Retreat Item - Elizabeth Showalter, Community Development Specialist
Title
Title
Affordable Housing Discussion
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Background
At the April 12, 2021 workshop, staff provided an informational session on affordable housing. At this retreat session, staff will present options for financial support to new affordable housing and for additional housing programs.
Staff will present two examples of policies regarding the funding of new affordable housing development. Feedback is requested on preferences for affordable housing development and the desired level and type of financial assistance the City should offer.
Staff will present a menu of options for housing programs to increase the availability, accessibility, or quality of lower cost housing. These programs come at a variety of costs and staff time which are outlined on the attached chart. The City has access to a variety of funds which must be used for housing purposes including $2.75 million in a revolving loan fund, which is more than is needed to support the current loan program, and $1.2 million in housing TIF, which must be used for housing that meets statutory requirements for housing TIF districts. The City also has access to a variety of competitive grant funds which may be applied for to fund housing programs.
The following programs will be presented at the retreat:
• Home Ownership
o Home improvement promotion (grants and/or loans)
o Down payment assistance
o Require developers to set aside lots for affordable home ownership
o Accessory dwelling units
• Rental Housing
o Rental property improvement promotion
o City run scattered site rental program
o Require developers to include affordable units
• Manufactured Housing
o Home improvement promotion
o Purchase programs
o Infrastructure improvements
Staff Recommendation
Discuss priorities and preferences for a policy addressing city financial support for affordable housing and potential housing programs.
Attachment List
PowerPoint Slides
Housing Program Chart