title
Consider Approving Habitat for Humanity's December 2018 Funding Request for the Affordable Housing Development Reserve as Recommended by the Housing Advisory Board.
body
Staff:
Department:
Loryn Clark, Executive Director
Housing and Community
Sarah Osmer Vi?as, Assistant Director
Overview: The purpose of this memorandum is to respond to the Council's request to discuss Habitat for Humanity's $375,000 funding application from the Affordable Housing Development Reserve for the Sunrise Road project. The Housing Advisory Board recommended fully funding Habitat's request.
Recommendation(s):
That the Council approve Habitat for Humanity's December 2018 funding request for the AHDR as recommended by the Housing Advisory Board.
Affordable Housing Development Reserve (AHDR) Overview:
* 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, and 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. Please see the attached list of AHDR allocations to date.
AHDR FY19 Second Cycle Funding Requests:
* 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:
* On January 8, 2019, the Housing Advisory Board unanimously recommended funding all three requests received in the second cycle of this fiscal year:
- Fully funding the Community Home Trust's two re...
Click here for full text