Affordable Housing and Homeownership Protection Plan for [City Name]

Section 1: Title

This plan shall be known as the “Affordable Housing and Homeownership Protection Plan for [City Name].”

Section 2: Purpose

To address the housing crisis in [City Name] by increasing the availability of affordable housing, limiting corporate control of residential properties, stabilizing rental markets, and reducing homelessness. This plan prioritizes families, individuals, and first-time homebuyers, ensuring equitable access to housing for all residents.

Section 3: Definitions

1. Affordable Housing:

Housing units priced to ensure individuals earning up to 80% of the area median income (AMI) spend no more than 30% of their income on housing costs.

2. Corporate Purchases:

Residential property purchases made by entities owning more than 10 residential properties in [City Name].

3. First-Time Homebuyer:

An individual or family who has not owned a home in the past three years.

4. Vacant Property:

A residential property unoccupied for more than six consecutive months, excluding properties under active rehabilitation or listed for sale.

Section 4: Increasing Affordable Housing Supply

1. Incentives for Affordable Housing Development:

      •   Provide a 50% reduction in property taxes for developers who designate at least 20% of new units as affordable housing for 15 years.

      •   Allocate $10 million annually to support affordable housing development through city grants and subsidies.

2. Rehabilitation of Vacant Properties:

      •   Establish a $5 million fund to rehabilitate vacant and abandoned properties for affordable housing.

      •   Partner with non-profits to prioritize these properties for low-income families and first-time homebuyers.

3. Streamlining Zoning Approvals:

      •   Expedite zoning approvals for projects including affordable housing units by reducing the approval timeline by 50%.

Section 5: Limiting Corporate Purchases of Residential Homes

1. Corporate Purchase Cap:

      •   Limit corporations to purchasing no more than 5% of single-family homes listed for sale in [City Name] annually.

2. Priority for Individual Buyers:

      •   Mandate a 45-day listing period during which only individuals, families, or non-profits may submit offers for residential properties.

3. Enforcement and Penalties:

      •   Impose a 10% surcharge on properties purchased by corporations exceeding the cap. Revenues will be allocated to the City Affordable Housing Fund.

Section 6: Making Homeownership More Accessible

1. City Down Payment Assistance Program:

      •   Create a $5 million annual fund to provide grants of up to $10,000 for first-time homebuyers earning less than 120% of AMI.

2. Homeownership Education Program:

      •   Require grant recipients to complete a city-sponsored homeownership education program to promote financial literacy and long-term stability.

3. Property Tax Relief:

      •   Cap annual property tax increases at 3% for owner-occupied homes valued below the city median price.

Section 7: Stabilizing the Rental Market

1. Rent Control Ordinance:

      •   Cap annual rent increases for properties in [City Name] at the lesser of 5% or the local inflation rate.

      •   Exempt properties built within the last 10 years to encourage new construction.

2. Tenant Protections:

      •   Prohibit no-cause evictions and require landlords to provide at least 60 days’ notice for lease terminations.

      •   Allocate $2 million to fund legal aid for tenants facing eviction.

Section 8: Addressing Homelessness

1. Housing First Program:

      •   Dedicate $5 million annually to fund permanent supportive housing for homeless individuals and families.

      •   Pair housing with wraparound services, including mental health care, substance abuse treatment, and job training programs.

2. Emergency Housing Fund:

      •   Create a $2 million fund for temporary shelters and transitional housing, prioritizing families and veterans.

Section 9: Funding Sources

1. Vacant Property Tax:

      •   Levy a 1% annual tax on residential properties left vacant for more than six months, generating an estimated $2 million annually.

2. Corporate Purchase Surcharge:

      •   Impose a 10% surcharge on properties purchased by corporations exceeding the cap. Estimated revenue: $1 million annually.

3. City Budget Reallocation:

      •   Redirect $5 million annually from underutilized housing programs to fund affordable housing initiatives.

4. State and Federal Grants:

      •   Apply for state and federal housing grants to supplement city funding, targeting an additional $10 million annually.

Section 10: Reporting and Transparency

1. Annual Housing Report:

      •   The City Housing Department shall submit an annual report to the City Council detailing the implementation and outcomes of affordable housing initiatives, rental market stability, and homelessness reduction.

2. Public Dashboard:

      •   Create an online platform to provide real-time updates on affordable housing availability, program metrics, and expenditures.

Section 11: Implementation Timeline

This plan shall take effect on January 1, [Year], with full implementation by December 31, [Year+1].

Conclusion

The Affordable Housing and Homeownership Protection Plan for [City Name] is a comprehensive approach to ensuring housing equity by expanding affordable housing, limiting corporate dominance in the residential market, stabilizing rents, and reducing homelessness. This plan prioritizes local residents, families, and first-time homebuyers, creating a more stable and inclusive housing market for all.