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LAHTF Needs Assessment 2012

LAHTF Needs Assessment 2012

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Published by: josephlord on Nov 20, 2012
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12/04/2012

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The Louisville Affordable Housing Trust Fund
was established by Louisville Metro Council
ordinance in 2007 and was further amended in
2009 to address the need for increased affordable
homeownership and rental housing in Louisville
in response to a community-wide movement in
Louisville to establish a local AHTF.

The Trust directs its resources to affordable
housing developers and service providers that
help people access and maintain affordable
housing. However, the benefciaries of the Trust
are, in fact, the working families and low-income
households who need affordable housing in
Louisville.

The LAHTF is intended to be a catalyst, helping
generate participation by other lenders, investors,
and partners, further leveraging the impact of
each LAHTF dollar.

The ordinance states the LAHTF’s purpose
is “to receive monies and disburse monies
to organizations dedicated to addressing
the affordable housing needs of individuals
and families of low- and moderate-income
households by promoting, preserving, and
producing long-term affordable housing and
providing housing-related services to low- and
moderate-income households.”

The LAHTF gives grants and/or loans to nonproft
and for-proft affordable housing developers
and service providers for a wide variety of
affordable housing-related activities including:
homeownership and rental housing acquisition,
new construction, rehabilitation, emergency
repair, down payment assistance, and temporary
rental assistance; technical assistance and
training for developers and low-income housing
consumers; support services designed to keep
low-income at-risk people stably housed; and

Overview of the Louisville Affordable Housing Trust Fund

34

programs impacting safe, stable, affordable
housing such as foreclosure intervention and
housing-related asset-building. The LAHTF is
governed by a 13-member Board of Directors
that is representative of the community.

All projects that receive LAHTF funding from a

public source must serve households that are at

or below 80% of Area Median Income (in 2011,
80% of AMI was $31,702 for an individual). These
are considered low-income households.

Half of the funds are reserved for those at or

below 50% of AMI; in other words, very low
income and extremely low income households (in
2011, 50% of AMI was $19,814 for an individual).

Public funding is intended to be the main funding
mechanism for the LAHTF. However, it may also
accept private gifts, and these funds may serve
households at or below 110% AMI ($43,590 for
an individual in 2011).

See also Area Median Income table in the
Defnitions section
of this document.

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