title
Approve the Housing Advisory Board's Recommended Funding Plan for the Affordable Housing Development Reserve (AHDR).
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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 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 December 2018.
Background
* On March 23, 2015, the Town Council approved recommendations by staff and the HAB to use the affordable housing funds in the FY15 budget to establish an Affordable Housing Development Reserve.
* 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 approximately 85 additional units in the pipeline. Please see the attached list of AHDR allocations to date.
Overview of Second FY19 AHDR Funding Cycle
* Staff announced the second FY19 AHDR Request for Proposals (RFP) in October 2018 via the Town website, a news release, and email notification of local affordable housing developers. We received three applications by the December 21st deadline:
1. Community Home Trust (CHT) - Master Lease Program
* Amount of Request: $97,324
* Proposed Use: Provide ongoing rental and security deposit assistance to extremely low-income households through sub-lease program
2. Community Home Trust - Chandler Woods
* Amount of Request: $90,...
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