TITLE: Title
Affordable Housing Advisory Commission Funding Recommendation
PURPOSE: The purpose of this item is for the Town Council to consider approving recommended funding for one nonprofit affordable housing application to the Affordable Housing Special Revenue Fund.
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DEPARTMENT: Housing and Community Services
CONTACT INFORMATION: Anne-Marie Vanaman, Housing and Community Services Management Specialist, amvanaman@townofcarrboro.org; Rebecca Buzzard, Housing and Community Services Director, rbuzzard@townofcarrboro.org
INFORMATION: In the April 1, 2022 application cycle, two requests were received and forwarded to the Affordable Housing Advisory Commission (AHAC) for review. However, one application was subsequently withdrawn by the nonprofit agency to assess a potential eligibility issue.
On April 20, 2022, the AHAC heard from the remaining applicant, EMPOWERment, and discussed the request. They voted to make the following funding recommendation to the Town Council:
EMPOWERment - Recommendation: Fully Fund - $100,000
EMPOWERment requested $100,000 for the purchase of one condominium unit at 105 Fidelity Street that will be deed-restricted for permanent affordability and rented to households earning below 60% of the Area Median Income.
The funding request can be found in Attachment C. Noting the opportunity to purchase a desirable unit at below market rate, the AHAC recommended Town Council consider utilizing payment in lieu (PIL) funds to support the request. They also recommended leaving a balance of at least $15,000 in the current fiscal year AHSRF budget in case requests of $5,000 or less are submitted to the Town Manager for consideration before the end of the fiscal year. No additional application cycles remain in the fiscal year.
The full AHAC recommendation can be found in Attachment B and provides additional comments encouraging EMPOWERment to speak with financial lending institutions to explore financing mechanisms that might expand ...
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