LAHTF's expanded HOMEbuyer program funds now avaiable and developer's meeting coming up! The Louisville Affordable Housing Trust Fund (LAHTF) is proud to announce an expansion of its HOMEbuyer Program for interested developers. This expansion is based on interest expressed by local developers who want to assist low-income homebuyers with Down Payment/Closing Cost Assistance and Development Subsidy on the individual homes they have developed, either as new construction or as a rehabilitation of existing homes. The funding will be allocated on a first-come, first-served basis for developers who submit applications, which must include qualified properties and qualified homebuyers. LAHTF will host a meeting on Tuesday, June 30 at Louisville Urban League, 1535 West Broadway to provide an overview of the program requirements from 1:00pm-2:00pm, and an initial training on how to package applications for interested developers form 2:00pm-4:30pm. RSVP's are recommended and can be made by emailing firstname.lastname@example.org. For more information, call 502-637-5372 or email email@example.com.
- LAHTF Revolving Loan Fund - From time to time we have money available in short-term loan funds for the purpose of rehabilitating vacant and/or abandoned property into affordable homes for people with low incomes. Both for-profit and non-profit affordable housing developers are eligible to apply for funds. Click here for the guidelines and click here for an application.
- HOMEBuyer program – we recently allocated $963,500 to Habitat for Humanity of Metro Louisville (HfHML), River City Housing (RCH), and the Housing Partnership Inc. (HPI) for the purpose of providing 29 safe and affordable homes to first-time homeowners in Metro Council Districts 1-6,9 and 15. The money, allocated to the Trust Fund by Louisville Metro government, is being dispersed from LAHTF’s HOMEbuyer Program, which makes homeownership affordable to low-income first-time homebuyers.
- Future funds will be announced once a source of dedicated ongoing public revenue is established by Metro Council.
What is the Louisville Affordable Housing Trust Fund?
The LAHTF was created by Metro Council in 2008 as the way for the Louisville to invest additional local public funds to address the affordable housing shortage for working families whose wages are not enough to live in Metro Louisville; for people on fixed incomes like seniors and people with serious disabilities; for young families starting out; and for veterans. A place to call home opens the door to opportunity, and the whole community does better when everyone has a decent place to call home.
The LAHTF makes grants and loans to for-profit and not-for-profit developers, not to individuals.
Yes. The LAHTF has programs especially for the rehabilitation of vacant houses and apartments, as this is a top priority identified in our 2012 Needs Assessment.
The Trust has received one-time allocations from Louisville Metro Government and from corporate and individual donations. However, the Trust still lacks the key component that defines all housing trust funds – a source of dedicated ongoing public revenue. The Board of Directors recommends an increase to the insurance premium tax as that dedicated source. With a 1% increase in the insurance premium tax, Louisville will establish an estimated $10.15 million annually in dedicated public revenue for the LAHTF to help struggling families and individuals.
How does The Trust use the money?
The LAHTF is designed to be flexible and respond to evolving community needs by giving grants and/or loans for affordable housing-related activities. Funding decisions are guided by the needs of the community, which are outlined in our 2012 Needs Assessment, and by LMCO 40.41-45. Decisions are made by a 13-member Board of Directors representative of the community, appointed by the Mayor and approved by Metro Council.
Our current funding priorities are included in the 2012 Needs Assessment, pp 29-31, briefly:
Make existing homes in Louisville affordable and sustainable through energy-efficient rehabilitation of housing and the inclusion of green building principles
Develop affordable rental housing for the lowest-income families
Create additional affordable homes near places of employment and in neighborhoods that need workforce housing
Increase homeownership opportunities through home buyer education, down payment assistance, reducing the cost of construction or rehab of single family homes, and assistance connecting homeowners to low-interest, no-interest, or forgivable partial loans
Prevent Louisvillians from losing existing otherwise-affordable homes through foreclosure prevention, supportive housing services, and accessible rehabilitation
Promote housing choice in all three rings of the city
Stable, decent, affordable housing for working families benefits homeowners, renters, neighborhoods, business and the community at large:
- businesses that require a stable workforce;
- neighborhoods that have been devastated by the foreclosure and vacant property crisis;
- working families that need decent affordable housing and basic economic security;
- and the community as a whole, due to the economic impact of the LAHTF and reduced crisis-care expenses related to unaffordable housing. Every $1 million invested in affordable housing in Louisville creates as many as 84 units of affordable housing, supports 112 jobs, and generates more than $6.4 million in local revenue.
The Trust can provide a variety of information to potential homeowners or renters, but The Trust does not lend to individuals.
Call us at (502) 637 – 5372.
Click here to view a full list of 2014 Board Members.