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Council hears city's affordable-housing strategy: $50M fund, LIHTC wins and KCDC tools
Summary
City housing staff described how the Affordable Housing Fund, KCDC's voucher programs, THDA bond/LIHTC awards and project-based vouchers have produced thousands of subsidized units and leveraged large outside funding packages, while challenges remain from construction costs and interest rates.
City staff told the council how local investments and federal and state programs are being combined to expand subsidized and attainable housing.
Kevin DeBose, head of Housing and Neighborhood Development, framed the problem: a period of underbuilding following 2008 plus rapid population growth contributed to a constrained housing market with rising rents and broad cost burden. DeBose explained HUD's Area Median Income (AMI) definitions and said the city's affordable-housing ordinance centers eligibility and incentives around a 60% AMI threshold.
DeBose described the city's Affordable Housing Fund as a 10-year commitment of $5 million per year (a $50 million program) and reported that the city has committed or invested about $46 million so far to gap…
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