AGENDA ITEM EXECUTIVE SUMMARY
ITEM TITLE
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Open the Public Hearing for PRO Housing Funding Application
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RESPONSIBLE STAFF, TITLE, DEPARTMENT
Britany Waddell, Director, Planning Department
Sarah Vi?as, Director, Affordable Housing and Community Connections Department
STAFF RECOMMENDATION
Council must approve a R-6 to open a public hearing and R-7 to close a public hearing for the Town to submit a funding application to the U.S. Department of Housing and Urban Development (HUD) PRO Housing Competition.
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LEGISLATIVE CONTEXT
The Notice of Funding Opportunity (NOFO) includes public participation requirements. At least one public hearing, with reasonable notice of the hearing, is required.
BACKGROUND AND CONTEXT
Our departments are applying to the U.S. Department of Housing and Urban Development (HUD)'s Notice of Funding opportunity (NOFO) for the Pathways to Removing Obstacles to Housing (PRO Housing) Competition in October 2024. The purpose of the HUD funding is to deploy $100 million in competitive grant funding to remove one or more barriers to affordable housing production, develop and implement housing policy plans, and facilitate affordable housing preservation.
Our proposed approach is an implementation of the recently adopted Affordable Housing Plan & Investment Strategy. Staff propose to apply for up to $7 million to fund the following activities:
* Providing gap financing to the development, rehabilitation, and/or acquisition of affordable housing;
* Subsidizing housing costs through programs such as master leasing, downpayment assistance, and/or other asset building initiatives; and
* Land use planning studies to facilitate housing development such as infrastructure studies, feasibility studies, and small area plans.
As part of our application, applicants must hold an in-person public hearing. Following tonight's public hearing, the next steps are:
* Share the draft application for a 15-day public comment period;
* Incorporate feedb...
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