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Housing Trust Funds

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Title: Housing Trust Funds


1
Housing Trust Funds
  • Mary E. Brooks
  • Housing Trust Fund Project
  • Center for Community Change
  • 1113 Cougar Court
  • Frazier Park, CA 93225
  • 661-245-0318
  • mbrooks_at_communitychange.org

2
Housing Trust Funds advancing how we fund
affordable housing
  • Securing dedicated sources of public revenue.
  • Committing that revenue to support critical
    housing needs.

3
Today there are 600 housing trust funds
4
There are 38 states with housing trust funds
5
Homeless Trust Funds
Homeless trust funds have been created in
Washington Nebraska New Jersey Georgia
Wisconsin Dade County, FL Kalamazoo City
County, MI and counties in Missouri.
  • Other housing trust funds commit some resources
    to address the needs of the homeless population.
  • Ten year plans to end homelessness are connecting
    to housing trust funds.

6
How Housing Trust Funds Work
Legislation or Ordinance
Establishes the Housing Trust Fund
Administration Agency or Department Oversight
Board
Dedicated Revenue Sources Taxes or Fees Program
Generated Revenue Interest Earned Other Revenues
Programs Distribution of Funds Program
Requirements Eligible Applicants Eligible Uses
7
Administration
  • Virtually all housing trust funds are
    administered by staff of a public agency or
    department.
  • Most housing trust funds have some kind of
    oversight board.
  • They may be either decision-making or advisory
    boards.
  • These boards are appointed and have broad
    representation from the affordable housing
    community.
  • Administrative costs can be paid from trust
    fund revenues or other public funds.

8
Programs
  • Funds are awarded either through a request for
    proposal process a notification of funding
    availability or direct funding of specific
    programs.
  • Funds are available either as grants or loans
    and/or other sources of financing.
  • The application process may be combined with
    other available sources of affordable housing
    funds, such as HOME, CDBG, etc.

9
Program Requirements
  • Eligible Applicants nonprofit developers,
    for-profit developers, housing authorities,
    governments, Native American tribes, etc.
  • Eligible Uses acquisition, new construction,
    rehabilitation, predevelopment costs, housing
    related services, operating costs, capacity
    building, rental assistance, foreclosure
    assistance, etc.
  • Application Requirements income targeting to
    control who benefits, long term affordability,
    accessibility, leveraging, etc.

10
States CommitPublic Revenue Sources
Real estate transfer tax Florida, Hawaii,
Illinois, Maine, Nebraska, Nevada, New Jersey,
South Carolina, Vermont Interest from escrow
accounts Connecticut, Maryland, Minnesota,
Washington, Wisconsin Document recording
fees Delaware, Illinois, Kentucky, Missouri,
Ohio, Washington Lottery earnings Oregon

Interest from Unclaimed, Unnamed Property
Fund Arizona Bond and fee revenues Kansas,
Nevada, New Hampshire Capital budget
funds Washington

11
State Housing Trust Fund Revenues
12
Top State Housing Trust Funds
  • Florida Documentary stamp tax
  • New Jersey Real estate transfer tax
  • District of Columbia Deed recordation transfer
    tax
  • Illinois Real estate transfer tax
  • Washington Capitol budget
  • New Jersey SN Bonds backed by traffic fines
  • Ohio Document recording fee
  • Arizona Unnamed, unclaimed property fund
  • Illinois RS Document recording fee

13
Cities and Counties CommitDozens of New Revenue
Sources
  • document recording fees
  • real estate excise tax
  • sale of government owned land
  • condominium conversion fees
  • contributions from tax-exempt mortgage revenue
    bond projects
  • hotel/motel taxes
  • filing fees property sales disclosure forms
  • building permit fees
  • real estate transfer taxes
  • impact fee on new commercial construction
  • tax increment revenues
  • parking garage proceeds
  • restaurant tax
  • inclusionary zoning in-lieu fees
  • property tax
  • sales tax
  • court settlements
  • casino revenues

14
City Housing Trust Funds Revenue Generated
15
County Housing Trust FundsRevenues Generated
16
Why Dedicate Public Revenues to Affordable Housing
  • Affordable housing is fundamental to the health
    of any city.
  • The private market cannot respond to homes that
    require subsidies.
  • Affordable housing needs are constant as long as
    wages continue to lag behind.
  • Affordable housing requires long-term planning
    and investment.
  • Affordable housing cannot be dependent on budget
    surpluses.

17
States with Enabling Legislation
18
California and Iowa Fund Local Housing Trust
Funds
  • California voters approve bond initiative that
    includes 25 million for local housing trust
    funds.

Iowa passes legislation committing 800,000 to
local housing trust funds.
Affordable housing in California
19
PennsylvaniaAct 137
  • Enables county
  • commissioners to double
  • recording fees for deeds
  • and mortgages.
  • At least 85 must be set
  • aside in a separate account.
  • Funds must be used to support affordable housing
    efforts in the county.
  • 15 may be used for administrative costs
    associated with affordable housing.

20
Washington Enables Local Housing Trust Funds
  • Washington HB2060 authorizes an increase in the
    document recording fee charged by counties.
  • 60 of the funds stay with counties and 40 goes
    into state fund for operating and maintenance
    costs of housing serving very low income persons.
  • 27 counties have responded

21
Washington D.C. Housing Production Trust Fund
  • Created in 2001 with revenues from the deed and
    recordation taxes.
  • More than 5,000 units have been supported.
  • 40 goes to very low income households.

22
Ohio Housing Trust Fund
  • Dedicates the recordation fee for states trust
    fund, capped at 50 million annual revenue.
  • A majority of the funds serve those earning no
    more than 50 of the area median income.
  • In FY2005 home repair of 1,972 units
    supportive services with housing for 5,632
    persons down payment assistance for 289
    households and construction of 977 homes.

23
Illinois Affordable Housing Trust Fund
  • Created in 1989 and receives 50 of the states
    real estate transfer tax revenues providing as
    much as 60 million annually.
  • Funds new construction and rehabilitation down
    payment/closing cost program owner-occupied
    rehab program and multi-family projects.

24
Washington Housing Trust Fund
  • Created in 1987 to fill the gap created by
    diminishing federal funds.
  • Has invested more than 420 million in housing
    creating 26,500 homes.

Bryant House
  • Leveraged more than 1,660 million in private
    and public sector support.

25
Missouri Housing Trust Fund
  • Created in 1994. Receives document recording
    fee revenue of approximately 6 million each
    year.
  • Uses a consolidated application form for the
    Housing Trust Fund, HOME funds, and other MHDC
    fund balances.
  • Addresses housing needs of those earning no more
    than 50 of area median income with half of the
    funds serving 25 of ami.
  • Last year, they assisted more than 200 housing
    programs.

26
South Carolina Housing Trust Fund
  • Commits 16 million a year to
  • Emergency repair
  • Owner occupied rehabilitation
  • Homeownership
  • Acquisition
  • Rental
  • Supportive housing and
  • Group homes.
  • Collects revenues from the state real estate
    transfer tax.

27
Arizona Housing Trust Fund
  • Created in 1988 with revenues from the 35 of the
    states unnamed, unclaimed property fund.
  • Since 1998, the Fund has received 55 of the fund
    contingent on the additional funds being
    dedicated to rural areas of the state.

The Fund receives about 20 million annually in
dedicated revenues.
28
Vermonts Housing and Conservation Board
  • Dual purpose of supporting affordable housing
    and conserving open space and agricultural lands.
  • Funded through a dedicated portion of the
    Property transfer tax and Capital Bond funds,
    along with General Fund surpluses.
  • Celebrating its 20th anniversary
  • 200 million in grants and loans
  • More than 1,200 projects in 220 towns
  • 750 million leveraged from other private and
    public sources
  • 8,500 units of affordable housing created and/or
    preserved.

29
Housing Trust Funds
  • Mary E. Brooks
  • Housing Trust Fund Project
  • Center for Community Change
  • 1113 Cougar Court
  • Frazier Park, CA 93225
  • 661-245-0318
  • mbrooks_at_communitychange.org

30
Chicago Creates Low Income Housing Trust Fund
  • All funding supports households earning 30 of
    area median income or less.

A majority of the funds provide rental assistance.
Funds also support homeless initiatives and
essential services.
Chicago Department of Housing
31
Illinois Rental Housing Support Program
  • Grants to local administering agencies to provide
    subsidies to landlords that will make housing
    units affordable.
  • Grants to developers to provide long-term
    operating support for housing.
  • Units must serve extremely and severely low
    income households.
  • At least 10 must serve long term operating
    support and 20 to rural areas.

32
New Jersey Special Needs Housing Trust Fund
  • Funded with 200 million commitment of bonds
    backed by proceeds from moving motor vehicle
    surcharges.
  • Funds are used to develop permanent supportive
    and other housing for persons with special needs.
  • Its goal is to help create 10,000 new
    meaningful affordable housing alternatives.

33
Nebraska Homeless Assistance Program
  • Combines NHAP and HUDs Emergency Shelter Grant
    Program.
  • In 2004, the Program provided nearly 2,500,000
    from NHAP and another 300,000 from ESGP.
  • Programs support housing, crisis centers, youth
    services, temporary housing, and much more.

About NHAP
History, Purpose Funding Priorities of Nebraska Homeless Assistance Program
History of Nebraska Commission on Housing Homelessness
Continuums of Care
Hunger Homeless Week
Funding, Application for Funding, and Reporting
Nebraska's Plan to Address Homelessness
Rental Housing Search
Useful Links

34
Georgia Trust Fund for the Homeless
  • Provided 900,000 to supplement Shelter Plus Care
  • funds from HUD.
  • Supported the development of Progressive Hope
    House (a 70-bed substance abuse treatment
    facility).
  • Made staff support available to develop a State
  • continuum of Care Plan, resulting 9.2 million
    dollars
  • in funding for 28 projects
  • state-wide.
  • Advanced the states system
  • of permanent supported
  • housing for persons with
  • disabilities, especially those
  • with long homelessness.

35
Dade County, Florida Homeless Trust
  • Created in 1993 to increase the availability of
    housing and services to the homeless population.
  • Approximately 37 million a year food and
    beverage tax (11 million) HUD funding (20
    million) state and private sector contributions.
  • Partners with Community Partnership for Homeless
    creating Homeless Assistance Centers.

36
Washington Homelessness Housing and Assistance
Program
  • 45 million annually from document recording fees
    (HB 2163 and HB 1359)
  • 60 stays with counties for ten year plan
    implementation 40 goes to the states
    Homelessness Grant Assistance Program
  • Ten counties will implement projects to reduce
    homelessness demonstrating systems change through
    integration with criminal justice, social
    service, health, and other state and local
    systems and
  • In 2007, will introduce peer-to-peer assistance
    model among HGAP awardees.

37
St. Louis County, MissouriHomeless Service
Program
  • The Emergency Shelter Hotline.
  • Referrals to emergency shelter,
    rent/mortgage/utility assistance, or other
    service referrals.
  • The Hotline is jointly funded by the City of
    Saint Louis and Saint Louis County.
  • A course of action to return them to permanent
    housing and independence.
  • Six social service agencies administer grants
    conduct classes identify available, affordable
    housing and follow-up with families to prevent
    housing crisis.

38
Active and emerging housing trust fund campaigns
39
Housing trust funds give affordable housing a new
face
  • Recognize that the most critical housing needs
    must be addressed.
  • Incorporate sustainable housing principles
    accessibility, long-term affordability, green
    housing.
  • Leverage funding (15-10) bringing in
    additional resources to Louisville.

40
Housing is good for the Economy
  • The argument shifts

Lee County, Florida documented that the need for
more affordable housing costs the County more
than 249 million annually!
  • The economic impact of Philadelphias trust fund
    is expected to reach
  • Nearly 2,600 jobs statewide each year.
  • 80 million in wages every year.
  • Increased city and state taxes.

NAHB documents 1,000 multi-family homes generates
1,000 full time jobs, 33.5 million in wages,
and 17.8 million in tax revenues and fees.
41
Economic Benefits of aColorado Housing Trust Fund
  • An investment of 26.5 million would produce
  • More than 3,200 new jobs each year.
  • More than 334 million of economic activity each
    year.
  • Formerly rent-burdened households will have an
    average of 2,460 of annual income per household
    to spend.
  • New economic activity will generate more than
    26 million of annual tax revenues.

An Investment in Colorados Future
42
Housing is Good for Communities
  • Education
  • Higher school-mobility rates affect the entire
    system and cause the most harm to children whose
    families have low incomes.
  • Housing instability can have a direct impact on
    a childs education.
  • Frequent moves can have a negative effect on
    school achievement.
  • Health
  • Pest infestation is known to cause asthma.
  • Substandard electrical problems are a danger to
    children.
  • Lead poisoning leads to a decrease in IQs.
  • Children living in inadequate housing have
    increased hospitalizations and respiratory
    infections.



43
Reframing the Affordable Housing Debate
  • Affordable housing is at the heart of a healthy
    community.
  • Connect housing to other issues wages,
    health, education.
  • Its not about the money its about
    priorities.

We Need the People Who Need Affordable Housing
44
Another rent increase. Another new
neighborhood. Another year behind in school.
HousingMinnesota www.HousingMinnesota.org
45
The Sustainability of Housing Trust Funds
  • An on-going government commitment of public
    funds.
  • A community-based process to create and sustain
    the fund.
  • A component of housing policy that drives
    innovation and cooperation.
  • A flexible model that can adapt to changing
    market conditions.
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