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Approval of Recommended Funding from the Affordable Housing Special Revenue Fund
PURPOSE: To consider approving the Affordable Housing Advisory Commission’s funding recommendation for three nonprofit applications to the Affordable Housing Special Revenue Fund.
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Department
DEPARTMENT: Housing and Community Services
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Contact
CONTACT INFORMATION: Anne-Marie Vanaman, Housing and Community Services Director, amvanaman@carrboronc.gov
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Council Direction
COUNCIL DIRECTION:
_X__ Race/Equity ____ Climate __X__ Comprehensive Plan ____Other
Council Direction Statement
Racial Equity: A full assessment using the Racial Equity Assessment Lens of the Affordable Housing Special Revenue Fund has been completed and reviewed by the Racial Equity Commission. A summary of this assessment as well as the “pocket questions” can be found in Attachment D.
Comprehensive Plan: Chapter 3. Affordable Housing.
Goal 2: Increase the number of rental units that are permanently affordable to very low-income households earning up to 60% of AMI with a particular focus on those earning less than 30% AMI and historically disadvantaged households.
Goal 4: Maintain and improve the quality of Naturally Occurring Affordable Housing (NOAH) and “missing middle” opportunities.
Strategy 5.2: Help extremely low-income households and people experiencing homelessness transition to permanent affordable housing.
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Information
INFORMATION: In the January 2024 application cycle, three requests were received and forwarded to the Affordable Housing Advisory Commission (AHAC) for review.
On January 17, 2024, the AHAC heard from the applicants, Pee Wee Homes, Rebuilding Together of the Triangle (RTT), and EmPOWERment and discussed their requests.
The AHAC voted to make the following funding recommendations to the Town Council:
Pee Wee Homes - Recommendation: Fully Fund - $51,100
To construct three small homes on the corner of Hill and Broad Streets that will be available for rent to individuals earning less than 30% AMI, often transitioning from being unhoused.
Rebuilding Together of the Triangle - Recommendation: Fully Fund - $33,730.99
To conduct critical repairs, modifications, and/or weatherization for two Carrboro homes owned by low-income households. These repairs will support homeownership retention and the ability to age in place.
EmPOWERment - Recommendation: Fully Fund - $100,000
To acquire 10 rental units off Homestead Road, considered to be part of the town’s Naturally Occurring Affordable Housing (NOAH) stock.
The EmPOWERment request is a resubmission of their October 2023 application which the AHAC declined to recommend for funding at that time due to concerns primarily about the size of their request ($200,000) and a lack of committed funds for the project. The AHAC invited EmPOWERment to resubmit in January 2024 if progress had been made on the project. EmPOWERment lowered the requested amount and now has $800,000 in Orange County capital improvement funds committed to the project.
The AHAC’s recommendation can be found in Attachment B. Funding requests can be found in Attachment C.
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Fiscal and Staff Impact
FISCAL IMPACT: Sufficient funds are available in the Town’s Affordable Housing Special Revenue Fund annual budget for these grants. If the requests are fully funded, the FY2023-2024 AHSRF budget balance will be $77,986 with one application cycle remaining. Applications of $5,000 or less are also accepted throughout the year by Housing and Community Services and presented to the Town Manager for consideration.
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Recommendation
RECOMMENDATION: Staff recommends that the Town Council approve the funding recommendation. A resolution for approval is provided in Attachment A.
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