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Councilmember Kepple asked if the plan was adopted in any formal way by the stakeholders and <br />who is responsible for stewarding the recommended actions going forward. Director Leininger <br />responded that they did not see a need for a formal adoption process by the stakeholders or <br />Council since they view this document as a report of the planning process rather than an actual <br />plan. He stated the report will be used to inform actions as the Planning & Development <br />Department starts to prioritize focus areas in their budget. <br />Director Leininger responded to additional questions from Councilmember Kepple regarding <br />rental vouchers and population. He explained that the city is working to educate landlords about <br />the potential benefits of the voucher programs, but ultimately it is up to the landlord if they want <br />to accept them or not. He also explained that while the population has dropped by about 20,000 <br />since the 1970’s, a lot of that population loss can be attributed to declining family sizes, so the <br />population should stabilize to around 50,000 for now. <br />Director Leininger then answered some clarifying questions from Chairman Bullock. He <br />explained property values continue to rise because owners are investing more to increase value, <br />but also as a natural result of the market increases (sometimes they rise after a sale transfer <br />without additional investment by the new owner). He also clarified an error in verbiage on page <br />6 of the report. <br />Councilmember Shachner then asked a series of questions related to the rental market, housing <br />demand, and developing affordable housing. A discussion followed about whether adding new <br />apartment units would ultimately help to lower rental prices through a filter effect, as new <br />construction eventually becomes older construction. He also asked about the feasibility of the <br />City taking the lead on developing their own affordable housing project. Director Leininger <br />responded that in theory we could do that, but we are not set up to do that and it would be more <br />effective to tap into a non-profit development corporation that focuses on those types of projects. <br />Chairman Bullock asked if there are any affordable housing developers in the area that do not <br />specialize in senior housing, looking into the Lakewood market. Leininger replied that yes they <br />exist, and the Planning & Development Department has reached out and let them know we <br />welcome their interest, but the issue is we mostly have existing buildings available and these <br />agencies tend to prefer fresh builds. Chairman Bullock suggested that the Council could help <br />with relationship development in this area. Further discussion was held about what this type of <br />affordable housing project might look like. <br />ORDINANCE 20-2023 - AN ORDINANCE to take effect immediately provided it <br />receives the affirmative vote of at least two thirds of the members of Council, or <br />otherwise to take effect and be in force after the earliest period allowed by law, <br />authorizing and directing the Director of Planning and Development or the Mayor to <br />enter into an agreement with a licensed real estate broker to market for sale various real <br />st <br />properties, pursuant to Section 155.07 of the Codified Ordinances. (1read & referred to <br />nd <br />HPD 9/18/23; 2 reading 10/2/23) <br />3 <br /> <br />