Ordinance No. 20585 - Laserfiche WebLink

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• The City will need to provide opportunities for additional affordable housing; this will require planning for more multi- family dwellings of every type. • The City will need to provide opportunities for development of a wider range of housing types, especially more multi -family housing types and more compact single-family detached housing. • The City can, to some degree, influence housing costs by increasing the share of higher density housing production, which will reduce the overall land need.40 • The City can affect single-family housing costs by developing policies that allow or require building single-family units on smaller lots.41 Table 28 shows Eugene's needed dwelling units by structure type, starting with the forecast of 15,105 units from Table 10. Based on the above, as shown on Table 28, this analysis assumes Eugene's needed mix is 55% single-family and 45% multi -family housing types. 40 There are limits to the amount that increasing housing density can increase housing affordability. Housing that requires less land is generally more affordable. The affordability of multi -family housing depends, in part, on the construction techniques and materials used to build the structure. For example, multi -family structures that are less than four or five stories tall are generally wood - framed structures and are generally less costly than multi -family housing taller than four or five stories, which are generally steel -framed structures. 41 With respect to single-family housing, land accounts for a higher percentage of the overall cost, but does not account for the majority of costs. For example, a lot valued at $50,000 might have a home worth $250,000; the land accounts for 20% of the total value of the dwelling. A recent study by the Lincoln Institute of Land Policy indicates that land accounted for 26.8% of total home value in Oregon during the first quarter of 2010 (http://www.lincolninst.edu/subcenters/land- values/metro-area-land-prices.asp) Page 110 ECONorthwest Part 11 — Eugene Housing Needs Analysis