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Approval of the Affordable Housing Plan and Investment Strategy
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Staff:
Department:
Sarah O. Vi?as, Director
Affordable Housing and Community Connections
Emily Holt, Affordable Housing Manager
Megan Culp, Community Development Programs Manager
Overview: In April 2023 and June 2023, Town Council received updates on progress to creating a new Affordable Housing Plan designed to set a path forward for the Town's affordable housing efforts over the next five years. This item will provide the Council with an overview of the proposed Affordable Housing Plan and Investment Strategy to consider approving.
Recommendation(s):
That the Council approve the proposed Affordable Housing Plan and Investment Strategy.
Affordable Housing Plan Overview:
The Affordable Housing Plan is designed to incorporate the existing strategies, data, reports, and Work Plan the Town has used to study and address the need for affordable housing in Chapel Hill. The Plan identifies additional implementation tools and strategies to assist in creating an investment plan that will allow the Town to comprehensively address its affordable housing needs into the future. Below is a table of the recommended additional strategies and focus areas identified in the proposed Affordable Housing Plan.
Goal
Recommendations
Decrease Barriers to Building Homes
Continue to pursue regulatory changes to remove barriers to housing supply and encourage new development of housing to meet the needs of a range of residents.
Expand and Preserve Affordable Homeownership
Expand down payment assistance program, refine the inclusionary zoning policy, and evaluate asset building initiatives to increase homeownership opportunities.
Expand and Preserve Affordable Rental Housing
Ensure low-income renters have access to affordable and secure housing by enhancing rental assistance programs and bolstering tenants' rights, while continuing to increase the supply of affordable rental homes.
Increase Staffi...
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