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RESOLUTION NO. 2016- <br />A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF <br />XXXXXXXX, CALIFORNIA, IN SUPPORT OF THE <br />HOUSING FUTURES INITIATIVE BY THE BUILDING <br />INDUSTRY ASSOCIATION ORANGE COUNTY CHAPTER <br />WHEREAS, in 2014 the Building Industry Association Orange County Chapter, in <br />collaboration with the Orange County Business Council (OCBC) embarked on the <br />Housing Futures Initiative to reverse the trend of losing Orange County's young <br />adults and diverse workforce due to high housing costs by offering a road map for <br />the creation of new housing options that is attainable and meets the needs of our <br />local cities and economies; <br />WHEREAS, in 2015, $141,000 is the annual minimum qualifying income to afford a <br />median - priced home in Orange County, and $66,000 annually to lease a typical two - <br />bedroom apartment in Orange County; <br />WHEREAS, due to the high cost of living, the Orange County region is losing 7% of <br />individuals in the 25 -34 age range while surrounding counties are showing an <br />increase; <br />WHEREAS, due to the lack of affordable housing, 6,210 existing homes are at risk of <br />losing affordability in the next five years, and 91% of homes are unaffordable to <br />teachers; <br />WHEREAS, powered by more than 1,100 member companies, the BIA /OC is <br />committed to supporting the creation of housing at all levels of affordability as the <br />foundation of vibrant and sustainable communities; <br />WHEREAS, through collaboration with local stakeholders, Community Members and <br />Business Partners, the six recommendations set forth in The Initiative are designed <br />to promote and encourage the development of a broad range of housing at all levels <br />of affordability, and are as follows; <br />Existing Opportunities: Existing General Plans and zoning documents <br />provide opportunities to build homes that can be offered at lower price <br />points. These opportunities need to be identified and promoted to <br />stakeholders. <br />Modernize Zoning: A greater variety of housing can be provided by <br />adopting flexible development standards and modernizing zoning. <br />Specifically, changes should be designed to provide housing that attracts <br />individuals who are leaving Orange County due to a lack of affordable <br />housing: individuals 25 - 34, and Boomers. <br />85A -1 <br />