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Private/Public Housing Trust Fund <br />Policy 4.13 of the Housing Element reads as follows: <br />Policy 4.13: The county shall create a new private/public housing trust fund <br />Generally, Housing Trust Funds are established through an ordinance or legislation passed <br />by a county, city, or state legislature. Two steps are necessary to create a Housing Trust <br />Fund. First, a revenue source must be dedicated to the Housing Trust Fund, or other <br />obligations (e.g., developer extractions) that create revenue must be established. Second, the <br />Housing Trust Fund must be created as a separate and distinct entity that can receive and <br />disburse funds. Currently, the county has a housing trust fund for SHIP program funds and <br />an HHR trust fund for HHR program funds. <br />A private/public housing trust fund may be established by a city or county to collect public <br />and private funds that may be used to assist income eligible households with the provision <br />of affordable housing. A private/public trust fund would be separate from a SHIP trust fund. <br />Benefits: <br />Issues: <br />Can provide gap financing (low interest loan or grant) <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 <br />jurisdictions could 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 <br />financing or leveraging other funds). <br />No major issues <br />Conclusion: <br />Establishing a private/public housing trust fund could facilitate the provision of more <br />affordable housing. Within Indian River County, high cost barrier island towns that cannot <br />provide affordable housing within their jurisdiction could contribute to a private/public <br />affordable housing trust fund. Also, private parties, businesses, and developers could <br />contribute money to this trust fund. <br />RECOMENDATION: <br />The county should maintain Housing Element policy 4.13 for its current SHIP trust fund and ' <br />in support of other trust funds that may be established in the future. <br />BOARD OF COUNTY COMMISSIONERS ACTION: <br />Board of County Commissioners Approval of the AHAC Recommendation <br />Yes ['i] No ❑ <br />F•\Community Development\SHIP\AHAC\AHAC 2014\AHAC 2014 report.doc <br />27 <br />72 <br />