Laserfiche WebLink
Comprehensive Plan Housing Element <br />Private/Public Housing Trust Fund <br />Housing Trust Funds generally are established through an ordinance or legislation passed by a county, <br />city, or state legislature. Two steps are necessary to create a Housing Trust Fund. First, a revenue <br />source must be dedicated to the Housing Trust Fund, or other obligations that create revenue must be <br />established. Second, the Housing Trust Fund must be created as a separate and distinct entity that can <br />receive and disburse funds. Currently, the county has a housing trust fund for SHIP program funds and <br />an HER trust fund for HHR program funds. <br />A private/public housing trust fund may be established by a city or county to collect public and private <br />funds that may be used to assist income eligible households with the provision of affordable housing. <br />Any such private/public trust fund in Indian River County would be separate from the SHIP trust fund. <br />Benefits: <br />- Can provide gap financing (low interest loan or grant) for low income households <br />- No cost to the county, unless the county decides to contribute to the trust fund <br />- Local governments that cannot provide affordable housing within their jurisdictions could <br />contribute to a trust fund <br />- Could be used as match to get other federal or state funds <br />- Additional funding for provision of Affordable or Workforce Housing (gap financing or <br />leveraging other funds). <br />Issues: <br />No major issues <br />Conclusion: <br />Establishing a private/public housing trust fund could facilitate the provision of more affordable <br />housing. Within Indian River County, high cost barrier island towns that cannot provide affordable <br />housing within their jurisdiction could contribute to a private/public affordable housing trust fund. Also, <br />private parties, businesses, and developers could contribute funds to this trust fund. For those reasons, <br />the county should establish a private/public housing trust fund separate from its current SHIP and HHR <br />trust funds. <br />43 <br />Community Development Department Indian River County <br />