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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 B. Clark, Executive Director
Housing and Community
Sarah Osmer Vi?as, Assistant Director
Overview: The purpose of this item is to share the Housing Advisory Board's (HAB) funding recommendation for the second FY 2019-20 funding cycle of the Affordable Housing Development Reserve (AHDR).
Recommendation(s):
That the Council approve the Housing Advisory Board's funding recommendation for the Affordable Housing Development Reserve (AHDR) applications received in December 2019.
Background
* On March 23, 2015, the 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 FY 2019-20 AHDR Funding Cycle
* Staff announced the second FY20 AHDR Request for Proposals (RFP) in October 2019 via the Town website, a news release, and email notification of local affordable housing developers. We received two applications by the December 4th deadline:
1. EmPOWERment Inc. - Land Acquisition
* Amount of Request: $101,000
* Proposed Use: Land acquisition for future affordable rental housing development at 107 Johnson Street in the Pine Knolls Neighborhood
* Projected Number of Units: 8-12
2. Town of Chapel Hill - Future Development Planning
* Amount of Reques...
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