TO: Mayor and Members of City Council
THRU: Telly Whitfield, Ph. D., Assistant City Manager
FROM: Christopher Cauley, Economic & Community Development Director
Kelly Olivera, Budget and Evaluation Director
DATE: June 27, 2022
RE:
Title
Adoption of Special Revenue Fund Project Ordinance 2022-15 for the Affordable Housing Trust Fund
end
COUNCIL DISTRICT(S):
Council District(s)
All
b
Relationship To Strategic Plan:
Goal IV: Desirable Place to Live, Work and Recreate
Objective 4.5: To ensure a place for people to live in great neighborhoods
Executive Summary:
Council is asked to adopt Special Revenue Fund Project Ordinance (SRO) 2022-15 to appropriate $1,000,000 of State Direct Grant funding from the North Carolina Office of State Budget and Management for an affordable housing trust fund.
Background:
The City has received notification of direct funding awards from the State for various projects identified in the State’s Current Operations Appropriations Act, Session Law (S.L.) 2021-180, as amended by S. L. 2021-89.
As the City receives specific grant award documentation, staff will bring appropriation actions to Council for adoption.
SRO 2022-15 will appropriate $1,000,000 to establish an affordable housing trust fund. These funds will be utilized to increase affordable housing opportunities for persons under 60% of Area Median Income (AMI) based on North Carolina General Statues. Programs may go up to 80% of AMI based on legislative analysis and the City’s recent Affordable Housing Study.
Issues/Analysis:
None
Budget Impact:
There is no impact to the General Fund.
Options:
1) Adopt Special Revenue Fund Project Ordinance 2022-15.
2) Do not adopt Special Revenue Fund Project Ordinance 2022-15 and provide further guidance to staff.
Recommended Action:
Staff recommends that Council move to adopt Special Revenue Fund Project Ordinance 2022-15 as presented.
Attachments:
Special Revenue Fund Project Ordinance 2022-15