Title
Guidelines for Preserving Naturally Occurring Affordable Housing
Action
Action:
Approve the Housing and Neighborhood Development Committee's recommendation to approve the Guidelines for Preserving Naturally Occurring Affordable Housing.
Body
Committee Chair:
LaWana Mayfield, Housing and Neighborhood Development
Staff Resource(s):
Pamela Wideman, Housing and Neighborhood Services
Miles Vaughn, Housing and Neighborhood Services
Explanation
* Most of Charlotte's existing affordable rental options, and particularly options for low-to-moderate income households, are large-scale Naturally Occurring Affordable Housing developments (NOAH). The preservation of NOAH is noted as a national best practice for maintaining the supply of quality, diverse price point housing and is identified as a key strategy in the Housing Charlotte Framework.
* The industry standard defines NOAH developments as:
* Multi-family rental property 15 years or older with at least 50 units,
* In need of light to moderate rehabilitation,
* Currently providing rents for households in area median income brackets that are at-risk relative to neighborhood dynamics, and
* Be rehabilitated to maintain the quality of life for residents for 15 years or more.
* The goals of the guidelines for preserving NOAH include:
* Limiting displacement of current residents by preserving existing affordability,
* Preserving quality affordable and workforce housing by increasing the number of available deed-restricted units and the physical structure of the units,
* Providing low-interest loans so that high performing for-profit and non-profit owner-operators can buy and/or upfit NOAH properties and preserve them as affordable,
* Allowing existing owners to participate in return for deed restrictions and demonstrated management and maintenance history, and
* Aligning guidelines with other City policies.
* Per the guidelines, the level of funding for NOAH investments by the City will:
* Range between $10,000...
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