Spending Plan Adopted for City's Affordable Housing Trust Fund

A spending plan designed to aid in housing for low- and extremely low-income households was adopted by the Affordable Housing Trust Fund (AHTF) Commission at its regularly scheduled monthly meeting today.  An anticipated $17 million in Fiscal Year 20 is slated to support Community Land Trust initiatives, new construction, rental preservation, senior homeownership repairs, rent supplements and Choice Neighborhoods. 

The Baltimore City Department of Housing & Community Development (DHCD), the Affordable Housing trust Fund Commission, leadership of the Fair Development Roundtable and other affordable housing stakeholders have worked jointly to reach a consensus on a spending plan that maximizes the effectiveness of the Trust funds. In early December, initial proposed priorities were presented and issued for public comment.  DHCD – the administrator of the fund – considered those comments and feedback for the revised priorities that were approved by the Commission today.

“The enormous demand for quality housing for low- and extremely low-income families are the priorities for the Fund,” said DHCD Commissioner Michael Braverman.  “We want to thank the Commission, The Fair Housing Round Table and all of our stakeholders for their collaborative efforts and countless hours spent on helping us get this done.  We are excited about the next stages to come to make the funds available and getting units built.”

City voters approved a Charter Amendment to create the AHTF.  The Fund supports both rental and for-sale affordable housing for very-low and low-income households. The City has committed substantial resources to capitalize the Trust Fund that supports the construction and maintenance of housing for those with incomes at or below 50 percent of the Area Median Income (approximately $46,000 for a household of four) or incomes at or below 30 percent of the Area Median Income (approximately $28,000, for a household of four).

The AHTF Commission ― a 12-member panel comprised of representation from housing advocates, developers, financers, and others with expertise in housing and community development ― was formed to serve in an advisory capacity, helping to establish spending policies for the City’s Trust funds – which may grow to as much as $20 million annually.  The Commission is charged with making recommendations to DHCD regarding policies, rules, and regulations pertaining to the implementation, expenditures, and overall operation of the Fund.

 “I want to thank the Commission for all of their hard work and time spent to help the Department with getting the Affordable Housing Trust Fund spending plan approved. I would also like to thank DHCD for working so closely with us and hearing the community priorities regarding affordable housing for low-income families,” said AHTF Commission President David Bowers.  “We look forward to working with the Department on the next steps to get the Notice of Funding Availability (NOFA) criteria established and getting the funds allocated.”

View the AHTF Spending Plan now.

###

Related Stories

DHCD Seeks Developers for Strategically Located City-Owned Properties

DHCD has issued its Fall 2020 Requests for Proposals (RFPs), offering key sites for future development.  Multiple sites are being offered in the Broadway East, Coldspring Newtown, Fells Point, Grove Park, Harlem Park, and Marble Hill neighborhoods.

City Issues Notice of Funding Availability for Community Land Trusts – Single Family Homeownership Projects

The Baltimore City Department of Housing & Community Development (DHCD) has issued a Notice of Funding Availability (NOFA) for Community Land Trusts – Single Family Homeownership. Projects connected to this NOFA will support DHCD’s community development goals of meeting the demand for affordable housing and integrating land-trust homes as part of a broader mixed-income housing strategy.

Community Benefits TIF Advances for Perkins Somerset Oldtown Transformation Plan

Today, the Baltimore City Planning Commission unanimously approved the Tax Increment Financing (TIF) legislation for the Perkins Somerset Oldtown (PSO) Transformation area. The PSO Transformation area is a 244-acre site that includes Perkins Homes, the former Somerset Homes site, and the Oldtown Mall.