TAKING ACTION
HOUSING AFFORDABILITY PLAN | Town of Wake Forest
Strategy 1: Expand and Preserve Homeownership
The Town can help existing homeowners stay in their homes and support entry for moderate income first-time homebuyers.
Overview Wake Forest is experiencing a deficit in affordable homeownership opportunities. To address this issue, the Town can consider using the following land use programs to create and preserve homeownership opportunities. These programs would necessitate annual funding commitments, and should be adjusted over time to adapt to changing costs and changing housing needs and priorities.
TABLE 1: HOMEOWNERSHIP TOOLS OVERVIEW
The Town can consider these tools to expand access to homeownership.
Program
Summary
Affordability Target
Down-Payment Assistance Page 40
Reduce the upfront costs of purchasing a home for first-time homebuyers and provide homebuyer counseling. Preserve long-term affordability of homes and provide access to wealth creation to low and moderate- income residents. Ensure that income-qualifying homeowners can make necessary repairs to make their homes safe and durable. Incentive zoning programs spur developers to include affordable homes in market-rate developments, often in exchange for incentives such as bonus density or reduced requirements. Publish a menu of design concepts compatible with housing stock to reduce design costs and allow for expedited permitting to promote development.
~ 60% AMI
Community Land Trust Page 41
< 80% AMI
Owner-Occupied Rehab Page 42 Incentive Zoning Page 43
< 80% AMI
< 60% AMI
Accessory Dwelling Unit Demonstration Program Page 44
< 80% AMI
39
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