City Council Agenda and Packet 2019 04 09 SP

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LCityof Louisville COLORADO • SINCE 1878 CITY COUNCIL COMMUNICATION AGENDA ITEM 2 SUBJECT: DISCUSSION/DIRECTION — REGIONAL AFFORDABLE HOUSING STRATEGY UPDATE AND PROPOSED BALLOT MEASURE DATE: APRIL 9, 2019 PRESENTED BY: MEGAN DAVIS, DEPUTY CITY MANAGER SUMMARY: On September 19, 2017 the City of Louisville discussed the Boulder County Regional Housing Inventory (Attachment 1) and in November 2017 signed a resolution in support of the Boulder County Regional Affordable Housing Strategy (Attachment 2). Since that time the Affordable Housing Strategy Advisory Committee, which includes representation from the three housing authorities operating within Boulder County, has been working on planning, education and financial analysis related to the expansion of affordable housing. Jim Williams from Boulder County Housing and Human Services and Michelle Krezek, Deputy to the Boulder County Commissioners, will present background and analysis regarding a county -wide affordable housing tax. BACKGROUND: The Boulder County Regional Housing Partnership was formed in 2016 under the guidance of the Boulder County Consortium of Cities, a collaboration of nine jurisdictions including representation of City Council/Town Board members from across Boulder County and the City and County of Broomfield. The Consortium recognized the acute affordable housing challenges in our region, and established the Partnership to help address the area's housing affordability challenges. The Partnership produced a plan (Attachment 3) that outlines the challenges and implications associated with housing affordability in our region, and lays out some potential solutions to address them. Some key recommendations include increasing local funding to invest in community housing, securing land for community housing, preserving affordability of existing homes, and considering regulatory processes that would reduce barriers to affordable housing development. The plan recommends a goal of ensuring 12% of the housing inventory across the County would be affordable to low, moderate and middle -income households by 2035. This presentation focuses primarily on the recommendation regarding the identification of local funding solutions to invest in community housing. Boulder County and the Boulder County Housing Authority will discuss a potential ballot measure that would increase available funding for affordable housing retention and development countywide. The proposed ballot measure would create a Regional Housing Trust Fund that would provide funding for affordable housing to all communities within the County. CITY COUNCIL COMMUNICATION 2