The Affordable Housing Trust Fund (AHTF) creates affordable rental housing for low and very low income households by making long-term loans for new construction or for the rehabilitation of existing residential structures through an open competitive Call For Projects (CFP) process.
AFFORDABLE HOUSING TRUST FUND - BACKGROUND
The AHTF was established by the Mayor and City Council through the City’s budget process in June 2000, in response to the critical shortage of affordable housing in Los Angeles. Seed funding of $5 million was provided, which was immediately committed by the Los Angeles Housing + Community Investment Department (HCIDLA) to fund proposed housing developments that were on the waiting list from the NOFA for that year. In the following fiscal year, $10.5 million was budgeted for the Affordable Housing Trust Fund (Fiscal Year 2001-2002). In January 2002, the Mayor announced his $100 million proposal for the Affordable Housing Trust Fund, and a multi-year funding plan based on the Mayor’s proposed plan was approved.
AFFORDABLE HOUSING TRUST FUND - CALL FOR PROJECTS AND PIPELINE
On January 23, 2013, the City of Los Angeles was designated by California Tax Credit Allocation Committee (CTCAC) as the 11th region to have its own geographic allocation of nine percent (9%) LIHTC. On June 28, 2013 the Mayor and City Council approved the geographic allocation of 9%Tax Credits and adoption of AHTF Pipeline policies to be administered by HCIDLA and authorized bi-annual CFPs.
HCIDLA continues to manage and ensure that affordable housing developments in the AHTF Pipeline are in alignment with prospective federal, state and/or local multifamily housing development funding programs and sources and scheduled diverse and competitive application cycles. This Collaborative forward-thinking and measured approach has proven successful in securing funding in a way that balances the AHTF Pipeline with funding availability, leaving no project left without permanent funding.
One to two CFP rounds are held each calendar year, with projects competing for Trust Funds that are used to leverage Low Income Housing Tax Credits (LIHTC) or funding from other State or Federal housing programs.
Currently, the Trust Fund is comprised of various funding sources, including but not limited to Federal HOME funds, assets and funds of former Community Redevelopment Agency (CRA), City general funds, and McKinney Act Savings funds.
For more information on AHTF Regulation, Policies and Procedures, please visit the Media Library