The document summarizes Kentucky's Affordable Housing Trust Fund (AHTF), including: 1) The AHTF was created in 1992 to address declining housing resources, homelessness, and unsafe housing conditions. 2) Eligible applicants include nonprofits, local governments, housing authorities, and statewide housing organizations. The AHTF supports multifamily housing, homeowner rehabilitation, and homebuyer activities. 3) Multifamily housing funded by the AHTF requires 30-year affordability restrictions for units serving households below 60% of the area median income.

1. Affordable
Housing Trust
Fund (AHTF)
Housing Development

2. History of the AHTF
• Created in 1992 by the Kentucky
General Assembly to address…
– Declining housing resources
– Homeless households or those at risk of
becoming homeless
– Households living in overcrowded and/or
unsafe housing conditions

3. • Nonprofits
• Units of Local Government
• Local government housing authorities
• Statewide housing assistance
organizations
Eligible Applicants

4. • Multifamily
• Homeowner Rehabilitation
• Homebuyer
Eligible Activities

5. • 30-year affordability
– lien and deed restriction
• 60 percent or less AMI
• Affordable rents (HOME)
Multifamily Restrictions

6. • Minimum five year affordability
– Certificate of affordability or deed
restriction
• 60 percent or less AMI
Homeownership Restrictions

7. • KHC contributes $500k annually
• 1998-2002 – Unclaimed lottery
proceeds in excess of $6 million
• 2006- present– fees from various
documents recorded with county
clerks
Funding for the AHTF

8. • Competitive
– Applications due October 2013
– Historically $1.5 million available
• HouseWorks
• Gap Pool
Application Process-
Homeownership

9. • 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 rehab
HouseWorks Initiative

10. • 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 limitation
Gap Pool Initiative

11. • Competitive
– Applications due September 2013
– $300k AHTF limit per project
• Funding pools
– Housing credit
– Non housing credit
– Transitional
Application Process- Multifamily

12. • Eligibility of housing credit projects
– Nonprofit ownership-51 percent of the
general partnership
• Funding decisions- 60 to 90 days
• Increase in administrative fees
• Rural definition
Senate Bill 21

13. • Eleven member committee
• Advisory role to KHC
• Quarterly meetings
AHTF Advisory Committee