The 2016-2020 Housing Framework is the result of a multi-year, community-based planning process jointly led by Olmsted County and Rochester Area Foundation.
These and other community partners are already taking steps to address the area’s affordable housing shortage.
The 2016-2020 Housing Framework presents “high,” “medium,” and “low” goal options for accelerating affordable housing production in Olmsted County while balancing the need for affordable housing and the availability of resources. The high goal is termed the “Aspirational Goal” of meeting 35% to 40% of the affordable housing need, given that meeting 100% of the need is unrealistic in terms of available resources. The report walks through the steps needed to meet the aspirational goal:
- Increase HRA Levy by 15%
- Employers/Philanthropies contribute $3 million/year
- Implement a 10% Inclusionary Housing requirement
Doing so will result in the maximum public, private and Destination Medical Center (DMC) investments leveraged for affordable housing in Olmsted County. The result will be 1,715 new or preserved affordable units by the end of 2020.