10 Years of the Affordable Housing Trust Fund

Tonight I’m introducing a resolution for a hearing to get updates about the Affordable Housing Trust Fund. We are celebrating 10 years since residents and advocates initiated a charter amendment to create the Affordable Housing Trust Fund nonlapsing fund and enable the City Council to create funding sources to put into the fund. I am proud to have been one of the lead advocates while I was the Executive Director of the Community Development Network of Maryland. While it took an additional 2 years to get the funding source thanks to Councilman Bullock, we have a lot to show for the resident created initiative.

As a reminder the Affordable Housing Trust Fund is flexible funding for affordable housing initiatives, and the only restriction is that it has to be used to house residents at 50% of AMI, and ½ of the fund have to be used to serve residents at 30% of AMI. These are the residents in Baltimore City who are the most cost burdened and unstable in their housing. The Trust Fund is flexible enough where programs can be created to meet the varying needs in our city.  For instance, the Trust Fund has been used for capital for affordable housing projects, rental subsidies, home repair grants, and so much more. The annual spending plan is approved each year by the Affordable Housing Trust Fund Commission, and all of their meetings are public.

The legislation mandates annual hearings and annual reports. DHCD is the staff to the Affordable Housing Trust Fund. The most recent report is from 2022. And the last time we had a hearing was in 2021. 

This resolution before us calls for a hearing to get updates on the accomplishments so far. The intent is to celebrate the successes and work together on the future of the Fund for the next 10 years and beyond, including adding more funding especially in light of the changes in federal funding.