11-110 - King County - Regional Affordable Housing Program

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time that the RAHP Guidelines are in effect. Each subregion will receive allocations to projects within the subregion that are equal to or greater than 95 percent, of the subregions' allocation target by the end of each Interlocal Cooperation Agreement period. The formula for allocating RAHP funds to the subregions is as follows: One half of the RAHP funds shall be targeted for allocation among the three subregions based on each subregion's relative share of total existing need for affordable .housing. Existing need shall be determined by the percentage of low income households paying more than 30 percent of their income for housing in the subregion, according to the 2000 U.S. Census data. One half of the RAHP funds shall be targeted for allocation amongst the three subregions based on the subregions' growth targets for future need, as established through the Growth Management Planning Council. Future need shall be determined by the subregions' relative share of total future need for affordable housing in the County. A subregion's relative share of future need is the percentage of the subregion's affordable housing target for low- income households relative to the cumulative affordable housing target for low income households of all jurisdictions in the county, including unincorporated King County Based upon the RAHP formula, the sub regional allocation targets are as follows: City of Seattle: 37.9 percent South: 32.7 percent North/East: 29.4 percent 3. Interiurisdictional Advisory Committee to Monitor Subregional Allocation Tarizets The advisory committee will monitor the subregional distribution of RAHP funds every year, determining if any subregion(s) received allocations below 95 percent of the subregion's allocation target. s The percentage of a subregion's target relative to the cumulative target is derived by averaging the target percentages of the jurisdictions within that subregion. For each jurisdiction, the target percentage is calculated in the following manner: the number of households that a jurisdiction must anticipate, per the 2002 -2022 Countywide Planning Policy (CPP) Growth Target, is multiplied by .24 or .20 (depending on the ratio of low wage jobs to low cost housing for the jurisdiction in Appendix 3 of the CPPs); that number is divided by the cummulative affordable housing target for low income households of all King County jurisdictions, including unincorporated King County. RAIIP Interlocal Agreement 10 of 15 2012 -2014