"Housing Becomes More Unaffordable in Louisville in 2006: NLICH 'Out of Reach' Report Released." (download .doc)

An Affordable Housing Trust Fund is the KEY to addressing our housing crisis:

· According to HUD (U.S. Dept.of Housing and Urban Development), Fair Market Rent for a 2-bedroom apartment is $584 in the Louisville Metro area. According to Greater Louisville Inc, the average rent for a 2-bedroom apartment is $700.

· In Metro Louisville, an extremely low income household (earning $17,190, 30% of the Area Median Income of $57,300) can afford monthly rent of no more than $430.

· A minimum wage earner (earning $5.15 per hour) must work 87 hours per week to afford a two-bedroom unit at the area's Fair Market rent.

· A Social Security Income recipient (receiving $603 monthly) can afford monthly rent of no more than $181, while the Fair Market Rent for a one-bedroom unit is $457.

· Today, 8,626 households rely on Section 8 vouchers from the Louisville Metro Housing Authority.

· Since 1999, the # of Jefferson County citizens living in poverty has increased from 84,114 to 97,425.

· 42% of all renters in this region pay more than 30% of their household incomes on rent, yet the production of affordable rental housing remains relatively stagnant.

· Since 1996, foreclosure activity in the metropolitan region has increased by 500%.

· Since the mid-1970s the federal housing budget has decreased by 48%.

· A voucher covers the difference between the cost of a modest apartment and household income to insure that rent comprises no more than 30% of a family's income. As the gap between rents and incomes widens, voucher costs rise. More than 14,000 households - many of them elderly and disabled - are on the waiting list for housing assistance.

· In Kentucky, 34% of children live in neighborhoods with a high poverty rate. 2003 Kidscount Data Book, The Annie E. Casey Foundation

· In Kentucky, 48% of low-income households with children have housing costs that exceed 30% of income in 2001. 2003 Kidscount Data Book, The Annie E. Casey Foundation.

· 20% of Kentucky's children live in poverty, compared with 17% nationwide. 2003 Kidscount Data Book, The Annie E. Casey Foundation

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