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Resolution 2024-22
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Resolution 2024-22
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Last modified
6/27/2024 11:05:45 AM
Creation date
5/9/2024 11:50:50 AM
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Template:
City Council Records
Also Known As (aka)
Louisville Housing Plan to Address Housing Affordability
Meeting Date
5/7/2024
Doc Type
Resolution
Signed Date
5/7/2024
Ord/Res - Year
2024
Ord/Res - Number
22
Document Relationships
Resolution 2024-63
(Cross-References)
Path:
\CITY COUNCIL RECORDS\TOWN SEAL (40.150)
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declined, and population plateaued in Louisville from 2018-2021, only seeing an uptick since the <br />Marshall Fire rebuild at the end of 2021. <br />Due to substantial regional housing demand combined with stagnant production, home sale <br />prices in Louisville are soaring. The median price of a home in 2023 in Louisville is $896,000, an <br />increase of 132% over the last decade. The City's current land use and zoning policies have also <br />limited the market's ability to deliver more varied and affordable housing options in Louisville. This <br />includes housing at higher densities and income -restricted units that could better serve a <br />spectrum of renters and owners at more accessible price points. These affordability challenges <br />increasingly affect all facets of community life as companies, businesses, government <br />agencies, school districts, and police and fire departments struggle to attract and retain <br />employees due to the area's housing costs. <br />In 2023, a household would need to earn <br />around $209,000 to afford the median home <br />sale price in Louisville. With only 26% of <br />Louisville households earning more than <br />$200,000 annually, 74% of households would <br />not be able to afford the current median <br />home sales price. Moreover, with renter <br />incomes around half of homeowner incomes in <br />Louisville, homeownership is significantly <br />more out of reach for households that do not <br />already own a home. Additionally, 24% of all <br />Louisville households are considered "cost - <br />Current land use and <br />zoning policies have limited <br />the market's ability to <br />deliver more varied and <br />affordable housing options <br />in Louisville. <br />burdened," spending over 30% of their income on housing costs. This figure jumps to 41% for renter <br />households specifically, creating financial instability and increased risk of displacement. <br />To address these concerning trends, Louisville should prioritize growing and diversifying its <br />housing stock in a manner consistent with established community values. Such growth and <br />diversification will support a vibrant, diverse population and economic vitality. This is achieved <br />with more housing choices across all income levels, including income -restricted units, accessible <br />senior housing, entry-level ownership options like condos, cottages, or townhomes, and more <br />multiunit rental opportunities. While the City has recently adopted some strategies like an <br />Inclusionary Housing Ordinance, more needs to be done if the City wishes to meet its housing <br />goals. <br />Louisville Housing Plan Executive Summary <br />
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