Title
Affordable Housing Funding Policy
Action
Action:
Approve the Housing, Safety, and Community Committee’s recommendation to create affordable housing funding policy guidelines inclusive of housing goals and outcomes, investment priorities, and investment goals across affordable housing categories to help direct city housing investments through local funding sources.
Body
Committee Chair:
Victoria Watlington, Housing, Safety, and Community Committee
Staff Resource(s):
Rebecca Hefner, Housing and Neighborhood Services
Warren Wooten, Housing and Neighborhood Services
Explanation
§ A one-time increase in the 2024 Housing Trust Fund, from $50 million to $100 million, was included in the city’s adopted budget for fiscal year 2025.
§ To help direct this historic housing investment, the Mayor charged the Housing, Safety, and Community Committee with recommending affordable housing funding policy goals inclusive of housing goals and outcomes, investment priorities, and investment goals across affordable housing categories.
§ The policy establishes holistic goals to enhance economic mobility, residential stability, and neighborhood affordability, and includes investment to develop and track outcome measures for residents and households supported by city housing investments.
§ The policy establishes the following investment priorities for the 2024 bond cycle:
- Priority populations - Focus on homebuyers, lower-wage workers, households at-risk for displacement, and vulnerable populations
- Location priorities - Incentivize locations where investment increases housing choice and creates the greatest impact
- Resident services - Link housing and services to create stronger outcomes
- Partnerships and leverage - Build partnerships and leverage the market
- Innovation - Activate bold ideas with potential to scale
§ The policy establishes the following investment categories and allocation goals, dependent on the outcome of the 2024 bond referendum:
- Rental Housing Production - $35 million
- Homeownership - $25 million
- Rental Housing Preservation and Anti-Displacement - $14 million
- Supportive Housing and Shelter Capacity - $9 million
- Housing Rehabilitation and Emergency Repair - $5 million
- Innovation Pilot Fund - $5 million
- Site Acquisition for Current and Planned Transit Areas - $5 million
- Administration and Evaluation - $2 million
Committee Discussion
§ The Housing, Safety, and Community Committee introduced the policy referral on June 3, 2024. Following this meeting, a Council Ad Hoc Work Group convened over the Summer of 2024 to develop initial policy parameters for consideration by the Committee.
§ With the Ad Hoc Work Group’s proposed parameters as a baseline, the Committee discussed and refined Committee recommendations at its August 14, 2024, and September 3, 2024, meetings.
§ On September 3, 2024, the Committee voted unanimously (Watlington, Mayfield, Ajmera, Brown, Johnson) to advance the affordable housing funding policy to full Council for consideration.
§ On September 3, 2024, the full City Council received a presentation on the Committee’s recommendation and discussed the proposed policy at the Council Committee Discussions meeting.
Attachments
Attachment(s)
September 3, 2024, City Council Presentation
Affordable Housing Funding Policy Guidelines