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4. Affordability and Displacement Everett Housing Action Plan 54 <br /> <br />the community, with ongoing coordination to ensure that if these sites transition to other residential <br />uses that tenants are not severely impacted by the loss of housing. This effort may include a review of <br />potential support for tenant or non-profit purchases of mobile home parks. <br />4.11: Promote the use of Community Land Trusts for affordable owner-occupied <br />housing. <br />Community Land Trusts, or CLTs, are organizations that provide more affordable homeownership <br />opportunities by retaining ownership of the land that housing is built on, removing this cost from the <br />overall cost of housing. This allows homebuyers to access more affordable options for owning a home <br />that is appropriate to them, while retaining the ability to accrue more equity in a home. <br />The City should explore how to support CLTs as a means of promoting sustainable homeownership in <br />the community, primarily through: <br /> facilitating connections between lower-income homebuyers and trusts <br /> streamlining regulations to encourage development with CLTs <br /> collaborating on strategic land use decisions and incentive programs <br /> encouraging the use of surplus public lands for community land trusts for low-income <br />homeownership opportunities <br /> <br />Long-term Recommendations <br />4.12: Develop a sustainable strategy for affordable housing funding. <br />Over the long term, providing a sustainable approach to maintaining and expanding housing available <br />to low-income households and homeless individuals/households will be to coordinate consistent <br />sources of funding and support. The City should coordinate and monitor investments on an ongoing <br />basis from sources such as commitments from the General Fund, proceeds from the State Affordable <br />Housing Sales Tax Credit (see RCW 84.14.540 and Chapter 3.90 EMC), and potential future sales tax <br />and levy increases. This should include a more detailed assessment of gaps in current funding and <br />potential areas for supportive housing for the most vulnerable members of the community. <br />4.13: Coordinate long-term monitoring of housing affordability and low-income <br />housing production. <br />After the upcoming updates to the Comprehensive Plan, the City should work to ensure that it will be <br />held to the targets identified for developing affordable housing as recommended in Strategy 4. As <br />such, a regular report should be developed by Community, Planning, and Economic Development that <br />includes: <br /> current conditions <br /> progress towards affordability goals