Wake Forest Housing Affordability Plan - September 2022

HOUSING AFFORDABILITY PLAN | Town of Wake Forest

TABLE OF CONTENTS

4

57

Introduction

Appendices

5 6

Plan Overview

58 59

Appendix 1: Terms Defined

Defining Affordability

Appendix 2: 2021 Area ................ . Median Income Limits for ................ . Raleigh MSA 60 Appendix 3: 2021 Maximum ............................. . Affordable Monthly Housing ............................. . Costs for Raleigh MSA 61 Appendix 4: Town of Wake ............................. . Forest Nondiscrimination ............................. . Notice 62 Appendix 5: Town of Wake ............................. . Forest Nondiscrimination ............................. . Policy

7

Existing Conditions: Population

8 9

Regional Demographics Local Demographics

16

Existing Conditions: Housing

17

Housing Conditions

24 27

Housing Needs

Barriers to Housing Affordability

28

Community Engagement

29 30

Planning Context Plan Outreach

34

Taking Action

35 38

Influences

Overarching Strategies

39

Strategy 1: Preserve and Expand Access to Homeownership

39 40 42 43 44 41

Tools Overview

Down Payment Assistance (DPA) Community Land Trust (CLT) Owner-Occupied Rehab (OOR)

Incentive Zoning

Accessory Dwelling Unit (ADU) Demonstration Program

45

Strategy 2: Create New Affordable Rental Housing

45 46 49 50

Tools Overview

Public Land Disposition

Public Housing Redevelopment

Low-Income Housing Tax Credit (LIHTC) Gap Funding

51

Strategy 3: Build Capacity and Partnerships

51 52 53 54 55

Tools Overview

Coordination with Wake County

Capacity Building

Monitoring

Community Engagement

56

Implementation Steps

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