Title
Vote on a request to Approve the Second Round of 2022-2023 Housing Trust Fund Award Recommendations
Abstract
Introduction & Background: 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 compile all applications and release 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.
After the initial awards were made, a balance of approximately $112,000 remained in the Housing Trust Fund. This remaining balance was coupled with an appropriation of the Affordable Housing Article 46 Fund Balance in the amount of $37,562 and allowed for a second round of awards to be offered. Applications were due February 17, 2023, and the following week AHAC members reviewed, discussed, and evaluated applications. A total of $150,000 in awards to preserve affordable housing are now recommended.
The sole action the Board of Commissioners is asked to consider is the approval of the second and final 2022-2023 Housing Trust Fund Award, as recommended by the Affordable Housing Advisory Committee.
Details on the composition of the awards recommendation can be found in the “Discussion & Analysis” section of this abstract.
Discussion & Analysis: The second and final 2022-2023 Housing Trust Fund Cycle received two applications totaling $200,000 in requests. The Chatham County Affordable Housing Advisory Committee (AHAC) evaluated the applications using preservation criteria for those projects. No new construction project proposals were received in this cycle. Criteria and applications re-opened in January 2023 and the deadline to apply was February 17, 2023.
After reviewing and discussing these applications beginning on February 22, 2023, through March 2, 2023, the members of the Chatham Affordable Housing Advisory Committee voted unanimously on the following recommendations:
• Rebuilding Triangle Together applied for rehabilitation (preservation) funds to support the repair of 55 homes, with investments including emergency repairs, major system replacement, accessibility modifications, energy efficiency upgrades and comprehensive home rehabilitation.
Recommendation:
o Partial Funding - $100,000 out of $150,000 requested
o Total units - 55
• Brick Community Capital applied for rehabilitation (preservation) funds to support work that will include major systems such as new HVAC units, energy efficiency upgrades such as new attic insulation, and accessibility modifications such as exterior wheelchair ramps.
Recommendation:
o Full funding: $50,000
o Total units: 4
How does this relate to the Comprehensive Plan:
Goal 9: Provide equitable access to high quality education, housing and community options for all.
Goal 10: Foster a healthy community
Budgetary Impact: Approving the AHAC awards recommendation will have an impact of $150,000 on the Chatham Housing Trust Fund, for which $300,000 was approved with the adoption of the FY2023 operating budget, and the appropriation of additional funding from Article 46 as herein discussed. As this amount is equal to the remaining balance of the Housing Trust Fund, no net budgetary impact will be realized.
Recommendation/Motion: Approve the second round of 2022-2023 Housing Trust Fund Award Recommendations