Issue link: http://townofcary.uberflip.com/i/791946
Housing to Support Economic Development Efforts Cary's business community is engaged in recrui ng high quality talent from across the globe. What employers are finding is that younger members of the workforce value work/life balance, environment and business culture, and a community's quality of life just as much as they do their salary. This "live first and work second" ethic requires that communi es think about how the built environment and community ameni es can support economic development efforts. There are opportuni es in Cary to provide lifestyle choices, such as compact mixed use communi es that can support true learn, work, and play within a short walk from home. In 2010, nearly 25% of U.S. workers reported telecommu ng from home for some or all of their work. Research conducted by Cisco Systems suggests that nearly two thirds of U.S. workers would trade their high paying jobs for a lower paying job that allowed them to telecommute from home. Another similar trend is the rise of live/work units that allow business owners to live above their shops or offices. Just as workplace environments are evolving, so are the housing preferences of many of our na on's workers and business owners. Past planning efforts and affordable housing studies have revealed that finding affordable housing in Cary is a challenge, par cularly for those earning at or below the area median income. Cary leaders have worked to increase the amount of affordable housing in town to promote economic, racial and ethnic diversity, while also enlarging the pool of workers for local employers, including Town government. The Town helps to provide affordable housing within its limits by providing funding assistance to developers and non-profit organiza ons to build low-cost housing and rental units. As of 2013, the Town helped to develop over 200 units of affordable single-family housing and over 500 units of affordable mul -family housing through the u liza on of public funding, collabora ons with nonprofit organiza ons, and public-private partnerships. The Town of Cary defines households in need of affordable housing assistance according to calcula ons set out by the U.S. Department of Housing and Urban Development (HUD). Federal guidelines define affordable owner-occupied housing as being for individuals and families earning between 60% and 80% of area median income, and affordable rental housing as being for individuals and families earning up to 60% of the area median income. These numbers are updated annually to reflect current Work Where You Live Supporting Housing Affordability Capturing Next Generation Employees by Offering Next Generation Housing area median incomes. The general rule of thumb for affordability is that a household spends 30% or less of household income to pay for all related housing expenses. Including transporta on expenses, the rule of thumb for affordability increases to 45% of a household's income. For example, affordable housing for a household earning $40,000 would ideally cost $1,000 or less monthly to pay for all housing expenses (mortgage, rent, u li es, etc.) Affordable housing and transporta on for a household earning $40,000 would ideally cost $1,500 or less monthly for all housing and transporta on expenses. With current housing costs in Cary, many households are outpriced in the local housing market and must live in neighboring communi es or in inadequate housing. CHAPTER 2: LIVE The Mar n Corner is an innova ve mixed use redevelopment that provides neighborhood ameni es, commercial office space, and housing op ons under one roof near Nashville's center city Five Points retail district. Meridian at Harrison Pointe luxury apartments are an in town example of how housing can be integrated with commercial uses to create a mixed use and walkable environment for residents. O en called "horizontal mixed use," the apartments are located proximate to the commercial center and are connected by sidewalks and streets. 20