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59 <br /> o Transparent reporting on housing initiatives and funding utilization can improve <br /> accountability. <br /> o Funding allocation should balance large-scale development with community-driven <br /> initiatives. <br /> Survey Responses <br /> • Funding Priorities (Top 4) <br /> o Increase supply of affordable housing <br /> o Preserve existing affordable housing <br /> o Provide rental assistance to LMI households <br /> o Provide services for homeless residents <br /> • Unmet Needs(Top 3) <br /> o Lack of affordable housing for LMI households <br /> o Lack of services for homeless residents <br /> o Lack of affordable housing for seniors <br /> • Most Needed Supportive Services (Top 3) <br /> o Mental health <br /> o Services for people with disabilities <br /> o Childcare <br /> Housing Needs &Affordability Challenges <br /> • Housing Cost Burden: <br /> 0 55%of renters and 18%of homeowners in Orange County are cost-burdened <br /> (spending more than 30%of income on housing). <br /> o Extremely low-income households(530%AMI)are most affected,with 66%paying <br /> over 50%of their income on housing. <br /> o Rising housing costs have outpaced wage growth,exacerbating affordability <br /> issues. <br /> • Homeownership Challenges: <br /> o Median home value increased 40.4%(from$281,700 to$395,600)from 2016 to <br /> 2022. <br /> • Rental Market Pressures: <br /> o Median rent increased 35.7%(from$970 to$1,316)over the same period. <br /> 0 30%AMI in Orange County is$31,770 <br /> 0 50%AMI in Orange County is$52,950 <br /> 0 2-bedroom Fair Market Rent costs$1,631 <br /> o The annual income needed to afford a 2-bedroom is$65,240 <br /> • Housing Supply Issues: <br /> o Demand for affordable rental units outpaces supply. <br /> o A shortage of 1-and 2-bedroom units persists for renters and Housing Choice <br /> Voucher holders. <br /> o Many existing affordable units require rehabilitation and accessibility <br /> modifications.With 67%of renters and 44.4%of owners under 50%AMI report at <br /> Least one housing problem. <br /> 56 <br />