Town of Wake Forest | HOUSING AFFORDABILITY PLAN
There are three primary housing strategies that the Town of Wake Forest can pursue now to help address housing needs. Overview The following strategies, in no particular order, are well-suited to meet Wake Forest's specific housing needs based on local context and capacity, available funding and community and stakeholder engagement (Figure 43).
FIGURE 43: PROPOSED HOUSING AFFORDABILITY STRATEGY OVERVIEW
EXPAND AND PRESERVE HOMEOWNERSHIP
CREATE NEW AFFORDABLE RENTAL HOUSING
BUILD CAPACITY AND PARTNERSHIPS Residents will benefit from increased housing programming and partnerships. The Town can build internal capacity to monitor and report on housing progress, make strategic decisions about funds, and partner with Wake County.
Target populations include existing
Target populations include low- and very low-income renter households (<60% AMI) as well as older, long- term residents hoping to downsize and age in place on a fixed income.
homeowners on a fixed income, particularly non- white older homeowners, and young, moderate- income families making 60-100% AMI.
Each strategy will require deploying a set of tools, both internally and through partner organizations.
Create New Affordable Rental Housing 1. Public Land Disposition 2. Public Housing Redevelopment 3. Low-Income Housing Tax Credit Gap Financing
Build Capacity and Partnerships 1. Coordination with Wake County 2. Real Estate Expertise 3. Monitoring 4. Community Engagement
Expand and Preserve Homeownerhip
1. Down Payment Assistance
2. Community Land Trust 3. Owner-Occupied Rehab 4. Incentive Zoning 5. Accessory Dwelling Unit Demonstration Program
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