2. MetroCOG workforce housing study

requirements) and products. Information sharing is also needed to address issues such as first-time homebuyers, the commuter housing market, senior housing, older neighborhoods and rental housing supply. Second, there is a need for a dialogue among, and a working partnership between, public officials and developers, to address their differing perceptions of what type of housing and developments the market is demanding. Thirdly, there needs to be a mechanism put in place to inform and educate first time homebuyers about what can be realistically expected in a new home for the price (i.e. relationship between price and product). Buyers need to know what resources are available to purchase homes. Renters, as well need an information resource. . Community Acceptance of Workforce Housing A strategy is needed by local officials, developers and advocates to address Not In My Back Yard (NIMBY) opposition to workforce housing developments. An information source and base is needed to provide facts about myths of workforce, or affordable housing, such as property values, traffic, crime and neighborhood stability. . Resources and Rising Costs Costs of construction and land are rising which impact the lower end of the housing market, whether it is homes for sale under $110,000 or apartments renting for less than $600 per month. Reducing costs and providing financial help to workforce housing homebuyers and to developers of apartment communities can close the affordability gap in order to attain the absorption of300-350 workforce apartments and 1,750 owner homes by 2010 as projected by the market analysis. Resources can complement public efforts to reduce costs. For example, reduce infrastructure costs in new subdivisions, help developers create mix- income subdivisions, or provide low interest private financing for construction of new or modernization of existing rental housing. 22 Linda S. Dunnelly. Al.C'.I'. ;\ ugllsl 2006