|
:: regional crisis :: state & national issues :: the need for a trust :
In every city in America there is a working force housing need, we want the Charleston tri-county area to take action to serve the people who serve us. The private market alone cannot solve this crisis alone as state and Federal funds are declining. Trust funds are proven tools as a step in the right direction. The Lowcountry Housing Trust addresses this issue by providing a dedicated source of revenue for affordable housing development.
There is tremendous need for affordable housing throughout the Lowcountry. Vital members of our community-- teachers, firefighters, policemen, paramedics, and service industry workers- cannot afford to house their families. We also have a growing population of elderly citizens, as well as those who have physical or mental challenges, who need clean and decent housing. Statistics compiled by the federal government indicate that over 45% of the households in the tri-county earns less than $44,700. People earning these wages simply cannot afford the rising cost of housing in the tri-county area and generally must devote over half their income to shelter. This growing need, however, is not enough to attract the investment required to serve this market and the lack of capital frequently impedes progress.
Local Governments
Elected officials
Economic development officials
Business Leaders
Hospitality Industry
Builders/Realtors
Environmental Associations
Housing Providers/Developers/Advocates
Citizens
Statewide Agency
Legislators
Strong neighborhoods contribute to property taxes, safe communities, a stable workforce, and an environment that invites economic opportunity and growth. For these reasons all representatives of a community should be concerned with housing quality, affordability and choice, not just as a matter of social equity, but as a fundamental element of community viability.
Housing Trust Funds emerged nationally in the mid-1970’s as a resource to help promote and finance the development of more affordable housing.
Mary Brooks, of the Center for Community Change and a leading expert on housing trust funds, says the establishment of a dedicated revenue source is what makes housing trust funds unique and effective. An ideal housing trust fund provides long-term steady financing for affordable housing.
“If we have any hope of addressing the housing affordability crisis,” Brooks notes, “it’ll be through a combination of national, state and local housing trust funds, each with dedicated revenue sources that provide affordable capital for housing year after year.”
(Community Investments, State Housing Trust Funds, Carolina Reid, September 2005)
Housing Trust funds differ greatly in the details of their revenue source, their administration, and their program design. Nearly forty different revenue sources have been identified, including real estate taxes or fees, developer fees, tax increment funds or interest from government-held and/or market-based accounts. The diversity of housing trust funds is also their strength.
Unlike many federal housing programs, housing trust funds can be designed to draw on local resources and can tailored to local needs.
|
