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LAHTF Needs Assessment 2012

LAHTF Needs Assessment 2012

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12/04/2012

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An assessment o the need or aordable housing in Louisville, Kentucky, description o the intent andpurpose o the Louisville Aordable Housing Trust Fund, and establishment o the priorities o theLAHTF based on identied community needs.
FOR THE
LOUISVILLE METRO AFFORDABLE HOUSING TRUST FUND, INC2012
 An Assessment o Affordable HousingNeeds in Louisville
 
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Letter from the Board President 
The Louisville Metro Aordable Housing Trust Fund was ormed with great delibera-tion, ater careul study by several Mayoral Task Forces, Metro Council, more than90 endorsing organizations, and concerned citizens. As established by ordinance,the LAHTF’s purpose is to receive and disburse monies through grants and loans toorganizations dedicated to addressing the aordable housing needs o low- and mod-erate-income people by promoting, preserving, and producing long-term aordablehousing. It invests ongoing dedicated public revenue in aordable housing, leverag-ing unds to achieve maximum beneit.The LAHTF has close ties to Metro Government and ollows the best practices o other state and localhousing trust unds around the country – it was established by Louisville Metro County Ordinance 40.41-45; a decision-making board representative o the community is appointed by the Mayor and conirmedby Metro Council; it targets unding to those with the most need; and a periodic Needs Assessment ispublished in accordance with the ordinance.The Board o Directors began meeting in March 2010 to establish the structure and governance o theLAHTF, iling Articles o Incorporation, requesting IRS 501(c)(3) tax exempt status, establishing a Code o Ethics, creating a Strategic Plan, seeking private unds to secure public matching unds committed in the2011-2012 Metro budget, and assessing the aordable housing need in Louisville and establishing priori-ties or selecting projects, resulting in this Needs Assessment.Some o the indings rom this Needs Assessment are startling: about hal o all Louisville renters livein housing they cannot aord; 1 in 10 Jeerson County Public School children were homeless in the lastschool year; and 91,999 Louisville amilies struggle with unaordable housing – the equivalent o illing upthe KFC YUM! Center to capacity more than our times.The LAHTF still lacks the key component that deines all housing trust unds – a source o dedicated ongo-ing public revenue. The Board o Directors o the Louisville Aordable Housing Trust Fund is commit-ted to working in partnership with Metro Council and Mayor Fischer to ensure an appropriate source o dedicated public revenue is established, so the ull beneit o the LAHTF can be realized in the community.Once this revenue source is established, the LAHTF is uniquely suited to address the aordable housingcrisis because it is a public investment in a community problem. Like all housing trust unds, it is designedto be both stable and lexible – a critical combination that allows localities to provide thoughtul, ar-sighted solutions to evolving community concerns about aordable housing.Kevin DunlapPresident, Board o Directors
 
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The purpose o this report is to assess the needor aordable housing in Louisville and establishthe priorities or the Louisville Aordable HousingTrust Fund and its projects.91,999 Louisville amilies live in unaordable hous-ing -- the equivalent o illing the KFC YUM! Cen-ter to capacity more than our times. Withoutaordable housing, amilies are unstable. Theycannot thrive or plan or the uture. They may notbe able to meet basic needs. They are at risk o oreclosure, eviction, and homelessness. Studieshave documented the link between housing insta-bility, physical and mental health, and educationalattainment.Although the cost o housing is lower than manyother metropolitan areas, Louisville has a persis-tent shortage o housing that is decent and aord-able to low- and moderate-income people. Thereis a deicit o at least 57,974 aordable housingunits in Louisville, according to the Louisville Met-ro Government’s
Five Year Strategic Plan
.Working amilies in Louisville increasingly cannotaord basic housing in Louisville. Some Louisvilleamilies have incomes so low the market cannotproduce any housing they can truly aord. The ris-ing cost o utilities and transportation, aordablehousing segregation away rom areas o opportu-nity, and a lack o jobs with suicient wages con-tribute to the problem.Many homeowners have lost their homes to ore-closure or are at risk o it, leaving neighborhoodswith vacant, uncared-or properties. Most ore-closures have been o moderately-priced homesintended to be “aordable” but were not trulyaordable to Louisville amilies. And increasinglystringent lending requirements will place home-ownership out o reach or even more Louisvilleamilies in the uture.The Louisville Aordable Housing Trust Fund, es-tablished by Louisville Metro County Ordinance40.41-40.45, was created to help solve this com-munity problem by providing a reliable stream o unding or the creation and preservation o de-cent housing aordable to people at or below 80%o Area Median Income (AMI), with a set-aside orthose at or below 50% AMI. By leveraging exist-ing unds and working with nonproit and or-proithousing developers and service providers, theLAHTF can help the city achieve the vision o sae,decent, sustainable, aordable housing or Louis-ville.Projects will be prioritized based on ability to le-verage unds and meet speciic needs identiiedin this assessment, including: making existinghomes aordable and sustainable; developing a-ordable rental housing or ELI and VLI amilies;creating additional high-quality workorce hous-ing near places o employment; increasing homeownership opportunities or LI and VLI amilies;preventing people rom losing existing, otherwise-aordable homes; and promoting housing choice.The gap between what someone can aord to payor housing and what is available is widening. Fed-eral unding or aordable housing has decreasedwith the responsibility increasingly placed on localgovernments. Yet only 1.8% o Louisville’s budgetis invested in housing and amily services.The LAHTF was capitalized with an initial invest-ment o $1 million. However, the city has not yetestablished a source o revenue or the Trust. Thecity must ulill its commitment to establish $10 mil-lion annually in dedicated ongoing public revenueor the LAHTF i housing is to be made aordableor Louisville amilies.
Executive Summar

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