City Council Agenda and Packet 2019 04 09 SP

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SUBJECT: REGIONAL AFFORDABLE HOUSING STRATEGY UPDATE DATE: APRIL 9, 2019 PAGE2OF4 The Regional Housing Trust Fund would be distributed equitably, based on population counts, across the region to serve the housing needs identified by individual jurisdictions, including regional housing developments and preservation, and housing assistance programs serving the entire region (e.g. owner -occupied rehabilitation programs, down payment assistance, homeownership counseling, and asset management). The proposed approximate distribution of the funding would be as follows: • +/-75% Core Fund Distribution to Jurisdictions: More than half of the funds (percentage to be determined) would be distributed annually to each participating jurisdiction to address locally -identified housing needs. The amount of funds will be informed by regional population distribution using U.S. Census data. A jurisdiction may choose its own investment opportunity, collaborate with BCHA or another local non-profit to provide affordable housing, or return its share to the trust fund to be redistributed regionally. • +/-25% Set Aside for Opportunity Fund and Region -wide Programming: A smaller percentage will be set aside to be available as an Opportunity Fund and support programming serving the entire region and support larger opportunity projects that will emerge in each community. o An Opportunity Fund will be capitalized to address time -sensitive needs (e.g. acquisition opportunity) and support projects that require a greater amount of funds than are available to the jurisdiction responsible for the project. These funds will be competitively distributed, prioritized based on various criteria including levels of affordability, local match, financial leveraging, etc. o Funds will also support programming serving housing needs across the region. This could include enhancing access to down payment assistance for middle income homebuyers, financial resources for owner -occupied housing rehabilitation programs, and support for housing counseling programs. While local jurisdictions will continue to use federal funds to support this type of programming, Regional Housing Trust Fund (local) dollars could be contributed to expand the eligible pool of beneficiaries earning up to 120% of Area Median Income (AMI). At this time, the Partnership is seeking input from each of the elected bodies across the County regarding the proposed affordable housing tax. Additional information about the potential ballot measure, including polling information and pros/cons on the timing of the ballot issue can be found in Attachments 4 - 8. In order to make any affordable housing ballot issue successful, the Partnership is requesting the support and assistance of Councils and communities throughout Boulder County. A significant amount of education and outreach will be necessary to inform voters about affordable housing challenges and needs, and how revenues generated from a ballot measure would be utilized to address these needs. The Partnership will be CITY COUNCIL COMMUNICATION