City Council Study Session Agenda and Packet 2008 03 11

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Louisville Boulder County~~Broomfield Housing Needs Assessment LOUISVILLE Community Reference Report • Louisville's homeownership rate is relatively high for Boulder County and the state as a whole at 76%. • There are few minorities living in the community; only 4% of households have a Hispanic or Latino householder. • Nearly 70% of households are families;12% are single-parent families. • 10% of households have a householder at 65 or older, which is relatively low. The percentage of households that have incomes of no greater than 80% AMI is also low - 46.9% of renters (809 households) and 16% of homeowners (881 households). Of these, 534 renters and 493 owners have unmet housing needs, including cost burden, overcrowding or lacking complete kitchen and/or plumbing facilities. 77% of the city's housing units are single-family homes, up from 66% in 1990. • So far this decade, the rate of residential growth has averaged less than .5% per year, much slower than in the 1990's when it averaged 4.4% per year. • 2% of units are overcrowded, which is relatively low though up from 1990 when only 1% had more than one occupant per room. • 24% of households are cost burdened by their housing payment, which is relatively low. The percentage declined from 1990 to 2000, which is unique. • The median price of single-family homes declined in 2003 but has increased 5.2% in the first nine months of 2004, The median price ofmulti-family homes has fluctuated with a large gain in 2002 but declines in 2002 and 2004. • 156 permanently-affordable units were developed by the Louisville Housing Authority, which equates to 2% of total units. These units are managed by the Boulder County Housing Authority. The City is 50% complete with an update of its Comprehensive Plan. The Housing Element will contain specific recommendations on housing programs, policies and tools that promote affordable homeownership opportunities. Although the City does not have any private-sector mandates or incentives for affordable housing at this time, it did allocate its entire refund from the baseball stadium refinancing ($100,000) to affordable housing and has provided financial support for other housing projects in the past. • There is still potential for residential and commercial development on lands within the city as well as some potential for annexation. Housing demand stimulated by new commercial development could outweigh the number of additional residential units produced. There is a relative balance between the number of residents who are employed and the number of employees working in the city. There is extensive commuting in both directions, however. Approximately 19% of Louisville's workers reside in the community while 9.638 workers commute in. Just over 33°~ of residents who work hold jobs in Louisviille while 8,109 commute out to jobs elsewhere. The Housing Collaborative Page 1