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Housing Trust Fund Priorities
The following priorities have been identified by the Housing Trust Fund Task
Force and are incorporated into the NOFA application:
- Preservation/Creation of Affordable Housing Units - Proposed
projects are evaluated on the number of affordable units created or preserved;
the degree of affordability for the end users of these units; the term of
affordability with emphasis on longer-term or permanent affordability. The
Albany County Housing Trust Fund defines 'affordable housing units' are those
residential units which a person or household earning less than 80% of the
HUD area median income can
secure for 30% or less of the occupant's gross income.
- Leveraging of Resources - Proposed projects are expected to
leverage significant other resources and including provisions for recapture
and/or protection of Housing Trust Fund dollars invested.
- Consistency with Housing Plans/Public Participation - Projects must
be consistent with locally adopted plans which address the need for affordable
housing. Plans which demonstrate significant public participation in the
planning and/or needs assessment process receive points accordingly.
- Project Readiness and Likelihood of Success - Applicants must
demonstrate that projects are ready to go and likely to succeed. Areas
evaluated include site control, regulatory approvals, project time frame, and
other factors.
- Applicant’s Track Record - While the Trust Fund considers
investments in a wide range of organizational types and sizes, all applicants
are expected to meet minimal fiscal thresholds and demonstrate adequate
experience to implement the proposed project.
- Additional Priorities - Projects that address the following
priorities received additional points:
- Rehabilitation of deteriorated properties or areas;
- In-fill new construction within existing building fabric;
- Coordination with transportation and land use planning;
- Housing where public infrastructure already exists;
- Mixed-use projects;
- Mixed-income projects;
- Long-term or permanent affordability;
- Green building technology;
- Innovative best practices.
We're building
plenty of this:
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But not enough of
this:
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