Does an increase in the maximum indebtedness still require 30 percent of the overall URA budget to be “set aside” for affordable housing?
Yes. The City Council and PDC Board adopted a policy in April 2007 to spend at least 30 percent of urban renewal resources to meet housing needs that will continue with an extension of the URA and/or an increase in the maximum indebtedness. This policy will allow the PDC to continue providing the same assistance for a variety of homeownership and rental programs, including homebuyer assistance, home repair, and high quality rental housing rehabilitation and construction.
Need definition of affordable housing (0-60% MFI)
What kinds of affordable housing has PDC done and what does it expect to do with new funds if the plan amendment is adopted?
Affordable housing, along with job creation and redevelopment, is one part of a three pronged solution to revitalizing the Lents community. Since 1998, 524 homeowners have received housing assistance in Lents. These programs target first-time homebuyers and existing homeowners, whose homes need repairs, through low interest loans. PDC also assisted with the development of 24 rental units (Reedway Place) and the creation of seven “scattered site” rental homes in Lents. If the plan amendment is approved, PDC will continue to offer the same programs and services for affordable homeownership and home repair around the URA. As property values and housing costs continue to rise in Lents and citywide, PDC will also pursue opportunities to include some affordable housing in new and rehabilitated mixed-use developments that would help revitalize the town center and transit station areas, in order to meet the original URA plan goal of “providing new and rehabilitated housing units suitable for households with a range of incomes and housing needs…[and] Create housing opportunities that allow Lents residents of all ages and income levels to remain in the community.”
How many jobs have been created since 1998, how many businesses have been helped, and how many jobs will be created as a result of this amendment?
PDC supports small and large businesses. PDC has helped 94 small businesses since 1998, including 66 matching grants for storefront improvements and 28 loans for quality jobs and building improvements. This public investment was doubled by the private sector; of the $4.5 million loaned to small businesses, another $11.8 million in private investment was leveraged to spur small business growth and jobs for local residents.
Our economic development programs are geared towards helping small businesses as well as assisting larger businesses. A majority of businesses in Lents fall into the small business category. PDC is a reliable resource to help grow and expand small business. Direct assistance to businesses has created or retained a total of 198 jobs – 26 created in FY 06-07.