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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 Vinas, 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 first funding cycle of Fiscal Year 2018-2019.
Recommendation(s):
That the Council approve the Housing Advisory Board's funding recommendation for the Affordable Housing Development Reserve (AHDR) applications received in August 2018.
Background
* On March 23, 2015,1 the Town Council approved recommendations by the staff and HAB 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 over 100 units and the preservation of five affordable housing units in Chapel Hill, with an additional approximately 85 units in the pipeline. Please see the attached list of AHDR allocations to date.
Overview of First FY19 AHDR Funding Cycle
* Staff announced the first FY19 AHDR Request for Proposals (RFP) in July 2018 via the Town website, a news release, and email notification of local affordable housing developers. We received one application by the August 31st deadline from:
1. Town of Chapel Hill
- Proposed Use of Funds: Future Development Planning for Sites Prioritized by Town Council for Affordable Housing
- Amount of Request: $150,000
- Alignment with AHDR Priority Project Areas: Future development planning
Housing Advisory Board Funding Recommenda...
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