2017/11/15 Council Agenda Packet

Public financing is limited and the process to receive public financing is deeply competitive.The two largest sources of public financing in Washington State are the federal tax credit program administered by the Washington State Housing Finance Commission and the Washington State Housing Trust Fund administered by the Washington State Department of Commerce. Both of these programs award funds based on a competitive application process and strive to fund as many units of housing as possible with their own limited resources. Applications that receive commitments of local funds and thus reduce the amount of funds needed from these other sources typically do better in the competitive process. Fee waivers by local jurisdictions are included in the definition of local funding commitment. There are currently three affordable housing projects pending in the City of Everett. Catholic Housing Services low barrier project will provide 65 homes for extremely low income people many of them coming directly from the chronically homeless street population. Getting them off the street into safe,stable, permanent housing benefits everyone. Housing Hope's HopeWorks Station will provide 65 homes for people trying to get back on their feet through job& life skills training that will be provided through HopeWorks social enterprises. With a proven track record of moving people along the wage progression ladder to self-sufficiency in private market housing, HopeWorks Station fills an important niche in the effort to break the cycle of poverty. The new Cocoon House facility will provide homes to 40 youth and young adults.These are often kids who have fled unhealthy and unsafe living situations and need the opportunity to go back to school and get their life on a track to success. Passage of this bill promotes the common good through these projects. It helps lower their costs to build and thus increases their ability to serve their target populations. Passage of this bill also helps achieve a number goals and objectives in the City's Consolidated Plan and Comprehensive Plan including but not limited to: Goal 1 of Everett's 2015-19 Consolidated Plan: Create a range of affordable housing choices Goal 4.0 of Everett's Comprehensive Plan:The goal of the Housing Element is to provide sufficient housing opportunities to meet the needs of present and future residents of Everett for housing that is decent, safe, accessible, attractive and affordable. Objective 4.8 of Everett's Comprehensive Plan:The City shall continue to support housing programs that increase the supply of housing for low-income households and special needs populations. The need for income restricted affordable housing is acute in Everett. Particularly for households making less than 50%of Area Median Income, private market options do not exist. Nonprofit affordable housing is the only alternative and passing this special connection charge waiver for low-income housing projects will benefit not only the future occupants of those homes but the greater community of Everett.