City Council Agenda and Packet 2019 04 09 SP

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SUBJECT: REGIONAL AFFORDABLE HOUSING DATE: SEPTEMBER 19, 2017 PAGE 6 OF 7 Based on the research and discussions that have taken place since the April 4th City Council meeting, the following are some options that the Council could consider for further exploration: Provide grants or loans for residents and/or the park owners to maintain the property and infrastructure in the park. Infrastructure grants or loans could be conditional on a long-term agreement to maintain the current use and limit increases in rents. Well -maintained property and infrastructure could extend the life of the park, but does not provide a guarantee for a long-term and permanent affordable housing option. This option would also require a significant dedication of resources to administer the program and identification of a funding source. Obtain a deed restriction for affordable housing and/or rezone the property. This could be accompanied by a right of first refusal to purchase the property. The owner could be offered compensation for the change in development rights resulting from any deed restriction or rezoning. The City and BCHA would need to negotiate the value of the compensation with the owner, which could be based on the difference in appraisals based on the exiting property rights and restricted property rights. This would require identification of funding to purchase the development rights. Obtain a deed restriction for affordable housing and/or rezone the property as described in the previous bullet, but rather than the City purchase the development rights, create a Transfer of Development Rights (TDR) option where a private developer or BCHA could purchase the development rights and use those rights in a designated "receiving" area where additional density above that currently allowed by zoning would be acceptable. The TDR program could include further incentives if the development in the receiving area also includes deed restricted affordable housing. RECOMMENDATION: 1) Staff recommends that Council finalize a statement around affordable housing in advance of the Affordable Housing Summit, and if desired, provide guidance for City engagement in affordable housing efforts moving forward. 2) Staff recommends that Council provide specific input on the options surrounding the Mobile Home Park policy. FISCAL IMPACT: No fiscal impact for adoption of affordable housing statement or guidance on Mobile Home policy. CITY COUNCIL COMMUNICATION 243 11