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HomeMy WebLinkAboutAffordable Housing Presentation 7-24-19CET Implementation and Affordable Housing Trust FundNext Steps July 24, 2019 1 Presentation Outline Provide Update of Progress to Date Timeline for Implementation Scope and Structure of Advisory Committee Outcomes and Potential Focus Areas for use of Funds Next Steps 2 Progress to Date Formation of Internal Team Preparation and Adoption of Administration rules Internal staff training Development of Communication materials including a FAQ for BPS customers Integration with internal financial and permit tracking systems to enable funds to be collected and tracked beginning July 1 Outreach to other jurisdictions to learn about their experiences with CET implementation •Outreach through HPB and BHT 3 Timeline for Next Steps •Start collection of CET fundsJuly •Form Advisory CommitteeAugust •Work with Advisory Committee - Explore uses of funds and processS e p t –Dec •Create staff capacity to support program implementationDecember •Present proposed programs and funding allocation to CouncilJanuary 2020 4 Affordable Housing Trust FundAdvisory Committee Will advise City on: Development of goals and related programs Allocation of resources among programs Selection of specific projects Program Implementation 5 Private Sector Housing and Population Advocates At-Large Advisory Committee Composition 3 Members 3 Members- Business homebuilder realtor 3 Members- Housing consumer Human Rights Commission Housing Advocate 6 Application, Selection Process, Timeline August –Solicit applications for committee members September -Staff make recommendations to City Manager Late September -Advisory Committee holds first meeting 7 Desired Outcomes and Potential Focus Areas Goals set within City Ordinance To fund housing programs and projects that benefit Eugene households earning 100% of Area Median Income and below 15% of the Residential CET revenue set aside for downpayment assistance in accordance with state law Potential Focus Areas Expand Supply of New Affordable Housing Gap Financing and Land Acquisition for Affordable Housing Preserve Existing Affordable Housing Acquisition and Rehabilitation Direct Assistance to Renters and Homebuyers Security deposit assistance or downpayment assistance The Committee will also consider recommendations that emerged from the Housing Tools and Strategies process, Consolidated Plan, and lessons from other jurisdictions.8 EUGENE-SPRINGFIELD CONSOLIDATED PLAN Current Affordable Housing Goals and Strategies Land Acquisition New Construction Gap Financing Housing Acquisition Financing Increase Supply of Affordable Housing Rental Rehabilitation Loans Emergency Home RepairsRehabilitate Existing Housing Fair Housing Services and Training Renter Protections Regulatory BarriersRemove Barriers Pilot Down Payment Assistance Program Support Homeownership 9 Next Steps Return January 2020 with recommendations for programs and proposed allocation of funds Return at later point for approval of investments for large housing development projects Questions and Discussion 10