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Mayor proposes bonding against Housing Trust Fund to accelerate affordable housing; MOHCD outlines modest two-year production
Summary
MOHCD told the committee the mayor proposes borrowing against future Housing Trust Fund allocations to put $25 million per year into capital for affordable housing, aiming to jump-start several developments and support a pipeline that MOHCD estimates could deliver roughly 2,400 affordable units over four years when combined with other programs.
The Mayor's Office and the Mayor's Office of Housing and Community Development appeared before the Budget and Finance Committee on June 16 to outline a housing-focused budget that uses the Housing Trust Fund to accelerate affordable housing production.
Kate Howard, the mayor's budget director, said the mayor's proposed budget places strong emphasis on affordable housing, with roughly 82 percent of the mayor's office resources directed to housing and community development programs. She described a new Office of Strategic Partnerships to cultivate public-private initiatives; that office is budgeted at about $581,000 in the first year,…
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