Title
Affordable Homeownership Study Briefing
Recommended Action
Committee Recommendation:
Not referred to a committee.
City Manager Recommendation:
Receive a briefing on the Affordable Homeownership Study.
Report Issue:
Whether to receive a briefing on the Affordable Homeownership Study.
Staff Contact:
Christa Lenssen, Senior Housing Program Specialist, City Manager's Office, 360.570.3762
Presenter(s):
Paul Knox, KnoxWorks Consulting.
Sam Green, Northwest Cooperative Development Center.
Background and Analysis:
One of the strategies in Olympia's Housing Action Plan is to Increase the Supply of Permanently Affordable Housing for Households that make 80 percent or less of area median income.
Some identified actions relating to support for homeownership or long-term affordability include:
* 1.a. Donate or lease surplus or underutilized jurisdiction-owned land to developers that provide low-income housing, which the City has had success with and wishes to continue on a proactive basis.
* 1.b. Fund development projects that increase low-income housing through grants or loans, which the City does through a Home Fund sales tax, however those funds are currently directed at permanent supportive housing, a specific intervention for people experiencing homelessness.
* 1.g. Partner with low-income housing developers to expand homeownership opportunities.
* 1.h. Provide funding for non-profit organizations to buy income restricted units proposed to be converted to market-rate housing which the City has does through a Home Fund grant with Homes First.
* 1.i. Provide funding for low-income and special needs residents to purchase housing through community land trusts.
* 2.g. Establish a down payment assistance program, for which the City may be interested in partnering with the Washington State Finance Commission to carry out.
Consultants Paul Knox and Sam Green (consultants) conducted extensive stakeholder and expert interviews to identify needs and opportunit...
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