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Approve the Housing Advisory Board's Recommended Funding Plan for the Affordable Housing Development Reserve.
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Staff: |
Department: |
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Loryn Clark, Executive Director |
Housing and Community |
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Sarah Osmer Vinas, Assistant Director |
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Overview: This item provides an overview of the Affordable Housing Development Reserve (AHDR), and the Housing Advisory Board’s (HAB) funding recommendation for the AHDR for the first funding cycle of Fiscal Year 2018-2019.
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Recommendation(s): |
That the Council approve the Housing Advisory Board’s funding recommendation for the Affordable Housing Development Reserve (AHDR) applications received in August 2018.
Background
• On March 23, 2015 <http://chapelhill.granicus.com/MetaViewer.php?view_id=7&clip_id=2346&meta_id=102236>, the Town Council approved recommendations by the staff and HAB to use the affordable housing funds in the FY15 budget to establish an Affordable Housing Development Reserve <http://www.townofchapelhill.org/town-hall/departments-services/housing-and-community/funding/affordable-housing-development-reserve>.
• The AHDR is dedicated exclusively to the development and preservation of affordable housing and focuses on four priority project areas:
1. land bank and land acquisition,
2. rental subsidy and development,
3. homeownership development and assistance,
4. future development planning.
• Since its creation in 2015, the AHDR has supported the development of over 100 units and the preservation of five affordable housing units in Chapel Hill, with an additional approximately 85 units in the pipeline. Please see the attached list of AHDR allocations to date.
Overview of First FY19 AHDR Funding Cycle
• Staff announced the first FY19 AHDR Request for Proposals (RFP) in July 2018 via the Town website, a news release, and email notification of local affordable housing developers. We received one application by the August 31st deadline from:
1. Town of Chapel Hill
- Proposed Use of Funds: Future Development Planning for Sites Prioritized by Town Council for Affordable Housing
- Amount of Request: $150,000
- Alignment with AHDR Priority Project Areas: Future development planning
Housing Advisory Board Funding Recommendation
• On September 24, 2018, the HAB recommended funding the Town of Chapel Hill proposal in the full amount requested (unanimous).
Fiscal Impact/Resources:
• The Town’s total budget available for affordable housing projects for FY19 is $1.43 million. The Affordable Housing Development Reserve is $754,121 of that FY19 total. It is made up of $688,395 in new FY19 funding and $65,726 that was not allocated in FY18.
• The Town already committed $150,000 from the AHDR in FY19 to Self Help for the Northside Neighborhood Initiative.
• If Council approves the HAB funding recommendations, the balance of the AHDR will be $454,121.
Where is this item in its process?
Council Goals:
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Create a Place for Everyone |
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Develop Good Places, New Spaces |
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Support Community Prosperity |
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Nurture Our Community |
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Facilitate Getting Around |
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Grow Town and Gown Collaboration |
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Attachments: |
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• Resolution |
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• Affordable Housing Development Reserve Allocation Strategy |
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• Affordable Housing Development Reserve Allocations to Date |
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• Town of Chapel Hill AHDR Application |
A RESOLUTION APPROVING FUNDING FROM THE AFFORDABLE HOUSING DEVELOPMENT RESERVE (AHDR) (2018-10-10/R-6)
WHEREAS, the Council allocated $688,395 for affordable housing in the fiscal year 2019 budget; and
WHEREAS, the Council approved the establishment of an Affordable Housing Development Reserve, which established the processes and parameters for dispersal of this affordable housing funding.
NOW, THEREFORE, BE IT RESOLVED by the Council of the Town of Chapel Hill that the Council approves the Housing Advisory Board’s recommended funding plan for the AHDR August 2018 funding cycle:
- Town of Chapel Hill Future Development Planning: $150,000
This the 10th day of October, 2018.
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The Agenda will reflect the text below and/or the motion text will be used during the meeting. |
presenter
By adopting the resolution, the Council approves the Housing Advisory Board’s recommended funding plan for the Affordable Housing Development Reserve August 2018 funding cycle.