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likely be displaced. Competition for the limited number of units affordable to lower -income <br />households will intensify. <br />If, however, the owner can secure public financing to rehabilitate the property,all three types <br />of preservation can be accomplished rather effectively. In this preservation example, one <br />can see that a single public investment that enables a property owner to continue serving <br />8vu|ner8b|e clientele, and earn 8 reasonable return on investment, provides 8 multifaceted <br />public benefit. Furthermore, by securing these guarantees through legal documents <br />pertaining to a rehabilitation loan or grant transaction, the public can take action against the <br />owner ifitreneges onone ormore ofthe required conditions. <br />CoUDCilr0le <br />* Encourage preservation ofexisting <br />housing where rehabilitation <br />iaacost-effective strategy to <br />maintaining housing. <br />* Collaborate with regional housing <br />partners and funderato identify <br />priorities for preserving affordable <br />housing and available resources. <br />* Work vv�hoa�norainthoadvooaov � ����� '—��--�� ��— advocacy � <br />and public finance domains t0 � <br />monitor potential opt -outs (owners <br />considering selling 0rrenovating <br />such that their units would nolonger <br />be affordable) and explore mutually beneficial <br />* Administer Section 8 Tenant Protection Enhanced Vouchers provided by HUD for affected <br />households in the event ofasubsidy contract opt -out or mortgage prepay ofafederally <br />subsidized property. <br />LOCGl opportunities <br />* Use local code enforcement to maintain the housing stock, preserve property values, and <br />protect safe neighborhoods for their residents. <br />* Consider rental property licensing and other approaches to encourage landlords to <br />preserve the quality ofhousing stock. <br />* Connect homeowners to tools and funding to maintain and rehabilitate their homes. <br />* Consider using the new legislative authority for Housing Improvement Areas. <br />* Provide resources for housing rehabilitation either directly or through funding programs <br />such 8aCommunity Development Block Grants. <br />* Collaborate with partners, especially counties, to rehabilitate and preserve existing <br />housing, especially affordable housing, when it is strategic and cost effective, including in <br />rural areas. <br />* Provide property owners who have received citations for code violations with referrals to <br />resources that support rehabilitation while preserving affordability. <br />HOUSING POLICY PLAN "Tmo=omwcomq* <br />