community works www.swlrtcommunityworks.org 2 10/13/2015 Value of Corridor-wide Collaboration Successful collaboration creates shared benefits and enables cities to do more—better—together than they can do alone. • Create and sustain healthy communities 'Ads • Provide lifecycle housing for existing residents - _ • Achieve individual city goals Pt/ • Leverage resources 4 , " • Increase economic competitiveness • Provide consistency of approach • Sustain and improve the Southwest LRT New Starts score Hennepin i� rrli www.swlrtcommunityworks.org 'mmunity works Provide a full range of housing choices • What is present today? • What are the gaps between what exists,what will be the Gaps projected demand and its market feasibility? Analysis -1 O Ito; lam. • Market feasibility+housing policy goals •G • How do we get there? What can we do together? Hennepin ,i � community wcgg www.swlrtcommunityworks.org 3 10/13/2015 Gaps Analysis Key findings: • r _ n m iUi o u ii ��A7 ❖ Between 2010 and 2020, m 80+% of household growth f'' 1171!" '_" i.� is expected to consist of = l� households without L children. (Met Council) Tower ght,Wooddale Station ❖ Growing segments of the 111 " population will show a at strong preference for urban • °y1�.` housing—primarily high- density multifamily residential. Rendering of the ARTery,Do town Hopkins Station Hennepin 141, WitiMbdt4 www.swlrtcommunitywor s.org Gaps Analysis: Population and Household Growth ❖ Currently,the majority of corridor households are renters and fa that trend is likely to continue. ❖ Young renters are drawn to multifamily housing products in urban and well-sited suburban areas. a ❖ As Millenials(25—34)age,they may look for"urban" housing outside of Downtown and Uptown. a) ❖ Aging Baby Boomers will seek out more"efficient" living = arrangements. Hennepin community works www.swlrtcommunityworks.org 4 10/13/2015 Gaps Analysis: Employment Key findings: o ii ill 100110111 llh ❖ High employment creates strong market demand for a full i range of housing product types at all affordability levels. p/A■ is • Concentration of well-paying jobs in the information, finance and professional services&Health care/social assistance - : united Health Group campus & manufacturing -also strong. • 20%of persons employed within'A mile earn< $1,250/month. p1 • Single-worker household at this level can afford$375 monthly housing cost. I I ;l • If 2 workers in household,can afford only$750/month. I _ •, iiia - •'• Variation by station area -numbers of workers and Excelsior&Grand Retort • earnings. A key factor in development recommendations by station area. www.southwesttransitway.org Hennepin Gaps Analysis: Educational Facilities ❖Opportunities for open enrollment with new access by LRT. ❖New housing development within % mile of SW LRT stations is unlikely to have substantial impact on student enrollment. Key finding: Workforce and market-rate rental; entry-level for- sale housing may be attractive to teachers and school staff due to a current affordability gap between salaries and corridor housing costs. Hennepin cTp �T ehY TPNH www.southwesttransitway.org 5 10/13/2015 • Gap Analysis: Residential Development Outlook ❖ Market Demand=13,000-15,000 units ' i ll ' ❖ Market Feasibility - 11,000 units at �-° various price points ll_ �rt< ={ 6 it 41, -�,�. ❖ Gap exists between current units and#of — -s i households who will want to live along the Homline Station—St.Pool corridor .111 • .. • Need mix of rental housing by affordability range - general occupancy �. r . / ` �� I. w and senior rentals. i, r„ I • Need mix of home ownership products - for-sale condos, townhomes, row homes, and single family "pocket neighborhood" product types. High-Density Single Family Horn=s—"Pocket Neighborhood Design"—Seattle,WA Creative public/private partnerships,substantial subsidy&s rong policy leadership will be required. Hennepin §ggiffilgAWIT www.southwesttransitw.i.org Gaps Analysis: Housing Preserv:tion Key findings: ❖ Existin: Affordable Housin: is an asset in the Corridtr: - Corridor-wide: 7,700 total units affordable to those with ncomes at <60%of AMI (almost%of all existing rental units) 1,000 subsidized units (contract based - Sect. 8, publ c housing, Sect 42) 6,700"naturally affordable" units at<60%of AMI 508 Section 8 vouchers (tenant- based) are in u e within 1/2 mile of the corridor Preservation is key & far less expensive than construction of new units. Hennepin 1 ) glignffMCtIN www.swlrtcommunityworks.org 6 10/13/2015 Gaps Analysis: Corridor Strengths ❖ Strong demographics/economics of corridor ❖ 107,000 jobs with corporate presence ❖ Proximity of station areas to major employment nodes ❖ High-quality housing stock, stable neighborhoods,close to parks and recreational opportunities,shopping and restaurants ❖ Some stations have good sidewalk and trail connectivity and proximity to amenities; others have potential ❖ City staff are experienced and familiar with development tools < Y--� X11 „i•-. L:Bigos development,W +y,,.\\ ,f Lake station I1L ':117 117 • N - ,• . R:Target Field Stat on / ,� ✓�. off- s Hennepin e§§mximwmar www.swlrtcommunityworks.org Gaps Analysis: Development Challenges �� '- •:. Limited vacant land supply Pori r `'� :• Short supply of publicly owned sites til.� ri,,,„,,,,,, g 1�4�4�'��'tU� Land use issues reduce redevelopment potential , _ fi .� it �lil e !� r. -Private ownership; highest and best use issues :• High cost of development West Austin,TX Cost of development vs ROI -few deals"pencil out"now without subsidy + " Auto-oriented areas, lacking pedestrian/bike ;, Lfriendly amenities&connectivity Many lacking street"vibrancy"and supporting commercial/restaurant nodes and public New York City,NY amenities Hennepin community works www.swlrtcommunityworks.org 7 10/13/2015 Gaps Analysis: Residential Development Assessment by Station Area For each station area, a potential development scenario is offered. When taken together with existing housing stock,works toward goal of providing full range of housing choices. ❖ Draws on data/maps provided in TSAAP/Investment Framework :• Details current area housing supply ❖ Outlines strengths&development challenges at each station location ❖ Provides potential development scenarios for station area by unit type, affordability,and timeframe • Identifies parcels most ready for residential development • Recommends public realm investments to benefit residential deve opment Hennepin ROWPdrR www.swlrtcommunityworks.org Gaps Analysis: Station Area Assessment - Blake Strengths: Blake Road Station Area I • Land ava lability,particularly Total Housing Urits Cold Stora e site,43 Hoops and 10O%•of AMI redevelop ent opportunities. a0-10036ofAMI 1 40 •Existing a ordable housing— eo-130%of AMI 1■40 1600+unit at 30-60%AMI. 30-60%of AMI 95 y •Cit invest ents in I <i0%ofAMI Cottagevill Park,MCWD 30 45 investment in Minnehaha 0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500 Creek,Ced$r Lake Trail access ■Existing Units •Recommended New Construction •Proximity to major employers •Blake Sch of campus Development Challenges: • Pedestrian environment needs improvement,including connectivity and streetsc pe • Connectivity of Cold Storage site and Minnehaha Creek greenway to LRT platform area. • Aging and deteriorating commercial development;lack of appealing"walk-to"sh ps and restaurants. • Fractured ownership of redevelopment sites Hennepin MIROWAVI www.swlrtcommunityworks.org 8 10/13/2015 Gaps Analysis: Station Area Assessment— DT Hopkins Strengths: • Proximity to Downtown Hopkins, Dowtown Hopkins Station Area with traditional Mainstreet, Total Housing uws ARTery,and eclectic business mix. 100%*ofAMI - • Traditional street grid conducive 80-100%ofAM1 �10 to development/redevelopment. 60-80%of AMI Flo • 2000 residential units with about 62%affordable at 60%AMI or 30-60%ofAMI below. <30%ofAMI • Demonstrated market demand 0 500 1,000 1,500 2,000 2,500 3,000 for new housing product— Existing LYtrts •Recommended New Construction Marketplace&Main,Gallery I Flats. • Major employers in area. Development Challenges: • Poor connectivity—station platform across Excelsior Blvd. • Lack of developable land and publicly owned sites. • Private and fractured ownership makes major redevelopment challenging. Hennepin I i; www.swlrtcommunit w g �brlhr>iUnftlilu�TVs y orks.or Station Area Assessment — Shady Oak Strengths: Development Challenges: • 285 units of housing at 30-60%AMI within''A • Challenged from both a visibility and mile;another 450 units within''A to 1 mile access standpoint affordable to 60-80%AMI • Older,generally unattractive industrial • Long-term potential for redevelopment—older neighborhood. industrial parcels and under-utilized parcels. • Limited supply of developable land and fragmentation of ownership • Lack of existing street Shady Oak Station Area network/infrastructure TntaIRnmirg Uri. ' I • Poor connectivity to commercial nodes with shopping and restaurants. 10M6t"MI • Unappealing pedestrian environment. 80-100%ofAMI 60-80%ofAMI IMO 30-60%ofAMI <30%ofAMI 0 200 400 600 800 1,000 1,200 •Existing Units •Rerommerded New ConAnebon glg�T� Hennepin ri��d9 www.swlrtcommunityworks.org 9 10/13/2015 community works SOUTHWEST LRT Corridor-wide Housing Strategy A plan to support and encourage a full range of housing choices along the Southwest Corridor(Green Line Extension)station areas DRAFT-March 9,2015 Prepared for: Southwest Community Works Steering Committee Hennepin WANWAlig www.swlrtcommunityworks.org DRAFT Corridor-wide Housing Strat:gy Objectives 1) Develop of new housing opportunities • ' • mix of unit types with values and rents . � 2) Preserve existing housing opportunities • existing subsidized and unsubsidized housing stock ' ' • • maintain opportunities to use Section 8 vouchers _ +, ; ' -"Tir in corridor units. Pxkef NeigM1borM1ooE Oesgn • • 3)Enhance resources: technical,financial and rIrs •* regulatory tools • Utilize existing and develop new • Modify regulatory tools , EE F. . :II i 4) Market the Corridor Tell our Story to the •� , - Worldrr M,.ea,��ome ow�M1�me, ccpp,�,��'�pp Hennepin 1 ) YUAINAWC rk5 wwwswlrtcommunityworks..rg 10 10/13/2015 Draft Corridor-wide Housing Strategy: Affordability Targets • Respond to regional and federal funders o HUD Sustainable Communities Grant. o Corridors of Opportunity Transit Recipients need to address Fair and Affordable Housing • Compete for FTA New Starts funding • Align with Metropolitan Council Housing a a Policies • • ae Align development policies and resources throughout the corridor eon,y vmr:rde.my,wwrowHovam:smno • Track progress over time Hennepin community works www.swlrtcommunityworks.org Draft Corridor-wide Housing Goals by 2030: Provide a full range of housing choices New Construction: 11,200 new units within'A mile of the Corridor •3,520 affordable to lower(<60%AMI) &moderate income(60%-80% AMI) households. Preservation: 3,800 unsubsidized rental units affordable(<60%AMI)by 2030 • There are 6700 unsubsidized units today within%mile of the Corridor. %of Area Median Median salary for a family of four Affordable monthly housing Income(AMI) (HUD,2014) payment(30%of income) 30%AMI $24,850 $621 60%AMI $49,740 $1244 80%AMI $63,900 $1598 100%AMI $82,833 $2071 120%AMI $99,400 $2485 Qn,'Tp �R� Hennepin YtItlMIWC/t1i5 www.swlrtcommunityworks.org 11 10/13/2015 Draft Corridor-wide Housing Strategy: Corridor-wide Implementation Strategies • Develop Coordinated Mixed Income (Inclusionary Housing) policy language • Gaps Analysis recommended that publicly owned sites present the best short-term ' opportunity for this type of development. I - • Evaluate existing agreements(subsidized 'I properties) F I t • Maintain and improve the quality of existing ---" aging rental and ownership housing stock Notumlly omurringo oreoble horsing,SL Lo is Pah • Create a TOD Housing Fund • Leverage private and philanthropic investments locally,regionally and nationally Hennepin YrlIWORMCW wwwswlrtcommunityworks.org Draft Corridor-wide Housing Strategy: Corridor-wide Implementation Stra egies • Engage large corridor mployers in the preservation and p oduction of 11142 housing for employees 00,11 I O � N1 n j� • Exploring the cost/be efits, AMO oe� " mechanics and legislative authority II 19 . for joint financing mechanisms. I • Provide marketing resources and uiree N••m swP m,nP: expertise to promote the Corridor. • Develop metrics to track progress. y Hennepin ����mm www.sw/rtcommunit works org 12 10/13/2015 Draft Corridor-wide Housing Strategy: City/County Implementation Strategies • Develop and adopt a clear and consistent vision,goals and affordability targets for housing development within 1/2 mile of station areas. • Maintain and enhance policies around station areas to promote increased density and a mix of uses. • Implement infrastructure recommendations from the Investment Framework. iii Sena-L.- -., . '.rte • 111 cp��Tp Hennepin YZfATRitOWC 7{'��RT www.swlrtcommunityworks.org Draft Corridor-wide Housing Strategy: Action Steps • Seek city/county support for the four key • Corridor-wide Objectives a • Develop of new housing opportunities .', • Preserve existing housing opportunities • Enhance resources: technical,financial and regulatory tools A • Market the Corridor-"•Tell our Story to the World" f` __ 1t. • Determine mix of unit types and affordability for the corridor LBC Corridor Development Initiative(CM workshops • Seek city goals for preservation and new ,r l_f 44,1 construction at various affordability levels. • Develop Housing Workgroup work plan to track progress. - `ir • Engage regularly with policymakers and " - stakeholders. Hennepin ccnp'�,�TT It > ' www.swlrtcommunityworks.org YCATr7i�nitorks 13 10/13/2015 - Draft Corridor-wide Housing Strategy: Stakeholder Outreach • Developer and Funder Roundtable discussions —August 20,2015 Goals of outrejch: • 15 housing developers and 8 funders participated. . Inform stake holders • Gather inp • Community Advisory Committee—August 25th • Inform elec ed officials • Business Advisory Committee—August 26th • Housing Advocate Roundtable—September 8th 5 ---_ • City Council study session presentations— September/October 1•4141► ; • Other outreach: ULI Housing Committee, Hopkins Housing meeting—September 9th, other meetings TBD. Hennepin WA'tRiJW AP www.swlrtcommunityworks.org 2015 Corridor-wide Housing Strategy Activities Q1 2015: Q32015: Q42015: 2016: Steering draft accepted by stakeholder Committee action City and partner Community outreach and on final draft; action; Works Steering engagement; disseminate to implementation Committee revise draft corridor cities / Hennepin community works www.swlrtcommunityworks.or, 14 10/13/2015 More information/feedback Website: www.swlrtcommunityworks.org Email: http://www.swlrtcommunityworks.org/contact/contact-us Phone: 612.348.9260 Mail: Southwest Community Works 701 South 4th Ave, Ste.400 Minneapolis, MN 55415 Kerri Pearce Ruch kerri.pearce.ruch@hennepin.us 612.348.3080 Cathy Bennett cathy.bennett@uli.org 612.670.8147 Hennepin Yth1Trtfi7drk� www.swlrtcommunityworks.org Questions/Discussion Hennepin www.swlrtcommunityworks.org 15 OUR GOAL Provide a full range of housing choices CONSTRUCT in the Southwest corridor 11,2oo housing units 3520 ,o households with moderate and lower within a half mile of stations on the incomes,typic. y s than 80%of area median income(AMI). METRO Green Line Extension. PRESERVE 3 '.1.,1 rta __Iits(less than 60%AMI) from the 2014 inventory of 6700 such units! What does"affordable"cost?* of area median income(AMI) 30%AMI 60%AMI 80%AMI 100%AMI 120%AMI Salary for a family of four(HUD,2014) $24,850 $49,740 $63,900 $82,833 $99,400 Affordable monthly housing payment $621 $1244 $1598 $2071 $2485 (30%of income) Achieving the goal Next steps for 2016-2017 • Secure support from corridor cities and Hennepin County CORRIDOR-WIDE STRATEGIES • Work with cities to identify a mix of housing at various afford- • Develop mixed-income policy language for corridor cities ability levels for each station area • Evaluate existing agreements for subsidized properties • Develop a work plan to track progress • Maintain and improve existing affordable aging • Ensure this strategy remains up-to-date rental and ownership stock • Promote the corridor and its housing vision Southwest LRT Community Works housing • Establish a TOD housing fund with private capital workgroup members • Engage corridor employers in preservation and Cities of Eden Prairie,Edina,Hopkins,Minneapolis,Minnetonka development of workforce housing and St.Louis Park,Family Housing Fund,Hennepin County, Metropolitan Council,Minnesota Housing,Southwest Project • Examine technical,financial and regulatory structures Office,Twin Cities LISC,ULI-Minnesota • Develop metrics to track progress Read the full strategy or get more information at STRATEGIES WITHIN A HALF-MILE OF LRT STATIONS www.swlrtcommunityworks.org,or contact • Clear,consistent housing goals and affordability Kerri Pearce Ruch targets for corridor cities 612-348-3080,kerri.pearce.ruch@hennepin.us • Maintain and enhance policies to promote denser neighborhoods and mixed-use development *Income data varies depending on the size and population of the area surveyed.This data is for the Metropolitan Statistical Area that includes the Southwest LRT corridor. • Implement infrastructure recommendations from the Southwest Community Works investment framework ALd- '. IC-13-a°►S ri)'1, v,,( !ri, IPi, % 1!' r i. ,l !` 1 J 4r r , rr 141 . .;. r ,r.".".. le . _ T i ail ' Ow ' - .E i 41. Why do we need a coordinated, corridor-wide housing strategy? MAINTAIN AND GROW DESIRABLE, ATTRACT RESOURCE AND INVESTMENT COMPETITIVE COMMUNITIES By providing a clear visi n and consistent approach to hous- Vibrant,livable neighborhoods for people with a range of ing,we aim to attract quality developments across all income incomes are critical for the Southwest corridor to retain jobs levels.Cities and the county can grow their tax bases by and residents-and attract new ones.Strong communities maximizing the unique transit-oriented development(TOD) have a positive impact beyond their borders. opportunities that come with LRT. EFFICIENCY Corridor cities can do more together-and do it better-than they could alone,while also achieving their individual hous- ing goals.The cities and Hennepin County can also better compete for and leverage resources,both public and private. Steering committee partners SP 1:11IF 4 Hennepin °�� lE. y EDEN p -.. �//St. Louis Park r ° Minnea otis etonka MINNESOTA °® PRAIRIE City of Hopkins Cry�r „ke< A ,,,,,,,u&a,,,, 4 *— ® Urban Land Minnesota 1110 Q., I Institute M aTROI'OI^!TAN 4W QST MINNEHAHA CREEK SOUTHWEST TRANSIT wArEKEKE0 OIS,