Issue link: https://townofcary.uberflip.com/i/791946
CHAPTER 2: LIVE 26 Policy Policy Intent Policy 6: Encourage and Support the Provision of Affordable Dwellings Build on Cary's past practices to encourage and support the provision of affordable dwellings, particularly in response to the changing needs and preferences of Cary residents 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, objectives, 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 allocation from HUD and has consistently used to further community affordable housing goals. 2 Federal guidelines define affordable owner- occupied housing as being for individuals and families earning up to 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. Building on Cary's past planning initiatives, administration of the CDBG program and implementation of the Cary Housing Plan, the objectives of this policy therefore include but are not limited to: 1. Support the preservation and rehabilitation of Cary's existing affordable housing stock. 2. Proactively and cooperatively facilitate and support the creation of new affordable rental and ownership housing opportunities 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, and identification of opportunities to support affordable housing on Town-owned land. 3. 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 support and could be provided by either governmental or nongovernmental entities/nonprofits. 4. Strive for innovation and partnerships in the creation of model ordinances, policies, programs, and development projects aimed at providing affordable housing opportunities. 5. Leverage and target affordable housing funding and efforts to support neighborhood revitalization efforts. 6. Distribute affordable housing units equitably across town. 7. Strive to locate new affordable units in proximity (walking distance) to shopping and daily conveniences, employment opportunities, and/or schools, and where possible within walking distance of transit service. 8. Where a significant amount of affordable housing is lost due to redevelopment or conversion to other uses, Cary may direct its affordable housing funds toward minimizing the impacts of the residents who are displaced and/or toward the replacement of the affordable housing units lost. 9. Ensure that all Cary residents can enjoy the full benefit of Cary's high quality of life, including access to public amenities regardless of income. 10. Integrate environmental activities into housing programs and new development to ensure all residents have access to energy-efficient and alternative-energy housing resources.