Title
Resolution to Adopt the Housing Affordability & Equity Analysis, Committing to Advance the Goals Set within, and Supporting the Designation of a Regional Workgroup
Memorandum
It is requested that the Ann Arbor City Council approve the attached Resolution to adopt and advance the Housing Affordability and Economic Equity Analysis.
Background
In 2012, City Council and multiple City Boards and Commissions adopted the City of Ann Arbor Sustainability Framework. This framework provides an organizing structure for city plans and goals, fitting into three key aspects of sustainability including environment, economy, and equity. Diverse housing was identified as a goal within this framework, with the specific charge to "provide high quality, safe, efficient, and affordable housing choices to meet the current and future needs of our community, particularly for homeless and low-income households." One action item identified to meet this diverse housing goal was to conduct an analysis to better understand the current status of affordable housing in the community. With this charge, the Office of Community & Economic Development undertook a comprehensive analysis of housing and related equity indicators in Ann Arbor and across the urban core of Washtenaw County.
Since the beginning of the recent recession, the housing market has experienced significant cycles of change. A real estate bubble converged with the recession, and manifested locally in reduced housing values, high rates of foreclosure, and in some communities, significant changes in neighborhoods through high rates of conversion from owner-occupied to rental housing. The local housing market is starting to emerge from these changes and is showing signs of strength and weakness.
Housing is typically the largest household expense. As a point of measurement, households that spend over 30% of their household income are considered housing cost burdened. When this burden occurs, it places pres...
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