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Twin Cities Rents at Risk of Rising
<br />So where does this, leave us looking forward from mid-201 1 ? The housing market has been anything but
<br />predictable in recent years. But with a 2.4% vacancy rate during a "modest" economic recovery, thousands of
<br />foreclosures yet to occur, and limited rental construction, we'd wager that renters will be seeing higher rents iin
<br />the coming months, unless, unemployment rises markedly.
<br />Either way, the situation is concerning, especially for lower income renters. Over two-thirds of Twin, Cities
<br />renter Ihouiselhollds earning under $50,000 pay more of their iincome than lis considered affoirdable by HUD
<br />It's a good reminder of the importance of considering rental housing as government leaders think through
<br />optiioins, to promote ecoinomiic growth and jobs.
<br />Of note, both Minnesota Housing and the Metropolitan Counciil are in the midst of creating housing plans for
<br />the years ahead. Minnesota Housing is working on fits , Affordable Housiing Plan for 20112 (to, be adopted in
<br />October), as well as on a 5-year Consolidated Plan with DEED and DHIS for allocatiioin of federal funds for
<br />community development. The "Coin Plan" wiill be adopted in January 20112. The Met Council will also, soon be
<br />working on a housing plan, liikely to carry beyond 2012.
<br />Having these plans, in process presents, an opportunity to remind poilicyrinakers, of the importance of ensuring
<br />decent rental options, especially for lolw-iincome folks. This could include dedicating funds, to build or rehab
<br />affordable rental housing, ensuring fair treatment of renters, and preserving exiis,tiing affordable units,.
<br />It's a good time to voice your concerns and iideas , by cointactiing local elected officials, state legislators, and
<br />members, of Congress. Contact li to find out how you can follow and participate in the planning processes
<br />underway.
<br />Coming soon: look for another bldg post about providing input on the Con Plan though an online survey.
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<br />Twin Cities Rents at Riisk of Rising
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<br />http://www.mhponline.org/mhp-bIogs/mhp-connect/226-twin-cities-rents-at-risk-of-rising 09/14/2011
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