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65 <br /> <br />Strategy 3: Increase inventory of and access to Affordable Housing units <br />Option Explanation <br />26. Establish a community fund to <br />help new renters. <br />Many renters lack the resources necessary to pay the upfront costs <br />necessary to move into an apartment even if they have enough <br />monthly income to pay the rent. Estimated assistance needed per <br />household is $2,000 ($100,000 would support 50 households) plus the <br />cost of program administration. <br />27. Expand Eugene’s land banking <br />program for Affordable <br />housing. Identify more flexible <br />funding sources. <br />No new information based on straw poll <br />28: Create a community land trust <br />as a tool to provide Affordable, <br />ownership housing. <br />No new information based on straw poll <br />29. Advocate to the State to <br />change laws regarding <br />residential prevailing wage <br />rates for Affordable housing <br />with ground floor commercial <br />uses (allow for split <br />determination from BOLI). <br />The City could advocate to elected state officials to change applicable <br />laws. The success of the efforts depends on the political opposition to <br />such a change. The change would apply to Affordable projects with <br />ground-floor commercial uses, which are likely to be those located in <br />city centers. <br />30. Loan guarantees-use City funds <br />as backing for loans to help <br />fund Affordable housing <br />developments. <br />City of Eugene already provides loans for housing rehabilitation, <br />acquisition, and development using our federal funds. It is unclear if <br />loan guarantees are a form of financing that affordable housing <br />developers need. <br />31. Waive System Development <br />Charges (SDCs) entirely for <br />qualifying Affordable units. <br />Eugene provides a limited pool of SDC exemptions for affordable <br />housing however this pool is no longer sufficient to support the typical <br />multifamily affordable housing project. Exemptions do not increase <br />costs to other projects but decrease the funds available for City uses <br />for SDCs funds. <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br />December 10, 2018, Work Session - Item 2