Louisville MetroAffordable Housing Trust Fund, Inc.

2012 Needs Assessment

Thank you

Louisville Affordable Housing Trust Fund Board of Directors and staff

What is affordable?

• Housing is affordable when you spend less than 30% of your monthly income on housing and utilities combined.

Jefferson County Basic Economic Security Tables vs. Median 2011 Wages of Selected Occupations with High Projected Annual Growth through 2018

Basic Economic Security, 1 Worker, $12.06Basic Economic Security, 2 Workers + 1 Preschooler + 1 Schoolchild, $14.35 (per worker)

Source: Based on Wider Opportunities for Women and the Center for Social Development of Washington University 2010 Kentucky statewide analysis and their “The Basic Economic Security Tables for Kentucky.” Jefferson County Best Index adjusted for Bureau of Labor Statistics 2010-2011 inflation rate, 3.2%.Occupations are arranged in order of total openings due to Louisville growth through 2018.LAHTF own calculations based on Kentucky Office of Employment and Training Kentucky, Louisville Occupational Wages (2011) and Louisville Occupational Projections (2008-2018).

An income of $58,752 for a family of four is required for Basic Economic Security in Louisville.

The Basic Economic Security Tables (BEST) are tabulated by Wider Opportunities for Women (WOW) and the Center for Social Development (CSD) at Washington University in St. Louis as part of the national BEST Initiative led by WOW.

91,999 families = 4 YUM! Centers

National Low Income Housing Coalition (2011) analysis of 2009 American Community Survey data for Kentucky’s Congressional District 3 reports 91,999 households live in unaffordable housing in Louisville; 106,496 of total households are renters; 48,227 of those in unaffordable housing are renters. The number of homeowners in unaffordable housing is calculated as the difference between 106,496 and 48,227 (48,300).

Source: MHC 2011 State of Metro Housing Report analysis of Jefferson County Public Schools data.

Metropolitan Housing Coalition analysis of 2010 U.S. Census Bureau data as reported in the 2011 report Louisville’s Foreclosure Recovery: Understanding and Responding to the Impact of Foreclosure Sales.

SSI and the cost of housing in Louisville

SSI monthly income

19% of income to utilities

11% of income remaining for housing

Fair Market Rent

% of income SSI-only household must spend to afford FMR and utilities

1 person $ 674 $ 128 $ 74 $ 506 (efficiency)

86% of income

2 people $1,011 $ 192 $ 111 $ 585 (1 BR) to$ 694 (2 BR)

68.8% to 79.6% of income

Who benefits when housing is affordable? Businesses Schoolchildren Hardworking

families Businesses and

nonprofits that create high-quality affordable housing

Neighborhoods

Investment in affordable housing bolsters the local economy and spurs economic activity

Community problems associated with affordable housing crisis•Academic performance•School absenteeism•Preventable mental and physical health problems•Family dynamics•Foreclosure•Vacant and abandoned properties

•Increased crime•Loss of affordable insurance•Devalued home values

Louisville AHTF solutions to the affordable housing crisis

1. Revolving loan fund for rehab of vacant and abandoned properties for affordable housing re-use

2. Establish dedicated ongoing public revenue source

• 1469 S 4th St, Suite 300, Louisville KY 40208• Rachel M. Hurst, Executive Director• 502-637-5372 office/270-869-5613 cell• rachelmhurst@gmail.com

Louisville MetroAffordable

Housing Trust Fund, Inc.