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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 by <br />a county, city, or state legislature. Two steps are necessary to create a Housing Trust Fund. <br />First, a revenue source must be dedicated to the Housing Trust Fund, or other obligations (e.g., <br />developer extractions) that create revenue must be established. Second, the Housing Trust <br />Fund must be created as a separate and distinct entity that can receive and disburse funds. <br />Currently, the county has a housing trust fund for SHIP program funds and an HHR trust fund <br />for HER 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 of <br />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 as a match to get other federal or state fiords <br />- Additi } funding for the provision of Affordable or Workforce Housing (gap <br />financ' levera other <br />ea• <br />No mai <br />Establishing 'vate/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 [] <br />30 65 <br />