LAHTF Releases 2012 Needs Assessment and Celebrates $450,000 in Additional Funding with Mayor Fischer
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Needs Assessment Press Conference PowerPoint (6MB file)
More about the Insurance Premium Tax
What is the LAHTF?
What is the need for an AHTF in Louisville?
LAHTF Recommends Insurance Premium Tax Increase as Revenue Source (Jan. 2013)
An Assessment of Affordable Housing Needs in Louisville
View (5 mb PDF file)
Purpose of the LAHTF
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 beneficiaries 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 nonprofit and for-profit 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; 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).
Funding of the LAHTF
Metro Council established by ordinance a goal of $10 million annually in dedicated ongoing public revenue for the LAHTF. These sources of revenue are what define an AHTF.
The LAHTF was awarded $1 million in 2006 in windfall tax revenue by then-Mayor Jerry Abramson, intended to capitalize the fund until dedicated ongoing public revenue could be established by further ordinance. In 2011, Mayor Greg Fischer allocated an additional $100,000 in “matching” funds for the LAHTF for Fiscal Year 2011-2012.
The city has not yet established dedicated ongoing public revenue for the Louisville Affordable Housing Trust Fund.
Establishing dedicated ongoing public revenue is the LAHTF’s top priority. Without this revenue source, the LAHTF cannot succeed, and Louisville will not be able to meet the need for affordable housing.
For more information about the LAHTF, contact:
Rachel M. Hurst
Louisville Affordable Housing Trust Fund
1469 South Fourth Street, 3rd Floor
Louisville, KY 40208
502-637-5372 office/270-869-5613 cell
All documents are in PDF format and viewable with the free Adobe Reader.
LAHTF Receives $250,000 in KY’s National Mortgage Settlement Funds
LAHTF Affordable Housing Trust Fund Announces Executive Director Rachel M. Hurst
Code of Ethics of the LAHTF
Ethics guidelines for board members of the LAHTF, adopted by the LAHTF board on 12/31/2011.
2012 LAHTF Strategic Plan
Shares the mission, vision, values, and goals of the LAHTF for 2012.
LAHTF Needs Assessment
The LAHTF Needs Assessment was approved by the Board of Directors in December 2011. The LAHTF will release the information to the public in early 2012 - check back for more information.
Economic Impact of the LAHTF
A local analysis of the economic benefit to Louisville of investing $1 million in affordable housing construction, including initial one-year impact and annual ongoing impact of having the units occupied. Based on the National Association of Home Builders study, and modified to reflect Louisville-specific numbers.
Mayoral Task Force Documents
An Assessment and Recommendations for the Creation and Funding of an Affordable Housing Trust Fund, published by Louisville Metro Government in 2006. The official report of then-Mayor Jerry Abramson's Affordable Housing Trust Fund Task Force, which was formed at the mayor's request to study the issue and provide recommendations. The Task Force unanimously recommended the creation of a Louisville Affordable Housing Trust Fund receiving $10 million annually in dedicated ongoing public revenue, serving those at or below 80% of Area Median Income, with a governing board representative of the community, appointed by the Mayor and confirmed by Metro Council.
August 2009 Addendum to Mayoral Task Force Document, published August 2009. The Mayor's Task Force reconvened, at the request of Metro Council, to provide recommendations about how the LAHTF could best move forward since the city's Housing Department elected not to administer the Trust. The Task Force again unanimously issued the same recommendations, and advised a separate organization be formed to administer the Trust.
Board of Directors
2011 IRS Form 990