February 2020 Site Visit Follow-Up Final Recommendations
Affordable Rental Homes o
Require Deeper Affordability ▪ Require additional units at deeper levels of affordability in 9% LIHTC projects to which the City awards subsidy in exchange for higher levels of subsidy. o Subsidize 4% Development ▪ Dedicate additional local and philanthropic funding to match federal funding for 4% LIHTC projects. o Establish a Housing Preservation Fund ▪ Establish partnerships with private and philanthropic organizations to create a fund to rehabilitate and preserve the affordability of existing multifamily housing. o Partner on Public Housing Redevelopment ▪ Establish a partnership for redevelopment of public housing to fund housing development and infrastructure upgrades to support residents who relocate. o Create Public Land Disposition Policy ▪ Explore opportunities for disposing of publicly-owned land at free or reduced cost to support development of affordable rental homes. • Neighborhood Reinvestment o Partner with Neighborhoods ▪ Identify candidate neighborhoods, work with community members and neighborhood leaders to assess interest and engage private partners to support these efforts. o Consolidate Rehabilitation Programs ▪ Consolidate City rehabilitation operations, streamline funding sources, program intake, and program operation, so rehab administrators can make data-driven decisions that reduce blight and substandard housing in Greensboro. o Create Public Land Disposition Policy ▪ Establish policies to guide the disposition of City-owned land for publicly-owned land for affordable housing and partner with other public landowners. o Establish Strategic Code Compliance ▪ Establish a strategic approach to code compliance that engages residents, better address complaints, and meaningfully impact areas of reinvestment. o Implement Community Partnerships & Engagement ▪ Implement a shared leadership model in the reinvestment process that allows municipal agencies, institutions, and residents to become joint leaders and laborers in each neighborhood’s advancement. o Support Rehabilitation & Infill Development ▪ To jumpstart the pipeline of “move -in ready” homes in areas of reinvestment, provide subsidy and partner with private and nonprofit single-family developers. • Access to Homeownership o Modify DPA Program Design ▪ Reconfigure the loan repayment terms and geographic bonuses in the Down Payment Assistance program, to better serve low-income homeowners and encourage homebuying in areas of reinvestment. o Provide Enhanced Services with Mortgages ▪ Offer DPA loan recipients long-term counseling if they fall behind on their mortgage payments to better prevent foreclosure.