TAKING ACTION
Town of Wake Forest | HOUSING AFFORDABILITY PLAN
Influences
The Town of Wake Forest can modify its regulations and deploy funds to meet affordable housing needs. Local Regulations Wake Forest can focus efforts on meeting needs not met by the market or by state and federal programs through the creation of policies and regulations that indirectly reduce development and operating costs or directly offset the cost to build, increasing affordability. The Town of Wake Forest already influences the regulatory environment in which developers make decisions and disseminates information to developers, key service provider partners, and residents. Examples include zoning regulations (minimum parking standards, maximum residential density, regulation of uses, etc.), the development review process, building design standards, and the building permit process. These policies and regulations are often put in place by municipalities to achieve specific community goals and ensure the health, safety and welfare of its citizens. However, communities must remain cognizant of the regulatory hurdles that contribute to the overall cost of housing. If unbalanced, these policies and regulations can greatly exacerbate affordability issues.
In general, housing developers speak highly of working with the Town through the development approval process, which suggests a willingness to continue to build housing in Wake Forest to meet demand. Housing Ecosystem State and County agencies, local developers, and community partners all play different roles in addressing housing needs in Wake Forest (Figure 41). Because the Town is limited in it's overall ability to meet housing demand, partnerships and outside investments are an important part of this Plan. Existing government programs to support housing affordability do not fully address affordability needs in Wake Forest. These include a number of housing programs administered by Wake County and funded by the State, as well as other State and Wake County programs. The Town of Wake Forest can leverage these programs and play a role in connecting residents to existing resources while also considering local regulations and targeted investments that are within the Town’s control to increase affordability.
FIGURE 41: ROLES AND RESPONSIBILITIES OF PUBLIC AGENCIES
NC Housing Finance Agency
Town of Wake Forest
• Manages community planning • Designs and enforces zoning and land use • Designs and implements historic preservation
• Distributes tax credits to fund affordable housing development • Funds local governments and community partners to provide a variety of housing programs for renters and homeowners
• Grants development approval • Offers rehabilitation grants
Wake County
• Provides gap funding for affordable housing projects • Funds a variety of affordable housing programs for renters and homeowners
Wake County Housing Authority
• Offers subsidized public housing and rental voucher programs for seniors, low- income families, and veterans
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