Councilman Ackerson urges Council colleagues to increase Affordable Housing Trust Fund Budget allocation to $5.5 Million
Louisville – Councilman Brent Ackerson (D-26) is calling for the Metro Council to increase the proposed funding in the 2017 – 2018 Capital and Operating Budgets to $5.5 million.
From Councilman Ackerson:
“The year before I took office, the Louisville Metro Council created the Affordable Housing Trust Fund for the express purpose of advancing Affordable Housing opportunities. Specifically, it was envisioned that the fund would eventually be investing $10,000,000.00 annually, acknowledging that a “multi-year approach will be necessary to achieve full and adequate funding for the Fund.”
A $1,000,000.00 investment was made in 2009 from the Metro Council providing seed money for several years. The Fund also received $250,000.00 from the Commonwealth of Kentucky in 2012 as part of the National Mortgage Settlement Funds award. Last year’s approved budget included $2,500,000.00, the same amount which has been proposed by the mayor for Fiscal Year 2018.
This is not enough.
I made a commitment earlier this year to seek a more realistic amount of money for the Affordable Housing Trust Fund, one which moves us closer to the $10,000,000.00 commitment we made almost a decade ago.
To that end, I am proposing the Metro Council, as part of its Budget proceedings, transfer from the Louisville CARES appropriation a total of $3,000,000.00 to the Affordable Housing Trust Fund, bringing that appropriation to $5,500,000.00, moving us closer to the vision of the Metro Council from 2008 and toward a more realistic and permanent fund to serve the needs of this community.”
The Metro Council’s Budget Committee began its hearings on the budget this week. The Metro Council is expected to vote on the proposed budgets on June 22nd.