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File #: [21-0183]    Version: 1 Name:
Type: Discussion Item Status: Filed
File created: 12/16/2020 In control: Town Council
On agenda: 3/10/2021 Final action: 3/10/2021
Title: Receive the Second Quarter Fiscal Year (FY) 2021 Affordable Housing Report.
Attachments: 1. Draft Staff Presentation, 2. Affordable Housing Quarterly Report - Fiscal Year 2021 Q2, 3. Public Housing Quarterly Report - Fiscal Year 2021 Quarter 2, 4. Council Questions with Staff Response, 5. Staff Presentation
Related files: [20-0805], [21-0445], [21-0770]

Receive the Second Quarter Fiscal Year (FY) 2021 Affordable Housing Report.

Loryn B. Clark, Executive Director
Housing and Community
Faith Brodie, Public Housing Director

Sarah Osmer Vi?as, Assistant Director

Nate Broman-Fulks, Affordable Housing Manager

Stacey Todd, Public Housing Management Analyst

Overview: This quarterly report on affordable housing activities for Fiscal Year 2021 tracks:
* Community indicators related to the housing market and affordable housing,
* Our progress toward affordable housing targets,
* The status of projects funded with Town resources, and
* General housing conditions in Chapel Hill.

That the Council receive this Fiscal Year 2021 second quarter report and provide feedback on the draft Public Housing Quarterly Report.

Highlights of the report for the second quarter of FY 21 (October 1 - December 31, 2020) include:
* The Town has continued to focus on COVID-19 response efforts and supported 264 Emergency Housing Assistance payments for Town residents. This assistance is reflected in the total units preserved. An additional 133 assistance payments were provided through the HOPE program.
* The 2200 Homestead Road development team submitted a rezoning application to develop approximately 120 homes.
* The Community Home Trust added one new home into their permanently affordable inventory.
* The Council allocated all available Affordable Housing Development Reserve funds for the fiscal year to projects.
* Some of the key community indicators this year include:
o The median household income in Chapel Hill has continued to increase to $90,400, an increase of $6,000 (or 7%) from last year,
o The median home value is $410,105, an increase of $26,000 (or 6%) from last year,
o The percentage of cost-burdened renters has continued to rise with 58% of renters currently spending more than 30% of their income on housing expenses.
* As discussed with this Council in the fall, this r...

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