Title
Vote on request to adopt a Resolution Adopting the Housing Trust Fund Guidelines
Abstract
Action Requested: Vote on request to adopt the housing trust fund guidelines
Introduction & Background:
In the FY 2019 budget, increasing affordable housing options was one of the priorities funded. The Chatham County Housing Trust fund is intended provide low interest loans to encourage development projects that preserve or create additional affordable and workforce housing within Chatham County with the overall goal of affirmatively furthering fair housing choice for all residents. The Chatham County Affordable Housing Advisory Committee has been tasked with developing guidelines for this Housing Trust Fund. At the July 12, 2018 meeting, the committee approved the guidelines for the trust fund unanimously.
Discussion & Analysis:
Under this policy, “affordable housing” is defined as being affordable to households with annual incomes at or below 80% of the Area Median Income. “Workforce housing” is defined as being affordable to households with annual incomes at or below 120% of the Area Median Income. The Area Median Incomes are determined by the U.S Department of Housing & Urban Development (HUD) for the Durham-Chapel Hill Metro Area on an annual basis. The Housing Trust Fund may also provide small grants to reimburse fees or studies and similar projects in areas the county or towns see as a priority for redevelopment. Development projects financed through the Housing Trust Fund are required to record long-term deed restrictions to maintain affordability.
The Housing Trust Fund has the following priorities:
1) To increase the supply of affordable housing near resources like grocery stores, public transportation, schools, jobs, and healthcare.
2) To reduce and avoid undue concentrations of poverty and subsidized housing
3) To incentivize development of affordable and workforce housing for low-and moderate-income households
4) To promote diversity and vitality of neighborhoods
The Housing Trust Fund Is intended to work in tandem with the County Location Policy which will be brought forward in the coming months. Projects that address these priorities or otherwise fall under the location policy will be given higher priority.
How does this relate to the Comprehensive Plan:
Comp plan goal # : Provide equitable access to high-quality education, housing and community options for all
Comp plan # : Foster a healthy community
Comp Plan Housing Policy 1: Encourage the incorporation of affordable and workforce housing in new developments
Comp Plan Housing Policy 2: Accommodate and incentivize affordable and workforce housing
Comp Plan Housing Policy 3: Encourage quality affordable housing in a context sensitive manner
Comp Plan Housing Policy 4: Increase partnerships between the County, the Housing Authority, municipalities, non-profits, landlords and private entities to increase affordable and workforce housing as well as emergency/transitional and supportive housing
Comp Plan Housing Strategy 1.2 - Study local investment options, bullet 1 says to establish a housing trust fund.
Comp Plan Housing Strategy 2.1 - Accommodate a mix of housing types and unit sizes where appropriate
Comp Plan Housing Strategy 2.2 - Evaluate options for encouraging affordable housing in well located sites (coordination with towns needed)
Budgetary Impact:
$200,000 was allocated for the trust fund in FY19
Recommendation:
Motion to adopt the Housing Trust Fund Guidelines Resolution