1. Description of Proposal:
Neighborhoods, through their NRP plans, prioritize how a portion of Phase II program funds are spent. 40-60% of the program's Phase II funds are reserved for the citywide priority of affordable housing**. A neighborhood/Policy Board process for distributing the reserved funds will be deter-mined later this spring.
2. Who Plans and Sets Priorities?
Neighborhoods, through their NRP plans, decide how all their NRP funds are spent. The 40-60% of funds that will be reserved in a pool for affordable housing will be distributed differently. The specific neighborhood/Policy Board process will be developed later this spring. Priority will be given to an individual neighborhood or groups of neighborhoods who want to supplement their NRP plan allocations that are directed to these citywide priorities with some of the reserved funds.
3. How are NRP funds distributed?
40-60% of Phase II program funds will be allocated to individual neighborhoods using a formula similar to that of Phase I. 40-60% of Phase II program funds will be allocated to a citywide pool for affordable housing projects. A method for distributing these funds will be developed later this spring.
4. How is the Housing Requirement* addressed?
By reserving some NRP funds citywide for affordable housing, the Program will be making progress toward attaining the statutory Housing Requirement. If the amount of funds in this citywide pool does not enable the Program to completely meet the Housing Requirement, this Proposal can use the method from either Proposal A (education and promotion) or Proposal B (hold back funds until it is sure that Housing Requirement will be met).
5. How are citywide priorities addressed?
40-60% of the program's Phase II funds are reserved for the citywide priority of affordable housing.
* The state legislation that created NRP requires that 52.5% of all NRP funds be spent on housing and housing-related activities.
* *NOTE on Affordable Housing: In general, the City characterizes "Affordable Housing" as housing which costs no more than 30% of household income for households earning below 50% of the metropolitan area median income (currently $31,800 per year for a family of 4). For example, affordable housing for a family of four earning $31,800 would cost no more than $795 per month. The kind of housing that is affordable is quite varied. It might be a single family unit standing alone in a neighborhood; a series of two-story town house units clustered on part of a block; a unit or two in a four-unit or eight-unit apartment building in a neighborhood. Affordable housing can be new construction, renovated existing housing, or existing housing that is converted to affordable.
Back Phase II Five Proposals Overview
Back Phase II Index Page