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Consider Approving the Recommended Affordable Housing Funding Plan.
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Staff:
Department:
Sarah Osmer Vi?as, Director
Affordable Housing and Community Connections
Emily Holt, Affordable Housing Manager
Overview: This item provides an overview of a recommended Funding Plan for $1,668,800 in local affordable housing resources.
Recommendation(s):
That the Council consider adopting the resolution, approving the recommended Affordable Housing Funding Plan, consistent with staff's recommendations.
Town Affordable Housing Funding
* After allocating a record amount of affordable housing funding in FY 2023, the Town released up to $800,000 in funding from the Affordable Housing Development Reserve (AHDR).
* This amount included the full value of a penny on the tax rate dedicated to the AHDR in the FY 2024 budget, or $971,000, minus funding to support the Affordable Housing Manager position and to provide annual operating support to the Northside Neighborhood Initiative.
* Shortly after releasing the request for funding proposals, the Town learned that it received a $1.5 million federal Community Project Funding (CPF) grant for the Tanyard Branch Trace project on Town-owned land. Because the Town had previously awarded $1.95 million in Town funding to that project, the CPF grant frees up previously allocated Town affordable housing bond funding to award to projects this funding cycle and in the future.
* In addition, the available funding includes $50,000 in unallocated American Recovery Program Act funding that was dedicated to a 2023 Low-Income Housing Tax Credit but never committed to a project.
* Altogether, there is $2,246,286 in affordable housing funding currently available for FY 2024 applicants. Funding not allocated in this funding round will be carried over to support projects in FY 2025.
* Consistent with the recommendation in our Council-approved Affordable Housing Plan & Investment Strategy and in alignment with the Housing Advisory Bo...
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