AGENDA DATE: 5/21/2025
TITLE:
Title
Affordable Housing Trust Fund
BODY
SUBJECT/PROPOSAL/REQUEST: Presentation of affordable housing trust fund structures for Board discussion and feedback.
ITEM TYPE: Regular Information Item
STAFF CONTACT(S): Richardson, Dimock, Herrick, Curfman, Sumner, Pethia
PRESENTER (S): Stacy Pethia, Assistant Director of Housing
LEGAL REVIEW: Yes
REVIEWED BY: Jeffrey B. Richardson
BACKGROUND: On July 7, 2021, the Board of Supervisors adopted Housing Albemarle, the County’s housing policy.
Objective 6 of Housing Albemarle recommends the County establish an affordable housing trust fund with a dedicated source of revenue. The proposed FY 2026 budget includes a recommended real property tax increase, of which 0.4 cents is recommended to fund the Affordable Housing Investment Fund (AHIF).
STRATEGIC PLAN: Quality of Life - Encourage a vibrant community with economic and recreational opportunities that serve all community members.
DISCUSSION: Based on discussions with the Board during budget work sessions, and research into housing trust fund structures and activities carried out by other localities, staff has drafted a set of proposed guidelines for administering the AHIF as a housing trust fund (Attachment A). Components of the draft guidelines include:
1) Eligible applicants and activities;
2) Activities not eligible for funding;
3) Methods of funds distribution; and
4) A framework for evaluating funding requests.
BUDGET IMPACT: Administration of the AHIF would impact the County’s budget. The amount of impact would depend on the number of developers seeking grant support, and the number of affordable units for which they are seeking funding.
RECOMMENDATION:
Recommendation
Staff recommends the Board provide direction and feedback on the draft housing trust fund guidelines.
ATTACHMENTS:
A - Draft AHIF Guidelines