Agenda - Council - 03/25/2014 - Laserfiche WebLink

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Our Missio n.. To worktogether to resp onsi lygrow ourco nemunity and top noir iIt q uality, co st-effectiv e, and ef&cientgrove rnmentset v ices CC Regular Session Meeting Date: 03/25/2014 By: Tim Gladhill, Community Development Information Title: Consider Adoption of Housing Assistance Policy for Affordable Housing Projects 7.2. Purpose/Background: The purpose of this Topic Report is to consider adoption of the Housing Assistance Policy for affordable housing projects. Based on final review of the documents, Staff is focusing on affordable housing developments, those most likely to request assistance. Staff also has a draft for market rate projects, but that component will require additional modification after third -party review, if a separate policy for market rate is deemed necessary. The City Council authorized the formation of an ad -hoc sub -committee of the Planning Commission to focus on the creation of a Housing Assistance Policy to establish a framework in which to review requests for financial assistance (or other form 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. During the course of several meetings 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 The sub -committee agreed to a framework of the policy as follows: 1. Housing Product Priorities 2. Minimum Thresholds 3. Scoring Matrix 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. The Priority List is as follows: 1. Senior Independent 2. Affordable/Workforce 3. Redevelopment 4. Energy Efficient 5. Rehabilitation of Existing 6. Amenity Rental 7. 3+ Unit Rental 8. Accessory Dwelling Unit 9. Executive Single -Family 10. Senior Skilled Nursing 11. Assisted Living/Memory Care 12. Condominium 13. Single -Family Detached 14. Single -Family Attached Minimum Thresholds The sub -committee agreed to utilize the existing Housing Goals and Implementation Strategies of the Comprehensive Plan as Minimum Thresholds. It is recommended that each development requesting housing assistance identify at least one existing goal/implementation strategy as Step #1. A development requesting assistance would need to be able to prove successful achievement of an implementation strategy in order to move to the formal review. Scorine Matrix The scoring matrix is divided between affordable (aimed at units priced below 80% or area medium income) and market rate (units priced above 80% AMI).