ITEM TITLE:
Work Session: City of Valdez Housing Incentive Plan/Program
SUBMITTED BY: John Douglas
FISCAL NOTES:
Expenditure Required: N/A
Unencumbered Balance: N/A
Funding Source: N/A
RECOMMENDATION:
Continue the Housing Incentive Plan/Program. City of Valdez Staff recommend adding text that reaffirms that Accessory Dwelling units are eligible to receive the incentive. There are minor changes to the application itself to streamline the approval process.
SUMMARY STATEMENT:
This City of Valdez, Alaska Housing Incentive Plan took effect on March 16, 2022 and is intended to promote the development of housing in areas within the City of Valdez, Alaska in order to promote the public health, economic stability, safety, expansion of housing capacity, and welfare of the residents of the City. More specifically, through the Plan, the City offers assistance for newly constructed residential dwelling units that meet specific criteria.
The City’s Housing Incentive Plan is available to newly constructed single-family, two-family, and multi-family residential dwelling units within areas of the City of Valdez that are outside the special flood hazard area. There is a five-year prohibition on utilizing the dwelling
Subject to the terms and conditions of this Plan, the owner of property participating in the Plan may receive an incentive of a one-time payment of $10,000 per newly established dwelling units.
The City Council designated the Land Development Reserve Fund as the funding source for the Housing Incentive Plan payment.