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Members explore housing trust and land-bank tools after hearing a $60M example
Summary
The committee discussed financing models used elsewhere — including an example of a $60 million housing trust fund backed by rezoning proceeds — and considered how subsidies, fee waivers and deed restrictions might be layered to support affordable units when the county is a financing partner.
Members heard descriptions of alternative financing tools other localities use to support affordable housing, including a model where rezoning proceeds and county investments create a housing trust fund that subsidizes development costs and provides down-payment assistance. One example discussed involved a roughly $60,000,000 investment used to underwrite developer subsidies and create long-term affordable units via deed restrictions and layered financing.
Speakers emphasized the distinction between a land bank and a housing trust fund: trust funds can subsidize development costs or provide buyer assistance when the county is an investor, while land banks typically acquire and hold parcels. Committee members asked staff to research whether voluntary developer contributions, conditional rezoning terms, or county-partnered subsidy programs would be permissible and effective in Powhatan's legal context.
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