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Preservation Strategy:Naturally Occurring Affordable Housing <br />Context <br />New Brighton’s numerous legacy apartment buildings, mostly from the 1970s, are an important asset for lower and <br />middle income households because their rent levels are relatively affordable. <br />These developments face risks: <br />•Underinvestment and deterioration can occur <br />•Properties can be rehabbed and repositioned to target a higher income demographic, yielding rents that are no <br />longer affordable for current residents <br />•Properties can be redeveloped entirely, resulting in the loss of the affordable housing units <br />Objective <br />Preserve the condition and affordability of New Brighton’s legacy apartment buildings <br />Strategy <br />New Brighton has an important leg up on this strategy through its ordinance that requires three month <br />notice of property sale. That allows a community development corporation to make contact with the <br />seller and assemble resources to support a competing offer for the property. Requires: <br />•Proactive partnership with a CDC. (Aeon is the leader in this area.) <br />•Additional outreach and communication with owners of legacy apartment buildings. <br />Resource requirements. Will require significant gap financing through TIF, additional sources.New Brighton Housing StudyCase Study: <br />The Provinces, Little Canada