Deciding to create an affordable housing trust fund is one thing, deciding how to fund it is another.
After approving an affordable housing trust fund last year, the Pittsburgh City Council is still looking for ways to fund the $10 million annual fund it set as a goal.
Adam Smeltz reports that the City Council hoped the Affordable Housing trust Fund would "go toward down-payment assistance, foreclosure prevention and other efforts to bolster housing for the city’s low- and moderate-income families."
Before the fund can become a reality, the City Council needs to decide on a proposed increase in the transfer tax to generate revenues for the fund. Also a possibility: using revenue from soon-to-expire tax credits. "Controller Michael Lamb’s office is assessing how much new revenue could emerge as tax relief designed to encourage development in 2007 comes to an end," reports Smeltz.
The City Council must approve a budget for the city, including the funding for the Affordable Housing Trust Fund, by the end of the year.
Read the full story: How to pay for an affordable housing fund? Pittsburgh council still weighing options
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