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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: |
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Sarah Osmer Viñas, Interim Director |
Housing and Community |
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Nate Broman-Fulks, Affordable Housing Manager |
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Overview: This item provides an overview of the Affordable Housing Development Reserve (AHDR) and the Housing Advisory Board’s (HAB) funding recommendation.
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Recommendation(s): |
That the Council approve the Housing Advisory Board’s funding recommendation for the Affordable Housing Development Reserve (AHDR) applications received in October 2021.
Background
• On March 23, 2015 <http://chapelhill.granicus.com/MetaViewer.php?view_id=7&clip_id=2346&meta_id=102236>, 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 <http://www.townofchapelhill.org/town-hall/departments-services/housing-and-community/funding/affordable-housing-development-reserve>.
• Since its creation, the Town has supported the development of over 330 units of affordable housing and the preservation of 30 affordable homes with funding from the AHDR.
• 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
Overview of the FY22 AHDR Funding Cycle
• Staff announced the first FY22 AHDR Request for Proposals (RFP) at the beginning of September 2021 via the Town website, news release, email to local affordable housing partners, and direct outreach. We received five applications by the October 1st deadline:
§ On October 14, 2021, the Housing Advisory Board unanimously recommended the below funding plan.
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Organization |
Project |
Request |
HAB Recommendation |
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CASA |
2200 Homestead Road Development |
$300,000 |
$300,000 |
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EmPOWERment |
Lindsay St Acquisition |
187,000 |
$187,000 |
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EmPOWERment |
Gomains St House Move |
61,111 |
$26,395 |
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Habitat for Humanity |
Weiner St Property Acquisition |
150,000 |
$0 |
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Community Home Trust |
Graham St Acquisition |
60,000 |
$0 |
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Total Request |
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$758,111 |
$513,395 |
Fiscal Impact/Resources:
§ The Town’s total budget available for affordable housing projects for FY22 is just over $6.4 million. The Affordable Housing Development Reserve is $688,395 of that FY22 total.
§ In fiscal year 2022, the Town has already committed from the AHDR:
- $175,000 to Self Help for the Northside Neighborhood Initiative <https://www.chapelhillaffordablehousing.org/northside-neighborhood-initiative>.
§ The current balance of the Affordable Housing Development Reserve is $513,395. If Council approves the HAB funding recommendations, the AHDR will be fully allocated for this fiscal year.
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Attachments: |
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• Resolution |
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• Draft Staff Presentation |
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• Recommended Funding Plan Overview |
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• Scoring Rubric |
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• Affordable Housing Development Reserve Allocation Strategy |
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• Affordable Housing Development Reserve Historic Funding Summary |
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• CASA Application |
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• Community Home Trust Application |
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• EmPOWERment Lindsay St Application |
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• EmPOWERment Gomains St Application |
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• Habitat for Humanity Application |
A RESOLUTION APPROVING FUNDING FROM THE AFFORDABLE HOUSING DEVELOPMENT RESERVE (AHDR) (2021-10-27/R-15)
WHEREAS, in Fiscal Year 2015 the Council approved the establishment of an Affordable Housing Development Reserve (AHDR), which established the processes and parameters for dispersal of this affordable housing funding; and
WHEREAS, in Fiscal Year 2022 the Council allocated $688,395 in new funding for to the AHDR; and
WHEREAS, in Fiscal Year 2022 the Town has approved $175,000 for the Northside Neighborhood Initiative.
NOW, THEREFORE, BE IT RESOLVED by the Council of the Town of Chapel Hill that the Council approves allocating the remaining $513,395 available in the AHDR in accordance with the Housing Advisory Board’s recommended funding plan for this AHDR funding cycle:
1. CASA - Homestead Gardens at 2200 Homestead - $300,000
2. EmPOWERment, Inc. - Lindsay St- $187,000
3. EmPOWERment, Inc. - Gomains - $26,395
This the 27th day of October, 2021.
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The Agenda will reflect the text below and/or the motion text will be used during the meeting. |
presenter
PRESENTER: Nate Broman-Fulks, Affordable Housing Manager
RECOMMENDATION: That the Council approve the Housing Advisory Board’s funding recommendation for the Affordable Housing Development Reserve (AHDR) applications received in October 2021.