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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 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 4: Maintain and improve the quality of Naturally Occurring Affordable Housing (NOAH) and “missing middle” opportunities.
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Information
INFORMATION: During the October 2024 application cycle, one request was received and forwarded to the Affordable Housing Advisory Commission (AHAC) for review. On October 16, 2024, the AHAC heard from the applicant, Rebuilding Together of the Triangle (RTT) and discussed their request. The AHAC voted to make the following funding recommendation to the Town Council:
Rebuilding Together of the Triangle - Recommendation: Fully Fund - $79,391
To conduct critical repairs and modifications for four Carrboro homes owned by low-income households. These repairs will support homeownership retention and the ability to age in place. (Weatherization work on these homes will be supported separately through the Town’s current weatherization contract with RTT.)
The AHAC’s recommendation can be found in Attachment B. The funding request 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 this grant. If the request is fully funded, the FY2024-25 AHSRF budget balance will be $409,231 with two application cycles 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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