DRAFT Morrisville Affordable Housing Plan, September 23, 2019 version

DRAFT SEPTEMBER 23, 2019

PART 1 | The Regional Market 3 Recomme dations for Taking Action

CREATE AN AFFORDABILITY PARTNERSHIPS TOOLKIT

To address rental affordability challenges in Morrisville, the Town has an opportunity to partner with the private sector in ways that will preserve and incrementally expand the supply of income restricted apartments. A particular set of tools – those presented here – can be leveraged to make affordability partnerships work for the Town, for tenants, and for owners and developers. As with the Community Servant Housing Choice Program, the exact composition and utilization of this toolkit will depend on the balances the Town wishes to strike – for example, between actions that quickly add to the affordable housing inventory and those that involve longer-term planning to shape new and inclusive residential communities.

Potential Components

FOR SALE

Master Leases

Land Purchases

Density Bonuses

TAKING ACTION: HOW MIGHT THIS BE SEQUENCED?

1 Select the partnership tools that best reflect the Town’s willingness and capacity to expand the community’s 2 Identify how to integrate the toolkit into administrative and decision-making processes of relevant departments and boards. 3 Invest in the groundwork needed to make the tools work • Master Leases: Relationships with landlords and potential non-profit managers, an approach to contracting and administration. • Land Purchases: Criteria for evaluating and capitalizing purchase opportunities. • Density Bonuses: Proposing and adopting revisions to the zoning code. 4 Establish annual goals for the chosen tools and evaluate outputs and outcomes.

Affordable Housing Plan for Morrisville, NC | 2019

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