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Council hears plan to expand Affordable Housing Trust Fund to support homeownership
Summary
Deputy Mayor Allison Ladd told council the Affordable Housing Trust Fund will be amended to allow financing of affordable homeownership projects; the fund balance was cited at roughly $8 million and details on allocations will be developed through competitive solicitations.
The council received an explanation of an ordinance that would amend the Affordable Housing Trust Fund guidelines to permit use of trust funds for affordable homeownership, in addition to the fund’s existing rental‑housing purposes.
Deputy Mayor Allison Ladd, director of economic and housing development, said the trust fund is “predominantly rental” today and the proposed ordinance would allow the city to use the fund to promote homeownership as a strategy to reduce the wealth gap and build legacy wealth for families. Ladd said the trust currently holds approximately $8,000,000 and that specifics on how much would be allocated for homeownership have not yet been determined. She said any allocation would be handled competitively and return to the council for review and approval.
Council members asked whether a fixed percentage of the fund would be reserved for homeownership; Ladd replied that the amount has not been delineated and that the administration intends to use the same competitive solicitation protocol previously used for other trust‑fund solicitations.
Ending: The council heard the explanation and had follow‑up questions; the administration said it would use a competitive solicitation process and return to council with specific proposals and recommended allocations before commitments from the fund are made.
