HomeMy WebLinkAboutPresentation - Housing Tools and StrategiesHousing Tools & Strategies
City of Eugene
January 14, 2019
Housing Tools & Strategies
Identify barriers to housing affordability, availability,
and diversity of type, with 4 elements
•Identify housing issues through stakeholder
engagement;
•Identify potential tools, strategies, and actions;
and
•Evaluate potential tools, strategies, and actions;
•Direction from council.
Create a Construction Excise Tax
(CET)
•0.33 % starting July 1, 2019
•0.50 % starting July 1, 2020
•Rate applies to all
construction types
•Total tax on any single
project capped at $1 million
•In first 2 years, City will
offset cost of CET paid by
applicant with an equivalent
decrease in SDCs
•City will designate funds to
make SDC funds whole
•Establish advisory committee
to recommend allocation of
funds
•Designate $500,000 per year
of City funds to the
Affordable Housing Fund
•Council Review program
every 2 years
Increase local funds for Affordable housing
Affordable Housing Funding 2002-2017
$800,000
$900,000
$1,000,000
$1,100,000
$1,200,000
$1,300,000
$1,400,000
$1,500,000
$1,600,000
$1,700,000
$1,800,000
FY02/03 FY03/04 FY04/05 FY05/06 FY06/07 FY07/08 FY08/09 FY09/10 FY10/11 FY11/12 FY12/13 FY13/14 FY14/15 FY15/16 FY16/17 FY17/18
Federal Funds for Local Affordable Housing Programs
CDBG Funds HOME Funds
How Residential CET Revenue
Must be Spent
15% Downpayment
Assistance
50%
Local Affordable
Housing Incentives
35%
Affordable
Housing Programs
& Incentives
How Commercial CET Revenue
Must be Spent
50%
Programs
Related to
Housing
50%
Flexible Dollars
Exemptions
Affordable Housing Developments eligible for System Development
Charge Waivers under Eugene Code 7.725.
Developments exempted from property taxes through the Multi-Unit
Property Tax Exemption Program under Eugene Code 2.945.
Newly constructed single family homes or condominiums sold to
homebuyers for $250,000 or less. Target Price to be indexed and
adjusted annually.
Potential Types of
Housing Programs
Fund range of projects including:
Permanent Affordable Rental Housing
Affordable Homeownership Housing
Transitional Housing
Mobile Home Parks
Tiny Homes
Examples of uses
Construction costs
Land purchase
Acquisition costs
Rehabilitation and repair assistance
Questions & Discussion