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Strategy 2: Leverage Funding Opportunities and Partnerships to Support Income -Restricted Affordable Housing Strategy 2 recognizes that market -rate development by itself cannot fulfill the full range of housing needs in Louisville. The market is unlikely to supply income -restricted affordable housing, especially units affordable to those earning 0-60% of the Area Median Income (AMI), without intervention. This intervention can include leveraging funding opportunities and partnerships to support new or preserved income -restricted housing. Leveraging funding tools available at all levels of government for affordable housing projects can help reduce project costs and provide direct financial assistance to fill gaps that threaten project viability. This strategy outlines potential funding, partnerships, and policy mechanisms the City can deploy to lower barriers for income -restricted housing developments. One such opportunity is Proposition 123. Colorado voters passed Proposition 123 in 2022 as a dedicated future revenue source to local jurisdictions like Louisville to support housing affordability. Louisville is an eligible jurisdiction to apply for future Proposition 123 funds having officially committed to proposition -specific housing affordability goals in 2023. The City should continue to pursue such eligibility in the future during various funding cycles. In 2023, Boulder County voters also passed a 15-year extension of Issue 1B that sets aside a portion of county sales and use taxes for affordable housing; a portion of which applicable projects in Louisville may be eligible to access. Strategic partnerships will also be vital to deliver affordable housing at a meaningful level. This strategy focuses on ways the City can foster partnerships and play an active role within them to facilitate the development of more income -restricted housing. Detailed actions in this section include: » 2.1 Evaluate Cost -Sharing Opportunities for Infrastructure on Sites Where Affordable Housing is Provided 2.2 Evaluate Adopting the Low -Income Housing Property Tax Exemption Locally » 2.3 Consider Establishing a Commercial Linkage Fee for Income -Restricted Affordable Housing Projects 2.4 Consider Offering a Fee Option for Mandatory Onsite Commercial Requirements with Mixed Use Residential 2.5 Evaluate Adopting Programs and Policies that Support Existing Income -Restricted and Naturally Occurring Affordable Housing 2.6 Establish and Strengthen Partnerships to Support Preserved and New Income -Restricted Affordable Housing Louisville Housing Plan Part 4: Housing Strategies and Actions 35