TITLE: Title
Affordable Housing Advisory Commission Funding Recommendations
PURPOSE: The purpose of this item is for the Town Council to consider approving recommended funding for five nonprofit affordable housing applications to the Affordable Housing Special Revenue Fund.
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DEPARTMENT: Housing and Community Services
CONTACT INFORMATION: Rebecca Buzzard, Housing and Community Services Director, 919-918-7438, rbuzzard@townofcarrboro.org <mailto:rbuzzard@townofcarrboro.org>; Anne-Marie Vanaman, Management Assistant, 919-918-7321, amvanaman@townofcarrboro.org <mailto:amvanaman@townofcarrboro.org>;
INFORMATION: On March 5, 2019, the Town Council 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 fourth application cycle of the pilot process (April 1, 2020), five requests were received and forwarded to the Affordable Housing Advisory Commission (AHAC) for review. Combined these requests totaled $129,491. The AHSRF had $132,239 remaining in its fiscal year budget. On April 15, 2020, the AHAC discussed the requests and voted to make the following funding recommendations for a total of $106,739:
1. Center for Community Self Help - Recommend $27,248
Requested $30,000 to support eligible activities in the Northside Initiative.
2. Community Home Trust - Recommend $0
Requested $20,000 to help subsidize 1-2 affordable units in Carrboro in FY21. The AHAC recommended that CHT re-apply when a specific property is identified.
3. EmPOWERment - Recommend $10,000
Requested $10,000 to support the acquisition of two rental units in Hillmont and upgrades and repairs to an additional 8 Carrboro units.
4. Habitat for Humanity of Orange County - Recommend $19,746
Requested $19,746 to support critical repairs on 3 Carrboro homes.
5. Rebuilding Together of the Triangle - Recommend $49,745
Requested $49,745 to support critical repairs on 8 Carrboro homes.
The AHAC also decided to allocate/preserve a total of $15,000 in the fiscal year budget for rental assistance, and maintain $10,500 in reserves in anticipation of a surge in need related to COVID-19. The recommendation can be found in Attachment B. Summaries of the funding requests can be found in Attachment C.
FISCAL & STAFF IMPACT: This recommended funding allocation will be drawn from the Town’s Affordable Housing Special Revenue Fund FY19-20 budget allocation. This will leave $25,500 in the Fund budget for the remainder of FY20. There is no staff impact.
RECOMMENDATION:r Staff recommends the Council consider approving the funding recommendation. A resolution for approval is provided in Attachment A.