AGENDA ITEM EXECUTIVE SUMMARY
TITLE*
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Authorize the Town Manager to establish a unified local affordable housing program.
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RESPONSIBLE STAFF, TITLE, DEPARTMENT*
Sarah Vi?as, Director, Affordable Housing & Community Connections Department
Emily Holt, Affordable Housing Manager, Affordable Housing & Community Connections Department
STAFF RECOMMENDATION*
Staff recommends that Council adopt R-3 to grant the Town Manager the authority to establish and administer a unified local affordable housing funding program, as outlined in the affordable housing funding allocation strategy.
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ACTION/DECISION POINTS*
Council must approve or reject the request to grant the Town Manager the authority to establish and administer a unified local affordable housing program, which staff could update as needed over time.
LEGISLATIVE CONTEXT*
Prior Council actions established eligible uses for three separate affordable housing funding sources.
* 2002-01-28/R-11: Established guidelines for the Affordable Housing Fund
* 2015-03-23/R-5: Established guidelines for the Affordable Housing Development Reserve
* 2018-02-21/R-2: Established Eligible Activities and priorities for the 2018 Affordable Housing Bonds.
In addition, in September 2023, the Council approved an Affordable Housing Plan and Investment Strategy, which recommends realigning the governance and allocation procedures for its local affordable housing funding sources to increase efficiency, transparency, and equity.
BACKGROUND AND CONTEXT*
The Town approved separate allocation strategies for the Affordable Housing Fund in 2002, the Affordable Housing Development Reserve in 2015, and the Affordable Housing Bond in 2018. The Town has been adhering to each separate allocation strategy since each was adopted.
While the Town has had several distinct sources of local affordable housing funding each with their own allocation strategy, the eligible uses for each of these sources is very similar. This has caused co...
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