Title
Resolution Authorizing a Fund Balance Cap for the One Cent for Affordable Housing
Body
LEGISLATIVE INTENT/PURPOSE:
WHEREAS, on January 19, 2016, City Council approved the establishment of the City of Wilmington/New Hanover County Ad Hoc Committee on Improving Workforce/Affordable Housing ("Committee"), and charged the Committee with conducting a comprehensive examination of workforce/affordable housing and bringing forth a report on findings and recommendations; and,
WHEREAS, on June 18, 2019, the City of Wilmington and New Hanover County jointly created the Workforce Housing Advisory Committee ("WHAC") to conduct a comprehensive examination of workforce housing efforts and recommend practices, policies, and programs to improve and increase the stock of available workforce housing in the region; and,
WHEREAS, in the FY22 budget, City Council assigned $3,500,000 from the General Fund balance to be available to appropriate at its discretion for workforce/affordable housing; and,
WHEREAS, in the FY23 budget, City Council established a policy to dedicate the value of one cent on the ad valorem property tax rate for affordable housing, and placed an additional $1,500,000 in the General Fund committed affordable housing fund balance, pending further direction from Council on its affordable housing use; and,
WHEREAS, City Council identified in the City's 2017-2020 Strategic Plan a strategy to partner with developers and non-profits to tackle the challenges of creating more affordable housing; and,
WHEREAS, City Council has identified workforce and affordable housing as a priority in the City's 2025-2030 Strategic Plan; and,
WHEREAS, the one cent value dedicated for affordable and workforce housing funds programs leverages substantial private investments for affordable housing; and,
WHEREAS, in March 2021, the WHAC presented the jointly funded City of Wilmington and New Hanover County Housing Needs Assessment prepared by Bowen National Research ("Bow...
Click here for full text