Resolution 6396 - Laserfiche WebLink

Page 17 of 19 • Task D2.1: Research and document structure, legal authority, requirements and procedures of proposed Regional TOD Property Acquisition Fund for Affordable Housing. Identify potential sources of capital for fund. (October 2011) • Task D2.2:Work with jurisdictions in each county and potential funders to establish a coordinated funding process targeting affordable housing development in identified TOD areas associated with LINK light rail corridors.Assist fund manager to begin securing public and private funds for the regional acquisition fund and identifying local match funds(November 2011 -May 2012) • Task D2.3: Develop an RFP for a regional TOD property acquisition fund manager;select a fund manager (February 2012) • Task D2.4:Work with funders and other parties to develop an oversight process. Identify oversight committee with representatives from funders and jurisdictions(February—June 2012) • Task D2.5:Work with infrastructure (transportation, other)funders to establish criteria that prioritize projects supporting affordable housing projects in TOD areas(November2011-February12) • Task D2.6: Establish tools to hold properties on interim basis if needed. (Fall-Winter2011-12) • Task D2.7: Review effectiveness of Washington's local infrastructure financing tool (LIFT) legislation passed in 2006 and its four pilot projects. Document findings. (September-December 2011) • Task D2.8: Explore and document TIF alternative options (with legislators, community stakeholders, jurisdictions)for affordable housing and economic development. Explore feasibility of revenues needed to support projects in transit corridors. Determine financial and political feasibility of alternatives and draft recommendations for legislative options to create TIF alternative (November 2011—March 2012) Metrics and Results: Documentation of structure and needs of regional TOD property acquisition fund; identification of local, regional, national funding sources; selection of a regional fund manager;oversight process for regional fund; input into regional and county infrastructure selection criteria updates;documentation of LIFT legislation review findings; and documentation of TIF alternative proposal; recommendations for legislative strategy for TIF alternative. Task D3: Public Surplus and Underutilized Land Strategy. Sound Transit and other local transit providers will be undertaking significant capital development programs in the region over the next two decades.As land is acquired for rights-of-way,station development, staging, and other needs,opportunities exist to consolidate or acquire land in a manner that would facilitate its later redevelopment. Similarly,other public development projects result in land acquisition and disposition. However, legal, policy, and institutional barriers may exist that prevent the easy transfer of surplus land for other public purposes, particularly for development of affordable housing. Early efforts to remove regulatory bafflers to access to transit-oriented sites have analyzed existing policies, but additional resources are needed to expand this work. This task focuses on developing strategies, policies, and mechanisms to prioritize access to public surplus and underutilized properties for development of affordable housing near transportation investments. Task D3 will be overseen by the Affordable Housing Steering Committee. • Task D3.1: Identify and document legal and system bafflers to providing public surplus land as a priority and/or at a discount for affordable housing and develop strategies to make the necessary changes to overcome these obstacles. (April-September 2012) • Task D3.2:Work with transit agencies and jurisdictions to develop model policies addressing activities that require land acquisition for transit stations, rights-of-way, and maintenance facilities. Policies should address opportunities for acquisition of sufficient land for TOD development. (November 2011—February 2012) ruled unconstitutional in 1995 by the State Supreme Court.Since then Washington passed another form of TIF,but it has been found to be so limited that it is viewed as unworkable. Cities and other proponents of TIF continue to craft revised legislation to broaden TIF authority and make it a more viable financing tool. Page 17 Cooperative Agreement Instrument No.WARIP0042-10