In the city's FY17 budget, the Louisville Affordable Housing Trust Fund (LAHTF) received $2.5 million for project development and administration. $2.25 million of those funds have been distributed to local organizations for the creation or preservation of affordable housing units. The breakdown of fund distribution is as follows:
$125,000 to Habitat for Humanity for gap funding for construction of five homes on vacant lots in Council Districts 5, 15, and 16.
$477,000 to the Chestnut Street Family YMCA for the rehabilitation and preservation of 41 units of single-room occupancy housing in District 4.
$60,000 to River City Housing for gap funding to rehab two homes in District 1.
$641,114 to Backtrack Inc. to rehab and preserve 40 senior multi-family units in District 15.
$546,886 to Housing Partnership Inc. to acquire and rehab 22 single family homes in the California, Russell and Portland neighborhoods.
$500,000 to LDG Multifamily LLC for gap funding for the Bristol Bluffs project, near the juncture of Billtown Road and the Gene Snyder Freeway, which will produce 216 affordable housing units.
Supportive Services Grant Funding
By definition, supportive housing is a combination of housing and services intended as a cost-effective way to help people live more stable, productive live and is an active "community services and funding" stream across the United States. It is a "solution for vulnerable people to maintain their dignity and be part of a community." In short, it is a variety of programs designed to provide both housing and support to help vulnerable people live as independently as possible in their community and maintain their tenancies, hence tackling and preventing societal issues such as homelessness, poverty, mental health breakdowns and risk of abuse.
What does the LAHTF do?
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.
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.
- Make existing homes in Louisville affordable and sustainable through energy-efficient rehabilitation of housing and the inclusion of green building principlesDevelop 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 LAHTF can provide a variety of information to potential homeowners or renters, but it does not lend to individuals.
Click here to view a full list of LAHTF board members.