A distinct fund established by a city, or other government entity, that permanently dedicates a renewable pubic revenue source to support local affordable housing efforts.

Nationally, Housing Trust Funds have been part of the solution for over 350 cities, counties and states struggling to offer affordable housing for their citizens.

Louisville can begin to solve its housing crisis by creating a Housing Trust Fund. A broad coalition has formed to see that a Housing Trust Fund is established in Louisville.

How Does a Housing Trust Fund Work?
· Once established, funds will be collected and used every year.
· Nonprofit, for profit and government agencies and developers can apply for funds.
· A decision-making board will prioritize how the funds should be used.

What will the Housing Trust Fund Support?
New construction and rehabilitation of housing for homeowners, renters and people who are homeless. Support services directly related to housing will also be eligible for funds.

Programs will benefit:
· Individuals and families at or below 50% of the area median income ($14,421.50)
· 50% of the funds will be set aside to serve individuals and families at 30% and below of the area median income ($8,652.90)

What are the Benefits of a Housing Trust Fund?
It is estimated that the Housing Trust Fund will generate $10 million annually. This will leverage additional funding and financing to create:
· 175 new homes for first time homeownership, or
· 200 rental homes, or
· 150 safe places for formerly homeless Louisvillians

National Association of Home Builders estimates that every 100 units of housing will generate every year:
· 45-65 jobs
· $2.2-2.8 million in income to local businesses
· $384,000-498,000 in local tax revenue

Why Louisville Needs a Housing Trust Fund:
· In the thirteen-county Metro Louisville region, 26% of renters and homeowners combined, or nearly 80,000 households, pay more than 30% of their incomes for housing
· In the Metro Louisville region, a full-time worker (40 hours per week) must earn $11.23 per hour to afford a 2-bedroom apartment, or else work 87 hours a week every week of the year
· The median price of a home in Metro Louisville is $130,000
· 11,251 homeless women and children used homeless services in 2005
· In Metro Louisville, 10,758 households are currently on the Section 8 waiting list

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For more information on the Louisville Affordable Housing Trust Fund Coalition, contact: Rachel M. Hurst, The Coalition for the Homeless, rmhurst@bellsouth.net 589-0190x14