Title
Vote on a request to approve the 2022-2023 Housing Trust Fund award recommendations and to approve an additional allocation of $37,562 from the Affordable Housing Article 46 fund balance to the current FY2023 budgeted allocation of the Housing Trust Fund for a second grant/loan cycle in FY2023
Abstract
Introduction & Background:
Action #1
The Housing Trust Fund was created in 2018 by the Chatham County Board of Commissioners to support the creation and preservation of affordable housing. Since its inception, $700,000 has been invested in proposals ranging from new construction of tax credit properties, supportive housing, land acquisition, and extensive home repairs. The fund has invested in the creation of 272 units, 90 of which are currently online. The remaining units are expected to come online in 2023.
Each year in the fall, applications for the Housing Trust Fund are published and released at the end of August. The applications are due in October. From there, staff compiles all applications and releases them to the members of the Affordable Housing Advisory Committee (AHAC) who review, discuss, and evaluate the applications based on scoring criteria applicable to the type of application (new construction or preservation). The advisory committee scores each application, discusses, and votes on recommended funding decisions for the Chatham County Board of Commissioners to consider.
The first action the Board of Commissioners is asked to consider is the approval of the 2022-2023 Housing Trust Fund Award, as recommended by the Affordable Housing Advisory Committee.
Details on the composition of the award recommendations can be found in the "Discussion & Analysis" section of this abstract. As you will note, the total recommendation for awarding in the current cycle falls short of the total allocation of $300,000 for this fiscal year. The second action requested for Board consideration is to allocate funding from Affordable Housing Article 46 to...
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