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Central ,/`� <br />Community �� <br />Housing Trust <br />Workforce Housin� Needs <br />Low income, and moderate incoine individuals and families face a variety of challenges in today's <br />housing inarket. In the Tw-in Cities there is a shortage of afFordable �vorkforce housing for <br />individuals and families earning less than 50% of the area median incoine - those households earnins; <br />approlimatelv �38,000. In the Twin Cities the average rent for a two-bedroom apartinent is $92�, <br />recluiring an incoine of at least $32,500 a year. More than a dlird of Minnesota households make lcss <br />than that annually, including people working in critical service sector jobs such as preschool teachers, <br />childcare providers, medical assistants, school bus drivers, and bank tellexs. Many inciividuals and <br />fanlilies are paying far more than 1�3 of their annual income on housing that is often substandard, <br />and struggling to maintain a decent qualiri� of life. By definiuon, iE a household pays more than 3(1" �� <br />oE their gioss annual income to�vsir�ls theu housing costs, theii housing is not affordable and the�- 1i�-c <br />in precarious financial situauons. <br />In the vicinity of the Har Mar rlpartments site, there are thousands of seiti-ice sector jobs pa��in� <br />hourly �vages tl�at range froin ininunum �vage to $14 per hour. Housing options are limited fc,r <br />individuals and families earning low �vages. The table belo�v represents the scenario of a single he,icl <br />of household's aUilin� to find affordable housing based on low to moderate hourly� wages. <br />A single income Would earn Resulting in <br />household with an an annual incoine the ability to pay a <br />hourly wage of... of... monthly housing cost of... <br />$6.15 $12,792 $320 <br />$7.00 $14,560 $364 <br />$8.00 $16,640 $416 <br />$9.00 $18,720 $468 <br />$10.00 $20,800 $520 <br />$11.00 $22,880 $572 <br />$12.00 $24,960 $624 <br />$13.00 $27,040 $676 <br />$14.00 $29,120 $728 <br />The Har Mar Apartments revitalization proposal will incorporate a variety of housing units �i-ith a <br />range of price levels to accommodate selvice sector �vorkeis as we11 as households eatning modcrate <br />incoincs. <br />� <br />