HomeMy WebLinkAbout1-13-2020 Public Comment - G. Stratton - Community Housing Action Plan Items 4 and 6From:Greg Stratton
To:Agenda
Subject:Affordable Housing
Date:Monday, January 13, 2020 2:21:04 PM
Commissioners:
This note is in support of the letter you received from the Community Affordable
Housing Board on January 8, 2020. Specifically items 4 and 6 which in review of the
staff report are not recommended for further consideration at this time.
Item 4 is to investigate the feasibility of a rental subsidy program. While there may not
be statistics to support the numbers it is likely that the vast majority of families needing
assistance are in the market to rent, as opposed to purchase, a home. The Bozeman
Community Housing Action Plan is largely silent when it comes to action strategies
related to rental assistance and a method to address affordable housing. The staff
report recommends that rental and multifamily projects not be included in the
inclusionary zoning ordinance at this time. Please consider that a rental assistance
program does not need to be part of the inclusionary zoning ordinance. It can be a
stand alone program that provides an avenue to get financial assistance through the
workforce housing fund directly into the hands of the families those funds are
intended to assist.
Item 6 is to increase the percentage of the AMI that a family can earn to qualify for
Home Buyer Assistance through the Affordable Housing Program. Staff is again
hesitant to modify the inclusionary zoning ordinance to increase incentives and
assistance at this time. Please consider again that providing Home Buyer Assistance
does not need to be directly associated with inclusionary zoning. Assistance, in the
form of subsidies that will be repaid upon subsequent sale of the home, can be made
available to qualifying buyers for qualifying priced homes without being subject to the
inclusionary zoning ordinance. For example, a qualifying buyer could request $10,000
down payment assistance for a qualifying home priced at 90%, 110% or even 120% of
the AMI. This will provide immediate assistance to families in the "missing middle".
As long as the assistance is in the form of a subsidy to be repaid on subsequent sale of
the home deed restrictions should not be necessary. This is a program that can be
implemented immediately and have an immediate impact for many families struggling
to save a down payment for a new home. Please consider expanding the availability of
Home Buyer Assistance.
Sincerely
--
Greg Stratton
Partner
2880 Technology Blvd West
Suite 273
Bozeman, MT 59718
406-599-5603
greg@kildaystratton.com
www.kildaystratton.com