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* Approve the Housing Advisory Board's Recommended Funding Plan for the Affordable Housing Development Reserve.
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Staff:
Department:
Loryn Clark, Executive Director
Housing and Community
Sarah Osmer Vi?as, Assistant Director
Overview: This item provides an overview of the Affordable Housing Development Reserve (AHDR), and the Housing Advisory Board's (HAB) funding recommendation for the AHDR for the second funding cycle of Fiscal Year 18.
Recommendation(s):
That the Council approve the Housing Advisory Board's funding recommendation for the Affordable Housing Development Reserve (AHDR) applications received in December 2017.
Background
* On March 23, 2015,1 the Town Council approved the staff and HAB recommendation to use the affordable housing funds in the FY15 budget to establish an Affordable Housing Development Reserve.2
* 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.
* Since its creation in 2015, the AHDR has supported the development of 94 units and the preservation of 5 affordable housing units in Chapel Hill, with an additional ~95 units in the pipeline. Please see the attached list of AHDR allocations to date.
Overview of Second FY18 AHDR Funding Cycle
* Staff announced the second FY18 AHDR Request for Proposals (RFP) in November 2017 and received two applications by the December 1st deadline from:
1. Community Home Trust - Courtyards at Homestead
- Proposed Use of Funds: Acquisition of two single-family homes in Courtyards development
- Amount of Request: $100,000
- Alignment with AHDR Priority Project Areas: Homeownership Development and Assistance
2. DHIC - Greenfield Senior Housing
- Proposed Use of Funds: Rental housing development for seniors (age 55+)
- Amount of Request: $700,000
- Align...
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