The Affordable Housing Trust Fund is Now
Accepting Grant Applications
by Eleanor Russell

On June 2, the Charlotte Selectboard approved the Affordable Housing Trust Fund (AHTF) grant program. These grants provide funding for feasibility studies and for the construction of affordable housing units. The purpose of the fund is to encourage Charlotte property owners to convert, (or add) an affordable unit to an existing building on their property. Grants for feasibility studies will be made for 90% of the costs up to $5,000. Grants for construction projects will be made for up to $10,000 per affordable housing unit with a maximum of $30,000 allowed per construction project. A one-to-one match is required for construction projects. Units funded by grants must remain perpetually affordable and must rent at a rate considered affordable for a household earning 50% or less of the median income for Chittenden County. According to the latest income data, this means a rental rate of $793 per month for a three-person household earning $31,715 per year.

AHTF grants will be awarded annually. The deadline for applications this year is this August 31. Applicants will be notified by the AHTF committee by September 30 if their application has been selected for further review. At that time selected applicants will be requested to provide more detailed information regarding their projects. The deadline for the required new information is October 31. The Trust Fund Committee will review these completed applications during November and will make recommendations to the Selectboard by December 15. Applicants will be advised of these recommendations at that time. The Selectboard will make final decisions by January 31, 2009.

Priority for funding will go to requests for projects that best meet the following criteria:
• Priority given to Charlotte residents.
• Priority given to rental units over owner-occupied units.
• Priority given to rehab over new construction.
• Diversity of total projects in location and size.
• Most effective use of grant money (number of units, kind of affordable housing created, proposed rental rate vs. size of grant requested).
• Projects with lowest rental rates.
• Rental with two bedrooms or less.

The AHTF grant committee consists of John Owen, chair; Allan Jordan; Carrie Spear; Ellie Russell and Ted Montgomery. Please feel free to contact any member of the committee or Dean Bloch in the Town Office for further information. Application forms will be available in the Town Office and on the Town of Charlotte website: charlottevt.org.