09-18-2006 - Laserfiche WebLink

Commission Minutes-September 18, 2006 3130 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% of the 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 of the 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 WHEREAS, when taken together, the findings of the regional workforce housing profile, the housing market analysis and the dialogue of the public involvement process lead to the identification of several Strategic Initiatives (i.e. next steps) aimed at addressing workforce housing in the region: . Establish a regional working group including participants from both the private and public sector to spearhead and coordinate initiatives related to workforce housing; . Establish a Regional Housing Center to disseminate information for builders, buyers, developers, lenders, local housing authorities, realtors, local governments, and the community-at-Iarge; . Establish educational and marketing campaigns to break the stereotypes associated with affordable housing; . Explore the option of establishing a regional workforce housing fund to assist to serve as a catalyst for initiatives aimed at providing workforce housing products.