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Committee forwards Affordable Housing Trust Fund ordinance after public support and finance questions
Summary
The committee voted to forward an ordinance that establishes a dedicated funding stream for the Affordable Housing Trust Fund after a public witness urged fidelity to the law's 30% set‑aside for households at or below 30% AMI and council members probed whether debt would be used instead of surplus dollars.
The Finance and Economic Development Standing Committee on Feb. 23 voted to forward Ordinance 20 26 045 to the full City Council with a recommendation to approve. The ordinance would repeal and amend city code to create a dedicated revenue stream for the Affordable Housing Trust Fund.
Pastor Derek Star Redwine of First Presbyterian Church, who identified himself as co‑president of the nonprofit RISC and a resident of the 4th District, urged the committee to forward the ordinance and to ensure the law’s requirements are followed. “The law requires at least 30% of trust fund dollars to be used to create housing for those at 30% AMI and below. This commitment must be honored fully and consistently,” Redwine said in support.
Council members praised the compromise that produced the current draft and emphasized oversight and transparency. Council member Gibson asked administration representatives about the likelihood of using borrowed funds instead of surplus dollars and requested information from the pending audit before final decisions. An administration official referred to in the hearing (Donnell) said borrowing is a tool the city may use in the short term but affirmed the intent to prioritize other dedicated sources where feasible, and that the $22,000,000 figure originally cited as surplus may be revised after the completed audit.
The committee recorded a motion to forward the ordinance and approved it by voice vote; the clerk reported Vice Chair Jones and Chair Robertson voting “Aye.” The committee also said it will provide implementation details and reporting requirements to the Affordable Housing Trust Fund board and include audit office review during implementation.
Next steps: the ordinance will move to the full City Council for consideration at its next meeting.
