Last week we had our second committee meeting for the Priority Investment Element. The meeting was very informative with great participation focusing on the need of affordable housing in Florence County.
The building of affordable housing requires mixed financing or several funding sources. The definition of affordable housing was said to be the bottom line cost to the end user. Once the state's critereia has been met, most affordable housing is funded by grants, tax credits, capital or section-8 funding.
Affordable housing is also defined as 30% of a household's gross income. With the local median income of $40,717, the monthly cost would be $1,017 or one third of the income. Including taxes of 4% and insurance estimated at $800 annualy, the end result may be a home worth $100,000.
Approximately 18% of Florence residents are below poverty level. The guidelines reflect poverty level income for a single person being $10,830 and $14,570 for a two person household. These numbers reflect a home value of $40,000 - $55,000.
We invision affordable housing as becoming a community within itself by mixing residential with light commercial where the daily needs such as grocery shopping and schools are walkable. However, transit is provided for perhaps jobs or medical appointments that are located further away.
Florence County currently has 814 public housing units with half being occupied by the disabled and elderly. The waiting list matches the number of units in existance.
We hope to expand affordable housing and address the needs and means of how this can be done whether from incentives, parternerships or tax options. Our meetings and ideas will continue as we proceed with the Priority Investment Element and the importance of affordable housing for all ages.
We will keep you updated.
