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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 /> 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 /> Issues: <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 /> RECOMMENDATION: <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:ACommunity Development\SHIP\AHAC-Affordable Housing Advisory Committee(AHAC)\AHAC 2017\AHAC 2017 2 <br /> report.doc <br />