Washington Area Housing Partnership Affordable Housing Briefing

Frederick County Affordable Housing CouncilMay 8, 2006

Hon. Barbara Favola Chair, Washington Area Housing Partnership

Member, Arlington County Board

Workforce Housing

• In the Metropolitan Washington Region, we are a victim of our own success.

• This region is a great place to live, work, visit, and invest.

• Unfortunately though, it is unaffordable for many who live here.

$346,299

$235,677

$182,576$161,104

$0

$100,000

$200,000

$300,000

$400,000

$500,000

$600,000

1999 2000 2001 2002 2003 2004 2005

Year

Sa

les

Pri

ce

FrederickCounty

WashingtonRegion

MontgomeryCounty

Average Home Sales Price of Homes (1999 - 2005)(Source: MRIS and WAHP 2006)

$356,756 Avg. Sales Price of a housing unit in Frederick Co.(Source: 1st Quarter 2006 Metropolitan Regional Information Systems)

$329,000 Median Sales Price of a housing unit in Frederick Co. (Source: 1st Quarter 2006 Metropolitan Regional Information Systems)

Households earning less than $95,000 annually are unable to afford the Average Sales Priced Home.

(Source: 2006 WAHP and Metropolitan Regional Information Systems)

17% of Households earn more than $100,000 in Frederick Co. (Source: 2005 Woods and Poole)

The escalating housing costs in the metropolitan region make recruiting new teachers, police officers, and firefighters difficult.

Problem Statement

$-

$1,000

$2,000

$3,000

$4,000

$5,000

$6,000

Occupation

Mo

nth

ly I

nco

me

Avg. Monthly Occupational Income for Washington Region compared to the Monthly Mortgage Cost for the

2005 Average Priced Home Sold in Frederick County

$2,373 Monthly Mortgage of Avg. Priced Home Sold in Frederick Co.

(Source: Bureau of Labor Statistics, MRIS, and WAHP)

Attracts new residents that provide everyday services to a community, such as teachers, child care providers and law enforcement officers.

Creates options for residents to live near their place of employment, thus reducing traffic congestion and time spent away from families.

– Housing Costs are crucial to 67.6% of business location decisions.

• Source: Development Magazine

Means never having to tell your graduates, new families, disabled, or seniors, "you must leave us because there is no housing for you."

Workforce Housing Benefits the Community and the Economy

The Partnership:

• Convenes regional leaders and stakeholders to advocate for expansion of affordable housing opportunities. – Researches and reports on local housing policies and

provides technical assistance to non-profit organizations and local governments.

– Recognizes successful local government policies and programs through the Partnership’s Best Practice Awards.

– Includes lending institutions, national advocacy groups, local governments and affordable housing developers.

• Outlines affordable housing best practices

• Provides examples of successful implementation by local governments

• Launched Dec. 2005

The Toolkit

Funding provided by: