Title
Affordable Housing Special Revenue Fund Funding Recommendation
PURPOSE: The purpose of this agenda item is for the Town Council to consider approving the Affordable Housing Advisory Commission's recommendation for one nonprofit application to the Affordable Housing Special Revenue Fund.
end
Department
DEPARTMENT: Housing and Community Services
end
Contact
CONTACT INFORMATION: Anne-Marie Vanaman, Housing and Community Services Director, amvanaman@carrboronc.gov
end
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 B.
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.
end
Information
INFORMATION: In the October 1, 2023 application cycle, one request was received and forwarded to the Affordable Housing Advisory Commission (AHAC) for review. EmPOWERment, Inc. submitted a request for $200,000 toward the acquisition of 10 units off Homestead Road, considered to be part of the town's Naturally Occurring Affordable Housing (NOAH) stock.
On October 18, 2023, the AHAC received a presentation and then discussed the application. However, the AHAC requested more time to consider the request before making a recommendation and tabled their decision until their November meeting.
On November 15, 2023, the AHAC continued their discussion and vot...
Click here for full text