Book Community Activist Cedric Dean for Consulting in Charlotte and Nationally
The best way to relax regulatory implications to housing affordability is by relaxing development requirements that contribute to higher construction costs such as setbacks and minimum lot sizes, reducing parking minimums, limiting local design standards, and encouraging the reuse of existing stock.
I am committed to a market-based solution that will eliminate the cost and delay of a discretionary approval process. It is imperative that we figure out how to reduce the price of land per unit.
We must educate renters about their choices on the specifics of funding infrastructure, which can make a difference in whether a project is financially feasible. Additionally, when it comes to the source of income issue, I believe it is important for the City to improve the development review and permit process, as so many other states have done by implementing time limits for local government review.
I promise to compel city officials to redesign the community engagement process to enable current and future community members to have input in the district’s overall plan for development without having power over individual private-market projects. Charlotte needs to revise local environmental protection ordinances to reduce the review time and appeal opportunities.
As councilman, I will coordinate middle-ground meetings between the city and private sector to upgrade codes and permit approvals wait-times. This can only get done through a comprehensive review of local regulations to reduce regulations harming businesses and employees, including occupational licensing reform. Do you own rental property? Are you a homeowner or renter? Yes I own rental property. I am a homeowner.
By establishing a partnership between the banking sector and Affordable Housing Activists, we can help enable eligible residents to better access local, federal and state housing finance agencies (HFAs) in order to proactively apply for low-cost capital for affordable housing. I plan to use Affordable Housing Activists to educate the general public about Fannie Mae’s and Freddie Mac’s equity cap for the Low-Income Housing Tax Credit (LIHTC), the largest federal program for the construction and rehabilitation of affordable rental housing, which makes more funding available to Community Development Finance Institutions (CDFIs) and non-profit housing groups for affordable housing production under the Capital Magnet Fund.
I promise to promote polices and practices that will make more single-family homes available to individuals, families, and non-profit organizations – rather than large investors. Specifically, I am committing to prioritizing the promotion of homeownership and dismantling the predatory practices of placating to large investors. Moreover, I want to partner with federal housing officials in order to expand and create exclusivity periods in which only governmental entities, owner occupants, and qualified non-profit organizations are able to bid on certain FHA-insured and government-owned properties.
Expand the level of knowledge in relation to the federal supply of manufactured housing and 2-4 unit properties, which can undoubtedly increase financing options through Freddie Mac. Training residents on the existing policies will enable more District 4 residents to purchase homes, and increase the availability of rental units throughout the district.
Work with county, state and federal governments to boost housing supply by leveraging existing governmental funds to spur local action, pushing federal agencies to help city officials reduce exclusionary zoning, and launch learning and listening sessions with local leaders.
I promise to promote the direct sale of defaulted FHA-insured mortgage notes. This advocacy will allow HUD to make bulk sales to purchasers with affordable housing and community revitalization goals in specific geographic areas within District 4. HUD has a moderate inventory of distressed single family notes. For example, this fall there is an upcoming sale projected to include mortgage notes for more than 1,700 single family properties. For this sale, HUD is exploring offering 50% of those notes to non-profit and community organizations that commit to rehabilitating, and then selling, the related properties to owner occupants or creating other positive outcomes for the communities. This is a significant increase over previous sales, which had offered 10% of all auctioned notes to non-profit and community organizations. Earmarking half of these properties exclusively for resale to owner occupying borrowers, non-profits, and community organizations will expand the housing inventory available to potential homebuyers who otherwise would not have the opportunity to place a competitive offer on these homes.
Encouraging city officials to reach out to Non-Profits for Real Estate Owned Sales is the very lowest of the low hanging fruit of my housing plan. I promise to partner with HUD to expand outreach to non-profit entities, local governments, and other interested community organizations to further educate them on the note sales process for distressed properties. This will support the Biden Administration's upcoming virtual note sales educational seminar related to HUD’s upcoming fall single family note sale. I promise to continually advance existing partnerships the city has in place with non-profits focused on owner occupancy and neighborhood stabilization to complement the retail disposition of available REO properties.
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