Subject: General Business
Title
Preliminary Analysis of Erie Housing Stock and Affordability Challenges
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Department: Planning and Development
Presenter(s): Ariel Tolefree, Affordable Housing Manager
Time Estimate: 60 minutes
only required for non-consent items
Staff Recommendation:
Recommendation
Discuss Housing Assessment findings and potential housing tools identified by consultants CZB
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Summary and Background of Subject Matter:
The Board of Trustees wants to address the lack of affordable housing in the Town of Erie. Diverse, attainable and affordable housing contributes to community vitality and economic development, helps promote family stability, improves environmental outcomes, and increases public safety. In 2021, staff began looking at how to successfully implement an affordable housing policy in Erie. The first step in this effort was to conduct an Affordable Housing Assessment and Strategy. In 2022, and with grant funding from the Colorado Department of Local Affairs, staff hired CZB LLC, a consulting group, to assist staff in conducting the assessment and finding effective strategies to implement as part of an affordable housing program.
The Housing Needs Assessment and Strategy includes multiple milestones, including an initial memo (Attachment 1) outlining, on a preliminary basis with additional analysis to follow later, the Town of Erie's existing housing stock, demand for affordable housing, and potential tools that will need to be analyzed as part of the next phase of developing the Town's housing strategy. Staff, along with the consultants, will begin working on a suite of solutions for the Town to create affordable and attainable (workforce) housing.
Key Takeaways from the memo include:
* Erie has significant affordability challenges for both owners and renters. In fact, less than half of the Town's housing stock is affordable to families with incomes at or less than the Town's area median income (approximately $140...
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