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AHAB reviews midyear Affordable Housing Trust Fund reports; members press grantees for timelines and partnerships
Summary
Boarders reviewed midyear reports from trust-fund grantees, raised questions about project timelines and funding gaps (trust fund ~$1.2M vs. ~$5M in requests), and encouraged applicants to present detailed budgets and partner with experienced affordable-housing developers when needed.
At its Sept. 11 meeting the Affordable Housing Advisory Board reviewed midyear reports from Affordable Housing Trust Fund grantees and pressed several applicants for clearer timelines and additional development partners.
Staff said the trust fund has approximately $1,200,000 available for awards this year while applications represent nearly $5 million in requests. Members repeatedly asked applicants to provide projected completion dates, full project budgets, and clarification on what percentage of total project cost the city award represents.
Specific project concerns discussed included Burton Ash (permanent supportive housing), which staff said is seeking additional revenue; DECA and Flora Hill were also noted as continuing to seek funding to complete development. Staff advised the board that some applicants (for example, the Burton Ash project) were encouraged to partner with an experienced affordable-housing developer if they could not raise the remaining capital.
Board members requested that applicants present progress updates when they return (some are scheduled to appear at applicant presentations on Oct. 23) and that staff prepare questions for those presentations to assess feasibility, remaining funding gaps and the importance of the trust-fund contribution to overall project viability.
Next steps: applicants will present to AHAB in October and members will be expected to submit individual scores and funding recommendations by Nov. 3 so the board can make consolidated recommendations on Nov. 13 for commission consideration on Dec. 2.
