2016/04/13 Council Agenda Packet

1 AMENDMENT NO. 2: 2015 — 2019 CONSOLIDATED PLAN Consolidated Plan Text Amendments Strategic Plan SP-10 Geographic Priorities—91.415, 91.215(a)(1) Genera/Allocation Priorities Describe the basis for allocating investment geographically within the state Expand geographic housing choice for low-and moderate-income households. Limit development of new subsidized rental housing(docs not apply to the redevelopment or replacement of existing subsidized rental units)such that subsidized housing represents no marc than 20% of rental housing . w - V. -- . L . i -V v i I- i. •i -- t-. - -i --- . /L'' .s i . -- . - .. s - Remove "Census Tracts with More than 20 Percent Subsidized Housing"Map SP-45 Goals—91.415,91.215(a)(4) Goal#2: Dispersion of low-moderate income housing Expand geographic housing choice for low-and moderate-income households. Encourage the development of new subsidized housing throughout the city. Limit development of new subsidized where such housing is alrcady concentrated. The City is proposing this change to encourage greater development of affordable housing in the City overall and to allow subsidized improvements to existing non-subsidized housing. By removing the subsidized housing restriction throughout the City federal funding will be available for development of, and needed improvements to, rental housing in areas previously prohibited from new subsidies. Without federal funding the economics are not sufficient to justify significant investment in new affordable housing and improvements to aging rental housing in low-income areas. Using Low Income Housing Tax Credits (LIHTC) and other federal resources may justify more needed investment in these areas. Without these resources, the current rental housing stock in these low income areas may continue to deteriorate and new affordable housing projects will not materialize. A Public Hearing was also held on March 2, 2016 and the Committee recommended the City Council adopt these text amendments. • 16