The Land Bank Authority’s Affordable Housing Trust Fund (AHTF) will be used to support the development of rental and home ownership opportunities for low and moderate income households (households earning less than 80% of the area median income) within the Grand Vision’s Growth and Investment Areas for Grand Traverse County. Investments made by the AHTF will be a direct investment in the Grand Vision’s 50-year blue print for our region. A large majority, 81%, of participants in the Grand Vision process said they preferred growth in existing community centers, while 64% wanted more walkable neighborhoods.
Trust Fund Financing
The AHTF recently received initial funding in the fall of 2011. The next steps involve further delineation of policies and procedures, and the development of Request for Proposal soliciting potential projects. Ultimately, the AHTF will support affordable housing development through predevelopment funding, loans, and grants for project planning, acquisition, construction, energy conservation measures, rehabilitation, and emergency repairs. The AHTF is not intended to be a primary financing mechanism of affordable housing. Its goal is to provide value for the money by leveraging private, governmental, and charitable sources at a ratio of ten to one, and to produce measurable outcomes in terms of units produced, resources leveraged, increase in local tax revenues, and job creation. A majority of the AHTF support will come in the form of a loan, thereby recapturing funds for circular and sustainable investment in affordable housing and leveraging of additional outside resources.