The Preservation Strategy Framework presents a strategic approach for preserving existing affordable housing in the Town.

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Background:

Implementation of an affordable housing preservation strategy is one of the Town Council’s 2020-2022 Strategic Goals and Objectives for Affordable Housing. The Strategy was developed based on research conducted by staff on strategies implemented by communities nationwide and informed by feedback from the Housing Advisory Board. The framework is organized around three primary objectives:

1. Preserve Existing Affordable Housing: maintain the inventory and affordability of affordable housing
2. Improve or Maintain Quality of Affordable Housing: support the rehabilitation of properties in need of repair
3. Support Tenant Protections for Households at Risk of Displacement: support residents impacted by the redevelopment of affordable housing

The Town has historically funded a variety of activities to preserve housing affordability for residents including homebuyer subsidy for existing units, rehabilitation assistance, and the provision of rental and utility assistance to help renters remain in their homes. However, in recent years housing and development trends in the Town have put increased pressure on the Town’s affordable housing inventory, suggesting a need for the Town to expand its preservation efforts. For example:

• Redevelopment of Naturally Occurring Affordable Housing (NOAH) is displacing lower-income households from their communities.
• Increasing interest in redevelopment of several manufactured home parks in Town.
• Owners of older residential developments are facing the decision of whether to rehabilitate and increase rent or sell their units.
• Increasing demand for housing is putting a strain on an already tight rental market.
• Increasing need for assistance among homeowners to maintain their aging homes.

The proposed Preservation Strategy Framework allows the Town to adopt a proactive and comprehensive approach to preserve its stock of affordable housing and mitigate the impacts of redevelopment on low-income residents.