Meeting_Body
EXECUTIVE MANAGEMENT COMMITTEE
SEPTEMBER 17, 2015
Subject/Action
SUBJECT: METRO INVOLVEMENT IN AFFORDABLE HOUSING
ACTION: RECEIVE AND FILE
Title
RECEIVE AND FILE status update on Metro involvement in Affordable Housing and Small Business Loan Fund.
Discussion
DISCUSSION
In March of this year, the Metro Board of Directors approved a motion (Attachment A) directing staff to report back on several actions that support affordable housing creation and preservation around transit. Two of those actions were implemented through amendments to the Metro Joint Development (JD) Policy, authorized in July of this year. The status of the remaining items is addressed herein and include:
* Development of Memoranda of Understanding with local municipalities
* Creation of a residential TAP program for residents of affordable housing units in Metro joint developments
* Pursuit of a collaborative Transit Oriented Affordable Housing and Small Business Loan Fund.
Background/Nexus
As Metro transportation investments expand, the potential exists for land values to increase near transit, making it more difficult for low income residents and businesses to locate near Metro. If rising rents push small businesses farther from transit, patrons and employees of businesses will be less likely to take transit. A large portion of Metro ridership is made up of lower-income, transit dependent patrons. In keeping with federal and state guidance surrounding greenhouse gas emissions reductions strategies and in order to preserve and increase ridership, the Board directed that the following actions be taken.
* Amend the Metro Joint Development Policy to establish an affordable housing goal and to allow for land discounting for affordable housing developments.
* Develop Memoranda of Understanding with local municipalities
* Negotiate terms and conditions for Metro's participation in a collaborative Transit Oriented Affordable Housing and Small Business Loan...
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