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File #: 19-160    Version: 1 Name:
Type: Agendas Status: Agenda Ready
File created: 4/30/2019 In control: Board of Aldermen
On agenda: 5/7/2019 Final action:
Title: Funding Recommendations from The Affordable Housing Special Revenue Fund Fiscal Year 2018-19 PURPOSE: The purpose of this item is for the Board of Aldermen to consider recommended funding for three nonprofit affordable housing applications for FY18-19 and one application for FY19-20 which was historically funded through the Human Services Commission.
Attachments: 1. Attachment A - AHAC Recommendation 04172019, 2. Attachment B - AHAC Recommendation HS 04172019, 3. Attachment C - Funding Summary, 4. Attachment D - Applications 04.01.2019, 5. Attachment E - Resolution
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TITLE: Title
Funding Recommendations from The Affordable Housing Special Revenue Fund Fiscal Year 2018-19
PURPOSE: The purpose of this item is for the Board of Aldermen to consider recommended funding for three nonprofit affordable housing applications for FY18-19 and one application for FY19-20 which was historically funded through the Human Services Commission.
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DEPARTMENT: Manager's Office

CONTACT INFORMATION: Anne-Marie Vanaman, Management Assistant, 919-918-7321, amvanaman@townofcarrboro.org; Rebecca Buzzard, Project Manager, 919-918-7438, rbuzzard@townofcarrboro.org

INFORMATION: On March 5, 2019, the Board of Aldermen approved the pilot application process for the Affordable Housing Special Revenue Fund. https://carrboro.legistar.com/LegislationDetail.aspx?ID=3875185&GUID=B29FF1CD-DC0B-4627-B6E8-0DDCC1205A46&Options=&Search=
In the first application cycle of the pilot process (April 1, 2019), a total of seven requests were received. Three requests (two for rental deposits and one for urgent repair) fell under the $5,000 and below threshold and were approved by the Town Manager. The remaining requests were forwarded to the Affordable Housing Advisory Commission (AHAC) for review and scoring.
The Affordable Housing Special Revenue Fund has $54,018 remaining to fund requests through June 30, 2019. This amount is not sufficient to fully fund all three FY18-19 requests in full.
One of these requests was an anticipated application from Community Home Trust (CHT). On January 15, 2019, the Board of Alderman voted to approve a recommended $30,000 of a $50,000 request to CHT to support operating reserves for The Landings with the expectation that CHT would apply for the remaining $20,000 through the Affordable Housing Special Revenue Fund application process. https://carrboro.legistar.com/LegislationDetail.aspx?ID=3834175&GUID=CB445C1E-255D-4AE3-BBA9-51DCA6B7AB78&Options=&Search=
On April 17, 2019, the AHAC discussed the requests and voted to make t...

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