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Attachment III 12 <br />s Town of Chapel Hill <br />405 Martin Luther King Jr. Blvd <br /># Chapel Hill, NC 27514 -5705 <br />(p) 919 968 -8406 <br />www.townofchapelhill.org <br />Short -term, mid - range, and long -range implementation strategies <br />Short -term strategies (0 — 2 years) <br />a) Pursue a Low - Income Housing Tax Credit (LIHTC) project on Town -owned land. <br />b) Identify an additional publicly or privately owned "opportunity site" suitable for 2015 Tax <br />Credit application. <br />b) Establish with tax dollars a new dedicated revenue source for affordable housing, <br />including rental, for example .01 on the tax rate. <br />C) Dedicate senior staff support for implementing this strategy. <br />d) Initiate high level conversations with UNC and UNC Health Care. <br />e) Create a shortened review process for rental development applications with a 15 percent <br />income ranges, for example: <br />i) Increased density by right and shorter approval time frame for developments that include <br />units up to 80 percent AMI. <br />ii) All of the above plus fee reimbursements and expedited review for subsidized rental <br />developments that include units up to 60 percent AMI. <br />h) Implement expedited review process for subsidized affordable housing developments <br />(rental or ownership). <br />i) Identify other properties that may be appropriate for redevelopment and encourage the <br />production of affordable rental units through the use of incentives. <br />j) Create a resource data base for affordable housing by December 2013. <br />k) Establish performance measures and an evaluation system to monitor progress by <br />spring 2014. <br />Town of Chapel Hill Affordable Rental Housing Strategy <br />