Housing GSO: HRA Greensboro Affordable Housing Plan

EXECUTIVE SUMMARY: IMPLEMENTATION

The current level of annual affordable housing production is not enough to address Greensboro’s growing and future housing challenges. The gap of rental homes affordable to those earning $30,000 and below is expanding, the homeownership rate for owners with household income under $75,000 is falling, and there is a shortage of permanent supportive housing units and insufficient service provision to meet the needs of existing vulnerable populations. The City should commit $50 million in additional local funding over the next ten years to help address these challenges. This commitment can come in the form of annual funding, a new dedicated bond, or some other form. By dedicating new funding and reallocating existing funding to the recommended tools laid out in Housing GSO, the City can leverage matching funding from philanthropic and private partners. Combined, this commitment of funding can make significant progress towards addressing Greensboro's housing challenges and have impact far greater than the size of the City’s initial investment.

Over the next 10 years, an additional $50 million in local funding can produce:

1,200 Affordable rental homes

800 Affordable rental preservation

Affordable Rental Homes

550 Units rehabbed, repaired, and developed

Neighborhood Reinvestment

1,150 Affordable homeownership households

Affordable Homeownership

2,000 Short-term rental assistance units

100 Supportive units

Supportive Housing

Source: City of Greensboro Bond Tracker, NCHFA, City of Greensboro

Existing funding sources include bond funding, Nussbaum fund, and federal funding including HOME, CDBG, ESG, and HOPWA

HR&A Advisors, Inc.

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