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i <br /> i <br /> i <br /> Affordable housin <br /> Definitions: What is "affordable'.' and for whom? <br /> The older, regulatory defmition: Household pays no <br /> <br /> i more than 30% of its annual income for housing ~fflCe <br /> .Different standards: <br /> 1 <br /> .This project: 60% of <br /> a J median family income <br /> a _ $32,820 for a family of 4 <br /> _ _ .Aurora building: 50% of s <br /> median family income <br /> 1 _ ~ : _ $27,350 for a family of 4 <br /> West Broadway Redevelopment ECONOrthwest August 2007 7 <br /> Wh is downtown offices ace im ortant? Demand <br /> .Employment =activity .Higher vacancy rates downtown: <br /> . Activity support of downtown retail . 26% in 2005 (highest since 1986) <br /> .Provides amenities, in part supported by higher • 80% of available office space located in 4 <br /> rents supported by economies of concentration downtown properties <br /> (access to other businesses, restaurants, shopping, .Less than 10% in suburban areas <br /> and services) .Space downtown older and lower quality <br /> . Possibility to live near work .Average rent per sq ft per month in 2007: <br /> . Potential reduction of travel and travel <br /> externalities (walking and mass transit) • $1.80 downtown <br /> . $1.60 Country Club Road (includes parking) <br /> i <br /> Wes[ Broadway Redevelopment ECONOrthwest Augus12007 9 Wesl Broadway Redevelopment ECONOrlhwest August 2007 10 <br /> <br /> E <br /> <br /> 1 <br /> Existin su I Existin su I <br /> . New downtown office space .'Other new office space <br /> I vet <br /> ~Ri , <br /> rip <br /> a <br /> t5 l <br /> f~ <br /> . 10th & Mill Building <br /> West Broadway Redevelopment ECONOrthwest ~ Augusl2007 11 West Broadway Redevelopnrent ECONorthwest Augus[ 2007 12 <br /> 2 <br /> i <br /> ~ ~ A ~ <br /> ~ ~ ~ ~ <br /> t ~ <br /> - <br /> <br />