Agenda - 11-21-2013 - 1 - Laserfiche WebLink

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Attachment V 19 Ways to Support Affordability in Carrboro Participants offered a diversity of experience, perspective, and creative approaches to achieving a high - quality, diverse, and more affordable housing environment in Carrboro. Of the dozens of suggestions, the following surfaced most frequently: • Increased housing density. Reduced open space requirements and planning for major redevelopment opportunities well in advance could alleviate price pressure caused by current land use policies. In addition to relieving supply - related pressures, participants noted that higher- density housing is particularly senior - friendly; creates efficiencies in urban services; and can lead to innovations in attractive, livable design. • A dedicated revenue stream for affordable housing. Participants cited the City of Durham's Penny for Housing tax (which is actually half a penny) and municipal or county bond issues. • Community education aimed at reducing misperceptions about affordable housing and low- income people, and shifting housing preferences and expectations toward zero -lot- line housing options. • Modified land use restrictions, zoning, and approval processes to increase both predictability and efficiencies for developers when affordable housing is involved. • Understanding and accessing the state's new tenant -based rental assistance program for the disabled. • Innovative and nontraditional housing models, such as new -style boarding houses, equity - building rental models, and sustainable living models that compress housing density while increasing open space. • Help developers make better use of the Low - Income Housing Tax Credit, which is the federal government's main engine for new units. Developers particularly need local subsidy or donated or reduced -price land for workable tax credit projects. • Publicly funded land acquisition and banking specifically for affordable housing. • A housing trust fund that can be used for emergency escrow, rent subsidy, down payment assistance, or matching funds for individual development accounts. Two somewhat controversial issues also surfaced that are worth mentioning here. The first is inclusionary zoning that would require a percentage of new homeownership units in a development be affordable. Some argue that this strategy creates greater uniformity and certainty for developers. Facilitators helped clarify the different kinds of inclusionary zoning (mandatory, voluntary, and conditional) and outlined legal concerns that generally deter municipalities from adopting inclusionary rules. They also noted that municipalities have seen mixed results from their policies, particularly as they only apply to homeownership stock. Page 1 5