Details

Title	Town of Cary Affordable Housing Plan
Highlights	Cary recognizes that delays in approval process increase the cost of housing.   Cary plans to consider fast-tracking development processing for affordable housing proposals.                       Cary recognizes that municipal fees increase the cost of housing.   Cary considered reimbursing development and permit fees and paying for public infrastructure for affordable housing projects.                       Cary recognizes that growth management tools may increase the cost of developing affordable housing.   Cary will ensure that its growth management tools do not increase the cost of affordable housing.                       Cary recognizes that the development code did not encourage affordable housing development.   Cary considered inclusionary zoning and density bonuses to spur the development of affordable units.
Description	This housing planning document for Cary, North Carolina examines the housing market in the city and makes a number of recommendations to increase the number of affordable housing units in the city. The report contains an inventory of existing single-family and multifamily housing stock. It also contains an analysis of home sales and rentals and current construction of both types of housing. The authors define affordable housing for both rental and homebuyer housing using federal definitions. They list eight housing goals and strategies. They say that they will explore inclusionary zoning, fast track development reviews, reimbursement of development fees, special consideration in growth management initiatives, new forms of higher density housing, land purchase and resale, banking partnerships, financial assistance to affordable housing developers, downpayment assistance/closing costs/second mortgages, employee homeownership programs, homeownership education, infrastructure support, and housing rehabilitation. The authors prioritize affordable housing tools. Included on the high priority list are inclusionary zoning, fast track development reviews, fee waivers/reimbursements, and special consideration in growth management initiatives.
Publication Date	2000
Organization	City of Cary North Carolina
Web Location	http://www.townofcary.org/depts/dsdept/P&Z/affordablehousing/plancolor.pdf

Notice: The contents of this record reflect the views of the author and/or promulgating municipality, and should not be construed as representing the views or policies of the U.S. Department of Housing and Urban Development or U.S. HUD's Office of Policy Development and Research. No attempt has been made by U.S. HUD or its contractors to verify the accuracy, currency, or validity of the record contents presented herein.