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Council reviews six-year plan for Falls Church affordable housing fund as city commits funds to multiple programs
Summary
Staff presented a six-year strategy for the city's Affordable Housing Fund, summarizing funding sources, programs (committed affordable units, homeownership, acquisition fund) and proposals for building reserves to preserve and expand affordability; council asked for preservation cost estimates and staffing needs.
The council received a multi-year plan for the city’s Affordable Housing Fund during the April 7 work session. Dana Jones and housing staff outlined a six-year program to use committed funds and grants to expand affordability and to build a preservation reserve.
Funding and programs: The plan ties together multiple funding streams into programmatic uses: the City Committed Affordable Unit (CCAU) program, an Affordable Homeownership Program (NHP purchases), an Acquisition Strike Fund (Virginia Village effort), and a housing preservation fund. Several elements are funded with…
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