City Council Agenda and Packet 2023 09 26 SP

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• The reduction of greenhouse gas emissions through increasing transportation options and reducing vehicular traffic identified in the 2020 Sustainability Action Plan and the 2019 Resolution Setting Clean Energy and Carbon Emission Reduction Goals. A summary of existing and relevant goals and policies is included in the final section of this report. Along with the findings from this HNA, they will help guide the next stage of developing housing strategies. A summary of the overall housing needs and data analysis findings from the HNA is provided below. Summary of Housing Needs In general, the city will need to prioritize diversifying its housing stock to adequately meet the needs of current and future residents and to support existing policy goals related to Equity, Diversity, and Inclusion (EDI), sustainability, support for workforce housing and local businesses, and housing for young families. Otherwise, the city will continue to become more unaffordable to the wide range of households necessary to maintain and strengthen a robust and resilient community. Louisville's population is aging quickly compared to other cities and the city will need to prioritize safe and sustainable housing options for seniors. An aging population will need smaller units that meet accessibility standards, including single -story units or units with bedrooms located on the first level. Many seniors are also on fixed -incomes and as housing costs soar, seniors may struggle to afford housing within the communities they're connected to. Therefore, income -restricted housing for seniors will need to be a priority as well. The HNA demonstrates a lack of housing opportunity for younger residents and families, including both rental and ownership options. Louisville has become less affordable for younger residents and families than in the past due to the sharp increase in housing costs throughout the region. To create more opportunity and meet their needs, the city will need to prioritize more multifamily rentals for young residents who either choose to live alone or for smaller households seeking more affordable rental options. Louisville will also need to plan for more attached and smaller detached units that are more affordable to first-time homebuyers and young families looking to locate in Louisville. More affordable homeownership opportunities could be created through stacked condominiums, plex development, townhomes, and small bungalows or cottages. Income -restricted housing will be essential for creating and maintaining a more diverse and inclusive community. The housing market is less likely to deliver income -restricted housing given its inherent financial complexities and will require more direct support from the city than other housing types discussed. If income -restricted housing is not prioritized, lower income earners will likely continue to seek housing opportunities further away from Louisville as higher -income earners seek to locate in Louisville. Prioritizing income -restricted housing will ECONorthwest 2 n 9