More great news! The Fiscal Year 2020 budget approved by CIty Council in June included a boost in Housing Trust Fund spending to $20 million! That’s on top of the typical $12m – $14m the HTF receives annually from dedicated mortgage and recording fees.
Last September, City Council and the Kenney Administration reached a compromise to fund the Housing Trust Fund at $73 million over five years, beginning in FY19. That included a projected $9 million in General Funds for FY20. PACDC stood with our champions in City Council to applaud that as a first step, but pledged to push for $20 million each year as part of budget negotiations.
PACDC applauds Council President Clarke, Councilmembers Maria Quinones-Sanchez, Mark Squilla, and Kenyatta Johnson, as well as Mayor Kenney, in reaching a deal this week that boosts the original commitment of $9 million in FY20 to $20 million. You can read the press release from City Council here.
These funds can be used to boost homeownership, create more affordable rental and for-sale homes, and preserve or rehab existing homes. We’ll keep you posted as there are opportunities to advocate for how those resources will be used.