ࡱ> PO,( F/ 0|DArialno L$(0(B 0 DTahomao L$(0(B 0 " DTimes New Roman(0(B 0 0DWingdingsRoman(0(B 0 @DPalatino Linotype0(B 0  A .  @n?" dd@  @@`` @8;<     ,,HH**>>    0AA@8"#t?O ʚ;1_8ʚ;g4fdfd@B 0(ppp@ <4ddddlpC 0$ <4!d!dlhG 059___PPT10 6___PPT9  ?  %$5Arizona Incentives for Affordable Housing Task Force66 Final Report Task Force HistoryIn response to housing affordability challenges facing Arizona, and as stipulated in her veto message of SB1477, which prohibited inclusionary zoning, Governor Janet Napolitano in December 2005 directed the Arizona Department of Housing and the Arizona Housing Commission to bring together a broad group of stakeholders to identify innovative solutions for creating housing opportunities which can be implemented within the context of local market conditions. ZTask Force History,The Arizona Incentives for Affordable Housing Task Force convened on January 19, 2006. The membership of the Task Force consisted of professionals from the private, public and non-profit sectors, including housing industry and economic development representatives. Members represented both rural and urban interests throughout the State. Meetings were facilited by Dr. Kent Colton, Senior Scholar in housing studies at the Joint Center for Housing Studies at Harvard University, with research and technical support provided by the Fannie Mae Foundation.-P-c  Task Force HistoryThe Task Force created three subcommittees to tackle what were identified as the major hurdles to affordable housing production and preservation in Arizona: Barriers and Incentives to Affordable Housing Lack of Adequate Financing Lack of Adequate Land FaaTask Force Guiding PrincipleskThe Task Force established two guiding principles for their work: 1) No one stakeholder should bear the burden alone in addressing the growing affordability challenge. 2) Solutions should recognize that all types of housing, including single-family, multifamily, and mass-produced, have a role to play in expanding the availability of housing that is affordable.lZlInclusionary ZoningAs mentioned earlier, one reason the task force was established was the Governor s veto of legislation on inclusionary zoning. After discussion, the Task Force recognized that there was no consensus among the participants on this subject, and therefore set aside the issue in order to focus on items where all members could agree. NLRecommendations After nearly a dozen meetings and many deliberations, the Task Force adopted 19 short and long-term recommendations, where they did find consensus. The recommendations are grouped into four major categories: Finance Barriers and Incentives Education Land/Land Planning.==* Short and Long-Term EThe Task Force defined short-term activities as those that could be accomplished during the next six months and, where necessary, developed into a legislative package for the Arizona State Legislature in 2007. Long-term recommendations are those requiring additional implementation time beyond the 2007 legislative session. FF Finance"Develop, expand and market Employer Assisted Housing (EAH) strategies throughout the state and provide tax benefits for participating employers and employees. Enhance the ability to use both Greater Arizona Development Authority (GADA) and Water Infrastructure Finance Authority (WIFA) financing on a single project. Standardize the property tax valuation processes for housing developed through the Low Income Housing Tax Credit (LIHTC) program to ensure consistency throughout the State. Investigate the possibility of using interest earned on earnest monies from the resale of residential and commercial real estate transactions to dedicate to affordable housing.  " P Finance continued55. Seek out Community Reinvestment Act-related partnerships with financial institutions to increase affordable housing investments. Create partnerships with financial institutions where a percentage of government funds are invested at below market rates and in exchange, the financial institutions commit to passing on these savings to borrowers in the form of low-interest loans for housing related activity. 6. Explore financial incentives to municipalities and counties to encourage the establishment of local housing trust/resource funds. 7. Establish state and local tax incentive programs to encourage the development of affordable housing. 8. Dedicate a portion of State Transaction Privilege Tax (TPT) collections from the prime contracting classification, above a determined threshold, to affordable housing.,6 " P Barriers and Incentives Improve procedures at the local level to reduce housing costs, such as processing time, development process, development standards, financial requirements, and market considerations. Identify strategies for greater collaboration among state agencies, such as the Departments of Housing, Commerce, Transportation, Land and Corrections, around land use and housing development. Establish consistent methods locally to determine development/impact fees so that builders can plan for the cost of fees at the development stage.,  " Zy  Education  Create and maintain a clearinghouse for resource material and model strategies relating to housing affordability. Begin a public awareness, education and communications effort relating to affordable housing.  "  Land/Land PlanningExpand the investment authority of the State Treasurer to permit a portion of the Permanent Fund to be invested into loans for affordable housing. Permit beneficiaries of the sale of State Trust land to use earnings from the Permanent Fund to finance Employer-Assisted Housing programs for their employees. Prioritize the sale of State trust land so as to facilitate planned growth rather than speculate on growth (i.e.  leap-frog development ). Provide the State Land Department with increased flexibility and resources to carry out this goal. Include affordable housing goals and strategies as an element addressed in municipal and county general and comprehensive plans. Inventory existing real-estate assets (e.g. parking structures, buildings, land) owned by municipalities, counties, and State that are underutilized, vacant, or have multiple uses, for consideration in affordable housing development. 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