Laserfiche WebLink
50 <br /> <br />26. Establish a community fund to help <br />new renters. <br /> The City could allocate funds to provide assistance to <br />renters (advance money for deposits, first month rent, <br />etc.). To be effective, this may require a significant <br />amount of funding. <br />27. Expand Eugene’s land banking program <br />for Affordable housing. Identify more <br />flexible funding sources. <br />+ <br />In a land bank, a City buys land and then offers the land <br />to Affordable housing developers at a greatly reduced <br />cost. By providing the land, the City lowers the overall <br />cost of development of Affordable housing on the site. <br /> <br />Eugene has had a land bank program since the 1970s <br />and the program has resulted in the development of <br />895 Affordable rental units and 25 Affordable <br />homeownership units. <br />28: Create a community land trust as a tool <br />to provide Affordable, ownership <br />housing. <br /> A Community Land Trust is typically a non-profit entity <br />that provides permanently Affordable ownership <br />housing by maintaining long-term limits over the land. <br />29. Advocate to the State to change laws <br />regarding residential prevailing wage <br />rates for Affordable housing with <br />ground floor commercial uses (allow for <br />split determination from BOLI). <br /> Oregon law requires that construction projects pay <br />workers ‘prevailing wage’ rates if public funds are used. <br />Prevailing wage rates are higher for some workers than <br />market rate wages, making the construction cost of <br />publicly funded projects relatively high. <br /> <br />For publicly funded Affordable developments, the <br />housing portion is exempt from prevailing wage rates. <br />But if it includes a commercial portion (such as ground- <br />floor retail), the prevailing wage rates do apply to the <br />commercial portion. If the entire development were <br />exempt, it could lower total construction cost. <br />30. Loan guarantees-use City funds as <br />backing for loans to help fund <br />affordable housing developments. <br /> Getting a loan to pay for a new construction project <br />stops some forward progress for home builders. The <br />city could “back” qualified loans to help support <br />building projects that a bank would not otherwise <br />approve. <br />31. Waive System Development Charges <br />(SDCs) entirely for qualifying Affordable <br />units. <br />+ <br />SDCs are fees imposed on new development. In Eugene, new <br />development pays SDCs for transportation, parks, <br />wastewater, stormwater, and water. A new development <br />imposes new costs on these infrastructure systems. (See <br />Option 11). <br /> <br />The City allows up to $226,000 in SDC waivers per year for <br />qualifying Affordable units (including qualifying ADUs). <br />Unused funds can roll over for use in following years. <br /> <br />December 12, 2018, Work Session - Item 2