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CC - Authorization to Release a Request for Proposals to Prepare an Affordable Housing Linkage Fee Nexus Study and Conduct Related Community Outreach
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Meeting Date: September 23, 2019
Contact Person/Dept: Todd Tipton/Economic Development Division
Tevis Barnes/Housing Division
Phone Number: (310) 253-5783
Fiscal Impact: Yes [] No [X] General Fund: Yes [] No [X]
Public Hearing: [] Action Item: [X] Attachments: [X]
Commission Action Required: Yes [] No [X] Date:
Public Notification: (E-Mail) Meetings and Agendas - City Council and Housing (09/17/19); Committee on Homelessness (09/17/19); Landlord Tenant Mediation Board (9/17/19);
Department Approval: Sol Blumenfeld, Community Development Director (09/12/19)
RECOMMENDATION
Staff recommends the City Council authorize the release of a Request for Proposals (RFP) to prepare an Affordable Housing Linkage Fee Nexus Study and conduct related community outreach.
BACKGROUND
The City Council has expressed interest in examining alternatives for incentivizing the production of low, moderate and workforce housing in the City to address the problem of housing affordability.
The median home value of a two bedroom, single family home is $1.14 million. The median price of a home sold five years ago (2014) was approximately $595,000 which reflects an increase of approximately 52% over the last five years. This average price far exceeds federal and state standards for affordability which are set at $129,700 for a low income household and $280,000 for a moderate income household.
In Culver City, the average rent for a two bedroom unit is approximately $2,210 per month and a three bedroom unit rents for $3,000, however the affordable rent for a low income household is $875 per month and $1,603 per month for a moderate income household. These rents are consistent with Westside housing costs in general and make it increasingly difficult to afford to liv...
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