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Establish a Legacy Homeownership Program — <br />The Modeled after the City of Boulder's Housing <br />Legacy Program, Louisville could create a similar <br />program that allows homeowners, companies, or <br />other organizations to donate homes or other <br />real estate.11 <br />Monitor Existing Income -Restricted Housing <br />Stock for Expiring Subsidies - Louisville has a <br />supply of regulated affordable housing, but to <br />assist in their preservation, the City must <br />understand how many units there are, their <br />condition, subsidy expiration dates, and current <br />ownership to accurately assess their vulnerability <br />risk. Publicly available inventories for regulated <br />affordable units are often incomplete, lack <br />essential data points, or are out of date. A <br />monitoring system would allow the City to assess <br />vulnerability risk and offer financial support to <br />owners and operators to maintain affordability. <br />HOMEOWNERSHIP PROGRAM <br />WORK? <br />Before donating, interested parties <br />entering their homes into the legacy <br />program first place an affordability <br />covenant on their home. Once donated, <br />the City does not receive ownership of the <br />homes through this program but rather <br />maintains the "Interim Covenant", or deed <br />restriction, that mandates affordability <br />and manages the sale of the homes to <br />interested buyers. City staff assesses <br />buyers based on their income and assets <br />and facilitates a fair selection process. <br />Action 2.5 Relevant Community Engagement Themes <br />o It is very important that affordable housing stay affordable in the City. <br />o Manufactured home preservation is important for maintaining affordable housing <br />options in Louisville. <br />o Establish a homeownership program and hire someone at the City to oversee it. <br />o The City should invest in a staff person to monitor affordable housing maintenance <br />needs, documentation, and deed tracking. <br />o Need for dedicated maintenance funding for affordable housing. City could connect <br />people with resources for maintenance funding. <br />o City could purchase multifamily units when they sell. <br />ACTION 2.5 BENEFITS SUMMARY <br />INCOME LEVEL <br />GEOGRAPHIC <br />HOUSING <br />ACTION TYPE <br />COST <br />SERVED <br />SCALE <br />PRODUCTION <br />POLICY <br />N/A <br />CHANGE/FINANCIAL <br />LOW <br />CITYWIDE <br />(FOCUSED ON <br />PRESERVATION OF <br />SUPPORT <br />EXISTING UNITS) <br />12 City of Boulder. Housing Legacy Program. https7//bouldercolorado.gov/homeownership/housing-legacy <br />program# ­ text=The%20Housing%20Legacy%20Program%20facilitates.affordable%20homeownership%20for%20future%2 <br />Oaenerations. <br />Louisville Housing Plan Part 4: Housing Strategies and Actions 41 <br />