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Preserving affordable housing choices.
- What do you mean by "affordable housing"?
- Why do we need more affordable housing in our local region?
- Why do you say the affordable housing need is urgent?
- What does typical housing now cost?
- Who now needs affordable housing?
- What subsidized housing now exists? Whom does it serve?
- What resources can augment our supply of affordable housing?
- Who pays for affordable housing?
- Who is responsible for overseeing affordable housing?
| What do you mean by "affordable housing"?
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 | Financial analysts generally believe housing costs should not exceed 30 percent of household income.
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| By that measure, an average priced home in Falls Church ($465,000) is affordable only to households with incomes above $169,000.
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| For our metro region, Federal rental assistance is limited to households earning less than 60 percent of local median income. ($61,620 for a four-person household.)
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| That household should pay no more than $1,485 for monthly housing costs, but the average two bedroom apartment in Falls Church rents for $1,726. |
| Why do we need more affordable housing in our local region?
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| Local businesses and public services need to attract and keep good employees who can live nearby, avoiding burdensome hours of commuting and transportations costs.
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Long-time residents find it economically difficult to remain within their community as they grow older.
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| Our young people can't afford to live independently nearby. |
| Why do you say the affordable housing need is urgent?
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| Despite the recent recession, land prices are rising at a rate that eliminates market incentives to builders to provide moderately priced housing for ownership or rental.
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| Older rental property that has long provided affordable housing alternatives is being redeveloped or offered at market rates for commercial development or conversion to high-cost rental housing.
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| Delayed action can soon put remedies out of reach because the development or acquisition of affordable housing requires long lead-times and local government participation. |
| What does typical housing now cost?
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| In March 2010, the lowest advertised purchase price for a one-bedroom condo was $180,000 requiring an income of $65,000.
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| In March 2010, the lowest purchase price for a single-family house (three-bedroom, two-bath) was $465,000 requiring an income of $169,000.
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| Average rent for a one-bedroom apartment is $1,444 per month plus utilities requiring an income of $56,800 (above most entry-level office salaries).
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| The City's 711 one-bedroom apartments typically have waiting lists and increasing market rents requiring annual incomes of more than $56,000.
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| According to 2010 Census data, there were 1293 persons age 64 or older living in the City of Falls Church. More than 50% are low/moderate income ($41,080 - $65,728) for a two-person household).
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| According to the Unites Sates Department of Labor, the average salary in the City of Falls Church in 2011 was $53,558. |
| Who now needs affordable housing?
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| Elderly residents who are long-time homeowners with paid-off or low payment mortgages currently have the most favorable opportunity to live in homes affordable to them. Once they choose to move, however, there are few options in our region.
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| Others who now qualify for affordable housing, by income and local work-force status include:
| Fire Fighters | Police Officers | Teachers | Social Workers | |
Retail Sales Clerks | Office Workers | Mail Carriers | Accountants | | Physical Therapists | Legal Assistants | Entry level professionals in other fields | |
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| Our region's own young adults, recent college graduates and high school graduates, hoping to stay here as they start careers. |
| What subsidized housing now exists? Whom does it serve?
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| FCHC owns Winter Hill Apartments: 80 one bedroom rental units, available to seniors and those with certified disabilities. Falls Church residents are given preference.
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| FCHC owns Virginia Village: 4 apartments available to persons earning 60 percent of median income earnings. These units are always fully rented with a waiting list.
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| Kettler, Inc. owns The Fields (Westbrook Commons): a federal tax credit funded project that must offer rents affordable to residents earning 80 percent of median income ($68,000). It must also accept some Sec 8 vouchers. These affordability mandates end in 2011.
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| All other apartments in Falls Church are privately owned and market driven, although some may accept Sec 8 vouchers. City HHS staff maintain an apartment building listing. |
| What resources can augment our supply of affordable housing?
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| Multi-unit structures, either all residential or combined with commercial components in a mixed-use project, receive the most favorable funding and often require the builder to provide up to 12% affordable subsidized units.
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| Single family properties that can be adapted by special use permits to serve more than one household. |
| Who pays for affordable housing?
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| Ideal projects are supported by public/private partnerships.
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| Federal Tax Credits can be awarded to investors for HUD-approved properties.
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| Some private funding is available for creatively-constructed financing. For instance, local faith communities could collaborate on a housing assistance revolving fund. |
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