Title
Naturally Occurring Affordable Housing Rental Subsidy Program
Action
Action:
Approve the Guidelines for a city-wide Naturally Occurring Affordable Housing (NOAH) Rental Subsidy Program to expand opportunities for low-income households to live in high-quality NOAH developments through the creation of new long-term rental subsidies.
Body
Staff Resource(s):
Pamela Wideman, Housing and Neighborhood Services
Explanation
* Most of Charlotte's existing affordable rental options, and particularly options for low- to moderate-income households, are Naturally Occurring Affordable Housing (NOAH) developments. The preservation of NOAH is noted as a national best practice for maintaining the supply of quality affordable housing and is identified as a key strategy in the Housing Charlotte Framework.
* Rental subsidies reduce housing instability for low-income families; improve outcomes for children; and help to reduce poverty, homelessness, and other hardships.
* The NOAH Rental Subsidy Program (Program) will work with mission-oriented developers and groups to expand opportunities for low-income households to live in high-quality NOAH developments located in the city by creating new long-term rent subsidies for households earning no more than 30 percent of the area median income (AMI) (currently $25,250 for a family of four) who do not have existing vouchers or other rent subsidies.
* Owners of participating NOAH developments will:
* Allocate a minimum of 80 percent of all units to residents earning 80 percent AMI (currently $67,350/family of four) and below, with the majority of units set aside for 60 percent AMI and below (currently $50,520/family of four), through long-term deed restrictions,
* Set aside a minimum of 10 percent of the total units for participation in the Program, with a goal of 15 percent,
* Distribute rental subsidies evenly across one-bedroom, two-bedroom, and three-bedroom units as applicable,
* Secure a commitment from Mecklenburg County...
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