Cottonwood and Sedona housing manager Shannon Boone defined affordable housing at the Cottonwood Chamber of Commerce’s Lunch and Learn session on Wednesday, May 17.
Boone defined affordable housing as housing that costs no more than 30% of a household’s total income. Cottonwood’s median household income is currently $39,437. She distinguished among affordable housing; subsidized housing, which is built or sustained with government funding; low-income housing, which is affordable for households earning less than 80% of median income, or roughly $31,500; and workforce housing, which is intended for those earning between 80% and 120% of median income.
The five-year estimated housing demand for the Verde Valley is over 3,700 units, with about 600 of those needed in Cottonwood. Boone estimated that the shortage means about 1,200 people are in situations where they have to stay with friends or family, live in RVs or find other temporary living situations.
Most available housing in the Verde Valley costs more than $3,750 per month, while the number of people who can afford those prices is small; conversely, in a recent search, Boone found only one available rental listed for less than $625 per month.
Due to the cost of housing, many young people starting new households have resorted to either living with their parents or leaving the area, while employers find it difficult to fill low-paying hospitality and retail positions.
Boone claimed that obstacles to development include a lack of buildable land, building and zoning codes, current economic conditions resulting in high prices for materials and state legal barriers. In combination, these factors have stalled a number of developments that had previously acquired permits.
Boone said that her preferred housing strategies to confront these problems are down payment assistance programs, development incentives, code and zoning reforms, state level advocacy, a coalition of “YIMBY” residents — “yes in my backyard” — and a regional nonprofit.
“We’re short units and we need all the units we can get,” Boone said.
