Issue link: http://townofcary.uberflip.com/i/774879
POLICY DIRECTION Policy Policy Intent Policy 6: Policy 6: Encourage and Support the Provision of Affordable Dwellings Reflect and build on Cary's past practices to encourage and support the provision of affordable dwellings, particularly in response to the changing needs of Cary's families in the coming years. Cary's 5-Year Consolidated Plan for HUD (U.S. Dept. of Housing and Urban Development) provides much more detail regarding affordable housing goals, objec ves, and programs. The 5-Year Plan is incorporated into this Community Plan, and can be found in the Appendix. 1 CDBG - The federal Community Development Block Grant Program is administered by the Department of Housing and Urban Development (HUD). Cary is a CDBG Entitled Community, and receives an annual affordable housing grant allocation from HUD. 2 Federal guidelines define affordable owner- occupied housing as being for individuals and families earning between 60% and 80% of area median income, and affordable rental housing as being for individuals and families earning up to 60% of the area median income. The Intent of this policy is to reflect Cary's long-standing practices and policies for the provision of affordable dwellings, and to build on and grow those programs and efforts in the coming years, in response to changing needs over time. This policy is therefore rooted in the goals and objectives of Cary's 2000 and 2010 Affordable Housing Plans, as well as the goals and objectives of Cary's CDBG Annual Action Plans and 5-Year Consolidated Plans. 1 The objectives of this Policy therefore include, but are not limited to: 1. Promote the preservation and rehabilitation of the town's existing affordable housing stock. 2. Facilitate the creation of a reasonable proportion of the Town of Cary's housing as affordable ownership units and rental units. 2 3. Proactively and cooperatively facilitate and support the creation of new affordable housing units by private, nonprofit, and nongovernmental entities, including funding or financing assistance for projects, support for tax credit projects, regulatory assistance, public-private partnerships or agreements, or other. 4. Provide, enable, or encourage direct support for individuals and families in need of affordable housing. Such support might include homeownership training, first-time homeowner assistance and special financing programs, housing information resources, housing counseling, and/or other, and be provided by either governmental or non- governmental entities/non-profits. 5. Strive for innovation and partnerships in the creation of model ordinances, policies, programs, and development projects aimed at providing affordable housing opportunities. 6. Leverage and target affordable housing funding and efforts to support neighborhood revitalization efforts. 7. Distribute affordable housing units equitably across town, and avoid excessive concentration of units in individual neighborhoods. 8. Strive to locate new affordable units within close proximity (walking distance) to shopping and daily conveniences, employment opportunities, and/or schools, and where possible within walking distance of transit service. 9. Where a significant amount of affordable housing is lost due to redevelopment or conversion to other uses, the Town may direct its affordable housing funds towards minimizing the impacts of the residents who are displaced and/or towards the replacement of the affordable housing units lost. 10. Assure a quality living environment and access to public amenities for all residents, regardless of income. 25 COUNCIL FINAL PUBLIC MEETING DRAFT [JAN. 24, 2017]