Housing GSO: HRA Greensboro Affordable Housing Plan

EXECUTIVE SUMMARY: AFFORDABLE RENTAL HOMES

The supply of rental homes affordable to low-income households is insufficient to meet the needs of Greensboro residents, a trend seen in other North Carolina cities like Raleigh, Durham, and Charlotte. Rental households earning $30,000 and below face the most extreme housing shortages in the Greensboro’s market. Significant public investment is necessary to prevent the shortage of affordable quality rental homes from expanding dramatically over the next ten years. The City can increase the supply of affordable rental homes by dedicating additional public funding and leveraging private investment to fund new construction, preserve existing affordable rental homes, and provide rental assistance. The effectiveness of the affordable rental housing tools will be impacted by the degree to which the Comprehensive Plan, prepared by the City’s Planning Department, allows for multifamily development. A Comprehensive Plan that is supportive of higher levels of density can improve overall affordability.

Create Public Land Disposition Policy Explore opportunities for disposing of publicly-owned land, which can include private properties donated to the City, at free or reduced cost to support development of affordable rental homes. Timeline for Implementation: Year 2

Deeper Affordability Encourage additional units at deeper levels of affordability in projects to which the City awards funding

in exchange for higher levels of subsidy. Timeline for Implementation: Year 1

Establish a Housing Preservation Fund Establish partnerships with private and philanthropic entities to create a fund to rehabilitate and preserve the Establish a partnership between the City and Housing Authority to guide redevelopment activities, with an emphasis on housing and infrastructure needs. Timeline for Implementation: Year 2 Partner on Greensboro Housing Authority Redevelopment

Subsidize 4% Development Dedicate additional local and philanthropic funding to match

federal funding for 4% LIHTC projects. Timeline for Implementation: Year 3

affordability of existing multifamily housing. Timeline for Implementation: Year 2-3

HR&A Advisors, Inc.

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