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Housing Policy --- Section 7-3

Long-Term Affordability
Policy Statement

All NHD-assisted rental or cooperative housing projects and Homeownership Development projects must provide for long-term affordability.

Policy
In order to preserve the City's stock of publicly assisted affordable housing, all homeownership, rental or cooperative projects that receive assistance (funding and/or property) from the Department of Neighborhood Development shall remain affordable for a set period of time, as detailed below. The level of affordability (i.e. the number of units affordable to households at a specified income level) shall be documented in the Affordable Housing Covenant and shall be maintained throughout the affordability term.

Homeownership Development Projects:
The affordability and income restrictions for any project developed as an ownership opportunity, whether through rehabilitation or new construction shall have an affordability term of 30 years with a 20 year extension at the City's option. In addition, the affordability and income restriction of any rental opportunities associated with the owner-occupied property shall also be maintained for same period of time.

Rental and Cooperative Housing Development Projects:
The affordability and income restriction for rental or cooperative housing development projects shall have an affordability term "In Perpetuity".

For any projects assisted with HOME funds, the HOME regulations and required monitoring shall pertain to the minimum number of years required by the HOME regulations as established by HUD at the time of initial funding. However, the income restrictions and affordability mix established by the Affordable Housing Covenant shall be maintained and monitored for the entire affordability term.

7-3 (11/03)

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