Housing Trust Fund
Definition
Dedicated public fund for affordable housing development and preservation, capitalized through taxes, fees, or budget allocations. Provides grants and loans for affordable housing construction, rehabilitation, and rental assistance.
Louisville Context
Louisville lacks dedicated affordable housing funding—competing annually for scarce budget dollars. Dave creates Housing Trust Fund capitalized by: (1) 1% of development fees, (2) payments from developers in lieu of required affordable units, (3) annual budget allocation of $5 million, (4) federal grant matches. Fund provides: construction financing for affordable housing, preservation of existing affordable units, emergency rental assistance, and down payment assistance for first-time homebuyers.
Why It Matters
Without dedicated funding, affordable housing depends on annual political fights over budget scraps. Housing Trust Fund ensures consistent investment, leverages private capital, and creates accountability for affordable housing production. Sustainable funding produces sustainable solutions.
Dave’s Proposal
Create Housing Trust Fund with $5M annual budget allocation plus development fees and in-lieu payments. Fund construction/preservation of affordable housing, emergency rental assistance, and first-time homebuyer programs.