Laserfiche WebLink
<br />Housing Tools and Strategies Action Inventory 20 Recommended Actions <br />C. Increase the Inventory of and Access to Affordable Units <br />Action Explanation <br />Level of <br />Support <br />Impact <br />Does this action increase housing affordability, <br />availability, and/or diversity <br />down-payment <br />assistance. <br />The City previously offered a down-payment <br />assistance program, however market conditions <br />and HUD requirements were impacting <br />utilization of funds. The program was <br />discontinued because its administrative costs <br />outweighed the benefits. <br />the preliminary <br />vote. <br />Aff-8 Increase density bonus <br />for qualified Affordable <br />housing <br />A density bonus program allows more dense <br />development (more units per acre) than is <br />typically allowed in that zone in exchange for <br />meeting some criteria. Eugene currently offers a <br />density bonus for Affordable Housing—an up to <br />50% increase over what is allowed in the base <br />zone. <br />HTS working <br />group supported <br />this option (79%) <br />in the preliminary <br />vote. <br />Unlikely – It is unlikely that increasing the allowed <br />density bonus over the existing allowance would <br />increase the supply of new housing units. <br />Aff-9 Create a community land <br />trust as a tool to provide <br />Affordable, ownership <br />housing. <br />Community Land Trust is typically a non-profit <br />entity that provides permanently Affordable <br />ownership housing by maintaining long-term <br />limits over the land. <br />HTS working <br />group supported <br />this option (68%) <br />in the preliminary <br />vote. <br />Unknown – It is not clear if this tool would have a <br />notable impact over existing organizations and their <br />programs. <br />Aff- <br />10 <br />Waive System <br />Development Charges <br />(SDCs) entirely for <br />qualifying Affordable <br />units. <br />The City allows up to $226,000 in SDC waivers <br />per year for qualifying Affordable units (including <br />qualifying ADUs). Unused funds can roll over for <br />use in following years. Projected demand is <br />expected to exceed the allowed cap. <br /> <br />A reduction in SDCs charged of any new <br />development will negatively impact the City’s <br />ability to generate adequate revenue in SDC <br />Funds. <br />HTS working <br />group supported <br />this option (67%) <br />in the preliminary <br />vote. <br />Yes – Increasing the cap would help lower the cost of <br />construction for new housing units. <br />Aff- <br />11 <br />Loan guarantees-use City <br />funds as backing for loans <br />to help fund Affordable <br />housing developments. <br />Getting a loan to pay for a new construction <br />project stops some forward progress for home <br />builders. The city could “back” qualified loans to <br />help support building projects that a bank would <br />not otherwise approve. <br />HTS working <br />group supported <br />this option (63%) <br />in the preliminary <br />vote. <br />Unknown – Understanding the impact requires <br />further research. <br />March 13, 2019, Work Session - Item 2