Title
Affordable Housing Development Fee Reimbursement Pilot Program
Action
Action:
Approve the recommendation from Housing, Safety & Community Committee for an Affordable Housing Development Fee Reimbursement Pilot Program with up to $1,500,000 from the Coronavirus State and Local Fiscal Recovery Fund.
Body
Committee Chair:
Victoria Watlington, Housing, Safety & Community Committee
Staff Resource(s):
Shawn Heath, Housing & Neighborhood Services
Alyson Craig, Planning, Design & Development
Explanation
* The Affordable Housing Development Fee Reimbursement Pilot Program (pilot program) will provide grants to developers to reimburse eligible land development and infrastructure fees for qualifying development projects that incorporate affordable housing units.
* The goal of the pilot program is to support the production of affordable housing development throughout the city and incentivize the inclusion of affordable units in market-rate developments.
* Baseline qualifications for the pilot program include:
* Development may be rental or for-sale new construction, acquisition, or rehabilitation projects.
* 20 percent of the housing units in the development must be affordable to households at 60 percent of the Area Median Income (AMI) or below.
* Development must have a minimum of 25 housing units, of which a minimum of five units must be affordable to households at 60 percent AMI or below.
* Developer must commit to an affordability period of 30 years.
* Development cannot receive other city financial support for affordable housing (e.g., Housing Trust Fund, HOME, CDBG, etc.).
* The percentage of development fees reimbursed is based on tiered qualifications as follows:
* 50 percent reimbursement of eligible development fees:
Projects that meet baseline qualifications and receive non-city public financial investment (e.g., low-income housing tax credits, NC Housing Finance Agency (NCHFA) housing bond allocations, and NCHFA HOME funds).
* 75 percent reimbu...
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