METRO Allocates $1 Million to Create Regional Housing Fund

The Metro Council unanimously approved the allocation of $1 million to establish a regional affordable housing fund on Thursday, September 27th. Championed by Metro Councilor Robert Liberty, the Regional Housing Choice Revolving Fund would help implement the 2040 Growth Concept by catalyzing mixed-use, mixed-income patterns of development in regional centers and town centers, in light rail station communities, and along main streets and corridors. The Fund is a critically needed tool for expanding housing opportunity for working families and others throughout the region who are at risk of being priced out their communities, and benefit most from housing that is located at or close to high capacity public transit and other services.

Metro's $1 million seed contribution is expected to leverage $9-$19 million in matching contributions from public, private, and charitable partners to be used to create a new resource, the Regional Housing Choice Revolving Fund, to be governed by a new board and administered by an experienced non-profit community based fund administrator.  Drawing on this $10-$20 million principal, the fund would extend low-interest loans to catalyze the development and preservation of affordable housing in the Metro area.  

The Fund will be the first tool of its kind to directly encourage development of for-sale and rental housing affordable to hard-working families in 2040 centers.  In keeping with the 2040 Growth Concept, the fund will also promote best practices in green and sustainable design. 

The Coalition for a Livable Future, its members and other partners in Affordable Housing NOW! collaborated to help build community support for the creation of the Fund. This decision marks an important first step in implementing recommendations of the Metro Housing Choice Task Force and help provide and safeguard a range of housing choices for residents throughout the region.