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RATIONALE Preservation of existing income restricted units and new construction of such units are the most effective ways for cities to advance affordable housing initiatives. They are also the costliest because the units must be sold or rented below market rates. Partnerships can support the production of affordable housing in several ways. Partnerships with the City of Louisville ➢ Housing Goals might include market rate housing providers, affordable housing providers, or mission driven nonprofits like religious organizations. DESCRIPTION There are several ways that cities can operate within partnerships to help preserve and facilitate new affordable housing development. The Boulder County Housing Authority (BCHA) is the housing authority for all communities in Boulder County outside of the Cities of Boulder and Longmont, including Louisville. The City should continue to partner with BCHA as Louisville's housing authority and other affordable housing providers. The type of partnership the City can strengthen or establish will depend on available funding, resources, and the type of project. Methods include: Land Banking: Designate surplus land, or purchase and convey property to a housing partner. ♦ Direct Financial Support: Provide funding to support community land trusts, housing cooperatives, or lease purchase programs. Technical Assistance: Program education, development process support, land inventory, legal assistance, and administrative support (e.g., establishing deed restrictions, compliance monitoring, etc.). Right of First Refusal: Notice to the City of intent to sell multifamily or mixed -use rental property, with the local government having 30 days to make an offer. ACTION 2.6 BENEFITS OVERVIEW INCOME LEVEL GEOGRAPHIC ACTION TYPE HOUSING PRODUCTION COST SERVED SCALE Partnerships Low -Income Citywide (depending on method chosen) Louisville Housing Plan Part 4: Housing Strategies and Actions 42