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2 <br /> 1 Town staff has developed an Affordable Housing Work Plan for FY 18 through FY 20. The <br /> 2 Work Plan identifies the key projects underway and indicates when action has been taken or <br /> 3 when the Council is scheduled to discuss the topics. <br /> 4 <br /> 5 More information about the Town's FY19 progress toward meeting the Council's Affordable <br /> 6 Housing Goals please see the Town's Affordable Housing Quarterly Report, and visit the <br /> 7 Town's Affordable Housing webpage, and the Affordable Housing Dashboard, for more <br /> 8 information about the Town's affordable housing activities. <br /> 9 <br /> 10 Updates from the Town on affordable housing activities are as follows: <br /> 11 <br /> 12 Loryn Clark, Chapel Hill Executive Director Housing and Community presented this item: <br /> 13 <br /> 14 1) Affordable Housing Bond <br /> 15 <br /> 16 On November 6, 2018, Chapel Hill voters approved a $10 million Affordable Housing Bond <br /> 17 Referendum. It is expected the funds will produce 400 new affordable housing units and <br /> 18 preserve 300 existing housing units over the next five years. In their agenda packet there is an <br /> 19 Allocation Strategy and Funding Process Overview for the Town of Chapel Hill's Affordable <br /> 20 Housing Bond. Staff continues to work with the Town's Housing Advisory Board to refine the <br /> 21 Strategy and will present recommendations to the Council in the Spring. Staff anticipates <br /> 22 issuing the first Request for Proposals for bond funds in late 2019 or early 2020. <br /> 23 <br /> 24 2) Employee Housing Incentive Program <br /> 25 In November, 2018, the Chapel Hill Town Council approved an Employee Housing Incentive <br /> 26 program. Staff conducted extensive outreach with Town employees and determined that many <br /> 27 employees identified housing costs as the top barrier to living in Town. The program would <br /> 28 provide financial assistance to employees interested in renting or purchasing a home in Chapel <br /> 29 Hill. <br /> 30 <br /> 31 The approved pilot program provides assistance as follows: <br /> 32 Rental Incentive: provides a one-time payment for security deposit and utility connection <br /> 33 fees: <br /> 34 ■ $1,250 for a two-bedroom (or less) home; <br /> 35 ■ $1,650 for a three-bedroom home <br /> 36 ■ $1,850 for a 4 or more bedroom home <br /> 37 o Eligibility requirements <br /> 38 ■ Permanent employees with households earning less than 80% of <br /> 39 AMI <br /> 40 ■ Must live in Chapel Hill Town limits <br /> 41 ■ Have a lease term of at least 12 months <br /> 42 Homeownership Incentive: provides one-time down payment or closing <br /> 43 cost assistance <br /> 44 o Assistance <br /> 45 ■ Maximum assistance: $7,500 <br /> 46 ■ Conditions for repayment for employees that leave Town within 5 <br /> 47 years <br /> 48 ■ 20% forgiven every year up to 5 years <br /> 49 o Eligibility requirements <br /> 50 0 Permanent employees with a household income at 115% AMI and <br />