Economic Development & Housing Strategic Plan

City Council Approves Plan!

Thanks to everyone who participated in the project, whether through the survey, focus groups, or other avenues. City Council adopted the Economic Development & Housing Strategic Plan on Jan. 17, 2023! The final plan can be found in the document library to the right.

The strategic plan is organized around five key elements, including:

1. Strategy Context outlining the project objectives and related background from the Comprehensive Plan;
2. Summary of Market Conditions and Community Perceptions, providing highlights of the city demographics, the local housing market and economic profile, and community engagement efforts;
3. Opportunities and Challenges detailing identified strengths, challenges, opportunities, and constraints facing Lafayette’s housing market and economy;
4. Economic Development Strategic Plan, with short-, medium, and long-term actions; and
5. Housing Strategic Plan, with short-, medium, and long-term actions.

The strategic plan (first 38 pages) summarizes the detailed information found in the Economic Development & Housing Assessment (pages 40 - 151).

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The City of Lafayette is completing an Economic Development and Housing Strategic Plan. The plan will create a solid foundation for developing a more resilient, sustainable, and vibrant economy that allows people of all backgrounds and incomes to live, work, and thrive close to home in Lafayette. The economy and housing are linked together in many ways, with decisions about one often impacting the other. Combining both economic development and housing will help ensure that we have a cohesive plan with complementary strategies for both topics.

The plan will answer three main questions:

1. Where are we? (What is our current economic base and housing portfolio?)
2. Which direction should we go? (What is missing and what are strategic opportunities for growth?)
3. How do we get there? (Including short, medium, and long-term strategies)

Comprehensive Plan Policies

Guided by the City's values of being an inclusive, eclectic, and diverse community, the Lafayette Comprehensive Plan includes a robust set of recommendations for how the community will grow and evolve over the next 20 years. Below are several policies guiding the work of this project.

Housing Diversity and Affordability

• 12.2 The city will encourage residential development that supports the needs of a full spectrum of users including, but not limited to, older adults, individuals of all abilities and backgrounds, first-time house buyers, entry-to mid-level employees, move-up buyers, and cultural creatives through the provision of a variety of housing types, prices, styles, and sizes.
• 12.5 The city will support efforts to maintain the "naturally occurring" affordable housing stock in Lafayette, including the support of existing mobile home communities.

Housing Needs and Assessment

• 13.4 The city will actively strive to attract new companies by promoting the city and its available industrial and commercial lands and other opportunities.
• 12.7 Evaluate housing needs regularly to determine strengths, gaps, and opportunities.

Business Retention and Attraction

• 13.5 Support, attract and retain employers that share our vision and provide well compensated jobs for our residents.
• 13.6 The City will actively pursue business retention and expansion efforts for existing businesses in Lafayette, especially those that are better able to withstand economic cycles.

Old Town

• 13.9 The city will encourage businesses that complement Old Town Lafayette and enhance its character.