TAKING ACTION
HOUSING AFFORDABILITY PLAN | Town of Wake Forest
Strategy 2: Create New Affordable Rental Housing
The Town could pursue opportunities to create affordable housing for low- and very low-income renters through targeted projects. Overview As opportunities arise, the Town can deploy a set of tools to create new, high quality affordable rental housing. The following pages describe public land disposition, gap financing for Low Income Housing Tax Credit (LIHTC) projects and partnership with the Housing Authority for public housing redevelopment, all tools to help create affordable rental housing in Wake Forest.
TABLE 2: RENTAL HOUSING CREATION TOOLS OVERVIEW
The Town can consider these tools to expand affordable rental opportunities.
Program
Summary
Affordability Target 60% - 80% AMI
Public Land Disposition Policy Page 46 Public Housing Redevelopment Page 49 Low Income Housing Tax Credit Gap Funding (LIHTC) Page 50
Eliminate or reduce the cost of land for affordable housing projects.
Support the development of rental housing for the populations with the lowest income .
< 30% AMI
Help developers produce competitive LIHTC bids to create more affordable housing at lower price point s.
< 60% AMI
45
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