Tempe Starts First Affordable Housing Fund in the Valley
March 10, 2009 · Published By Nellie Dunigan
Deadline extended to apply for advisory board positions
Tempe, Arizona – Tempe’s longstanding interest in championing affordable housing for all residents took a major step forward recently, when the City Council approved the establishment of a Housing Trust Fund and the Housing Trust Fund Advisory Board.
Approved Jan. 22 by the City Council, the fund will be used to foster affordable housing in Tempe. The money can be used for new construction, emergency repairs, rental assistance, adaptive re-use, weatherization work to reduce utilities costs, and more.
The idea for the fund and the advisory board grew under the leadership of the City Council’s Housing Committee, chaired currently by Council Member Corey Woods and previously chaired by Vice Mayor Shana Ellis. During Ellis’ tenure as committee chair, the city established an Affordable Housing Strategy Plan; the new fund and advisory board were among the recommendations of that plan.
The application deadline to request appointment to a seat on the advisory board has been extended to March 20. Applications are available at www.tempe.gov/clerk – click on “Boards/Commissions.”
“The formation of the Housing Trust Fund is yet another strong indication that the City of Tempe recognizes the need to provide quality affordable housing for all of our residents,” Woods said. “Tempe has always approached challenges with a proactive and innovative focus – this is the first step in a series of new strategies aimed at maintaining the diversity that has always defined our community.”
The city’s new Housing Trust Fund Advisory Board will be a seven-member panel appointed by Mayor Hugh Hallman and approved by the City Council. Board members will review applications for funding, which could come from individuals or non-profit organizations involved in affordable housing in Tempe. Projects could receive grants or deferred-interest loans repayable when homes are re-sold.
The trust fund initially will receive money from sources such as:
payments from private developers doing business in the city as part of
development agreements; donations to the fund; possible matching funds from federal affordable housing funds; and Housing Trust Fund loan repayments.
Three Housing Trust Fund Advisory Board members must be qualified in one or more related areas, such as real estate lending, housing development, construction and rental housing. The remaining board members need only have experience or expertise in housing-related issues. Tempe residency is not a requirement.
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