2. MetroCOG workforce housing study

Resolution #2006-13 Whereas, the Metropolitan Council of Governments and its member communities (West Fargo, Fargo, Dilworth, Moorhead, Cass and Clay Counties) and a collection of public and private sector stakeholders cooperatively embarked on a process to study issues related to workforce housing. The 2006 Regional Workforce Housing Profile entailed three specific elements: a profile of the regional workforce, a regional housing market analysis focusing on new housing, and a public engagement process. Whereas, having conducted an analysis of the regional housing market several trends presented themselves: . The current regional housing market is meeting demand in new housing priced between $150,000 and $299,000; . There is a lack of new housing products to meet the current market demand below $150,000, especially below $110,000; only 39% ofthe demand for new housing at or below $110,000 is being met; . The lack of new housing product under $150,000 is causing potential home-buyers to stay out ofthe housing market; . The current overall housing dynamic is causing a bunching-up of potential homebuyers in apartments, artificially driving up the cost of rents; · The existing market-rate conventional apartment market is overbuilt but there is a shortage of apartments priced at less than $600 a month; . There is a projected demand for 2,050-2,100 new workforce housing units by 2010 of which 1,750 single family homes and 300-350 apartments can be absorbed by the market. Whereas, having conducted a broad based public engagement process aimed at involving a diverse set of stakeholders through key person interviews, focus groups, and a regional housing forum, several Strategic Needs have been identified related to the provision of workforce housing in the regional housing market: . Intergovernmental Cooperation in the area of workforce housing . Increased Education, Communication & Dialogue on issues of workforce housing . Community Acceptance of workforce housing . Resources to facilitate the production of workforce housing . Build Capacity with in the marketplace to produce new workforce ___housing units . ____..._~ SUGGESTED MOTION: Move to receive and file the Regional Workforce Housing Profile for the Fargo-Moorhead metropolitan area as presented by the Fargo-Moorhead Metropolitan Council of Governments; and to authorize the vice chairman to sign Resolution #2006-13, endorsing the findings of the study.