Displacement is the involuntary relocation of residents due to pressure from rising housing costs, landlord pressure, and changing neighborhood composition from gentrification. The City has the following anti-displacement tools: (1) housing supply & choice; (2) preservation; (3) targeted investment; and (4) stability & prevention. We have increased the number of programs and funding on these tools considerably since my time on Council, but we always have more work to do. The Housing & Community Development Dept. shared details on these tools at City Council’s February work session. Our current strategies are listed below.
1) Housing supply & choice
- Expanding income-restricted affordable housing
- Zoning reforms supporting a broader range of housing typesPrioritizing rental affordability near transit, jobs, and amenities
- Using City funds and bond investments to avoid concentration
- Enhanced homebuyer assistance program targeting Bus Rapid Transit (BRT) areas
(2) Preservation
- Wake Affordable Housing Preservation Fund to maintain natural occurring affordable housing like Grosvenor Gardens and Biltmore Hills
- Low income housing tax credit (LIHTC) preservation and redevelopment projects
- Longer affordability periods for City-funded housing (40-50 years)
(3) Targeted investment
- Land acquisition in growth and transit corridors
- Public Project Community Support Fund
- Ground-leasing & redevelopment of City owned land (i.e., East College Park, South Park, BRT Corridor)
(4) Stability & prevention
- Eviction prevention funding and legal assistance
- Homelessness prevention partnerships
- Homeowner stabilization and repair programs
- Support for community-based organizations
The presentation on the City’s affordable housing tools is available here. Areas especially prone to displacement are defined as housing vulnerable and mapped below.
