City Council proposes transformative $100 million housing funding plan

During a recent government meeting, the Housing Safety and Community Committee presented a comprehensive update on the city’s affordable housing funding policy, which is set to be voted on next week. The committee's recommendations stem from a referral made by the mayor earlier this year, emphasizing a strategic alignment of community needs with available city resources.

Director Rebecca Hefner outlined the key components of the proposed policy, which includes a historic $100 million housing bond approved in the FY 2025 budget. The committee's approach marks a significant shift from merely counting affordable housing units to focusing on resident outcomes, such as residential stability, neighborhood affordability, and economic mobility.

The proposed policy emphasizes a holistic view of housing investments, prioritizing not just the quantity of units but also the quality of life for residents. This includes increased funding for homeownership, anti-displacement programs, and a requirement for housing investments to be linked with resident services, such as workforce development and health care.

The committee identified several priority populations for housing investments, including lower-wage workers, households at risk of displacement, and vulnerable groups such as seniors and veterans. Additionally, the policy aims to set aside a percentage of units in new developments specifically for these populations.

Location priorities for housing investments will focus on areas vulnerable to displacement and those near transit-oriented developments, ensuring that investments create the greatest impact. The committee also highlighted the importance of partnerships and innovative funding models to maximize affordability and leverage additional resources.

In summary, the committee's recommendations reflect a commitment to transformative housing policies that prioritize resident outcomes and community needs, setting the stage for a more equitable approach to affordable housing in the city. The upcoming vote will determine the future direction of these initiatives.