In 2001, the city of Columbus, Ohio, created an Affordable Housing Trust Fund with dedicated revenue from its hotel/motel tax. An 8.37 percent hotel tax (a portion of the city’s 10 percent hotel tax) is committed to affordable housing and programming and usually generates between $1 and $1.5 million a year. Soon after the creation of the trust, Franklin County, Ohio, joined the city as a funding partner and currently contributes half of its own two percent real estate tax to the fund. This tax adds another $3 to $3.5 million to the fund each year. The fund acts as an independent, not-for-profit lender that provides loans for affordable rental, supportive and homeownership projects in the city. As of 2014, the fund had committed $39.3 million in loans to affordable housing developers, contributing to the creation or preservation of over 8,000 affordable units, according to the Trust’s 2015 annual report.
For More Info:
Steven Gladman, Affordable Housing Trust for Columbus and Franklin County
Email: [email protected]