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I I I I I': .,- I I I I I I I I I I I I I I Local Issue #4-Affordable Housing- Providing adequate affordable housing for the City's population. Define/Describe the Issue. How does the past compare to the present with respect to the issue? How was the issue treated in the existing plan? The foundation for a healthy and sustainable economy consists of several factors including a favorable business climate, a trained workforce, public infrastructure, and affordable housing. The level of family income and money spent on housing costs serves as a determining factor in the choice of decent affordable housing. When a household spends over 30% of their income on housing costs, they are considered burdened and their housing is no longer affordable. A major goal of the City as reflected in the Housing Element of the Comprehensive Plan is to achieve a range of housing that accommodates both existing and future residents' affordable opportunities. The issue of providing adequate affordable housing for all residents has been handled because of unusual market demand and high property values beyond the direct control of the City. New condominium costs in Sunny Isles Beach are increasing greatly, which is consistent with beachfront development in south east Florida. Many senior residents purchased their homes 20 to 30 years ago, when prices were much lower. While many seniors have held on to their homes and have not been negatively affected by the soaring real estate prices, most if not all of the newcomers are in the high and upper high ranges of income, having no housing need to be met for low and moderate family incomes. According to the US Census, there were 12,976 dwelling units in Sunny Isles Beach in 2000. Of those units, 63% were occupied and 37% vacant. Vacant units are predominantly for seasonal use. Also, the 2000 US Census reported that 160 owner- occupied households and 1,578 renter-occupied households were spending more than 30% of their income on housing costs. However, if we consider the average household income of $31,627 versus the median value for owner-occupied units at $248,400 and $871 for renter-occupied units.(US Census 2000), more than one half of housing in the City would have been out of reach to over 84% owner-occupied households. In terms of housing characteristics, reportedly, a significant portion of the housing stock was constructed between 1970 and 1980. Most of these units are in sound condition, having no need for replacement or rehabilitation, as the housing life cycles range between 40-60 years. The City has been successful in maintaining adequate housing, thus minimizing any potential of deterioration. Code enforcement operations have proven effective in ensuring that substandard housing conditions are taken care of in a timely manner. At the present time, there is no substandard housing within the City. Identify the impacts of the issue Assess whether the objectives of the plan that relate to the issue have been achieved. List the objectives in each element of the plan that relate to the issue (matrix format is recommended) Recent redevelopment has not created and future redevelopment is not expected to create significant adverse local or regional impacts. The impacts and opportunities derived from future growth (infill and redevelopment) include, but are not limited to, City of Sunny Isles Beach - 2005 Draft Evaluation and Appraisal Report Rev. 6/29/2005 Page 14