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RATIONALE 4P Preserving existing affordable housing and preventing displacement of low- A <br />income residents is vital for social equity. City programs and policies can help <br />maintain the affordability of existing housing units amid rising costs and <br />prioritizing the distribution of resources to these types of developments can Housing Goals <br />help foster household stability and diversity. <br />DESCRIPTION WHAT IS NOAH? <br />There are several ways a city can support or lead efforts <br />to mitigate the loss of existing income -restricted and <br />Naturally Occurring Affordable Housing (NOAH). These <br />include direct financial assistance, property acquisitions, <br />and creating partnerships with non -profits to take over <br />ownership, assist with maintenance and repairs, or apply <br />for grants to help properties achieve stability while <br />continuing keep rent prices low. This action focuses <br />programs and policies summarized below: <br />NOAH or Naturally Occurring <br />Affordable Housing refers to <br />residential rental properties that are <br />affordable, but do not receive <br />subsidies in exchange for income <br />restrictions. They are typically older <br />properties with relatively low rent <br />compared to the regional housing <br />market. <br />Explore Programmatic and Zoning Approaches to <br />Preserving Manufactured Home Parks (MHPs)— <br />MHPs play a significant role in providing naturally occurring affordable housing, but they are at risk <br />of disappearing in strong housing markets like Louisville's. Ways the City can assist with MHP <br />preservation efforts are outlined below. <br />MHP-Only Zoning: The City can establish zones that designate an area specifically for MHPs, <br />which would directly prevent redevelopment of existing MHPs and resulting displacement of <br />residents. <br />Tenant Opportunity to Purchase: In Colorado, mobile home park owners are required by the <br />state to provide tenant opportunity to purchase." The City could aid housing authorities, non- <br />profit preservation organizations, and resident -owned communities through funding and <br />technical guidance necessary to help residents make the purchase. <br />" In 2020, the State of Colorado passed H1320-1201, a bill that requires mobile home park owners to notify residents, the <br />municipality, and others notice of a pending sale 12 months prior to the change of use to provide residents the opportunity <br />to organize and purchase the mobile home park. <br />Louisville Housing Plan Part 4: Housing Strategies and Actions 40 <br />