b'Understanding the NeedCommunity leaders have consistently recognized the need to proactively assess and address gapsin affordable housing. The Citys recent Grand Valley Housing Needs Assessment identified a shortageof 3,736 two-bedroom apartments with rents at or below $625 per month for individuals earningat or below 30% of the Area Median Income. This shortage affects roughly one-third of all rentersin the market. Over the past decade, the demand for affordable housing has surged. Future projections indicate that the growing senior population, especially those with low and fixed incomes, may increase the need. The research underscores the urgency of the issue and reveals that households working full-time, minimum wage jobs, and others with low incomes, are struggling to afford stable housing.Growth In Housing Services Over 50 Years2024 1418 7852014 1214 5402004 928 2831994 351 2151984 149 2151974 00 500 1000 1500 2000 2500Total Households ServedVouchers Apartment Homes02 2023 ANNUAL REPORT'