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File #: [24-0069]    Version: 1 Name:
Type: Discussion Item Status: Filed
File created: 2/6/2024 In control: Town Council
On agenda: 2/14/2024 Final action: 2/14/2024
Title: Update on Implementation of Town Affordable Housing Strategies and Tools and Mid-Year Progress.
Attachments: 1. Hyperlink: Affordable Housing Quarterly Report Fiscal Year 2024 Quarters 1 and 2, 2. Hyperlink: Affordable Housing Plan, 3. LIHTC Overview, 4. LIHTC Overview Linked attachments, 5. FY24 Key Deliverables, 6. Council Questions with Staff Response, 7. Staff Presentation

Update on Implementation of Town Affordable Housing Strategies and Tools and Mid-Year Progress.

Sarah Osmer Vi?as, Director
Affordable Housing and Community Connections
Emily Holt, Affordable Housing Manager

Overview: Affordable Housing is one of the Town's Strategic Focus Areas and a key element of our social equity commitments outlined in the Complete Community Framework. This report provides updates on the Town's key affordable housing activities as of December 2023 including:
* Community indicators related to the housing market and affordable housing
* Our progress toward reaching Fiscal Year (FY) 2024 affordable housing goals
* The status of projects funded with Town resources
* Upcoming project milestones for the remainder of the year

That the Council receive updates on the Town's affordable housing strategies and tools and the Fiscal Year 2024 affordable housing mid-year report.

Highlights of our Mid-Year Affordable Housing Progress
Key achievements for first half of Fiscal Year 2024 (July 1 - December 31, 2023) include:
* Council unanimously approved a Comprehensive Affordable Housing Plan and Investment Strategy. The plan maps out the Town's affordable housing work over the next five years and calls for the dedication of $50 million to support the development of as many as 900 new affordable homes and the preservation of as many as 400 affordable homes. Staff have begun implementing the recommendations of the Plan.
* Council approved 1,572 total housing units and 236 affordable units in 4 projects (15%).
* The Town awarded $100,000 in funding to the Marian Cheek Jackson Center and Orange County to provide property tax assistance to low-income homeowners. The funding supported 128 Chapel Hill households with an average award of $770 in Town funding. Sixty-two percent of households that received assistance identify as people of color and 85% heads of household are ages 55+.
* Council approved ...

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