Agenda - Planning Commission - 01/09/2014

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Regular Planning Commission Meeting Date: 01/09/2014 Submitted For: Tim Gladhill, Community Development By: Tina Goodroad, Community Development 5. 4. Information Title: Review Draft Housing Assistance Policies and Forward Recommendation to City Council Purpose/Background: The purpose of this report is to update the Planning Commission on the status of the progress on the Housing Assistance Policy since the draft policy and scoring matrix was last presented to the Planning Commission on October 3, 2013. As a reminder, this effort is a result of a request by the City Council to form an ad -hoc sub -committee of the Planning Commission to formulate a Housing Assistance Policy. The purpose of the policy is to establish a framework in which to review requests for financial assistance (or other forms of assistance) for housing projects. These requests could include, but are not limited to City financing options, third -party financing options, and grant opportunities available to the City. Given the number of requests the City has been receiving related to housing projects and the forecasted housing growth of the community, the City Council felt that a policy was necessary in order to ensure an equitable and fiscally responsible application to housing assistance. The sub -committee has reviewed the following: 1. Current Housing Plan, Goals, and Implementation Strategies 2. Current housing and population demographics (Census data) 3. Current housing and population forecasts (2030 Comprehensive Plan) 4. Current employment demographics 5. Current employment forecasts The sub -committee also has completed the following deliverables: 1. Framework of Policy 2. Interim Policy Statement 3. Housing Product Priority List Framework The sub -committee agreed to a framework of the policy as follows: 1. Housing Product Priorities 2. Minimum Thresholds 3. Scoring Matrix Since this meeting, Staff has updated each scoring matrix: (Affordable and Market Rate) by clarifying some of the questions as well as added a table of contents and cover page. Additionally, financial readiness information has also been added to the end of each policy. Housing Product Priorities The first effort of the sub -committee was to establish housing product priorities. It is important to note that this priority list is an evolving document that would need to be reviewed and updated on a regular basis and was based on current demographic data (see attachment to this case). With every housing development that is completed, the assumptions that went into formulating this list change, and the list needs to be amended. When the City accomplishes a single housing goal, the priority likely shifts, at least in part, to a different priority.