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Attachment III <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 />Policy framework, definitions, and broad implementation strategies <br />Prioritize affordable rental. <br />This strategy document reflects the Town's strong policy objective to facilitate the efficient <br />production of affordable rental units and to work continuously to support rental housing <br />availability for households of all income. This policy is part of a larger strategy to increase and <br />support the availability of both rental and ownership affordable housing. <br />The most pressing need for affordable housing is for working families and individuals with <br />incomes less than 80 percent of AMI. Creating new housing for these households in a timely <br />manner requires a new clarity of regulations and a new process that is responsive to the needs <br />of affordable housing funding sources and nonprofit providers. Benefits from a shortened <br />process for approval of rental development applications with a 15 percent or more affordable <br />housing componentf1l could extend to housing for 80 -120 percent AMI households and <br />households with greater income. The expansion of the rental housing market at all price ranges <br />will provide increased price competition for existing and new rental units, a benefit to <br />households at all income levels. <br />Strengthen the Town's resources devoted to affordable rental. <br />Maintaining a high priority on affordable rental housing will require dedicated attention beyond <br />existing staff resources. As has been done with respect to economic development, the Town <br />should elevate affordable housing (ownership as well as rental) to a level for which a senior staff <br />position has responsibility. This staff member would have the duty to champion the need, to <br />seek out new ideas, and to bring these ideas into conversation with housing providers, <br />policymakers, and the community. Just as critically, this staff member would take the lead in <br />implementing this strategy and would serve as point of contact for developers of affordable <br />housing projects. <br />Consistent with the vision of an advisory board that focuses on affordable housing issues as <br />discussed as part of Chapel Hill 2020, an affordable housing board should be created to advise <br />the Council, staff, and developers on the full range of issues (for the ownership model as well as <br />rentals) that arise with respect to affordable housing. The senior staff member with responsibility <br />for affordable housing would work closely with this board. <br />Town of Chapel Hill Affordable Rental Housing Strategy <br />9 <br />