12.7.22 PB Agenda Packet - Laserfiche WebLink

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67 w ORANGE COUNTY HOUSING DEPARTMENT NORTH CAROLINA November 28, 2022 Orange County Planning Board 300 West Tyron Street Hillsborough, NC 27278 RE: Orange County Housing Department support for ADU amendment Dear Chair Beeman and Planning Board Members, Thank you for your consideration of the amendments to the Orange County Unified Development Ordinance (UDO). The Housing Department enthusiastically supports these staff- initiated amendments. As a prosperous county with a higher median household income than the North Carolina average, Orange County faces challenges in providing housing options at prices below a fair market rate. "Affordable housing" is housing that is affordable to households with low incomes, meaning that these households pay no more than 30% of their income for housing costs like rent, mortgage, and utilities. In 2021, an Orange County renter earning the mean wage ($13.93) would need to work 63 hours per week (1.6 full time jobs) to afford the Fair Market Rent for a standard two-bedroom apartment ($1,134). For the fiscal year from July 2021—June 2022, Orange County approved 291 new single-family residential homes with an average value of $429,469.50 (note: this is the value of the home construction cost, not the home's sales price); and 150 new residential additions with an average value of$87,057. As established in the chart below, these home prices are generally beyond the abilities of the mean wage earners in Orange County to purchase or rent. Orange County North Carolina (statewide) Fair Market Rent ("FMR") $1,134 $960 for a 2-bedroom apartment Income Needed to afford a 2- $45,360 $38,400 j bedroom apartment at FMR ($21.81 per hour) ($18.46 per hour) Mean Wage earned by renters $16.37 per hour $13.93 per hour Mailing Address Hillsborough Office Chapel Hill Office P.O.Box 8181 300 W.Tryon Street 2501 Homestead Road Hillsborough,NC 27278 Hillsborough,NC 27278 Chapel Hill,NC 27516 Telephone(919)245-2490 • Fax(919)944-8496