Open the door to the affordable housing trust fund
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Transcript of Open the door to the affordable housing trust fund
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Louisville MetroAffordable Housing Trust Fund, Inc.
Overview, needs, and call to action
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Agenda for this presentation
1. LAHTF background, needs, and proposed solution
2. Questions ( __ minutes), & after
3. What can you do? What commitments will you make?
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What is the LAHTF?• Established by the Louisville
Metro Council in 2008
• Louisville Metro County Ordinance 40.41- 45 (2008)
• Receives/disburses money to orgs that can solve the housing crisis
• Nearly 700 HTF’s in US
Invests public funds in housing our community needs: – for people on fixed incomes
like seniors and people with serious disabilities;
– for young families starting out;
– for working people whose wages are not enough to live in Metro Louisville.
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History• 2004 – CLOUT, MHC, HFH,
others• “Open the Door” campaign• 100+ endorsers• Mayoral Task Force• 2008 & 2009 – ordinance• 2010 – board of directors• 2012 – Needs Assessment• Now
– $400K to invest in vacant/abandoned properties rehab
– need for dedicated public revenue
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What is affordable?
• Housing is affordable when you spend less than 30% of your monthly income on housing and utilities combined.
Is there a need in Louisville?
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91,999 families = 4 YUM! Centers
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Source: MHC 2012 State of Metro Housing Report analysis of Jefferson County Public Schools data.
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National Low Income Housing Coalition (2011) analysis of 2009 American Community Survey data for Kentucky’s Congressional District 3 reports 91,999 households live in unaffordable housing in Louisville; 106,496 of total households are renters; 48,227 of those in unaffordable housing are renters. The number of homeowners in unaffordable housing is calculated as the difference between 106,496 and 48,227 (48,300).
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Metropolitan Housing Coalition analysis of 2010 U.S. Census Bureau data as reported in the 2011 report Louisville’s Foreclosure Recovery: Understanding and Responding to the Impact of Foreclosure Sales.
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SSI and the cost of housing in Louisville
SSI monthly income
19% of income to utilities
11% of income remaining for housing
Fair Market Rent
% of income SSI-only household must spend to afford FMR and utilities
1 person $ 674 $ 128 $ 74 $ 506 (efficiency)
86% of income
2 people $1,011 $ 192 $ 111 $ 585 (1 BR) to$ 694 (2 BR)
68.8% to 79.6% of income
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Who benefits when housing is affordable?
Businesses Schoolchildren Hardworking
families Businesses and
nonprofits that create high-quality affordable housing
Neighborhoods
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Economic Impact of $1m investment in affordable housing in Louisville
Year 1: $6.5m + 112 local jobs
supported:• $5.8m local income
generated for residents (in business owner income, wages, salaries)
• $596K local tax revenue generated
Year 2 & beyond:(annual ongoing effect when the homes are occupied)
$3m + 44 local jobs supported:
• $2.67m local income generated
• $387K local tax revenue generated
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Community problems associated with affordable housing crisis•Academic performance•School absenteeism•Preventable mental and physical health problems•Family dynamics•Foreclosure•Vacant and abandoned properties
•Increased crime•Loss of affordable insurance•Devalued home values
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Louisville AHTF solutions to the affordable housing crisis
1. Revolving loan fund for rehab of vacant and abandoned properties for affordable housing re-use
2. Establish dedicated ongoing public revenue source
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Solution:Enact 1% increase in insurance premium
tax for LAHTF
• LAHTF still lacks the key component that defines all HTF’s – a source of dedicated ongoing public revenue
• The city of Louisville may take action now to help hardworking families – by enacting a 1% insurance premium
tax increase – by March 14, 2013 – as the source of ongoing dedicated
public revenue for the LAHTF.
• 63¢ a month raises $9.7 million annually for homes for struggling families
• $10 million annually needed (Metro Council, Task Forces, advocates, and LMCO 40.43)
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What will YOU do?
Ways to help build community momentum:
To get $10m annually for affordable housing, we need __ more votes:
• 2/28 rally• Fill the chambers 2/14, 2/28,
3/14• Contact your Metro Council
member & voice support: 574-1100
• Collect postcards• Letters to the Editor, media
outreach
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• 1469 S 4th St, Suite 300, Louisville KY 40208• Rachel M. Hurst, Executive Director• 502-637-5372 office/270-869-5613 cell• [email protected] • www.louisvilleahtf.org • Facebook: louisvillehousingtrust
Louisville MetroAffordable
Housing Trust Fund, Inc.