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Strategy 12: Minimize Displacement through <br /> Affordable Housing Preservation and <br /> Replacement <br /> Many transit communities are home to existing low- and moderate-income households at potential <br /> risk of displacement due to increased market strength and gentrification that may accompany transit <br /> 41 system development. Strategies to preserve the existing affordable housing stock in good condition <br /> or to replace affordable housing demolished due to new development can help minimize these <br /> displacement risks.Although preservation and replacement strategies were not a central component <br /> of the Growing Transit Communities Partnership work program, they are critical to the long-term <br /> success of these communities and should be a focus area for future work. <br /> Puget Sound Regional Council <br /> 12.1. Expand the existing Housing Innovations Program to provide more detailed guidance and technical <br /> assistance to local governments and other regional partners on affordable housing preservation tools which <br /> can be used in transit communities. <br /> 12.2. Work with regional partners to develop data and methods to provide for an"early warning system"to identify <br /> properties in transit communities that contain affordable units that are at risk of displacement or conversion. <br /> 12.3. Work with local governments and housing providers to maintain a regional database of publicly subsidized <br /> housing stock. <br /> p Transit Agencies <br /> 'P 12.4. Assist where feasible in the preservation or replacement of housing lost on agency-owned properties due to <br /> construction related activities. <br /> co Local Governments <br /> 12.5. Conduct an inventory of existing affordable housing as part of the housing needs assessment and use this <br /> information to identify potential sites for preservation and/or replacement. <br /> E 12.6. Use available tools and resources to encourage that affordable units lost due to redevelopment in a transit <br /> community are replaced with units at the same affordability level within that transit community. <br /> u12.7. Use incentive programs for developers to preserve or replace affordable units. (See Strategy 17) <br /> G) <br /> OL Affordable Housing Developers, Financiers, and Community Organizations <br /> 12.8. Adopt funding policies and criteria that support and encourage both development and preservation of <br /> affordable housing in transit communities, where mobility and access to jobs and services is higher. Work <br /> with regional partners to identify and advocate for new dedicated funds and tools to support affordable <br /> housing preservation. <br /> 12.9. Pursue funding for rehabilitation of affordable housing stock,such as the Neighborhood Stabilization <br /> Program and the Weatherization Assistance Program. <br /> 12.10.Create the capacity to acquire and hold land and buildings for future affordable housing development that <br /> includes preservation,using tools such as a regional TOD property acquisition fund (Strategy 14). <br /> Priority Transit Communities for this Strategy <br /> • Transit communities with potential or immediate risk of displacement <br /> • Transit communities with existing affordable housing stock <br /> 41 <br /> The Growing Transit Communities Strategy I Public Review Draft ! May 2013 <br />