Title
Request to approve policy changes for the Housing Trust Fund
Abstract
Action Requested:
A request to approve the following changes to the Housing Trust Fund policy guidelines:
- The addition of language that establishes a process for recommending a reallocation of funds to the next highest scoring applicant, strategic housing efforts, or the next fiscal year’s Housing Trust Fund balance in the event that additional funds are left or returned within the same cycle;
- The addition of language that is in alignment with the County Non-Profit funding policy which was updated in 2020 in order to ensure seamless application of financial policies with nonprofits across our various funding policies.
- The addition of language that specifies there is a separate policy for the reimbursement of fees for affordable housing in order to guide applicants to the appropriate resource.
- Updated 2021 Income Limits, published by HUD in April 2021 to be used moving forward until April 2022.
Introduction & Background:
The Housing Trust fund was created in 2018 by the county commissioner in order to invest in the creation and preservation of affordable housing in the county. Since it’s inception, it has invested in a variety of projects ranging from supportive permanent housing, to new construction, acquisition, and even a fair housing impediments study. Each year, the members of the Affordable Housing Advisory Committee take several meetings to reflect on the results of the most recent application and award cycle, and make recommendations based on feedback from applicants, staff, and fellow committee members to ensure the guidelines remain as clear and relevant as possible.
Discussion & Analysis:
The additional language that is being proposed brings the Housing Trust Fund in line with the County’s Non-Profit Funding policy and makes clear that the financial requirements for non-profits applying for public funds are the same.
The additional language also allows for additional investment to be made in affordable housing projects or strategic housing efforts after a housing trust fund cycle has ended. Any and all recommendations whether for reallocation or strategic investment will always go to the board of commissioners for final approval. This change is being proposed in order to have infrastructure in place to re-evaluate high scoring applications that were not fully funded, but also intentionally provides the appropriate space in the event other funds whether from grants or sales tax are being considered.
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 health community
Budgetary Impact: None
Recommendation:
Approve changes to the Housing Trust Fund guidelines