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Housing trust funds are flexible funding opportunities to assist local jurisdictions with affordable housing construction and rehabilitation. These funds are typically funded by local general funds or local dedicated resources. In partnership with local developers and partners, these funds are used for acquisition, rehabilitation, and construction of affordable housing efforts. Because these funds are separate from federal funding opportunities, reserving funds for lead remediation and abatement with the existing housing stock may be considered by the local jurisdiction. Housing trust funds require local legislation and may be considered a priority for funding for affordable housing. If a housing trust fund is approved within the jurisdiction, a balanced approach to addressing housing affordability—production and preservation of housing units—should be a priority. Meetings with state and local legislatures can provoke urgency to create a local tool that would allow for flexibility in funding acquisition, rehabilitation, and construction of affordable housing units. Where housing trust funds exist, some jurisdictions have used a portion of their funds as lead grant match in order to secure larger HUD LBPHC, LHRD or LHRD grant funds from HUD’s OLHCHH.
See The Center for Community Change for more information about housing trust funds throughout the country.