Affordable housing trust fund (AHTF):  Housing Development
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Affordable housing trust fund (AHTF): Housing Development

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Powerpoint accompanying workshop session from the Homeless and Housing Coalition of Kentucky's 2013 conference. Rob Ellis, Kentucky Housing Corporation. ...

Powerpoint accompanying workshop session from the Homeless and Housing Coalition of Kentucky's 2013 conference. Rob Ellis, Kentucky Housing Corporation.
Critical affordable housing needs are increasing in Kentucky. Representatives from Louisville, Lexington, and
Kentucky Housing Corporation discuss how the AFTF program helps in the development of affordable housing in
their communities

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Affordable housing trust fund (AHTF):  Housing Development Affordable housing trust fund (AHTF): Housing Development Presentation Transcript

  • AffordableHousing TrustFund (AHTF)Housing Development
  • History of the AHTF• Created in 1992 by the KentuckyGeneral Assembly to address…– Declining housing resources– Homeless households or those at risk ofbecoming homeless– Households living in overcrowded and/orunsafe housing conditions
  • • Nonprofits• Units of Local Government• Local government housing authorities• Statewide housing assistanceorganizationsEligible Applicants
  • • Multifamily• Homeowner Rehabilitation• HomebuyerEligible Activities
  • • 30-year affordability– lien and deed restriction• 60 percent or less AMI• Affordable rents (HOME)Multifamily Restrictions
  • • Minimum five year affordability– Certificate of affordability or deedrestriction• 60 percent or less AMIHomeownership Restrictions
  • • KHC contributes $500k annually• 1998-2002 – Unclaimed lotteryproceeds in excess of $6 million• 2006- present– fees from variousdocuments recorded with countyclerksFunding for the AHTF
  • • Competitive– Applications due October 2013– Historically $1.5 million available• HouseWorks• Gap PoolApplication Process-Homeownership
  • • Historically $1.5 million available• Open window cycle- approved lenders• Up to $10k of AHTF per unit• 50 percent match requirement• Affordability mechanism• 180 days to complete rehabHouseWorks Initiative
  • • Historically $1.5 million available• Open window cycle- approved lenders• All HOME requirements apply• $40k limit- HB; $60k limit- HOR• 10-year deed restriction• Two project limitation• Two household limitationGap Pool Initiative
  • • Competitive– Applications due September 2013– $300k AHTF limit per project• Funding pools– Housing credit– Non housing credit– TransitionalApplication Process- Multifamily
  • • Eligibility of housing credit projects– Nonprofit ownership-51 percent of thegeneral partnership• Funding decisions- 60 to 90 days• Increase in administrative fees• Rural definitionSenate Bill 21
  • • Eleven member committee• Advisory role to KHC• Quarterly meetingsAHTF Advisory Committee