DRAFT Morrisville Affordable Housing Plan, September 23, 2019 version

DRAFT SEPTEMBER 23, 2019

Type of Worker

Minimum Income

Maximum Income

Target Markets for Housing Opportunities in Morrisville

Any

$30,000 $53,000

Discussion by the Town Council, supported by survey results from the community, suggest that the Town of Morrisville should focus its affordable housing efforts as narrowly as possible in order to responsibly achieve its aims. Affordable housing interventions are expensive and public funds, especially at the local level, are finite. As a general rule, the lower a household’s income, the more expensive it is to assist; affordability gaps widen as incomes shrink. Those gaps also become easier to close as incomes rise. With this in mind, and given its limited financial resources, the Town should not focus its efforts on households making less than twice the minimum wage, which is about $30,000 per year. Rental: As a general rule, the Town should not dedicate resources to households earning more than 3.5 times the minimum wage, which is about $53,000 per year, as households above this income threshold have sufficient rental options in Morrisville and even better options in the region outside Morrisville. Ownership: Morrisville especially values public employees, including teachers, first responders, and other local government workers who today might not be able to live in the community they serve. While public sector workers generally have higher incomes than those in the service sector, and thus have more housing choice in the region, they may struggle to be homeowners in Morrisville due to the town’s higher home values. To facilitate ownership opportunities for public sector workers in Morrisville, the upper household income limit for ownership assistance should be approximately $80,000.

RENTAL

Public Employee

$30,000 $80,000

OWNERSHIP

Affordable Housing Plan for Morrisville, NC | 2019

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