Res 2023-189R approving amendments to the Low-Income Housing Tax Credit (“LIHTC”) Policy section of the Affordable/Workforce Housing Policy to reduce the required percentage of units under 30% of the Area Median Income from 25% to 15%

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Affordable/Workforce Housing Policy Purpose: Define issues associated with the expansion and preservation of diverse, affordable housing choices, in San Marcos and identify specific goals and strategies to address those issues in a manner consistent with the vision expressed in the City's Comprehensive Plan. Vision San Marcos Neighborhood& Housing Vision Statement We envision San Marcos to have a strong, more comprehensive foundation of safe, stable neighborhoods while preserving and protecting the historical, cultural, and natural identities of those neighborhoods. Importance: Affordable housing is important to the economic vitality of San Marcos as an adequate supply supports the local workforce and allows them to live close to their jobs. Shorter commutes reduce traffic congestion, air pollution, and expenditures on road maintenance. Having an adequate housing supply also provides a competitive advantage for area employers. Affordable housing benefits families by alleviating overcrowding, reduces the potential of foreclosure and evictions, and may provide the housing stability that is vital to the emotional well-being of children. Definitions: • Area Median Income(AMI)—The area median income is the midpoint of a region's income distribution. San Marcos is located within the Austin Round Rock MSA. Federal housing programs utilize the area median income as the basis for funding. o Example: the 2018 median family income for a family of 4 in the Austin Round Rock MSA is $86,000 • San Marcos Median Family Income(MFI)—The median family annual income for residents of the City of San Marcos as established by the most current data available from the U. S. Census Bureau. This term is defined by the Census Bureau as "The sum of income of all family members 15 years and older living in the household. Families are groups of two or more people(one of whom is the householder) related by birth, marriage, or adoption and residing together; all such people (including related subfamily members)are considered as members of one family. o This number is expected to change from year to year as census records are updated. o Example: the 2012-2016 American Community Survey data shows that the Median San Marcos Family Income is$46,736; • Affordable Housing—Generally construed to mean that a low or moderate-income family can afford to buy or rent a decent quality dwelling without spending more than 30% of its income on shelter. Generally, affordable housing incentives will be targeted to persons earning 80% or less of the Area Median Income. • Workforce Housing- Housing for moderate-income workers in professions needed in all communities such as teachers, fire fighters, and nurses. Generally, workforce housing incentives are targeted to employees earning no more than 140%of Area Median Income • Location Efficient Areas—Areas(a)where transportation costs are low or where public investment will make transportation more affordable in the future, (b)that are located in close proximity to schools, health related facilities, amenities such as parks and childcare,vital retail establishments (pharmacy, groceries,etc.)and (c)are pedestrian/bicycle friendly. Affordable&Workforce Housing Policy 1 Adopted July 2014;Amended March 2017,June 2018,&March 1,2022