TO: Mayor and Members of City Council
THRU: Kelly Olivera, Assistant City Manager
FROM: Christopher Cauley, MPA, Director of Economic and Community Development
DATE: August 7, 2023
RE:
Title
Affordable Housing Project Updates and Direction
end
COUNCIL DISTRICT(S):
Council District(s)
All
b
Relationship To Strategic Plan:
GOAL IV: The City of Fayetteville will be a highly desirable place to live, work and recreate.
4.5: To ensure a place for people to live in great neighborhoods
4.6: To reduce poverty and homelessness.
Executive Summary:
The Economic and Community Development Department has been proactive and responsive to a variety of private developers interested in affordable housing since adoption of policies that expanded the types of activities undertaken with housing funds. City Council is asked to review each of the proposals presented by staff and outside developers, then provide consensus direction to proceed with one or more development partners.
Background:
In June of 2021, City Council adopted the City's first Affordable Housing Study. This study showed a need for affordable rentals at the lowest income ranges (30% of Area Median Income and below) and a long term trend resulting in a 10% decrease in homeownership. In June of 2022 Council reviewed new policies and procedures proposed by the Economic and Community Development Department that broaden the type of projects and partnerships to be undertaken with City funding. This program was launched with a Notice of Funding Availability on July 1, 2022. For the past 12 months, staff has engaged with a variety of community stakeholders, investors, nonprofits, and developers to help educate and formulate a variety of projects.
Issues/Analysis:
The following projects are proposed for Council's review and consensus direction:
? Step Up on Eastern - This nonprofit entity has a national track record and is partnered with an experienced developer. They propose to a...
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