Title
Approve recommended changes to the Housing Trust Fund guidelines for the FY23 funding cycle
Abstract
Action Requested: Approve recommended change to the Housing Trust Fund guidelines for the FY23 funding cycle
Introduction & Background:
Each year since its inception in 2018, the Housing Trust Fund guidelines are evaluated and examined by the members of the Affordable Housing Advisory Committee. Improvements based on applicant and reviewer feedback are made, and relevant dates, and data points are updated for the upcoming funding cycle.
Discussion & Analysis:
The changes this year to the Housing Trust Fund guidelines are as follows:
• A reference to Article 46 Housing Funds has been added in the overview
• The amount available for the FY23 funding cycle has been increased to $300,000
• The application open date is August 8, 2022
• The application closing date is October 17, 2022 at 1:00pm
• The option to “accept additional proposals outside of the traditional HTF application Award cycle” was added to the eligible actions that AHAC may take throughout the year
• The HUD income limits for 2022 were included
• A sixth priority “to support high impact or innovated models of affordable housing” was added to the list of Housing Trust Fund Priorities
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: $300,000 ($200,000 Housing Trust Fund general allocation, $50,000 from Article 46 Housing revenue)
Recommendation:
Approve recommended change to the Housing Trust Fund guidelines for the FY23 funding cycle