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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
Nate Broman-Fulks, Assistant Director
Overview: This item provides an overview of a recommended Funding Plan for $8,454,530 Million available through the issuance of the 2018 Affordable Housing Bonds, American Rescue Plan (ARPA) funding, and the Affordable Housing Development Reserve.
Recommendation(s):
That the Council consider adopting the resolution, approving the recommended Affordable Housing Funding Plan, consistent with the Housing Advisory Board's and staff's recommendations.
Town Investments in Affordable Housing
* Over the past several years, the Town has significantly increased its investment in affordable housing.
o In 2015, the Council established the Affordable Housing Development Reserve, an annual allocation of $688,395, nearly a penny on the tax rate at the time, to support affordable housing development and preservation projects.
* Eligible activities include: land bank and acquisition, rental subsidy and development, homeownership development and assistance, and future development planning.
* Since its establishment, the Town allocated over $3.8 million from the AHDR to support the development of over 175 units of affordable housing in the community.
o In 2018, the Council pursued a $10 million affordable housing bond, which was overwhelmingly approved by voters.
* Eligible activities include: acquisition of property, home repairs, and new construction.
o In 2022, the Council allocated $2.5 million for affordable housing out of the $10.68 million ARPA funds received by the Town.
Overview of Affordable Housing Recommended Funding Plan
* The Town has $8.45 million available to support affordable housing projects from the following sources:
o $5,245,000 million of Affordable Housing Bonds remaining to be issued
o $108,635 of previously issued bonds availab...
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