City Council Agenda and Packet 2023 09 26 SP

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Affordable Housing Income Limits Exhibit 53: AMI by Household Type TypesAligning Housing Source: ECONorthwest, Department of Housing and Urban Development Household Physical Type / Tenure of Housing Income Level (Building Focused) 100% Multifamily rentals AMI+ Multifamily ownership $144k+ Middle housing ownership Single family ownership 80-100% Multifamily rentals AMI Multifamily ownership $115k-144k Middle housing (rent/own) Single family (rent/own) 50-80% Multifamily (rent/own) AMI Micro -unit rentals $72k-115k Middle housing _(rent/own) Tiny homes (rent/own) Single family rentals 30-50% Multifamily rentals AMI Micro -unit rentals $43k-72k Mobile homes 0-30% Shelters AMI Multifamily rentals $0-$43k Micro -unit rentals Mobile homes The Department of Housing and Urban Development (HUD) sets income limits each year to establish eligibility for its assisted housing programs and to define an area's Median Family Income (MFI). For these calculations, HUD includes Louisville as part of the Boulder metro area, which has a 2023 MFI of $144,100 for a family of four. To compare this number to ACS data, 2021 Louisville median household incomes were slightly higher than the 2021 Boulder metro area MFI ($125,124 to $116,900). However, it is important to note that Median Household Income is not directly comparable to HUD's MFI. HUD's MFI calculation relies on underlying Census data related to family incomes, and the 100% median is set for families of four. Median household income is for all households - not just families - and households can have a wide range of compositions (e.g., roommates) compared to families. Below, Exhibit 54 shows the assumptions of what households in the area can reasonably afford to pay on their housing costs without being cost -burdened, based on the 2023 Boulder metro area MFI. ECONorthwest 43 50