City Council Agenda and Packet 2023 09 26 SP

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not only help the city meet its current and future housing needs, it will also help the city achieve established goals related to EDI and sustainability by creating more opportunity for a wider range of residents to live and work in the same place. Louisville will need to plan for housing to support both the current and future workforce and a more vibrant commercial sector. Much of the housing needs identified in this section will help meet the needs of a diverse and growing local workforce. It's important to acknowledge the critical need to ensure there are enough housing options for workers employed by local businesses and to retain and attract essential employees, such as teachers, healthcare professionals, and public servants, who contribute significantly to the community's well-being. Creating more housing near job opportunities can also greatly ease commute times and traffic congestion that can help advance the City's sustainability goals. Louisville will need to identify housing strategies to address current unmet housing needs along with future housing needed for the next several decades. The results of the housing needs assessment show a gap at around 2,483 new housing units needed to address current housing underproduction and accommodate future population growth assumed to reach approximately 24,614 persons by 2047.On an annual basis this means an average of 96 housing units added per year through 2047.1 This estimate helps to provide a general target for the number of housing units needed to meet existing and future demand for the next two decades. It is important to note that this HNA is not intended to establish desired growth targets, but rather it is to study the issue objectively based on recent and projected population trends. ■ 1,171 of those housing units are needed for households earning below 100% of the Area Median Income (AMI). 409 units are needed to address current housing underproduction. ECONorthwest accounts for housing underproduction in the analysis of housing needs, which uses a ratio of 1.1 housing units per one household since healthy housing markets allow for a reasonable level of housing vacancy and absorption and second/vacation homes. ■ For Louisville's comprehensive planning horizon, the city will need to plan for an additional 1,100 units over the next 10 years to track towards housing needs.2 Housing needs in this analysis are based on assumed population growth, however future need is more nuanced and will continue to evolve as the city makes land use and housing policy decisions, including through the upcoming comprehensive plan update. 1 Beginning in 2021. 2 Including 2021 and 2022. ECONorthwest 3 10