National Association of Local Housing Finance Agencies

Housing Trust Fund

November 6, 2015

Background

Financing

Program Management

Program outcome

Overall Affordable Housing Strategy

Overview

Charlotte Housing Trust FundBackground

In 2002 the City Council established a Housing Trust Fund (HTF) to provide capital financing for affordable housing.

The fund provides “gap financing”, on a competitive basis, to developers for construction of affordable housing serving households earning 60% and below Area Median Income ($40,320).

The capital financing can be used for new construction, rehabilitation and acquisitions.

The fund is administered by the City staff.

Housing Trust Fund Financing

Financed through general obligation bonds

Six successful bond issues with 60%+ voter approval

Since 2002, the HTF has…

Revenues $ 104 million

Allocated $ 84.5 million

Committed $ 12 million

Available $ 7.5 million

The Housing Trust Fund is administered by Neighborhood & Business Services, Housing Services Division

HTF Program Management

Staff Issues RFPTo Developers

Staff Reviews

Submitted Proposals

Proposals Evaluated on Guidelines &

Evaluation Criteria

Housing & Neighborhood Development Committee

Presentation

City Council Dinner Briefing

City CouncilAction

Funds are primarily dispersed through a competitive request for proposal process, unless City Council has made specific project allocations.

Affordability is ensured through Deed Restriction City Asset Management group provides Compliance

Monitoring

Request for Proposal Process:

HTF Program Outcomes

Since 2002

Funded 5,122 units Committed $84M Total Development Budget

$484M Leveraged Ratio of 1:6 Completed 4,386 units*

* - Accounted for about 65% - 2,836 units for households serving 30% and below Area Median Income ( $20,160).

2015

633 units Committed $13M Total Development

Budget $85M Leverage Ratio of 1:7

Tax Credit AllocationAnnual allocation allowing for greater leverage of local HTF dollars.

Supportive HousingJoint RFP with Mecklenburg County and the Charlotte Housing Authority to link programs and leverage funding (Capital-Supportive Services-Rental Subsidy)

Acquisition & RehabilitationFunding allocation for preservation of existing affordable housing stock

Private-Public PartnershipCollaborates with a network of affordable housing developers and service providers to provide safe, decent affordable housing

Housing Strategy

Examples of Completed HTF Developments

Arbor Glen – Family

Wilmore Walk - OwnershipMcCreesh Place Supportive Housing

Safe Alliance Domestic Violence ShelterSteele Creek - Senior

Ashley Square at South Park Mixed Income Development

Community Initiatives

Coordinated AssessmentA centralized intake for individuals and families currently homeless or may be homeless within 72 hours.

A Way Home Housing EndowmentA $20M endowment to provide rental assistance to families and veterans who are at 50% and below AMI.

Housing our Heroes http://charmeck.org/city/charlotte/mayor/housingheroes/Pages/default.aspxAn initiative to end Veteran homelessness by the end of December 2015.  Housing First Charlotte-Mecklenburg http://www.housingfirstcharmeck.org/An initiative to end chronic homelessness by the end of December 2016.  www.brightwalkcharlotte.com

www.theloftsatnodamills.com