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Central � <br />Community <br />Housing Trust <br />Worlcforce Housing Needs <br />Low lncon-�e, arad moderate incoine 1ndlviduals and fazxxilies face a variery of challenges in today's <br />housing market. Ii� the Twin Cities t�exe is a shortage of affatdable workforce housing for <br />individuals and families earning less than 50% of tl�e area median income - those houselzolds eaz��ii�g <br />approximately $38,000. In the Twin Cities the average rent for a two-bedroom apartment is $925, <br />rcc�ua�it�� an income of at least $32,500 a�Tear. NIo�:G than a third of NLtntzesnta households makc �� .,� <br />than tl�at ani�uall.y, including people �vorking in critical service sector jobs such as preschool teachers, E <br />cl�ildcare providers, n�edica� assistants, school bus drivers, and �at�k tcllez�. Man�r zt�d�vi�uais and ' <br />�a��i]ic;s are paying far more than 1/3 of ta�ei�- annual income on housing i_�.�� is oftcn substandard, <br />and :•=r��•��:����� to ����it�t�i�� a decent R•Ua�::�.• of life. ��;' deFii�ition, if a householci pays more than ��° � <br />,� <br />of their gross at�t��.�al income towards their housi�lg costs, t17eu ==�-,::•;iiy, is not affordable and 1:11e�� live <br />in preca�-ious financial situations. <br />In d�e viciniry of the I-Iar Mar Aparti��ents site, tlae�:e are thousands of setvice sector jobs paying <br />l�ourly wages tl�at range from �r�itaiinunz wage to $14 per hour. Housing options are 1imiYed for <br />individuals and families earning low wages. The table below represents the scenario of a single head <br />of household's abili� to �ind affordable housing based on low to n�oderate hot�rl�� wages. <br />A single income W ould earn Rest�ti��(; in <br />��ouse�ZOrc� with att an az�z�.ua�. income 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 />T iti, � Yar Mar Apartments revitalization proposal x'•'�� incorporate a vaxicty of housin� units ��i�� a <br />rax�ge of price levcls to �ccoznn�odate service sector workers as well as households ear��ii�g mocieiat� <br />111C0#ilf[S. <br />3 <br />