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Approval of Recommended Funding from the Affordable Housing Special Revenue Fund
PURPOSE: To consider approving the Housing and Human Services Advisory Commission’s (HHSAC) funding recommendation for one nonprofit application to the Affordable Housing Special Revenue Fund.
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Department
DEPARTMENT: Housing and Community Services
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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.
Comprehensive Plan: Chapter 3. Affordable Housing.
Goal 2.1: Increase number of rental units that are permanently affordable to individuals and families earning less than 60% of AMI.
Goal 4: Maintain and improve the quality of Naturally Occurring Affordable Housing (NOAH) and “missing middle” opportunities.
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Information
INFORMATION: During the January 2025 application cycle, one request was received and forwarded to the Housing and Human Services Advisory Commission (HHSAC) for review.
On January 15, 2025, the HHSAC heard from the applicant, EmPOWERment, Inc., and discussed their funding request to acquire a single-family home at 103 Wesley St. in the historically Black neighborhood, “Tin Top.” This acquisition will prevent the displacement of a long-time resident and add the property to Carrboro’s permanently affordable housing stock for households earning between 30%-80% AMI. This project is in collaboration with the Marion Cheek Jackson Center (community engagement with the property owner) and the Self-Help Credit Union (land banking).
The home will first be purchased by Self-Help Credit Union to “bank” it until EmPOWERment can close on the property later in the year. By banking the property, the owner can achieve their financial timeline and maintain the housing stability of their family member(s) currently living in the home. EmPOWERment will contract with Self-Help to conduct renovations on the property in the future.
The HHSAC voted to make the following funding recommendation to the Town Council:
EmPOWERment, Inc.- Recommendation: Fully Fund - $265,000
The HHSAC’s recommendation (Attachment B) and EmPOWERment’s funding request (Attachment C) are in included in this item.
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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 this grant. If the request is fully funded, the FY2024-25 AHSRF budget balance will be $144,231 with one application cycle remaining.
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Recommendation
RECOMMENDATION: Staff recommends that the Town Council approve the funding request. A resolution for approval is provided in Attachment A.
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