Moderate income housing has become an increasingly imperative issue for Price City in recent years. Economic conditions have caused housing costs in Price to increase at rates higher than personal income and wages. Because of this imbalance, many residents have been excluded from adequate housing opportunities. The 2000 census points out that nearly ninety eight percent (98%) (based on mean values) of the families living in Price are within the low to moderate income levels.
The state of Utah defines moderate income housing as "housing occupied or reserved for occupancy by households with a gross household income equal to or less than eighty percent (80%) of the median gross income of the metropolitan statistical area (MSA) for households of the same size". In other words, moderate income housing is a function of the particular circumstances and income levels of the community, rather than a type of housing.
In an effort to meet the needs for moderate income housing in the Price community, a plan was created in October 2002 describing several policies and establishing goals. The Price Municipal Corporation community affordable housing plan is designed to assist decision making with housing issues. (See appendix D, as referenced in the ordinance codified herein, on file in the city.) (Ord. 2004-001, 2004)