Allocation of Available Trust Funds
DHCD has worked with the Department of Finance and the Affordable Housing Trust Fund Commission to establish the Affordable Housing Trust Fund spending plan for (FY) 2023 as follows:
As a result of the commission’s recommendation for Affordable Housing Trust Fund fiscal year (FY) 2022 spending priorities presented at its August 24, 2021 meeting, DHCD created a new spending plan. Subsequently, at its September 28, 2021 meeting, the commission approved a reallocation of funds establishing revised spending priorities. The reallocation was based on the increased number of applications received for New Construction and Preservation of existing rental housing. It is anticipated that funding more rental projects will result in more affordable units being built, supporting the goal of the trust fund to create affordable units for Baltimore City low-income residents.
As a result, we have worked with the Department of Finance to create the new FY22 plan as shown below:
In 2019, DHCD met with leadership from the Fair Development Roundtable and with other stakeholders to reach a consensus on how to best allocate the available Trust funds. Those discussions led to the approval of several spending priorities for Fiscal Years 20-22 based on the anticipated availability of $17 Million in Fiscal Year 2020, $16.5 Million in Fiscal Year 2021, and $18 Million in Fiscal Year 2022.
At its July 28, 2020 meeting, the Commission approved a reallocation of funds for Fiscal Years 2020 and 2021. The reallocation was based on less than projected tax revenue in both Fiscal Year 2020 and 2021, which DHCD believes has been greatly impacted by COVID-19, however the final amounts of available revenue will be determined by the City’s Department of Finance. The FY20 year expenses and revenue collections have demonstrated a need that it is best to for the Trust Fund to merge and revise the spending plans for FY20 & FY21.
As a result of this expectation, we have and will continue to work with the Department of Finance to create a revised FY20 and FY21 spending plan as shown below:
TO VIEW THE ORIGINAL APPROVED PRIORITIES CLICK HERE, as well as the rationale and guidelines for those priorities.