The County's Housing Program is designed to provide funding for preservation and acquisition of affordable rental properties that are in need of rehabilitation or are at risk of having significant rent increases that would result in displacement of low-to-moderate-income working families. HIGHLIGHTS • Increases funding for affordable housing by $195 million. • Add $50 million in FY25 to the Affordable Housing Acquisition and Preservation Project and provide an annual allocation of $22 million in each of FY29 and FY30 to preserve and increase the stock of affordable housing for the County. • Add $30 million to more...
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PROGRAM DESCRIPTION AND OBJECTIVES
The County's Housing Program is designed to provide funding for preservation and acquisition of affordable rental properties that are in need of rehabilitation or are at risk of having significant rent increases that would result in displacement of low-to-moderate-income working families.
HIGHLIGHTS
• Increases funding for affordable housing by $195 million.
• Add $50 million in FY25 to the Affordable Housing Acquisition and Preservation Project and provide an annual allocation of $22 million in each of FY29 and FY30 to preserve and increase the stock of affordable housing for the County.
• Add $30 million to more than double the new Nonprofit Preservation Fund. The Department, together with the Housing Opportunities Commission, will operate this $50 million project. The project will provide funding to preserve existing affordable housing in developments at risk of rent escalation to higher market rents.
• Add $20 million in loan repayments to the Affordable Housing Opportunity Fund to provide seed money to establish a public-private preservation commitment of funds which will proactively leverage public and private capital to support affordable housing developments.
• Add $10 million over the six-year period for a new to Revitalization for Troubled and Distressed Common Ownership Communities project to provide financial and technical support for aging neighborhoods with homeowner and condominium associations to address delayed maintenance and rehabilitation of their common areas.
PROGRAM CONTACTS
PROGRAM CONTACTS
Contact Pofen Salem of Department of Housing and Community Affairs at 240.777.3728 or Anita Aryeetey of the Office of Management and Budget at 240.777.2784 for more information regarding this department's housing capital budget.
CAPITAL PROGRAM REVIEW
Two new projects and two ongoing housing projects comprise the recommended FY25-FY30 Capital Improvements Program in Housing for Department of Housing and Community Affairs, for a total six-year cost of $242 million. Overall, funding for affordable housing has increased by 195 million. The increase in direct expenditures in this program are mainly attributed to the increase in total County investment in the Affordable Housing Acquisition and Preservation Program with the addition of $50 million in FY25 and $22 million in each of FY29 and FY30, and two new programs, the $50 million Nonprofit Preservation Fund with a total funding of $50 million and the $10 million Revitalization for Troubled and Distressed Common Ownership Communities. These increases are partially offset by the completion of the Preservation of Naturally Occurring Affordable Housing Fund project ($70.2 million) prior to the six-year period. An additional $20 million in FY26 and FY27 is also committed to the Affordable Housing Opportunity Fund, resulting in a total project cost of $40 million to attract investors and leverage additional private capital to preserve at-risk affordable rental units. FY24 loan repayments funding has also increased by $56 million.
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