7.4. SR 03-17-2014 - Laserfiche WebLink

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. � 11' Elk Elk River Comp ehensive Plan R1Ver IRV Seniors Affordable Housing + Those in their 80s and older are often looking for low Affordable housing is important to a strong economy maintenance or assisted and a healthy community. Increasingly, housing is not 4 living housing. Elk Ridge affordable for many working families and the lack of Manor provides apartment affordable housing for people of all ages and incomes and townhome living with causes families stress, dampens productivity and stifles f 24-hour maintenance and job growth. Various organizations define "affordable on-site management with housing" in many different ways. The United States opportunities for aging seniors. Department of Housing and Urban Development (HUD) Guardian Angels also provides generally defines housing as affordable if it costs less than a continuum of services for seniors including assisted thirty (30) percent of a household's income. However, living, long and short term care, hospice, and senior HUD's Section 8 Income Guidelines are the basis for most housing options in Elk River. As the population ages, affordable housing programs. Section 8 guidelines define Elk River must continually ensure that it has adequate low and moderate incomes on a sliding scale, depending housing to meet the needs of seniors. on the number of persons in the family. For example, a four person household is considered "moderate income" The number of empty nesters and seniors, coupled if their family income is eighty (80) percent of the area's with their increasing level of activity, will drive median family income. housing, transportation, recreational and service needs into the next 30 years. Elk River should It is noted most housing affordability programs and data strive to be a senior-friendly community that values place emphasis on creating owner occupied units at eighty the contributions of seniors, promotes positive (80) percent of the median family income (moderate intergenerational interactions, considers the needs of income) and rental units at fifty (50) percent of the median seniors in community planning, supports the efforts of family income (low income). Since low income persons are seniors to live independently, and acknowledges the typically renters, the definition of "low income" is tied to role that family, friends, and neighbors play in the life the number of persons in each unit. As of spring of 2013 of seniors. this study identifies "affordable owner occupied units" as those affordable for moderate income families (eighty Special Needs (80) percent of median income). Affordable rental units Housing for those with special are based on fifty (50) percent of the median income and needs includes housing for those reflected on a per capita and per family basis. with mental and/or physical Further housing analysis is desired to determine future disabilities or health issues housing demands and needs in Elk River. ' and those who are in need of temporary or transitional It's very important to note that the definition used in housing. The number of people with special housing this Study of "affordable" in terms of a dollar amount needs is expected to increase as the population of Elk will continue to change as the cost of living increases River continues to age. and interest rates change. Therefore, the City should periodically review income/housing statistics and update the definition as warranted. Factors such as interest rates will impact housing affordability. Chapter 7: Housing / 79