What can a local housing trust do?

A local housing trust allows municipalities to designate certain funds for affordable housing, segregate them out of the general municipal budget into a trust fund, and use the funds for local initiatives to create and preserve affordable housing.  Examples of what a local affordable housing trust fund can do include: 

  • Provide financial support for the construction of affordable homes by private developers (non-profit or for-profit);
  • Rehabilitate existing homes to convert to affordable housing;
  • Increase affordability in new housing development projects;
  • Develop surplus municipal land or buildings;
  • Preserve properties faced with expiring affordability restrictions;
  • Create programs to assist low and moderate income homebuyers;
  • Create programs to help low and moderate income families make health and safety repairs;
  • Educate and advocate to further affordable housing initiatives.
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