Title
Resolution for the City of Ann Arbor to Gather and Communicate Information on Programs Supporting Low and Moderate-Income Mortgages to City Employees and Residents
Body
Whereas, According to the Ann Arbor Area Board of Realtors, through November of 2021 the median price for a single-family home in the Ann Arbor Public School District was $451,000; i
Whereas, US Census American Community Survey data on the City of Ann Arbor shows that between 2010 and 2019 there was a 33% decline in the distribution of homeownership by households earning between $50,000 and $75,000 in annual household income, and a 20% decline in the distribution of homeownership for all households with annual incomes below $100,000 / year; ii
Whereas, The growing student enrollment and employment levels at U-M's Ann Arbor campuses and at other local employers has put significant pressure on the local housing market as evidenced by housing costs which have significantly outpaced the Consumer Price Index as well as area personal income over the last decade;
Whereas, Ann Arbor has a significant shortage of housing affordable to low and moderate income households using traditional mortgage financing;
Whereas, Only 40% of all U-M Ann Arbor campus employees live in the Ann Arbor area iii and the proportion among staff is only 28%, having dropped 12% between 2012 and 2018; iv
Whereas, The proportion of Ann Arbor's Black population has declined from 9.3% of total residents in 2010, to 6.8% in 2020, in a County where the share of African Americans has increased from 10% to 12% over the same period. v, vi,vii
Whereas, The Ann Arbor area is reported as the eighth most economically segregated in the US. viii
Whereas, Workers employed in the City who cannot afford Ann Arbor area housing costs commute from all around Washtenaw and surrounding counties, thereby increasing their transportation, financial, and time-in-transit burdens, increasing housing, worker and family stress, and traffic congest...
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