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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 Vi?as, Assistant Director
Nate Broman-Fulks, Affordable Housing Manager
Overview: This item provides an overview of the Affordable Housing Development Reserve (AHDR) and the Housing Advisory Board's (HAB) funding recommendation.
Recommendation(s):
That the Council approve the Housing Advisory Board's funding recommendation for the Affordable Housing Development Reserve (AHDR) applications received in October 2020.
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 175 units and the preservation of ten affordable housing units in Chapel Hill. Please see the attached list of AHDR allocations to date.
Overview of the FY21 AHDR Funding Cycle
* Staff announced the first FY21 AHDR Request for Proposals (RFP) in September 2020 via the Town website, a news release, and email notification to local affordable housing partners. We received three applications by the October 2nd deadline:
1. Community Home Trust - Master Leasing
* Amount of Request - $140,000
* Proposed Use: Continuation and expansion of the Master Leasing Program
2. Empowerment Inc. - PEACH Apartments
* Amount of Request: $200,000
* Proposed Use: Future affordable rental housing development at 107 Johnson Street in the Pine Knolls Neighborhood
3. Town of Chapel Hill - 2200 Homestead Ro...
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