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 th...
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