“ The RAD program creates vibrant places for people to live that are affordable. ”
Mayor Justin Elicker City of New Haven, Connecticut
Going forward, we encourage enhanced funding of LIHTC, the Capital Magnet Fund, National Housing Trust Fund and other programs that facilitate the development and preservation of more affordable rental units.
5. Make Local, Flexible Policy Shifts to Enable Increased Production and Preservation While federal and state governments provide many of the subsidies necessary for affordable housing to be economically viable, local decisions often determine where and how much such housing can be developed. Zoning and building codes are central to the twin questions of availability and affordability. Effective supply-focused initiatives have eased regulatory burdens, such as by modifying land use policies to allow for greater density.
Among the changes respondents would like to see increased:
Change
Description
Accessory dwelling units on existing single-family lots
Those requiring new residential developments to contain a minimum number of affordable units (i.e., inclusionary zoning) Changing suburban land use patterns, in particular, is seen as a critical step in facilitating a more equal distribution of affordable homes across regions. These local funds are often designed to address housing affordability challenges in a manner reflective of how the issues present themselves locally. In many cases, the pools are funded through dedicated tax revenues or bond issuances approved by voter referenda. Some localities have been particularly innovative. In Miami, Florida, the mining of a local cryptocurrency (MiamiCoin) has already generated a $7.5 million revenue stream that potentially can be used for affordable housing, among other uses.
Changes to zoning density limits enabling multifamily properties. 8
Generating local affordable housing funds to augment state and federal resources for the purpose of developing or preserving affordable rental housing.
Use of creative funding sources.
A Decade of Rental Housing Vulnerability
20
Powered by FlippingBook