What Does Affordable Housing Really Mean?

When The City of Shoreview’s Inclusionary Housing policy was introduced in 2022, it addressed the need for Minnesota families of all sizes and income levels to have access to affordable housing. The policy promotes high-quality housing to meet the City's goal of preserving and promoting economically diverse housing options in the community. Since accessible housing is an essential component of a thriving community, the City of Shoreview has gone to great lengths to help all residents understand their housing options. Here’s a look at what affordable housing really means and how it impacts the local community.

What is Affordable Housing?

Affordable housing means so much more than the traditional Section 8 Housing that many people are familiar with. Inclusionary housing policies are beneficial to a wide range of families, individuals, and people of diverse income levels. Put simply, affordable housing means providing safe homes that residents can afford with money left over to purchase other necessities. It’s based on the principle that people shouldn’t have to give up one necessity to afford another, like paying for groceries at the expense of having a safe place to live.

Affordable housing aims to ensure that individuals and families can secure housing without spending an unreasonable portion of their income on rent or mortgage payments. This typically means that the cost of housing should not exceed a certain percentage of the household's income, often around 30% of gross income.

The HUD (US Department of Housing and Urban Development) is responsible for determining the cost of housing based on the average resident’s income and the size of the home they’re occupying. However, local governments like The City of Shoreview are also responsible for making practical plans to make sure that affordable housing is available.

Through the City of Shoreview’s Inclusionary Housing Policy, a proportion of each new multi-family development must include units that are affordable to low- and moderate-income households and working families. If the new development is unable to include affordable dwelling units, they’ll have to make a payment to the City instead, which supports the development of low-cost housing in other areas. Policies like these help slow the trend of rising home costs and create intentional space for low-income families to co-exist in the same neighborhoods as everyone else. Affordable housing plays a crucial role in promoting social and economic stability by providing individuals and families with access to safe, decent, and stable housing. It also contributes to community development, reduces homelessness, and supports economic mobility for those in need.

How to Find Affordable Housing in Shoreview

The City of Shoreview makes it easy to find affordable housing. Three apartment complexes have been offering affordable housing even before Shoreview’s Inclusionary Housing Policy was introduced: Loden SV, Emrick SV, and The Edison. Interested residents can visit an apartment complex like these to check if there are vacant affordable units - if not, they’ll be added to a waitlist.

Shoreview offers residents a variety of housing options so everyone feels at home. Single-family homes, townhomes, and condos are ideal living options for young professionals and retirees. Rental units in the city range from modest units to new apartment complexes with a full host of amenities.

Providing a wide range of housing options from types to affordability is critical to the overall quality of a community. From an economic development standpoint, having affordable living choices for people in the local workforce is essential to the success of our businesses.  To learn more about how Shoreview empowers residents to thrive, contact us today.