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4. Barriers that have a negative impact on fulfilling the strategies and overall vision? The City encountered some barriers as it set out to implement its overall vision for community improvement; the most significant include the following: • Perhaps the greatest barrier or obstacle impacting the City's ability to implement its community vision has been housing costs. While the cost of home buying has become relatively more affordable, homeownership still remains a challenge for lower income households. At the end of June 2013, the median home sales price was $385,000. The me ' home sales prices remains out of reach for lower income households. Additional t underwriting standards by lenders has also eliminated many buyers with to .¢final credit from obtaining a home purchase loan. Average rents have al ,ear. In July 2013, the average monthly rent for an apartment in S ty of Orange estimates that an individual earning minimum s /week to afford rent for a modest 1- bedroom apartment.] s continue to pressure the City to identify resources to a ameownership opportunities, especially for lower income ho, • Increases in transportation and material C, amount of money the City has to fund activities. The cost of y the transport materials have had significant impact on th,- tion projects and housing rehabilitation. • Municipalities throughout _ Y -W budget deficits that have forced reductions in personnel , ose budget shortfalls. City staff that manage HUD funds , budget pressures. State legislation that eliminated redevF significant barrier to carryout the goals and 5. lC programs delir . strategies and activities might meet community needs fie City's current strategies are anticipated at this time. 10 2013 Community Indicators, Orange County, May 2013. 09/11/2013 32 19E -40