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HomeMy WebLinkAboutA. HOUSING STUDY FOLLOW-UP 3.12.24Virginia Beach Housing Study Staff Recommendations on Proposed Strategies City Council Informal Session – March 12, 2024 This item relates to Focused Action Plan Initiative #2.9 1 Our Goals Today •Review proposed strategies from Virginia Center for Housing Research and HousingForward Virginia •Highlight staff recommendations on prioritized opportunities for Completed Staff Work No policy decisions are requested at this time. 2 How Did We Get Here? •NOV 2022: Council approves ordinance to fund updated study •JAN – JUNE 2023: VCHR data analysis; community / stakeholder engagement •AUG. 8, 2023: Briefing on key findings and potential goals for solution options •SEPT. 26, 2023: Briefing on affordable housing policy and program recommendations •JAN. 23, 2024: Final report completed; briefing on highlights and proposed strategies from study. 3 Emerging Housing Challenges in VB Most critical need: •Lack of rental units that are affordable to very low-income households (50% Area Median Income and below) •Shortage of units for above- average earners that is creating undue pressure on moderately priced housing stock •Limited homeownership opportunities for low- and moderate-income households due to tightening homeownership market 4 8 Proposed Program & Policy Solutions 5 Strategic Priorities Easy Wins Background Work Develop a City-managed Housing Trust Fund (HTF) Create a Housing Assistance Fund for workers Pursue self-sustaining mixed- income, mixed-use rental development Use VB Development Authority (VBDA) to fund new large-scale, mixed- use development projects Leverage Virginia Statewide Community Land Trust (VSCLT) to create permanent affordable homeownership opportunities Research opportunities to simplify and streamline the permitting and review processes Design housing education campaign to incorporate into successful community engagement Consider advisory board to guide new zoning changes and redesign Workforce Housing Program Staff Recommendation: Prioritized Opportunities •Develop a City-managed Housing Trust Fund (HTF) •Use VB Development Authority (VBDA) to fund new large-scale, mixed-use development projects •Design housing education campaign to incorporate into successful community engagement •Research opportunities to simplify and streamline the permitting and review processes 6 Prioritized Opportunity 1: Develop a City- Managed Housing Trust Fund (HTF) •Initial funding of $5 million + potential of securing $5 million as a match •Target development of affordable rental housing for very low-income households •Long-term goal: Building or preserving 1,000 units of affordable rental housing over the next 5 years if funded at $10 million ($10,000/unit) •Potential action step: Research sources of dedicated funding to HTF to ensure ongoing resources for future affordable housing needs 7 Prioritized Opportunity 2: Use VBDA to fund new large-scale, mixed-use development projects Potential Action Step: •Staff could meet with VBDA leadership and Econ. Development Director to discuss VBDA’s interest in its role into housing-related activities 8 Prioritized Opportunity 3: Design housing education campaign to incorporate into successful community engagement •Corresponds to FY 24-25 Focused Action Plan Initiative 2.13: Develop and implement a public education and outreach campaign to increase understanding of the need for affordable housing •Coordinating with Communications on “Housing Matters” campaign •Benchmark “quiz” for April 2024: Gauge current public understanding; repeat after one year to assess campaign 9 Prioritized Opportunity 4: Research opportunities to simplify and streamline the permitting and review processes Corresponds to FY 24-25 Focused Action Plan Initiative 2.8: Continue to evaluate and improve the permit application, review, and approval processes to advance policy goals and streamline customer experiences while maintaining necessary regulatory oversight 10 Additional Staff Recommendations HNP and Planning Collaborate after 2024 Comprehensive Plan is Adopted •Pursue self-sustaining mixed-income, mixed-use rental development •Consider advisory board to guide new zoning changes and redesign Workforce Housing Program Not Recommending At This Time •Create a Housing Assistance Fund for workers •Leverage Virginia Statewide Community Land Trust (VSCLT) to create permanent affordable homeownership opportunities 11 Thank You Questions and Comments 12 For More Info Final reports are available online: VirginiaBeach.gov/HousingStudy Ruth Hill, Director (757) 385-5752 | rdhill@VBgov.com Karen Prochilo, Housing Development Administrator (757) 385-5803 | kprochil@VBgov.com