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08-21-17-WS
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08-21-17-WS
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Continue to next page <br />EXISTING HOUSING NEEDS <br />Identified Need Available Tools Circumstances and Sequence of Use <br />Maintenance <br />assistance for low- <br />income homeowners <br />at or below 60% AMI <br />(identified on p. 25) <br />CDBG Following HUD’s schedule of annual CDBG allocations, we will <br />reserve a portion (up to 50%) of our CDBG allocation each year <br />to continue our home rehab program for low- and moderate- <br />income homeowners. <br />Referrals We will review and update our reference procedures and training <br />for applicable staff by 2021, including a plan to maintain our <br />ability to refer our residents to any applicable housing programs <br />outside the scope of our local services. <br />Rental units for <br />large families at all <br />affordability levels <br />Tax-Increment Financing It is unlikely we would support the use of TIF for this use. <br />Tax Abatement We would consider tax abatement for large rental project <br />proposals that are inside the Lake Valley Heights School District <br />and supported by the Lake Valley Heights School Board. <br />Community development <br />Agency (CDA) <br />We will coordinate with the Valley Heights Community <br />Development Agency that serves our city to best align <br />their resources with this stated need. We will review our <br />implementation plan on an annual basis, beginning in 2020, with <br />the Valley Heights CDA to ensure we are utilizing their resources <br />most effectively. <br />Local Funding Resources: <br />LCDA <br />We would strongly consider supporting/sponsoring an <br />application to Livable Communities Account programs for multi- <br />family rental proposals with units suitable for large families, and <br />in areas guided for high density residential. <br />Local Funding Resources: <br />CDBG <br />We will explore the use of a portion (no more than 15% of our <br />total allocation in any given year) of our CDBG funds to create a <br />low-interest revolving loan fund for the rehabilitation of existing <br />large-unit rental properties in exchange for a minimum period of <br />income restricted affordability. This study will be documented <br />and completed by 2026. <br />Rental units for <br />large families at all <br />affordability levels, <br />continued. <br />Local Funding Resources: <br />HOME <br />We will explore with Valley Heights County the application for <br />HOME funds to provide rental assistance to low and moderate <br />income households that are in existing rental units suitable for <br />large families. We will document this exploration and its results <br />by 2023. <br />Super RFP We would strongly consider supporting/sponsoring an <br />application to Super RFP programs for large unit rental project <br />proposals in areas guided for high density residential uses. <br />Housing Bonds We would consider issuing Housing Bonds to support a rental <br />project with units suitable for large families in the Lake Valley <br />Heights School District. However, there are competing priorities <br />and limitations to city bonding authority. <br />Preservation strategies: <br />4d <br />We will approach identified owners of existing large-unit rental <br />properties to discuss the possibility of 4d program tax breaks by <br />2025. <br />Preservation Strategies We will explore the use of a portion (no more than 15% of our <br />total allocation in any given year) of our CDBG funds to create a <br />low-interest revolving loan fund for the rehabilitation of existing <br />large-unit rental properties in exchange for a minimum period of <br />income restricted affordability. This study will be documented <br />and completed by 2026. <br />Site Assembly We would strongly consider supporting/sponsoring an <br />environmental clean-up grant application for an affordable large- <br />unit rental project within the Lake Valley Heights School District.
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