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Council highlights housing plan affordability measures; staff to provide LIHTC language at July 14 meeting
Summary
Councilmembers reviewed a housing study and requested clearer affordability commitments, including proposed language on Low-Income Housing Tax Credit (LIHTC) use and a planned community land trust; staff said language will be available July 14.
City leaders discussed their comprehensive housing plan and asked staff for clearer detail on affordability measures, including use of Low-Income Housing Tax Credits and a proposed community land trust.
A council presentation summarized recommendations from a housing study and said the plan envisions an annual comprehensive housing budget of about $70 million, with an estimated 75% of recommended funding focused on affordability measures. The presentation said the homeowner improvement program (ION) is proposed to triple in size to assist hundreds of homeowners with repairs. The plan also calls for new policies for multifamily affordability, adjustments to investment areas to include more distressed neighborhoods, and establishing a community land trust to preserve long-term affordability.
Councilmembers and staff agreed to return with clearer language surrounding LIHTC usage and affordability commitments at the July 14 meeting so the council can review and consider approval. Staff asked residents to submit questions to get more information before that discussion.
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