Agenda - Council - 06/28/2016 - Laserfiche WebLink

Home

in encouraging affordable or mixed -income development might explore developing a package of incentives that, when certain parameters are met (for example, other finance sources are secured, the developer has site control, the project has passed environmental review, etc.), the developer receives the incentives "as of right" and does not have to make special efforts 0[applications t0receive the mixed-inC0me-f0Cuaedset 0ffinancial or procedural benefits. • Payment in lieu strategies. Allowing a participant under avoluntary or mandatory policy structure to effectively "buy out from" the scheme, on a limited basis or for an agreed - upon period of time, with proceeds funding affordable or mixed -income development elsewhere. • Promoting the availability of land. Not all local jurisdictions have the same level of financial and technical [ea0u[C8o, but most C0nnnnuniti8o can p[0nn0te suitable p8[Ce|a. Some may be able to offer land at reduced prices. Promoting the availability of parcels that can support density and affordability and make the development 0ve[8|| both feasible and profitable can make a big difference in the likelihood of attracting development interest. In addition' where public acquisition or conveyance of a site is possible, aoonnnnunity may achieve affordability objectives —and possibly secure developer investments in oonnnnunityinfraatruotu»e--byaignifioant|yreduoing costs and making the parcel available to developers on a competitive basis. The track record and literature on mixed -income strategies is growing over time, as is the number of cities employing some form of these approaches. While questions remain about their effectiveness, the important public policy objectives 0fachieving greater social, economic, and community integration will likely keep these potential tools at the fore over the long term. Council role • Participate in conversations with the housing finance community, tax credit investors and syndicators, private lenders, |008| 0ffiCi8|S, and other stakeholders about reducing the financial, institutional, and regulatory barriers to the development of mixed -income housing. • Provide local governments with data, research, and best practices on the development of mixed -income housing and related strategies. • Continue to encourage mixed -income development by reflecting its use in Housing Performance Scores (see Part |||). • Work with partners to plan, build, and operate transit infrastructure that attracts mixed -income development. p Continue to support successful mixed -income development with Livable Communities Act funding. p Encourage mixed -income strategies through comprehensive plan reviews by recognizing theiroontributiontoa|ooa|governnnent'ap|anningfornneetingtheir"fairahare''ofthe region'aaffordable housing need. FOUR: Opportunities for Collaboration