AFFORDABLE HOUSING
Implement our Cary Housing plan, partner with development to add Affordable Units to new projects, increase the mix of housing options (such as ADUs, duplexes, etc.), and increase investments in rehabilitation programs for existing affordable housing stock.
Housing Affordability has a clear definition - it is the ability to rent or own a home in which you can pay the housing costs proportionate to your income level, typically less than 30% of your income.
The increase in housing costs for homes, apartments, and other housing types keeps growing as supply is outstripped by demand, and the slowing down of building over the past decades has kept that supply limited.
Whether it’s places for various populations to downsize (think empty-nesters), folks moving in, to normal turnover, the increase in property values, rising mortgage rates, and increasing rents make it difficult for so many.
WE NEED TO:
- Continue to implement and invest in our Cary Housing Plan
- Partner with developers to add Affordable Units to new projects
- Increase the mix of housing options (such as ADUs, duplexes, etc)
- Continue to invest in rehabilitation programs for existing housing stock, our “Healthy Homes” program
- Investigate successful programs such as Land Trust programs
- Look for more Town and Government owned land, for additional affordable housing developments
- Investigate other programs: down-payment assistance for public servants, new affordable housing home ownership programs, and philanthropic endeavours
- Continue to add resources and support with our non-profit partners
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