Mayor Aftab Pureval is getting things done in Cincinnati, finally. After being stalled out for almost four years under former Mayor John Cranley, the city's Affordable Housing Trust Fund is finally getting some attention, and millions in much needed cash.
The group of people putting together a comprehensive plan for housing in Cincinnati met for the first time Friday, nearly a year after Council established its mission.
The Housing Advisory Board will recommend criteria for how to spend the city's Affordable Housing Trust Fund. The fund was established in 2018 and has never been used for its intended purpose: to incentivize the preservation and production of affordable housing through loans and grants.
The fund itself will be managed by the nonprofit Cincinnati Development Fund; one of the board's first tasks will be to determine the parameters of that partnership.
"Our primary function in this relationship is to add back-office capacity, strength of our team who is engaged and embedded in the community, and to be able to maintain regulatory compliance and reporting requirements that the city needs," said CDF President Joe Huber. "This board was specifically chosen by the city because of their expertise and what they brought to affordable housing over the years."
The board will also consider wider issues of affordability, including advising the city manager's office on a review of zoning policy and recommended reforms.
The board consists of 13 people, including former Cincinnati Mayor Roxanne Qualls, who is serving as chair. Other members include representatives from CMHA, The Port, the Cincinnati USA Regional Chamber, LISC Greater Cincinnati, and developers (see a full list of members at the end of this article).
Council Member and Board Member Reggie Harris says one of their first tasks is to define the goals.
"If the housing advisory board is successful, and the trust is working well, what does the city look like?" Harris said.
Recent efforts to bulk up the fund include Mayor Aftab Pureval's plan to add $5 million from federal stimulus and establish an annual revenue source using year-end carryover funds.
An outline provided by city staff Friday shows a breakdown of the $57 million available for distribution in the near future:
- Section 108 loan: $34 million (a revolving loan fund using federal HUD dollars)
- Fund 439 and related capital: $3 million
- Private investments: $12 million
- American Rescue Plan: $5 million
- CDF Leverage: $3 million
This $57 million does not include what was already in the fund (about $2 million). It also seemingly doesn't include the $6.4 million allocated from the American Rescue Plan last year, which is separate from the $5 million in ARP approved this month).
Several board members asked for clarification on how much money is in the Affordable Housing Trust Fund (and related funds) and which parts of that money fall under the advisory board's jurisdiction.
The board will meet monthly. The Department of Community and Economic Development plans to publish meeting minutes on a forthcoming web page.
Again, Mayor Cranley had years to get this project going, and he did nothing. Pureval's been in office for a few months, and already affordable housing is a priority.
I like the look, Cincy.
No comments:
Post a Comment