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Planning Commission <br />Meeting Minutes <br />June 22, 2023 <br />Page 2of5 <br />Planning process, which will create and refine policies, programs, and <br />regulations to support affordable housing in Louisville. Zuccaro said that <br />combined with the Comprehensive Plan, the Housing Plan will be a 1.5 year <br />process. <br />Housing Needs Assessment Presentation: <br />Tyler Bump (ECONorthwest) presented the results of the initial phase of the <br />Housing Plan. His presentation covered demographics, market trends, and <br />factors that influence housing affordability. <br />Bump summarized themes from the open house held on June 21, 2023 (with 70+ <br />attendees). These themes included broad support for mixed use development, <br />in -fill development, and ADUs. Community members also expressed interest in <br />green building practices, location -specific housing, and additional density to <br />support affordability. <br />Bump's slides provided in-depth analysis of demographics and housing market <br />trends from the last decade. While housing costs (both sales price and rent) have <br />increased significantly, and there is still strong demand for living in Louisville. <br />Notably, sales prices have stayed flat in 2023, whereas they have begun to <br />decline in surrounding communities. <br />One key finding was that families would have to earn approximately 145% of <br />Area Median Income (approximately $209,000) in order to not be cost -burdened <br />on the current average sales price. <br />Commissioner Questions of Staff & Discussion: <br />Moline and others were interested in knowing more details about the existing <br />conditions and trends in resident turnover, housing stock, school capacity, and <br />household income. <br />Bump and Zuccaro provided some additional insight into programs and <br />initiatives, while noting that the project is in the preliminary stages. Much of the <br />data and analysis that the Commissioners are interested in will be forthcoming. <br />Baskett and Krantz asked about Proposition 123 and potential changes to the <br />land use table. <br />Zuccaro provided background information on grants and programs, and noted <br />that the City Council will vote this fall on whether Louisville will opt into Prop 123. <br />Zuccaro steered the conversation back to the Needs Assessment, rather than the <br />specific details of Prop 123. <br />10 <br />