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Approve the Affordable Housing Bond and Affordable Housing Development Reserve Funding Plan.
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Staff:
Department:
Loryn Clark, Executive Director
Housing and Community
Sarah Osmer Vi?as, Assistant Director
Nate Broman-Fulks, Affordable Housing Manager
Overview: This item provides an overview of staff's recommended Funding Plan for $5.25 Million available through the issuance of the 2018 Affordable Housing Bond (AHB) and the remaining balance in the Affordable Housing Development Reserve (AHDR).
Recommendation(s):
That the Council adopt the resolution, approving staff's recommended Affordable Housing Funding Plan.
Town Investments in Affordable Housing
* The Council established a five-year target for developing 400 units and preserving 700 units of affordable housing by 2023.
* Over the past several years, the Town has significantly increased its investment in affordable housing.
o In 2015, the Council established the Affordable Housing Development Reserve (AHDR), an annual allocation of $688,395 to support affordable housing development and preservation projects.
* Eligible activities include: land bank and acquisition, rental subsidy and development, homeownership development and assistance, and future development planning.
* Since its establishment, the Town allocated over $3.8 million from the AHDR to support the development of over 175 units of affordable housing in the community.
o More recently, the Council pursued a $10 million affordable housing bond, which was overwhelmingly approved by voters in November 2018.
* Eligible activities include: acquisition of property, home repairs, and new construction.
Overview of Affordable Housing Recommended Funding Plan
* The Town has made $5 million of Bond funds available in this round of funding as well as the remaining $250,000 in the Affordable Housing Development Reserve.
* The table below is a summary of Staff's recommended funding plan for Town-initiated and outside agency proj...
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