OCPB agenda 050416 - Laserfiche WebLink

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1 I. EXECUTIVE SUMMARY A. NEED FOR AFFORDABLE HOUSING Every resident of Orange County, North Carolina deserves a decent, safe, sound and affordable place to live, in a neighborhood that provides opportunities to succeed. The market alone is not always able to meet that need, and, accordingly, governments at all levels must work together to help. Orange County’s shortage of affordable housing has reached a crisis. Much of the housing in Orange County is not affordable to low- and moderate-income households and working families who are oftentimes cost burdened by 30% or more in their housing costs. This Orange County Affordable Housing Strategic Plan: 2016 -2020 (AHSP) has been developed as the County’s long-range vision for addressing affordable housing needs over the next five (5) years. The AHSP analyzes the current housing market, examines trends in the housing market economic opportunities of Orange County, identifies shortcomings in affordable housing countywide, determines goals for the next five years, and proposes strategies to meet those goals. The AHSP focuses on the status and interaction of four (4) fundamental conditions within the community: o The rental and homeowner housing market; o Economic trends, specifically in terms of household income; o The provision of financial assistance for dwellings; o Public policies and actions affecting affordable housing; The methodology employed to undertake the AHSP includes: • Research Demographic data for the County for purposes of analysis included: o the U.S. Census, American Community Survey and the HUD Comprehensive Housing Affordability Strategy (CHAS) data and tables and other federal and state programs and local data sources o A review of the affordable housing objectives and policies of Orange County, Chapel Hill, Carrboro, and Hillsborough o A review of local real estate and mortgage practices Orange County Affordable Housing Strategic Plan: 2016 - 2020 116