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Approve the Modified Recommended Funding Plan for the Affordable Housing Development Reserve.
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Staff:
Department:
Sarah Osmer Vi?as, Director
Affordable Housing and Community Connections
Nate Broman-Fulks, Affordable Housing Manager
Overview: This item provides an overview of the Affordable Housing Development Reserve (AHDR) and the Housing Advisory Board's (HAB) funding recommendation.
Recommendation(s):
That the Council approve the modified recommended funding plan that would fund the projects recommended by the Housing Advisory Board and also fund Habitat for Humanity's request.
Background
* On March 23, 2015, the Town Council approved recommendations by staff and the HAB to use the affordable housing funds in the FY15 budget to establish an Affordable Housing Development Reserve.
* Since its creation, the Town has supported the development of over 330 units of affordable housing and the preservation of 30 affordable homes with funding from the AHDR.
* 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
Overview of the FY22 AHDR Funding Cycle
* Staff announced the first FY22 AHDR Request for Proposals (RFP) at the beginning of September 2021 via the Town website, news release, email to local affordable housing partners, and direct outreach. We received five applications by the October 1st deadline, as outlined below.
* All of the projects meet the requirements of the AHDR and are consistent with the Council's affordable housing goals.
* On October 14, 2021, the Housing Advisory Board unanimously recommended the below funding plan.
Organization
Project
Request
HAB Recommendation
CASA
2200 Homestead Road Development
$300,000
$300,000
EmPOWERment
Lindsay St Acquisition
187,000
$187,000
EmPOWERment
Gomain...
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