ITEM TITLE:
#26-01 - Amending the Housing Incentive Plan for the Purpose of Constructing New Residential Dwelling Units and Rescinding Resolution #24-14
SUBMITTED BY: Nathan Duval, City Manager
FISCAL NOTES:
Expenditure Required: $350,000
Unencumbered Balance: $350,000
Funding Source: 350-8000-55000-586 Land - Housing Incentive
RECOMMENDATION:
Approve Resolution #26-01 - Amending the Housing Incentive Plan for the Purpose of Constructing New Residential Dwelling Units and Rescinding Resolution #24-14
SUMMARY STATEMENT:
The housing incentive program was started in 2022 granting $10,000 per new housing unit created in Valdez. The program has been used in the construction of approximately 65 housing units from single family residential to market rate multi-family, to income based and senior housing. The initial goal & appropriation for the program was for 100 housing units.
The preliminary draft of the Housing Needs Assessment identifies a continued lack of inventory in Valdez. In light of preliminary findings and the current expiration of the program 12/31/25, the Housing Subcommittee is recommending the continuation of the program.
After further discussions with Council in review of the Housing Needs Assessment the program may be modified to meet future Council objectives.