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PART I. PRIORITY AFFORDABLE HOUSING NEEDS Priority: Increase and maintain the number of affordable rental units for low and moderate income households by encouraging unit affordability for the maximum number of years possible, with an emphasis on maintaining affordable units for the following populations: emancipated youth, families, adult population (21 - 64 years), seniors, under-served minorities and special populations. Priority Analysis and Obstacles to Meeting Underserved Needs The need for affordable rental housing in Alameda County has increased dramatically in the past five years. The need far exceeds the supply of affordable rental housing in the Alameda County HOME Consortium. The Alameda County HOME Consortium Housing Needs Analysis indicates that the majority of low income rental households (earning 80 percent or less of the Area Median Income, or AMI) spend more than 30% of their incomes on housing costs. Affordable housing is in short supply throughout the county. Very high cost housing markets reduce the supply of affordable housing even further. As rents increase, subsidies in rental assistance programs also increase, which results in a reduction in the number of persons that can be served in these programs. In the late 1990's, rents increased significantly while vacancy rates decreased. These trends peaked in 2000 and 2001. The resulting competition resulted in an extremely tight rental market, notably in Pleasanton and the surrounding Tri-Valley area. Some landlords who had previously accepted Section 8 were no longer willing to do so because of the limitations on the rents that can be charged under the program. Rents have begun to stabilize since reaching a peak in 2000 and 2001. However, the rental market still poses a significant challenge to households in the lower income categories. Figure 1 shows rent trends in Pleasanton between 1995 and 2004. DRAFT - Strategic Plan - FY2005- FY2009 City of Pleasanton Page 1