Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Housing topic
No spam. Unsubscribe anytime.
Council retreat: staff outlines $250,000 incentive pool, CHAP bond plan and dedicated affordable-housing accounts
Summary
Housing staff described a $250,000 allocation for the city’s incentive policy for affordable housing, ongoing reservation requests totaling about $1 million, and a proposed $7 million bond-backed homebuyer assistance program. Staff said year-to-year rollovers and one-time sources have been used to support projects when requests arrive.
Sarah Darv, speaking for housing staff at the retreat, described multiple budget actions and programs intended to support affordable housing development and preservation.
“This year, [we] allocated $250,000 towards [the incentive policy for affordable housing],” she told the council. Staff said that the incentive program operates by reservation: developers submit reservation requests and the city budgets against anticipated demand. Housing staff said the reservations list currently totals about $1 million in requests, but not all projects on that list will necessarily proceed in the coming fiscal year.
Housing staff described existing program design and contingency practices: funds that are not used in one year can be rolled over, and the budget team has previously worked with housing staff to identify additional one-time funding if a large eligible request arrives in-year. Staff said they are preparing a narrow policy amendment to clarify language in the incentive policy; the Housing Commission was scheduled to review the amendment during the retreat day.
On capital-backed housing assistance, staff said a $7 million bond for homebuyer assistance (CHAP) is in process; staff said statements of qualifications were due May 6 and the city hoped to bring an award to council before the summer break. Staff said loans made under CHAP after Jan. 1, 2025, will be bond-funded and that repayments will seed a revolving fund.
Staff also outlined other affordable-housing efforts, including a unit-preservation allocation, reuse/adaptive-reuse program work tied to forthcoming zoning code changes, and a redevelopment-on-city-owned-land RFP to evaluate options for city properties that may be suitable for affordable housing.
Council members asked about the Habitat for Humanity permitting status and whether the incentive pool could be built up across years. Housing staff confirmed the city does allow rolling unspent funds and said the budget team has a record of accommodating large requests when they arise.
