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Executive Summary The purpose of this document is to outline a strategic and actionable plan for the City to address the future housing needs of Louisville. Louisville has continued to see a spike in housing costs that have vastly outpaced incomes, even more so than many of its peer cities in the region and State. While the reasons for these changes are complex, the City has determined that the creation of policies and programs to address the housing needs of current and future Louisville residents is a top priority. Additionally, the housing goals and strategies in this plan align with and promote the following other City goals: 0 Louisville as an inclusive community, including the goals of Louisville's 2021 Equity, Diversity, and Inclusion (EDI) Task Force Report to expand housing access for diverse and low-income communities. 0 The principles of sustainable development, including the three pillars in the 2020 Louisville Sustainability Action Plan of Environmental Stewardship, Social Equity, and Economic Vitality. Sustainable development actions that address a housing mix and new workforce housing will also promote the reduction of vehicle miles traveled and reductions in greenhouse gas emissions as identified in the City's 2019 Resolution Setting Clean Energy and Carbon Emission Reduction Goals. 0 The 2019 Transportation Master Plan goals for promoting new development and redevelopment that focuses on biking, walking, and transit. 0 The 2017 Boulder County Regional Housing Strategy goal that 12% of Louisville's housing be permanently affordable by 2035, supported by Louisville City Council Resolution 58, Series 2017. 0 City Historic Preservation goals of promoting and preserving residential building character in Old Town Louisville identified in the 2015 Preservation Master Plan. In 2021, the City of Louisville was awarded a grant through the HB 21-1271 Innovative Affordable Housing Strategies program by the Colorado Department of Local Affairs (DOLA) for the City's first Housing Plan. This Housing Plan will act as a foundation for future City decision making and guide the upcoming Comprehensive Plan update. Summary of Local and Regional Housing Challenges The Boulder -Denver region has experienced a major influx of higher income households in recent years, driven by an increase in high -paying jobs from companies locating in the area. This has fueled substantial housing demand. However, housing production has not kept pace with demand and has failed to deliver the housing needed for a broad spectrum of incomes, including both renters and owners. Louisville lacks a diversity of housing choices with about 70% of the city's housing stock single family detached units. Moreover, the rate of residential development Louisville Housing Plan Executive Summary